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Ulta BeautyULTA

Legal name
Ulta Beauty, Inc.
Sector
Consumer
Industry
Retail-Retail Stores, NEC
Exchange
Nasdaq

Stock Price $ULTA

Latest filings

You are here#33 of 42 in Consumer Discretionary by market cap

Filing record · 2016–202610-K1110-Q328-K92

ULTA filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 92 current reports (8-K) between 2016 and 2026.

  1. FY2019 annual report10-K · Apr ’19Apr ’19
  2. Leadership change8-K · Jan ’22Jan ’22
  3. Leadership change8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026

Revenue Trend

Year-over-year comparison from 10-K annual reports

  17. $12.39B
YoY changeLargest recent move+40.3%in FY22Latest +9.7%

Latest bar from 10-KFY2026Click a bar to open its SEC filing

View full history →
All ULTA Financial Metrics59 metrics

Income Statement13

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

Ulta Beauty Financial Overview 2022–2026

Updated Nov 4, 2026

Ulta's sales climbed $2.18 billiona between FY2023 and FY2026, from $10.21 billion to $12.39 billion, yet net income fell from $1.24 billion to $1.15 billion. That gap is the story. Ulta is still growing, but SG&A is absorbing the gains, and earnings per share now depends on buybacks and cost control more than on sales.

The long arc shows both sides. Net sales grew from $8.63 billion in FY2022 to $12.39 billionb in FY2026, and gross margin edged up from 39.0% to 39.1%. But SG&A swelled from 23.5% of sales in FY2023 to 26.6% in FY2026, driven by incentive pay, store payroll and strategic investments. Operating income slipped to $1.53 billion from $1.64 billion over that stretch. Comparable sales cooled to 0.7% in FY2025 before rebounding to 5.4% in FY2026.

Capital returns keep EPS climbing. Ulta repurchased $898.5 millionc of stock in FY2026, lifting diluted EPS to $25.64 from $25.34. The balance sheet is still light on debt, though cash dropped to $424.2 million and the $399.2 million Space NK deal added international exposure. The market's view shifted sharply. Shares closed at $412.15 at the end of FY2025, or 16.3x earnings, with a $18.9 billion market cap. By the close of FY2026, the price was $647.36, or 25.2x earnings.

Recent Developments (Q1 and Q2 2027)

Ulta opened fiscal 2026 strongly, then cooled. Q1 2026 net sales rose 11.1% to $3.16 billiond, with gross margin up to 40.1% from 39.1%. Q2 2026 sales grew 8.9% to $3.0 billion, comparable sales slowed to 3.8% from 5.3%, and gross margin slipped to 39.1% on Space NK mix. Diluted EPS rose 13.3% to $6.55. Management raised full-year EPS guidance to $28.70–$29.00 and lifted planned buybacks to $1.8 billion. Short-term debt reached $339.6 million. Kelly Garcia moves from the board to Chief Technology Officer on August 31, 2026.

Bull case: earnings are compounding through two guidance raises and heavy repurchases. Bear case: SG&A is growing faster than the comp base, and borrowing now funds part of the buyback. The stock traded at 21.1xe earnings as of the Q2 2026 report date (August 26, 2026), not today. That is below the prior year-end multiple, though still above the 16.3x earlier level.

What to watch: whether comparable sales hold within the 3.2%–3.7% full-year range; short-term debt as buybacks accelerate

03—Filings

Recent SEC Filings

  1. 8-KUlta Beauty 8-K Report, Financial Results (Aug 27, 2026)Ulta Beauty, Inc. (NASDAQ: ULTA) reported consolidated results for the thirteen-week second quarter of fiscal 2026 ended August 1, 2026, and raised its fiscal 2026 guidance. Net sales increased 8.9% to $3.0 billion ($3,035.7 million), driven by higher comparable sales, the acquisition of Space NK, and new stores. Comparable sales increased 3.8%, operating income increased 10.1% to $379.6 million, and diluted earnings per share increased 13.3% to $6.55, compared with $5.78 in the prior-year quarter. Gross margin was 39.1% versus 39.2%, reflecting Space NK business mix, while SG&A rose 8.2% to $802.8 million, primarily due to the Space NK acquisition. For the first half of fiscal 2026, net sales were $6.20 billion and diluted EPS was $14.31, compared with $12.49 a year earlier. The company increased its fiscal 2026 outlook: net sales growth is now expected at 6.7% to 7.2% (previously 6% to 7%), comparable sales growth at 3.2% to 3.7% (previously 2.5% to 3.5%), operating income growth at 8.3% to 9.3% (previously 6.5% to 9%), and diluted EPS of $28.70 to $29.00 (previously $28.36 to $28.80). Capital expenditure guidance is unchanged at $400 million to $450 million. Capital deployment remains a focus. Fiscal 2026 share repurchases were increased to $1.8 billion from $1.5 billion. Year to date, the company repurchased 1.4 million shares for $791.1 million, leaving $1.0 billion under the $3.0 billion program announced in October 2024, which it now expects to use by the end of fiscal 2026. Cash and equivalents were $158.5 million and short-term debt was $339.6 million at quarter end, with merchandise inventories of $2.4 billion, flat year over year.
  2. 8-KUlta Beauty 8-K Report, Executive Changes (Aug 17, 2026)Ulta Beauty, Inc. (NASDAQ: ULTA) filed this Form 8-K on August 17, 2026 to report the appointment of Brieane L. Olson as an independent director. The Board appointed Ms. Olson on August 13, 2026, effective August 31, 2026, to fill the seat vacated by Kelly E. Garcia, whose resignation from the Board takes effect on the same date. Ms. Olson's initial term runs until the 2027 Annual Meeting of Stockholders. The Board determined she qualifies as independent under Nasdaq and SEC rules, and it reports no related-party transactions under Item 404(a) of Regulation S-K. Ms. Olson currently serves as Chief Executive Officer of Pacific Sunwear of California, LLC (PacSun), a private specialty retailer, a role she has held since May 2023. She has also been PacSun's President since June 2021 and Chief Brand Officer since July 2020, and she joined PacSun in 2007. The Board cited her experience as a sitting CEO, along with her background in specialty retail, strategic planning, brand building, omnichannel commerce, and merchandising. Her compensation will follow the non-employee director program described in the proxy statement filed April 22, 2026. The press release (Exhibit 99.1) states that Ms. Olson's appointment brings the Board to 10 directors. It also quotes CEO Kecia Steelman linking her insights to the company's Ulta Beauty Unleashed strategy. The filing discloses no financial results, guidance, or financial figures.
  3. 8-KUlta Beauty 8-K Report, Executive Changes (Jul 14, 2026)Ulta Beauty, Inc. filed a Form 8-K on July 14, 2026 to report that Kelly E. Garcia, a member of its Board of Directors, will transition to the role of Chief Technology Officer (CTO), with an anticipated start date of August 31, 2026. Mr. Garcia provided notice of his resignation from the Board, effective as of the date he commences service as CTO. The company issued a press release on the same day announcing the change, furnished as Exhibit 99.1. The press release states that Mr. Garcia has served on the Board since 2022 and that CEO Kecia Steelman views his board experience, including perspectives on emerging technologies such as AI, as valuable in strengthening the executive team. Mr. Garcia most recently served as Executive Vice President and CTO of Domino's Pizza since July 2012, and previously was Vice President of Business Intelligence and North American Operations for R. L. Polk & Company. The release links the appointment to the company's Ulta Beauty Unleashed strategy, which it says is aimed at driving market share growth. The filing does not disclose compensation terms for the new role or any financial results. For investors, the key takeaways are a board seat being vacated and a new executive-level technology leadership appointment, consistent with the company's stated focus on technology capabilities.
  4. 8-KUlta Beauty 8-K Report, Executive Changes (Jun 9, 2026)Ulta Beauty, Inc. filed this Form 8-K to report results from its 2026 annual meeting of stockholders, held June 9, 2026. Stockholders approved the Ulta Beauty, Inc. 2026 Incentive Award Plan, which replaces the Amended and Restated 2011 Incentive Award Plan. Under the new plan, up to 5,001,201 shares of common stock may be issued, comprising 3,500,000 newly authorized shares and 1,501,201 shares that remained available under the prior plan as of April 13, 2026. The 2026 Plan provides for stock options, stock appreciation rights, restricted stock, dividend equivalents, restricted stock units, and other stock or cash based awards. Stockholders also approved amendments to the certificate of incorporation that provide for exculpation of certain officers to the extent permitted by Delaware law, and that add exclusive forum provisions naming Delaware courts for certain actions and federal district courts for Securities Act of 1933 claims. The Company filed a certificate of amendment with the Delaware Secretary of State on June 9, 2026. Stockholders elected all ten director nominees to serve until the 2027 annual meeting, ratified Ernst & Young LLP as independent registered public accounting firm for fiscal 2026 (ending January 30, 2027), and approved executive compensation on an advisory basis. Approximately 87.42% of the 43,560,416 shares outstanding as of the April 13, 2026 record date were represented at the meeting.
  5. 8-KUlta Beauty 8-K Report, Financial Results (Jun 2, 2026)Ulta Beauty, Inc. (NASDAQ: ULTA) reported consolidated financial results for the first quarter of fiscal 2026, the thirteen-week period ended May 2, 2026, compared with the thirteen weeks ended May 3, 2025, in a press release furnished as Exhibit 99.1 to this Form 8-K. Net sales rose 11.1% to $3.16 billion, driven by higher comparable sales (up 5.3%, reflecting a 3.7% increase in average ticket and a 1.6% increase in transactions), the acquisition of Space NK, and new stores. Gross profit increased 13.8% to $1.27 billion, and gross margin expanded to 40.1% from 39.1%, which the company attributed mainly to lower inventory shrink and higher merchandise margin. Operating income grew 11.6% to $448.3 million, and diluted EPS increased 15.5% to $7.74. The company returned $555.0 million to shareholders through share repurchases, repurchasing 958,323 shares, and $1.3 billion remained available under its $3.0 billion repurchase program announced in October 2024. Merchandise inventories rose 12.5% to $2.4 billion, and cash and cash equivalents declined to $166.3 million at quarter end from $424.2 million at fiscal year-end January 31, 2026. Short-term debt was $144.9 million. For fiscal 2026, Ulta updated its outlook: operating income growth is now expected to be 6.5% to 9% (previously 6% to 9%), and diluted EPS is now expected to be $28.36 to $28.80 (previously $28.05 to $28.55). Net sales growth of 6% to 7%, comparable sales growth of 2.5% to 3.5%, and capital expenditures of $400 million to $450 million were unchanged.
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04—See also

Related Companies

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