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MARKETS / NASDAQ / ULTA
NASDAQ · RETAIL-RETAIL STORES, NEC · LARGE CAP

Ulta Beauty, Inc. ULTA

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$12.4B
▲ 9.7% YoY
$1.2B
▼ 4.0% YoY
$1.1B
▲ 10.8% YoY
In brief

What this company does

Ulta Beauty, Inc. is a specialty beauty retailer that sells cosmetics, fragrance, skin care products, wellness products, and hair care products, and provides salon services. As of the end of fiscal 2025, Ulta U.S. had more than 46 million loyalty members, accounting for approximately 95% of total sales. As of January 31, 2026, the company employed approximately 65,000 associates in the U.S., 1,800 in the U.K. and Ireland, and 20 in Uruguay. As of January 31, 2026, the company operated 84 Space NK stores in the United Kingdom and two in Ireland. Space NK operates as a standalone subsidiary of the company. The company was founded in Illinois in 1990 as a beauty retailer, at a time when prestige, mass, and salon products were sold through distinct channels.

Written from the business description in Ulta Beauty, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 26 March 2026. Every sentence was checked against that document before publication.

Growth
USD 12.4B
Revenue, FY2025 · full 17-year series below
Revenue $B Net income $B
FY2025 · Revenue 12.4 · Net income 1.2
5B10B200920112013201520172019202120232025
Compound annual growth
+6.7%
+15.0%
+12.2%
+15.4%
−2.4%
+45.7%
+13.7%
+20.4%
+2.2%
+52.5%
+17.8%
+22.9%
+0.6%
+53.3%
+19.4%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +15.0% a year over five years — but profit grew faster: net income at +45.7%, earnings per share at +52.5%.

The share count fell from 0.06B to 0.04B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
9 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 12.4% · Net 9.3%
5%10%15%200920112013201520172019202120232025
ROE
FY2025 · ROE 43.6%
20%40%60%200920112013201520172019202120232025
Gross margin39.1%
Operating margin12.4%
Net margin9.3%
Return on assets17.7%
EBITDAUSD 1.8B

Each USD of equity produced 44 cents of profit this year.

Cash & shareholders
USD 868.8M
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 1.1
0.4B0.8B200920112013201520172019202120232025
Net buybacks $B Dividends $B
FY2025 · Dividends — · Net buybacks 0.9
0.5B1.0B20112013201520172019202120232025
Dividends paid—
Net buybacksUSD 868.8M
Share of profit75.3%
Consecutive raises—

USD 868.8M in buybacks — 75% of the year's profit went back to shareholders.

Total assetsUSD 7.0B
EquityUSD 2.8B
CashUSD 424.2M
Gross debtUSD 62.3M
Net debtUSD -362.0M
Current ratio1.41×

The company holds more cash than debt.

The 17-year record
17 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B12.411.311.210.28.66.27.46.75.94.93.93.22.72.21.81.51.2
Operating income $B1.51.61.71.61.30.20.90.90.80.70.50.40.30.30.20.10.1
EBITDA $B1.81.81.91.91.60.51.21.11.00.90.70.50.40.40.30.20.1
Income tax $B0.40.40.40.40.30.10.20.20.20.20.20.20.10.10.10.00.0
Net income $B1.21.21.31.21.00.20.70.70.60.40.30.30.20.20.10.10.0
Free cash flow $B1.11.01.01.20.90.70.80.60.30.30.10.10.10.10.10.10.1
EPS, diluted $25.6425.3426.0324.0117.983.1112.1510.948.966.524.983.983.152.681.901.160.66
Dividend / sh $···········0.000.001.00···
Payout %·············36···
ROE %43.650.460.971.155.89.037.936.633.427.423.822.922.725.224.420.413.5
Shares out B0.040.050.050.050.050.060.060.060.060.060.060.060.060.060.060.06·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

Ulta Beauty, Inc.vsAmazon COM Inc.Same industry: Retail-Retail Stores, NECUlta Beauty, Inc.vsCoupang, Inc.Same industry: Retail-Retail Stores, NECUlta Beauty, Inc.vsCDW Corp.Same industry: Retail-Retail Stores, NECUlta Beauty, Inc.vsDick's Sporting Goods, Inc.Same industry: Retail-Retail Stores, NECUlta Beauty, Inc.vsChewy, Inc.Same industry: Retail-Retail Stores, NECUlta Beauty, Inc.vsWayfair Inc.Same industry: Retail-Retail Stores, NECUlta Beauty, Inc.vsInsight Enterprises Inc.Same industry: Retail-Retail Stores, NEC
Provenance
Company facts, as filed
How we verify · 0 failures in 83 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 12 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityRetail-Retail Stores, NEC
Listed onNASDAQ
Incorporated innot stated in the filings
Fiscal year endsJanuary 30
Data on record since2009

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