Ulta Beauty (ULTA) financial statements
Ulta Beauty reported revenue of $12.4B in fiscal 2026, up 11.0% a year over 9 years.
Net income was $1.2B and the operating margin 12.4%, against 13.5% in 2017.
Free cash flow was $1.1B, and the company returned $901M in net buybacks.
The diluted share count fell 28% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ulta Beauty's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.9B | $5.9B | $6.7B | $7.4B | $6.2B | $8.6B | $10.2B | $11.2B | $11.3B | $12.4B |
| Cost of revenue | $3.1B | $3.8B | $4.3B | $4.7B | $4.2B | $5.3B | $6.2B | $6.8B | $6.9B | $7.5B |
| Gross profit | $1.7B | $2.1B | $2.4B | $2.7B | $1.9B | $3.4B | $4.0B | $4.4B | $4.4B | $4.8B |
| Selling, general and admin | $1.1B | $1.3B | $1.5B | $1.8B | $1.6B | $2.1B | $2.4B | $2.7B | $2.8B | $3.3B |
| Operating income | $655M | $785M | $854M | $901M | $237M | $1.3B | $1.6B | $1.7B | $1.6B | $1.5B |
| Pre-tax income | $656M | $787M | $859M | $906M | $231M | $1.3B | $1.6B | $1.7B | $1.6B | $1.5B |
| Income tax | $246M | $232M | $201M | $200M | $55M | $310M | $401M | $405M | $379M | $374M |
| Net income | $410M | $555M | $659M | $706M | $176M | $986M | $1.2B | $1.3B | $1.2B | $1.2B |
| EPS (diluted) | $6.52 | $8.96 | $10.94 | $12.15 | $3.11 | $17.98 | $24.01 | $26.03 | $25.34 | $25.64 |
| Diluted shares | 63M | 62M | 60M | 58M | 57M | 55M | 52M | 50M | 47M | 45M |
| Gross margin | 36.0% | 35.6% | 35.9% | 36.2% | 31.7% | 39.0% | 39.6% | 39.1% | 38.8% | 39.1% |
| Operating margin | 13.5% | 13.3% | 12.7% | 12.2% | 3.8% | 15.0% | 16.1% | 15.0% | 13.9% | 12.4% |
| Net margin | 8.4% | 9.4% | 9.8% | 9.5% | 2.9% | 11.4% | 12.2% | 11.5% | 10.6% | 9.3% |
Balance sheet
Fiscal years, from Ulta Beauty's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $415M | $397M | $409M | $502M | $1.0B | $432M | $738M | $767M | $703M | $494M |
| Receivables | $89M | $100M | $136M | $139M | $193M | $234M | $199M | $208M | $223M | $296M |
| Total current assets | $1.5B | $1.7B | $1.9B | $2.1B | $2.5B | $2.3B | $2.7B | $2.8B | $3.0B | $3.1B |
| Property, plant and equipment | $1.0B | $1.2B | $1.2B | $1.2B | $996M | $914M | $1.0B | $1.2B | $1.2B | $1.4B |
| Goodwill | — | $0 | $11M | $11M | $11M | $11M | $11M | $11M | $11M | $226M |
| Total assets | $2.6B | $2.9B | $3.2B | $4.9B | $5.1B | $4.8B | $5.4B | $5.7B | $6.0B | $7.0B |
| Total current liabilities | $529M | $642M | $824M | $1.1B | $1.3B | $1.6B | $1.7B | $1.7B | $1.8B | $2.2B |
| Total liabilities | $1.0B | $1.1B | $1.4B | $3.0B | $3.1B | $3.2B | $3.4B | $3.4B | $3.5B | $4.2B |
| Shareholders' equity | $1.6B | $1.8B | $1.8B | $1.9B | $2.0B | $1.5B | $2.0B | $2.3B | $2.5B | $2.8B |
| Net debt | -$385M | -$277M | -$409M | -$392M | -$1.0B | -$432M | -$738M | -$767M | -$703M | -$424M |
Cash flow
Fiscal years, from Ulta Beauty's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $634M | $779M | $956M | $1.1B | $810M | $1.1B | $1.5B | $1.5B | $1.3B | $1.5B |
| Capital spending | $373M | $441M | $319M | $299M | $152M | $172M | $312M | $435M | $374M | $435M |
| Free cash flow | $261M | $339M | $637M | $803M | $658M | $887M | $1.2B | $1.0B | $964M | $1.1B |
| Stock-based compensation | $19M | $24M | $27M | $26M | $28M | $47M | $43M | $48M | $43M | $37M |
| Share buybacks (net) | -$344M | -$368M | -$616M | -$681M | -$115M | -$1.5B | -$900M | -$996M | -$1.0B | -$901M |
| Net borrowing | — | — | — | — | -$800M | — | — | -$195M | -$200M | — |
| Free cash flow margin | 5.4% | 5.8% | 9.5% | 10.9% | 10.7% | 10.3% | 11.5% | 9.3% | 8.5% | 8.6% |
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Open ULTA in InvestinglyQuestions
What was Ulta Beauty's revenue in 2026?
$12.4B in fiscal 2026, from its 10-K filing.
How much free cash flow does Ulta Beauty generate?
$1.1B in fiscal 2026 (operating cash flow minus capital spending).
From Ulta Beauty's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.