Ulta Beauty

Consumer Discretionary Other Specialty Retail Bolingbrook, Illinois Last filing Mar 26, 2026 · FY2026

                    Revenue
                    FY2026
                
$12.4B
                    3y CAGR +3.4%
                    
                    P44
                    
                    +9.7%
                    
                    Net income
                    FY2026
                
$1.2B
                    Net margin +9.3%
                    
                    P55
                    
                    -4.0%
                    
                    Total assets
                    FY2026
                
$7.0B
                    ROA +16.5%
                    
                    P78
                    
                    +16.6%
                    
                    Operating cash flow
                    FY2026
                
$1.5B
                    FCF margin +8.6%
                    
                    P55
                    
                    +12.3%

18 yrs · FY2009–FY2026 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

29 accounts · 10 years

Total assets $7.0B

Total liabilities $4.2B

Shareholders equity $2.8B

Account	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017
Assets
Cash and Cash Equivalents	3.4%	6.2%	6.8%	6.8%	7.2%	5.0%	17.0%	5.3%	6.1%	4.7%
Short Term Investments	0.6%	—	—	—	—	—	0.0%	1.5%	0.0%	2.0%
Accounts Receivable	2.4%	2.0%	1.9%	—	—	—	—	—	—	—
Prepaid Expenses	1.4%	1.1%	1.0%	—	—	—	—	—	—	—
Other Current Assets	1.4%	1.1%	1.0%	1.0%	1.3%	1.3%	1.7%	1.4%	2.1%	1.7%
Total Current Assets	25.4%	26.8%	25.3%	25.3%	26.5%	26.4%	40.9%	27.8%	28.5%	28.8%
Property,Plant and Equipment	11.6%	11.0%	10.5%	—	—	—	—	—	—	—
Operating Lease Assets	14.6%	14.3%	14.0%	—	—	—	—	—	—	—
Goodwill	1.8%	0.1%	0.1%	0.1%	0.1%	0.1%	0.2%	0.1%	0.2%	0.0%
Long Term Investments	0.6%	—	—	—	—	—	—	—	—	—
Other Noncurrent Assets	1.0%	0.6%	0.5%	0.5%	0.4%	0.4%	0.5%	0.3%	0.2%	0.1%
Total Assets	56.5%	53.1%	50.9%	50.9%	52.6%	55.2%	82.7%	65.7%	47.5%	49.4%
Liabilities
Accounts Payable	5.5%	5.0%	4.9%	4.9%	5.5%	6.4%	7.8%	5.6%	6.0%	5.5%
Accrued Liabilities	4.4%	3.4%	3.4%	—	—	—	—	—	—	—
Deferred Revenue	4.7%	4.4%	3.9%	—	—	—	—	—	—	—
Operating Lease Liabilities	2.5%	2.6%	2.5%	—	—	—	—	—	—	—
Other Current Liabilities	0.5%	0.5%	0.5%	—	—	—	—	—	—	—
Total Current Liabilities	17.9%	15.8%	14.8%	14.8%	16.5%	18.1%	21.8%	15.4%	12.3%	10.9%
Operating Lease Liabilities Noncurrent	14.6%	14.5%	14.5%	—	—	—	—	—	—	—
Deferred Tax Liabilities	0.8%	0.4%	0.8%	0.8%	0.5%	0.5%	1.1%	1.2%	1.2%	1.9%
Other Noncurrent Liabilities	0.5%	0.5%	0.5%	0.5%	0.5%	0.7%	0.6%	0.5%	0.4%	0.4%
Total Liabilities	33.9%	31.1%	30.6%	30.6%	33.4%	37.4%	50.2%	40.0%	20.4%	19.3%
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	9.5%	9.9%	9.6%	9.6%	10.0%	10.8%	13.8%	10.9%	11.0%	11.9%
Retained Earnings	14.0%	13.0%	11.5%	11.5%	9.8%	7.6%	19.3%	15.3%	16.5%	18.6%
Treasury Stock	0.1%	0.2%	0.2%	0.2%	0.1%	0.2%	0.1%	0.1%	0.1%	0.1%
Accumulated Other Comprehensive Income	0.0%	—	—	—	—	—	—	—	—	—
Total Stockholders Equity	22.6%	22.0%	20.3%	—	—	—	—	—	—	—
Total Liabilitiesand Equity	56.5%	53.1%	50.9%	—	—	—	—	—	—	—

Income Statement

Revenue, expense, and profitability

15 accounts · 10 years

Revenue $12.4B

Operating income $1.5B

Net income $1.2B

Account	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	—	—	—	—	—	—	—
Expenses Cost of Revenue	60.9%	61.2%	60.9%	—	—	—	—	—	—	—
Expenses Selling,General and Administrative	26.6%	24.9%	24.0%	—	—	—	—	—	—	—
Expenses Depreciation and Amortization	2.4%	2.4%	2.2%	—	—	—	—	—	—	—
Expenses Share Based Compensation	0.3%	0.4%	0.4%	—	—	—	—	—	—	—
Other Income Expense Gross Profit	39.1%	38.8%	39.1%	—	—	—	—	—	—	—
Other Income Expense Operating Income	12.4%	13.9%	15.0%	—	—	—	—	—	—	—
Other Income Expense Income Before Tax	12.4%	14.0%	15.1%	—	—	—	—	—	—	—
Income Tax Income Tax Expense	3.0%	3.4%	3.6%	—	—	—	—	—	—	—
net Income net Income	9.3%	10.6%	11.5%	—	—	—	—	—	—	—
net Income Comprehensive Income	9.3%	10.6%	11.5%	—	—	—	—	—	—	—
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	0.4%	0.4%	0.4%	0.4%	0.5%	0.6%	0.9%	0.8%	0.9%	1.0%
Earnings Per Share Weighted Average Shares Diluted	0.4%	0.4%	0.4%	0.4%	0.5%	0.6%	0.9%	0.8%	0.9%	1.1%

Cash Flow Statement

Operating, investing, and financing flows

16 accounts · 10 years

Operating cash flow $1.5B

Investing cash flow $-931.3M

Financing cash flow $-850.7M

Account	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017
CashFlow
Operating Activities net Income	9.3%	10.6%	11.5%	11.5%	12.2%	11.4%	2.9%	9.5%	9.8%	9.4%
Operating Activities Depreciation and Amortization	2.4%	2.4%	2.2%	2.2%	2.4%	3.1%	4.8%	4.0%	4.2%	4.3%
Operating Activities Stock Based Compensation	0.3%	0.4%	0.4%	—	—	—	—	—	—	—
Operating Activities Deferred Income Taxes	-0.0%	-0.4%	0.3%	—	—	—	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	3.5%	3.0%	0.7%	—	—	—	—	—	—	—
Operating Activities net Cash From Operating Activities	12.1%	11.9%	13.2%	13.2%	14.5%	12.3%	13.2%	14.9%	14.2%	13.2%
Investing Activities Capital Expenditures	3.5%	3.3%	3.9%	3.9%	3.1%	2.0%	2.5%	4.0%	4.8%	7.5%
Investing Activities Business Acquisitions	3.1%	—	—	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	-7.5%	-3.4%	-3.9%	-3.9%	-3.1%	-2.0%	-0.8%	-6.4%	-3.2%	-9.0%
Financing Activities Repurchase of Common Stock	7.3%	8.9%	8.9%	—	—	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	0.3%	0.1%	0.1%	—	—	—	—	—	—	—
Financing Activities net Cash From Financing Activities	-6.9%	-9.0%	-9.0%	-9.0%	-8.4%	-17.3%	-1.8%	-8.7%	-9.1%	-6.1%
Cash Reconciliation Effect of Exchange Rate On Cash	3.4%	6.2%	6.8%	—	—	—	—	—	—	—
Cash Reconciliation net Change In Cash	-2.3%	-0.6%	0.3%	0.3%	3.0%	-7.1%	10.6%	-0.2%	2.0%	-1.8%
Cash Reconciliation Cash At Beginning of Period	3.4%	6.2%	6.8%	—	—	—	—	—	—	—
Cash Reconciliation Cash At End of Period	3.4%	6.2%	6.8%	—	—	—	—	—	—	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017
Profitability
Gross margin	+39.1%	+38.8%	+39.1%	+39.1%	+39.6%	+39.0%	+31.7%	+36.2%	+35.9%	+35.6%
Operating margin	+12.4%	+13.9%	+15.0%	+15.0%	+16.1%	+15.0%	+3.8%	+12.2%	+12.7%	+13.3%
Net margin	+9.3%	+10.6%	+11.5%	+11.5%	+12.2%	+11.4%	+2.9%	+9.5%	+9.8%	+9.4%
FCF margin	+8.6%	+8.5%	+9.3%	+9.3%	+11.5%	+10.3%	+10.7%	+10.9%	+9.5%	+5.8%
Growth
Revenue CAGR (3y)	+3.4%	+3.4%	+9.1%	+22.1%	+11.3%	+8.7%	+1.5%	+15.1%	—	—
Returns
ROE	+41.1%	+48.3%	+56.6%	+56.6%	+63.4%	+64.2%	+8.8%	+37.1%	+36.2%	+31.3%
ROA	+16.5%	+20.0%	+22.6%	+22.6%	+23.1%	+20.7%	+3.5%	+14.5%	+20.6%	+19.1%
ROIC	+47.5%	—	—	+71.1%	+82.3%	+71.6%	+14.9%	+40.1%	+46.4%	+37.0%
Liquidity
Current ratio	1.41x	1.70x	1.71x	1.71x	1.61x	1.46x	1.87x	1.81x	2.32x	2.64x
Quick ratio	0.32x	0.52x	0.59x	—	—	—	—	—	—	—
Leverage
D/E	1.50x	1.41x	1.50x	1.50x	1.74x	2.10x	1.55x	1.56x	0.75x	0.64x
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	1.77x	1.88x	1.96x	1.96x	1.90x	1.81x	1.21x	1.52x	2.10x	2.02x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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Ulta Beauty

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