Ulta Beauty, Inc. is the largest specialty beauty retailer in the United States. The company offers a wide assortment of cosmetics, fragrances, skin care, and hair care products, alongside in-store salon services. Ulta distinguishes itself by combining both mass-market and prestige beauty brands under one roof.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
12,392,820
11,295,654
11,207,303
10,208,580
Cost of Sales
7,547,596
6,908,401
6,826,203
6,164,070
Gross Profit
4,845,224
4,387,253
4,381,100
4,044,510
Selling, General & Administrative Expenses
3,296,411
2,808,592
2,694,561
2,395,299
Other Operating Expenses
15,821
13,689
8,510
10,601
Operating Profit
1,532,992
1,564,972
1,678,029
1,638,610
Interest and Investment Income
5,644
(15,094)
(17,622)
(4,934)
Non-Operating Income
(1,787)
15,094
17,622
4,934
Total Non-Operating Income
3,857
0
0
0
Income Before Provision for Income Taxes
1,531,205
1,580,066
1,695,651
1,643,544
Provision for Income Taxes
373,869
378,948
404,646
401,136
Consolidated Net Income
1,157,336
1,201,118
1,291,005
1,242,408
Net Income Attributable to Minority Interests and Other
3,857
—
—
—
Net Income Attributable to Common Shareholders
1,153,479
1,201,118
1,291,005
1,242,408
Basic EPS
25.72
25.44
26.18
24.17
Diluted EPS
25.64
25.34
26.03
24.01
Basic Weighted Average Shares Outstanding
44,842
47,207
49,304
51,403
Diluted Weighted Average Shares Outstanding
44,991
47,404
49,596
51,738
Shares Outstanding
44,166
45,965
48,324
50,364
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
424,243
703,201
766,594
737,877
Short-Term Investments
70,000
—
—
—
Total Cash and Cash Equivalents
494,243
703,201
766,594
737,877
Accounts Receivable
296,217
223,334
207,939
199,422
Total Trade Receivables
296,217
223,334
207,939
199,422
Inventories
2,181,127
1,968,214
1,742,136
1,603,451
Other Current Assets
172,559
134,059
119,849
168,554
Total Current Assets
3,144,146
3,028,808
2,836,518
2,709,304
Net Property, Plant & Equipment
3,247,136
2,849,165
2,756,865
2,570,536
Net Intangible Assets
203,288
204
510
1,312
Goodwill
226,421
10,870
10,870
10,870
Other Long-Term Assets
178,303
112,646
102,248
78,389
Total Assets
6,999,294
6,001,693
5,707,011
5,370,411
Accounts Payable
685,887
563,761
544,001
559,527
Accrued Expenses
587,119
427,018
393,778
444,278
Short-Term Debt
62,287
—
—
—
Current Portion of Leases
306,671
288,114
283,821
283,293
Unearned Revenue
582,378
500,585
436,591
394,677
Total Current Liabilities
2,224,342
1,779,478
1,658,191
1,681,775
Leases
1,813,103
1,635,120
1,627,271
1,619,883
Other Long-Term Liabilities
158,398
98,742
142,221
108,942
Total Long-Term Liabilities
1,971,501
1,733,862
1,769,492
1,728,825
Total Liabilities
4,195,843
3,513,340
3,427,683
3,410,600
Common Stock
450
468
491
511
Treasury Stock
(120,442)
(106,793)
(83,032)
(60,470)
Additional Paid-in Capital
1,182,754
1,120,769
1,075,104
1,023,997
Accumulated Other Comprehensive Income
3,760
—
—
—
Retained Earnings
1,736,929
1,473,909
1,286,765
995,773
Total Common Shareholders' Equity
2,803,451
2,488,353
2,279,328
1,959,811
Total Shareholders' Equity
2,803,451
2,488,353
2,279,328
1,959,811
Total Liabilities and Shareholders' Equity
6,999,294
6,001,693
5,707,011
5,370,411
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
1,153,479
1,201,118
1,291,005
1,242,408
Depreciation & Amortization
300,772
267,042
243,840
241,372
Share-Based Compensation Expense
37,426
42,787
48,246
43,044
Other Adjustments
362,898
278,874
374,748
324,253
Changes in Trade Receivables
(71,375)
(15,395)
(8,517)
34,260
Changes in Inventories
(135,801)
(226,078)
(138,685)
(104,233)
Changes in Accounts Payable
89,061
30,297
(20,873)
8,309
Changes in Accrued Expenses
108,201
6,303
(62,238)
48,249
Changes in Income Taxes Payable
(9,199)
34,772
45,367
(45,182)
Changes in Unearned Revenue
73,358
63,994
41,914
41,098
Changes in Other Operating Activities
(406,040)
(345,109)
(338,541)
(351,663)
Cash from Operating Activities
1,502,780
1,338,605
1,476,266
1,481,915
Capital Expenditure
(434,829)
(374,458)
(435,267)
(312,126)
Purchases of Investments
(70,000)
—
—
—
Payments for Business Acquisitions
(386,813)
—
—
—
Other Investing Activities
(39,704)
(8,631)
(6,158)
(2,458)
Cash from Investing Activities
(931,346)
(383,089)
(441,425)
(314,584)
Issuance of Short-Term Debt
2,214,888
199,700
195,400
—
Repayments of Short-Term Debt
(2,182,316)
(199,700)
(195,400)
—
Net Issuance / (Repayments) of Short-Term Debt
32,572
0
0
—
Issuance of Common Shares
32,562
12,339
12,176
46,011
Repurchases of Common Shares
(915,037)
(1,027,089)
(1,018,300)
(907,025)
Net Issuance / (Repurchases) of Common Shares
(882,475)
(1,014,750)
(1,006,124)
(861,014)
Other Financing Activities
(763)
(4,159)
—
—
Cash from Financing Activities
(850,666)
(1,018,909)
(1,006,124)
(861,014)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
274
—
—
—
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash