Ulta Beauty, Inc.

Listed Company

ULTACIK 0001403568NasdaqLarge AcceleratedRetail-Retail Stores, NecFY ends Jan 31

Period

FY 2026

Revenue

$12.39B

Net Income

$1.15B

Total Assets

$7.00B

Equity

$2.80B

Shares Out

43.74M

Op. Cash Flow

$1.50B

Business

Ulta Beauty, Inc. operates as a specialty beauty retailer and salon services provider offering a broad, differentiated shopping experience. It sells cosmetics, fragrance, skincare, haircare, bath and body products, salon styling tools, private label goods, and in-store salon services such as hair, brow, makeup, and skin treatments. The company organizes merchandising and operations across product category leadership, omnichannel e-commerce, a loyalty program, store operations and distribution centers, and partnerships including Ulta Beauty at Target. Ulta Beauty serves primarily the United States through freestanding stores, digital platforms, and shop-in-shops within Target, with expanding international partnerships.

Summary from filing dated 2025-03-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Net sales	12,393	11,296	11,207	10,209	8,631
Cost of sales	7,548	6,908	6,826	6,164	5,262
Gross profit	4,845	4,387	4,381	4,045	3,369
Selling, general and administrative expenses	3,296	2,809	2,695	2,395	2,062
Pre-opening expenses	16	14	9	11	10
Operating income	1,533	1,565	1,678	1,639	1,297
Interest expense (income), net	2	−15	−18	−5	2
Income before income taxes and equity net loss of affiliate	1,531	1,580	1,696	—	—
Income tax expense	374	379	405	401	310
Income before equity net loss of affiliate	1,157	1,201	1,291	—	—
Equity net loss of affiliate	4	—	—	—	—
Net income	1,153	1,201	1,291	1,242	986
Basic (per share)	25.72	25.44	26.18	24.17	18.09
Diluted (per share)	25.64	25.34	26.03	24.01	17.98
Basic (shares)	45	47	49	51	54
Diluted (shares)	45	47	50	52	55

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Cash and cash equivalents	424	703	767	738	432
Short-term investments	70	—	—	—	—
Receivables, net	296	223	208	199	234
Merchandise inventories, net	2,181	1,968	1,742	1,603	1,499
Prepaid expenses and other current assets	169	129	116	130	111
Prepaid income taxes	3	5	4	38	6
Total current assets	3,144	3,029	2,837	2,709	2,281
Property and equipment, net	1,434	1,239	1,182	1,009	914
Operating lease assets	1,813	1,610	1,575	1,561	1,482
Goodwill	226	11	11	11	11
Other intangible assets, net	203	204,000	510,000	1	2
Deferred compensation plan assets	53	48	44	35	38
Other long-term assets	125	65	59	43	36
Total assets	6,999	6,002	5,707	5,370	4,764
Accounts payable	686	564	544	560	553
Accrued liabilities	551	380	382	444	365
Deferred revenue	582	501	437	395	354
Current operating lease liabilities	307	288	284	283	274
Accrued income taxes	36	47	11	—	13
Short-term debt	62	—	—	—	—
Total current liabilities	2,224	1,779	1,658	1,682	1,558
Non-current operating lease liabilities	1,813	1,635	1,627	1,620	1,573
Deferred income taxes	99	43	86	55	40
Other long-term liabilities	60	56	56	54	59
Total liabilities	4,196	3,513	3,428	3,411	3,229
Commitments and contingencies (Note 10)	—	—	—	—	—
Common stock, $0.01 par value, 400,000 shares authorized; 45,048 and 46,809 shares issued; 44,166 and 45,965 shares outstanding; at January 31, 2026 and February 1, 2025, respectively	450,000	468,000	491,000	511,000	530,000
Treasury stock-common, at cost	−120	−107	−83	−60	−53
Additional paid-in capital	1,183	1,121	1,075	1,024	935
Retained earnings	1,737	1,474	1,287	996	653
Accumulated other comprehensive income	4	—	—	—	—
Total stockholders' equity	2,803	2,488	2,279	1,960	1,535
Total liabilities and stockholders' equity	6,999	6,002	5,707	5,370	4,764

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2026 2026-01-31	FY 2025 2025-01-31	FY 2024 2024-01-31	FY 2023 2023-01-31	FY 2022 2022-01-31
Net income	1,153	1,201	1,291	1,242	986
Depreciation and amortization	301	267	244	241	268
Non-cash lease expense	351	311	333	302	276
Deferred income taxes	−3	−43	31	16	−26
Share-based Compensation	37	43	48	—	—
Loss on disposal of property and equipment	11	12	11	7	5
Equity net loss of affiliate	4	—	—	—	—
Receivables	−71	−15	−9	34	−41
Merchandise inventories	−136	−226	−139	−104	−331
Prepaid expenses and other current assets	−26	−14	15	−19	−3
Income taxes	−9	35	45	−45	−36
Accounts payable	89	30	−21	8	66
Accrued liabilities	108	6	−62	48	59
Deferred revenue	73	64	42	41	79
Operating lease liabilities	−353	−334	−338	−325	−304
Other assets and liabilities	−28	2	−15	−8	12
Net cash provided by operating activities	1,503	1,339	1,476	1,482	1,059
Purchases of short-term investments	−70	—	—	—	—
Capital expenditures	−435	−374	−435	−312	−172
Acquisitions, net of cash acquired	−387	—	—	—	—
Other investments	−40	−9	−6	−2	−4
Net cash used in investing activities	−931	−383	−441	−315	−176
Borrowings from short-term debt	2,215	200	195	—	—
Payments on short-term debt	−2,182	−200	−195	—	—
Repurchase of common shares	−901	−1,003	−996	−900	−1,522
Stock options exercised	33	12	12	46	40
Purchase of treasury shares	−14	−24	−23	−7	−16
Debt issuance costs	−763,000	−4	—	—	—
Net cash used in financing activities	−851	−1,019	−1,006	−861	−1,497
Effect of exchange rate changes on cash and cash equivalents	274,000	—	—	—	−56,000
Net (decrease) increase in cash and cash equivalents	−279	−63	29	306	−614
Cash paid for interest	10	4	3	2	2
Income taxes paid, net of refunds	382	386	328	430	371
Non-cash capital expenditures	35	23	62	70	40
Repurchase of common shares in accrued liabilities	4	15	4	—	—

Filings

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