Company file · ULTA

Ulta Beauty

Ulta Beauty's revenue rose 9.7% in FY2025, to $12.4B, and net income fell 4.0% to $1.2B

Revenue rose 9.7% to $12.4B in FY2025, from $11.3B in FY2024. Net income fell 4.0% to $1.2B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Mar 26, 2026) · Latest quarter: 10-Q for the quarter ended Aug 1, 2026 (filed Aug 27, 2026) · Data pulled Nov 11, 2026

Key facts

In fiscal 2025, which ended Jan 31, 2026, Ulta Beauty (Nasdaq: ULTA) took in $12.4B of revenue (up 9.7% on fiscal 2024); net income was $1.2B (down 4.0%). The most recent quarter, ended Aug 1, 2026, brought revenue of $3.0B, up 8.9% year over year, with net income of $282M. Sources: 10-K for fiscal 2025 (filed Mar 26, 2026) and 10-Q for the quarter ended Aug 1, 2026 (filed Aug 27, 2026).

Revenue$12.4BFY2025 · +9.7% vs FY2024

Net income$1.2BFY2025 · −4.0% vs FY2024

Operating cash flow$1.5BFY2025 · +12.3% vs FY2024

Cash & equivalents$158Mat Aug 1, 2026 · −62.7% vs FY2025 end

Diluted shares45MFY2025 avg · −5.1% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Mar 26, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Jun 2, 2026 · 10-Q filed Aug 27, 2026

How it makes money

Ulta Beauty reported revenue of $12.4B for FY2025, and net income of $1.2B.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 FY2026 (May to Jul 2026) compared with Q2 FY2025 (May to Jul 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 FY2026Q2 FY2025

Company

Revenue

$3.0B Q2 FY2026

$2.8B Q2 FY2025

8.9% increase

Net income

$282M Q2 FY2026

$261M Q2 FY2025

8.1% increase

Source: Ulta Beauty 10-Q for the quarter ended Aug 1, 2026, filed Aug 27, 2026

Cash & equivalents $158M at Aug 1, 2026, vs $424M at FY2025 end.
Operating cash flow, first 6 months of fiscal 2026: $382M vs $317M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 9.7% in FY2025 to $12.4B, from $11.3B a year earlier. 10-K, FY2025
Operating cash flow rose 12.3% in FY2025 to $1.5B. 10-K, FY2025
Diluted shares fell 5.1% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Revenue in the quarter ended Aug 1, 2026 was $3.0B, up 8.9% on a year earlier. 10-Q, quarter ended Aug 1, 2026

The bear case

Net income fell 4.0% in FY2025 to $1.2B, from $1.2B. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include consumer spending; competition; costs. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Ulta Beauty is in the other specialty retail industry, part of the consumer discretionary sector. The SEC files it under Retail-Retail Stores, Nec.

The full description of Ulta Beauty's business is in Item 1 of its 10-K, linked below. This page shows its revenue in total only, because its tagged data has no breakdown that adds up to total revenue.

Its fiscal year ends in January; the latest, FY2025, ended Jan 31, 2026.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the other specialty retail industry. They are not a summary of Ulta Beauty’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Consumer spendingShoppers cut back on non-essentials when budgets are tight.
CompetitionRivals, online sellers and changing tastes pressure prices and traffic.
CostsWages, freight and product costs can squeeze margins.
Supply chain and tariffsImported goods make it sensitive to trade policy and shipping disruptions.
Brand and reputationProduct problems or public criticism can hurt demand.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$11.2B	$11.3B	$12.4B
Net income	$1.3B	$1.2B	$1.2B
Operating cash flow	$1.5B	$1.3B	$1.5B
Cash & equivalents (year end)	$767M	$703M	$424M
Diluted shares	50M	47M	45M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Ulta Beauty names its fiscal year by the calendar year in which it starts, so FY2025 is the year that ended Jan 31, 2026.

What we left out

Total debt: the company's filing data doesn't carry a consistent debt total for the years shown, so it isn't shown.
Revenue by segment, product or region: the company's XBRL data has no breakdown that adds up to total revenue, so none is shown. The 10-K has its own segment note.

Recent filings

Form	Filed	Period
10-Q	Aug 27, 2026	Aug 1, 2026
10-Q	Jun 2, 2026	May 2, 2026
DEF 14A	Apr 22, 2026	Jun 9, 2026
10-K	Mar 26, 2026	Jan 31, 2026

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Ulta Beauty

How does Ulta Beauty make money?

In fiscal 2025, revenue totaled $12.4B. Ulta Beauty reported revenue of $12.4B for FY2025, and net income of $1.2B. Source: 10-K for fiscal 2025, filed Mar 26, 2026.

What was Ulta Beauty's revenue in fiscal 2025?

Revenue came to $12.4B in the year ended Jan 31, 2026. Going back two years, it was $11.2B in fiscal 2023 and $11.3B in fiscal 2024, so the latest year was up 9.7%. Source: 10-K for fiscal 2025, filed Mar 26, 2026.

Is Ulta Beauty profitable?

Yes, by US accounting rules (GAAP): net income was $1.2B in fiscal 2025, down 4.0% from $1.2B a year earlier. For the quarter ended Aug 1, 2026, net income was $282M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Mar 26, 2026.

What did Ulta Beauty report in its latest quarterly filing?

The 10-Q for the quarter ended Aug 1, 2026 shows revenue of $3.0B, against $2.8B in the same quarter a year before (up 8.9%), and net income of $282M, against $261M (up 8.1%). Source: 10-Q for the quarter ended Aug 1, 2026, filed Aug 27, 2026.

What are the main risks Ulta Beauty faces?

Ulta Beauty's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Mar 26, 2026. Risks that are common among companies in the other specialty retail industry include Consumer spending; competition; costs; supply chain and tariffs; brand and reputation. The first: Shoppers cut back on non-essentials when budgets are tight. Source: 10-K, Item 1A Risk Factors.

Where do these Ulta Beauty numbers come from?

Two filings Ulta Beauty made with the SEC: its fiscal 2025 10-K, filed Mar 26, 2026, and its 10-Q for the quarter ended Aug 1, 2026, filed Aug 27, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Ulta Beauty

Renaissance Technologies: 177,780 shares, reported value $80.2M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 13, 2026.
Citadel Advisors: 145,146 shares, reported value $65.5M at Jun 30, 2026 (+46.6% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Millennium Management: 5,163 shares, reported value $2.3M at Jun 30, 2026 (−85.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 4,780 shares, reported value $2.2M at Jun 30, 2026 (+67.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in ULTA: The editor holds no position in Ulta Beauty (ULTA). As of Nov 11, 2026. The editor holds shares of Tesla (TSLA) and SpaceX in a long-term retirement account.
Trading rule: The editor does not buy or sell ULTA from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 9, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold ULTA, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Ulta BeautyULTA	FY2025	$12.4B	+9.7%	$1.2B
Tractor SupplyTSCO	FY2025	$15.5B	+4.3%	$1.1B
AmazonAMZN	FY2025	$716.9B	+12.4%	$77.7B
TeslaTSLA	FY2025	$94.8B	−2.9%	$3.8B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.