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ULTA

Ulta Beauty, Inc.

ULTA

Ulta Beauty, Inc. • NASDAQ
$538.83 ▲ 0.69% (+3.67)
Market Cap $24.16 B
52w High $572.23
52w Low $309.01
Dividend Yield 0%
P/E 20.7
Volume 220.67K
Outstanding Shares 44.84M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $2.788B ▼ $741.737M ▲ $260.875M ▼ 9.355% ▼ $5.8 ▼ $417.432M ▼
Q1-2025 $2.848B ▼ $710.613M ▼ $305.052M ▼ 10.71% ▼ $6.72 ▼ $477.357M ▼
Q4-2024 $3.488B ▲ $815.599M ▲ $393.27M ▲ 11.276% ▲ $8.5 ▲ $588.282M ▲
Q3-2024 $2.53B ▼ $682.259M ▲ $242.179M ▼ 9.572% ▼ $5.16 ▼ $387.198M ▼
Q2-2024 $2.552B $644.821M $252.556M 9.896% $5.32 $399.041M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $242.745M ▼ $6.631B ▲ $4.027B ▲ $2.604B ▲
Q1-2025 $454.629M ▼ $5.987B ▼ $3.556B ▲ $2.43B ▼
Q4-2024 $703.201M ▲ $6.002B ▲ $3.513B ▼ $2.488B ▲
Q3-2024 $177.782M ▼ $5.958B ▲ $3.629B ▲ $2.329B ▼
Q2-2024 $413.962M $5.737B $3.389B $2.348B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $260.875M ▼ $96.522M ▼ $-473.534M ▼ $165.128M ▲ $-211.884M ▲ $19.565M ▼
Q1-2025 $305.052M ▼ $220.021M ▼ $-86.377M ▼ $-382.216M ▲ $-248.572M ▼ $140.99M ▼
Q4-2024 $393.27M ▲ $1.037B ▲ $-76.445M ▲ $-434.7M ▼ $525.419M ▲ $962.642M ▲
Q3-2024 $242.179M ▼ $-56.838M ▼ $-115.252M ▼ $-64.09M ▲ $-236.18M ▼ $-171.073M ▼
Q2-2024 $252.556M $199.539M $-97.805M $-212.368M $-110.634M $104.262M

Revenue by Products

Product Q1-2018Q2-2018Q3-2018Q4-2018
All Other Segments
All Other Segments
 $10.00M ▲$10.00M ▲$10.00M ▲$20.00M ▲
E Commerce
E Commerce
 $150.00M ▲$130.00M ▼$170.00M ▲$290.00M ▲
Retail Stores
Retail Stores
 $1.30Bn ▲$1.27Bn ▼$1.30Bn ▲$1.74Bn ▲
Salon Segment
Salon Segment
 $80.00M ▲$70.00M ▼$70.00M ▲$80.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Ulta’s income statement shows a mature, highly profitable retailer that is still growing, but with margins that have stopped expanding and even slipped a bit recently. Sales have climbed steadily over the last several years, rebounding strongly from the pandemic and then continuing to edge higher. Gross profit and operating profit also rose over time, but profits have not kept pace with sales in the last year or two, which suggests more pressure from costs, mix, promotions, or competition. Earnings per share are very high by historical standards, yet have dipped slightly from their recent peak, pointing to a business that is still strong but no longer in a clear profit-expansion phase. Overall, the picture is of a healthy, scaled business transitioning from fast recovery and margin expansion into a more normalized, slower-growing, more competitive environment.

Balance Sheet

Balance Sheet Ulta’s balance sheet looks solid and relatively conservative. Total assets have grown over time, mainly as the company has expanded its store base and invested in its operations. Cash levels have stayed healthy, giving Ulta a reasonable buffer for ongoing investments, seasonal swings, and potential slowdowns. Debt has been fairly stable rather than climbing rapidly, which limits financial risk, while shareholders’ equity has increased consistently, reflecting retained profits and a stronger underlying financial foundation. Overall, the company appears to be funding growth in a balanced way, without relying heavily on borrowing, and with enough flexibility to keep investing in its strategy.

Cash Flow

Cash Flow Ulta generates strong, recurring cash flow from its operations, which is a key strength. Operating cash flow has been robust and relatively steady in recent years, closely tracking the pattern of earnings, which indicates that reported profits are backed by real cash generation rather than accounting-only gains. Free cash flow has remained clearly positive even as the company has stepped up its investment spending, especially on new stores, technology, and infrastructure. Capital spending has been rising, but it is still comfortably covered by cash coming in from the business. This combination of solid cash inflows and controlled investment outflows gives Ulta the ability to fund growth initiatives, return capital to shareholders if desired, and navigate tougher periods without immediate financial strain.

Competitive Edge

Competitive Edge Ulta holds a very strong competitive position in U.S. beauty retail, built on a “one-stop shop” model that mixes prestige and mass products under one roof and adds services like salons to pull customers in more frequently. Its loyalty program is an important asset, with a very large member base that drives the vast majority of sales and provides rich data for targeting and personalization. The nationwide store network, combined with in-store services and sampling, gives Ulta a differentiated in-person experience that is hard for pure online players to match. At the same time, the company has built solid e‑commerce and app capabilities, with options like buy-online-pick-up-in-store that tie its digital and physical presence together. Ulta’s size and brand relationships help it secure exclusive launches and emerging brands, which keeps its assortment fresh. The main risks to this position are intensifying competition from other beauty retailers and general merchandise chains, brands investing more in direct-to-consumer channels, and the sensitivity of discretionary beauty spending to economic slowdowns.

Innovation and R&D

Innovation and R&D Ulta is unusually active on the innovation front for a brick‑and‑mortar retailer, using technology and new formats to deepen its moat. It has invested in a more personalized digital experience, including virtual try‑on tools, augmented reality features, and AI-driven skin analysis, all aimed at making online beauty buying feel more like an in‑store consultation. Behind the scenes, Ulta is using advanced data analytics and partnerships around generative AI to sharpen marketing, content creation, and customer insights. Operationally, the company is modernizing its planning and supply chain systems, using automation and robotics in distribution centers to improve efficiency, especially during peak seasons. Strategically, Ulta is pushing into wellness categories, experimenting with a broader online marketplace model, expanding internationally, and continuing to open new stores. These initiatives carry execution risk but also create multiple paths for future growth beyond simply opening more U.S. stores.

Summary

Ulta Beauty comes across as a well-established, high‑quality retailer with strong profitability, steady growth, and a solid financial base. The business has moved from a post‑pandemic rebound into a more mature phase where sales are still increasing, but margins face more normal competitive and cost pressures. Its cash generation is a clear strength, comfortably funding store expansion, technology upgrades, and strategic initiatives. The company’s competitive edge rests on a distinctive combination of broad product assortment, integrated services, powerful loyalty program, and effective omnichannel capabilities, all supported by a growing technology and data backbone. Looking ahead, innovation in digital experiences, supply chain, wellness offerings, marketplace expansion, and international growth provides meaningful opportunity, although each comes with its own uncertainties. Overall, Ulta appears financially sound and strategically forward‑leaning, but likely faces a more complex and competitive environment than in its earlier high-growth years, which investors may want to factor into their expectations about future growth and profitability stability.

NEWS

November 20, 2025 · 4:05 PM UTC

Ulta Beauty to Report Third Quarter Fiscal 2025 Results on December 4, 2025

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November 10, 2025 · 12:01 AM UTC

e.l.f. Lands at ULTA Beauty Mexico, Expanding Accessibility to the Best of Beauty for Every Eye, Lip, and Face

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November 6, 2025 · 8:22 AM UTC

Ulta Beauty Expands International Footprint with First Middle East Store in Kuwait

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October 30, 2025 · 4:47 PM UTC

amika Expands Retail Footprint with National Launch at Ulta Beauty

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October 21, 2025 · 9:00 AM UTC

Lancer Skincare Expands Digital Retail with Ulta.com Launch

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