Revenue growth has shown significant volatility, recovering to 11.1% in 2026Q1 after a 1.9% contraction in 2024Q4, while operating margins have compressed to 14.2% from a 14.9% peak.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'04 | Jan'03 |
|---|
| Sales/Revenue | 12.71B | 12.39B | 11.3B | 11.21B | 10.21B | 8.63B | 6.15B | 7.4B | 6.72B | 5.88B | 4.85B | 3.92B | 3.24B | 2.67B | 2.22B | 1.78B | 1.45B | 1.22B | 1.08B | 912.14M | 755.11M | 579.08M | 423.86M | 362.22M |
| Revenue Growth % | 11.3% | 9.71% | 0.79% | 9.78% | 18.28% | 40.3% | -16.84% | 10.15% | 14.14% | 21.21% | 23.72% | 21.06% | 21.37% | 20.28% | 25% | 22.09% | 18.98% | 12.73% | 18.91% | 20.8% | 30.4% | 36.62% | 17.02% | - |
| Cost of Goods Sold | 7.71B | 7.55B | 6.91B | 6.83B | 6.16B | 5.26B | 4.2B | 4.72B | 4.31B | 3.79B | 3.11B | 2.54B | 2.1B | 1.73B | 1.44B | 1.16B | 970.75M | 849.72M | 756.71M | 628.5M | 519.93M | 404.79M | 312.2M | 259.84M |
| COGS % of Revenue | - | 60.9% | 61.16% | 60.91% | 60.38% | 60.97% | 68.32% | 63.76% | 64.13% | 64.37% | 64.01% | 64.72% | 64.93% | 64.75% | 64.7% | 65.27% | 66.73% | 69.49% | 69.77% | 68.9% | 68.85% | 69.9% | 73.66% | 71.73% |
| Gross Profit | 5B | 4.85B | 4.39B | 4.38B | 4.04B | 3.37B | 1.95B | 2.68B | 2.41B | 2.1B | 1.75B | 1.38B | 1.14B | 941.25M | 783.67M | 616.84M | 484.08M | 373.05M | 327.93M | 283.65M | 235.18M | 174.28M | 111.66M | 102.38M |
| Gross Margin % | 39.33% | 39.1% | 38.84% | 39.09% | 39.62% | 39.03% | 31.68% | 36.24% | 35.87% | 35.63% | 35.99% | 35.28% | 35.07% | 35.25% | 35.3% | 34.73% | 33.27% | 30.51% | 30.23% | 31.1% | 31.15% | 30.1% | 26.34% | 28.27% |
| Gross Profit Growth % | - | 10.44% | 0.14% | 8.32% | 20.07% | 72.82% | -27.3% | 11.28% | 14.9% | 20.01% | 26.21% | 21.78% | 20.77% | 20.11% | 27.05% | 27.42% | 29.76% | 13.76% | 15.61% | 20.61% | 34.95% | 56.08% | 9.06% | - |
| Operating Expenses | 3.4B | 3.3B | 2.81B | 2.69B | 2.4B | 2.12B | 1.64B | 1.76B | 1.54B | 1.29B | 1.07B | 863.35M | 712.01M | 596.39M | 488.88M | 420.64M | 365.2M | 304.9M | 281.63M | 236.93M | 195.1M | 144.86M | 100.76M | 89.13M |
| OpEx % of Revenue | - | 26.6% | 24.86% | 24.04% | 23.46% | 24.54% | 26.58% | 23.8% | 22.86% | 21.87% | 22.12% | 22% | 21.97% | 22.33% | 22.02% | 23.68% | 25.1% | 24.93% | 25.97% | 25.97% | 25.84% | 25.02% | 23.77% | 24.61% |
| Selling, General & Admin | 3.4B | 3.3B | 2.81B | 2.69B | 2.4B | 2.12B | 1.64B | 1.76B | 1.54B | 1.29B | 1.07B | 863.35M | 712.01M | 596.39M | 488.88M | 410.66M | 358.11M | 298.89M | 267.32M | 225.17M | 188M | 140.15M | 98.45M | 86.38M |
| SG&A % of Revenue | - | 26.6% | 24.86% | 24.04% | 23.46% | 24.54% | 26.58% | 23.8% | 22.86% | 21.87% | 22.12% | 22% | 21.97% | 22.33% | 22.02% | 23.12% | 24.61% | 24.44% | 24.65% | 24.69% | 24.9% | 24.2% | 23.23% | 23.85% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.99M | -7.09M | -6M | -14.31M | -11.76M | -7.1M | -4.71M | 2.32M | 2.75M |
| Operating Income | 1.59B | 1.55B | 1.58B | 1.69B | 1.65B | 1.25B | 313.74M | 920.35M | 873.85M | 809.58M | 673.39M | 520.98M | 424.78M | 344.86M | 294.79M | 196.19M | 118.88M | 68.15M | 46.3M | 46.72M | 40.09M | 29.42M | 10.9M | 13.25M |
| Operating Margin % | 12.54% | 12.5% | 13.98% | 15.05% | 16.16% | 14.49% | 5.1% | 12.44% | 13.01% | 13.76% | 13.87% | 13.28% | 13.11% | 12.91% | 13.28% | 11.05% | 8.17% | 5.57% | 4.27% | 5.12% | 5.31% | 5.08% | 2.57% | 3.66% |
| Operating Income Growth % | - | -1.89% | -6.4% | 2.26% | 31.88% | 298.61% | -65.91% | 5.32% | 7.94% | 20.22% | 29.26% | 22.65% | 23.18% | 16.98% | 50.26% | 65.03% | 74.44% | 47.2% | -0.9% | 16.55% | 36.24% | 170.04% | -17.75% | - |
| EBITDA | 1.82B | 1.85B | 1.85B | 1.93B | 1.89B | 1.52B | 611.51M | 1.22B | 1.15B | 1.06B | 883.69M | 686.03M | 556.54M | 451.14M | 383.03M | 272.13M | 183.82M | 130.32M | 97.75M | 86.22M | 69.82M | 51.71M | 26.31M | 25.77M |
| EBITDA Margin % | 14.35% | 14.92% | 16.34% | 17.22% | 18.52% | 17.6% | 9.94% | 16.44% | 17.17% | 18.05% | 18.2% | 17.48% | 17.17% | 16.89% | 17.25% | 15.32% | 12.64% | 10.66% | 9.01% | 9.45% | 9.25% | 8.93% | 6.21% | 7.11% |
| EBITDA Growth % | -1.58% | 0.21% | -4.39% | 2.1% | 24.46% | 148.41% | -49.71% | 5.43% | 8.57% | 20.21% | 28.81% | 23.27% | 23.36% | 17.78% | 40.75% | 48.04% | 41.05% | 33.32% | 13.36% | 23.49% | 35.03% | 96.56% | 2.08% | - |
| D&A (Non-Cash Add-back) | 228.74M | 300.77M | 267.04M | 243.84M | 241.37M | 268.46M | 297.77M | 295.6M | 279.47M | 252.71M | 210.29M | 165.05M | 131.76M | 106.28M | 88.23M | 75.93M | 64.94M | 62.17M | 51.45M | 39.5M | 29.74M | 22.29M | 15.41M | 12.52M |
| EBIT | 1.58B | 1.53B | 1.58B | 1.7B | 1.64B | 1.3B | 236.82M | 906.15M | 859.14M | 786.86M | 655.71M | 507.44M | 411.31M | 327.71M | 279.98M | 196.19M | 118.88M | 68.15M | 46.3M | 46.72M | 40.09M | 29.42M | 10.9M | 13.25M |
| Net Interest Income | -5.99M | -1.79M | 15.09M | 17.62M | 4.93M | -1.66M | -5.74M | 5.06M | 5.06M | 1.57M | 890K | 1.14M | 894K | 118K | -185K | -587K | -755K | -2.2M | -3.94M | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.41M | 0 | 15.09M | 17.62M | 4.93M | 0 | 0 | 5.06M | 5.06M | 1.57M | 890K | 1.14M | 894K | 118K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 7.4M | 1.79M | 0 | 0 | 0 | 1.66M | 5.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 185K | 587K | 755K | 2.2M | 3.94M | 4.54M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -20.26M | -17.61M | 1.41M | 9.11M | -5.67M | 45.25M | -82.65M | -14.2M | -14.71M | -22.72M | -17.68M | -13.54M | -13.47M | -17.15M | -15M | -587K | -755K | -2.2M | -3.94M | -4.54M | -3.31M | -2.95M | -2.79M | -2.35M |
| Pretax Income | 1.57B | 1.53B | 1.58B | 1.7B | 1.64B | 1.3B | 231.09M | 906.15M | 859.14M | 786.86M | 655.71M | 507.44M | 411.31M | 327.71M | 279.79M | 195.61M | 118.13M | 65.95M | 42.36M | 42.18M | 36.77M | 26.47M | 8.11M | 10.9M |
| Pretax Margin % | 12.38% | 12.36% | 13.99% | 15.13% | 16.1% | 15.01% | 3.76% | 12.25% | 12.79% | 13.37% | 13.51% | 12.93% | 12.69% | 12.27% | 12.6% | 11.01% | 8.12% | 5.39% | 3.91% | 4.62% | 4.87% | 4.57% | 1.91% | 3.01% |
| Income Tax | 381.08M | 373.87M | 378.95M | 404.65M | 401.14M | 309.99M | 55.25M | 200.21M | 200.58M | 231.63M | 245.95M | 187.43M | 154.17M | 124.86M | 107.24M | 75.34M | 47.1M | 26.59M | 17.09M | 16.84M | 14.23M | 10.5M | 3.02M | 1.2M |
| Effective Tax Rate % | 24.22% | 24.42% | 23.98% | 23.86% | 24.41% | 23.92% | 23.91% | 22.09% | 23.35% | 29.44% | 37.51% | 36.94% | 37.48% | 38.1% | 38.33% | 38.52% | 39.87% | 40.33% | 40.35% | 39.93% | 38.7% | 39.68% | 37.29% | 11.04% |
| Net Income | 1.19B | 1.15B | 1.2B | 1.29B | 1.24B | 985.84M | 175.84M | 705.95M | 658.56M | 555.23M | 409.76M | 320.01M | 257.13M | 202.85M | 172.55M | 120.26M | 71.03M | 39.36M | 25.27M | 25.34M | 22.54M | 15.97M | 5.08M | 9.7M |
| Net Margin % | 9.36% | 9.31% | 10.63% | 11.52% | 12.17% | 11.42% | 2.86% | 9.54% | 9.8% | 9.44% | 8.44% | 8.15% | 7.93% | 7.6% | 7.77% | 6.77% | 4.88% | 3.22% | 2.33% | 2.78% | 2.99% | 2.76% | 1.2% | 2.68% |
| Net Income Growth % | -0.35% | -3.97% | -6.96% | 3.91% | 26.03% | 460.66% | -75.09% | 7.2% | 18.61% | 35.5% | 28.05% | 24.45% | 26.76% | 17.56% | 43.48% | 69.31% | 80.48% | 55.75% | -0.26% | 12.39% | 41.17% | 214.1% | -47.57% | - |
| Net Income (Continuing) | 1.19B | 1.16B | 1.2B | 1.29B | 1.24B | 985.84M | 175.84M | 705.95M | 658.56M | 555.23M | 409.76M | 320.01M | 257.13M | 202.85M | 172.55M | 120.26M | 71.03M | 39.36M | 25.27M | 25.34M | 22.54M | 15.97M | 5.08M | 9.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 27.04 | 25.64 | 25.34 | 26.03 | 24.01 | 17.98 | 3.11 | 12.15 | 10.94 | 8.96 | 6.52 | 4.98 | 3.98 | 3.15 | 2.68 | 1.90 | 1.16 | 0.66 | 0.43 | 0.48 | 0.45 | 0.33 | -2.36 | 0.02 |
| EPS Growth % | 4.22% | 1.18% | -2.65% | 8.41% | 33.54% | 478.13% | -74.4% | 11.06% | 22.1% | 37.42% | 30.92% | 25.13% | 26.35% | 17.54% | 41.05% | 63.79% | 75.76% | 53.49% | -10.42% | 6.67% | 36.36% | 113.98% | -11900% | - |
| EPS (Basic) | - | 25.72 | 25.44 | 26.18 | 24.17 | 18.09 | 3.12 | 12.21 | 11.00 | 9.02 | 6.55 | 5.00 | 4.00 | 3.17 | 2.73 | 1.96 | 1.20 | 0.68 | 0.44 | 0.69 | 1.38 | 0.74 | -2.36 | 0.05 |
| Diluted Shares Outstanding | 43.96M | 44.99M | 47.4M | 49.6M | 51.74M | 54.84M | 56.56M | 58.1M | 60.18M | 61.98M | 62.85M | 64.28M | 64.65M | 64.46M | 64.4M | 63.33M | 61.29M | 59.24M | 58.97M | 53.29M | 49.92M | 48.2M | 2.33M | 3.96M |
| Basic Shares Outstanding | 43.78M | 44.84M | 47.21M | 49.3M | 51.4M | 54.48M | 56.35M | 57.84M | 59.86M | 61.56M | 62.52M | 63.95M | 64.33M | 63.99M | 63.25M | 61.26M | 58.96M | 57.91M | 57.42M | 20.38M | 5.77M | 4.09M | 2.33M | 1.94M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 36.21% | - | - | - | - | 367.13% | - | - | - | - |
Competitive Margin Compression
According to recent financial filings, ULTA's revenue growth reached 11.1% in 2026Q1, reflecting a recovery from the 1.9% contraction observed in 2024Q4, though the volatility suggests that the company is struggling to maintain the consistent double-digit expansion that characterized its post-pandemic performance cycle.
The recent revenue fluctuations indicate that the company's core beauty category is experiencing a normalization phase, moving away from the elevated demand levels of previous years. Investors should monitor whether the current growth trajectory is sustainable or if it remains vulnerable to the increasing competitive density from mass-market retailers expanding their prestige beauty offerings.
As reported in quarterly statements, ULTA maintained a gross margin of 40.1% in 2026Q1, demonstrating a degree of structural stability despite the broader retail environment's tendency toward promotional intensity and the ongoing challenges associated with inventory shrink and rising supply chain costs across the beauty sector.
The ability to sustain gross margins near the 40% threshold suggests that the company's hybrid model of prestige and mass-market products, coupled with salon services, provides a meaningful buffer against pricing pressure. However, the slight compression in operating margins compared to historical peaks warrants investigation into whether rising marketing and labor costs are beginning to erode the efficiency of this retail ecosystem.
Based on the provided income statement data, ULTA's operating margin of 14.2% in 2026Q1 shows a slight contraction from the 14.9% peak in 2024Q4, suggesting that SG&A expenses are scaling at a rate that may be outpacing the company's ability to drive incremental operating income growth.
The current trend indicates that the company may be reaching a point of diminishing returns on its operating footprint, where additional investments in store-level labor and marketing are required to defend market share. This shift implies that future earnings growth may become increasingly dependent on cost discipline rather than pure top-line expansion.
Data from recent income statements suggests that while ULTA remains profitable, the volatility in EPS growth—ranging from a 12% decline in 2024Q2 to a 15.5% increase in 2026Q1—raises questions about the company's long-term ability to justify its premium valuation as a mature retail compounder.
Short-term fluctuations in net income, often influenced by non-operating items and variable SG&A, suggest that the company's earnings quality may be more sensitive to cyclical consumer spending than previously assumed. Investors should consider whether the current competitive landscape, particularly the expansion of prestige beauty in mass-market channels, poses a structural threat to the company's long-term margin profile.
Quick answers to the most common questions about buying ULTA stock.
For fiscal year 2025, Ulta Beauty, Inc. (ULTA) reported total revenue of $12.39B. This represents a 3321.4% increase compared to $362.2M in 2002.
Ulta Beauty, Inc. (ULTA) is profitable, generating $1.15B in net income for the fiscal year ending 2025 with a net profit margin of 9.3%.
Ulta Beauty, Inc. (ULTA) reported an operating income of $1.55B, resulting in an operating profit margin of 12.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Ulta Beauty, Inc. (ULTA) generated $4.85B in gross profit for the year, representing a gross profit margin of 39.1%. This demonstrates the company's core pricing power and production efficiency.