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Ulta Beauty, Inc. Cash Flow Statement

Operating, investing, and financing cash movements

Ulta Beauty, Inc. generated $1.5B in operating cash flow over the trailing twelve months. After $434.8M in capital expenditures, free cash flow was $1.1B. Free cash flow decreased 0.5% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$1.5BNet Cash From Investing (TTM)-$931.3MNet Cash From Financing (TTM)-$1.1BCapital Expenditures (TTM)$434.8MDepreciation And Amortization Cf (TTM)$300.8MNet Change In Cash (TTM)$56.0M
Latest FilingQ1 2026
Report Date2026-03-26
Market Cap$20.9B
P/E Ratio18.12
ROE43.59%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired—————$20.0K
Capital expenditures$114.2M$73.9M$79.0M$77.0M$87.3M$191.6M
Investments in unconsolidated affiliates$1.0M$2.5M$7.3M$9.8M$8.3M$14.3M
Net cash from investing activities-$115.3M-$76.4M-$86.4M-$473.5M-$95.6M-$275.8M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable$24.5M—-$24.9M$123.0M$25.8M—
Change in accrued liabilities-$12.1M$52.1M-$32.7M$28.8M$10.4M$101.6M
Change in deferred revenue$10.1M$95.5M-$37.7M-$6.7M$2.8M$115.0M
Change in income taxes payable/receivable-$9.2M$104.6M$88.9M-$159.3M——
Change in inventories$366.9M—$153.3M$212.8M$336.6M—
Change in other assets$3.5M—$9.3M$12.4M—$11.5M
Other working capital changes——$5.6M$10.2M$5.9M$6.0M
Change in receivables$12.8M$9.7M$1.8M$0.0$12.9M$58.2M
Deferred income taxes-$3.3M$49.1M-$3.4M$1.2M$3.8M$1.6M
Depreciation and amortization$67.0M$70.0M$72.0M$71.2M$75.8M$81.8M
Gain (loss) on sale of assets-$2.1M-$4.3M-$892.0K-$3.8M-$2.7M-$3.6M
Net cash from operating activities$0.0$1.0B$220.0M$96.5M$5.6M$1.2B
Net income$242.2M$393.3M$305.1M$260.9M$230.9M$356.7M
Increase Decrease In Current Operating Lease Liabilities-$79.5M-$83.6M-$88.1M-$92.2M-$81.5M-$91.0M
Net Loss Of Equity Affiliate————$985.0K$1.6M
Noncash Lease Expense$72.5M$74.7M$91.1M$92.4M$77.1M$90.6M
Pension and postretirement benefit expense$8.4M$15.1M$11.4M$8.9M$10.0M—

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$49.9M$49.9M———$573.0M
Repayments of debt$49.9M$49.9M——$785.6M$1.1B
Payments Of Debt Issuance Costs$71.0K$0.0$190.8K$190.8K$190.8K$190.8K
Payments To Acquire Treasury Stock$107.0K$195.0K$12.9M$327.0K$267.0K$144.0K
Proceeds from issuance of commercial paper and other short-term borrowings$49.9M$49.9M———$573.0M
Repayments of Short-Term Debt$49.9M$49.9M———$1.1B
Proceeds from Issuance of Commercial Paper and Short-Term Borrowings$49.9M$49.9M———$573.0M
Net cash from financing activities-$64.1M-$434.7M-$382.2M——-$685.7M
Payment of debt issuance costs$71.0K$0.0$190.8K$190.8K$190.8K$190.8K
Proceeds from issuance of common stock$4.0K$3.1M$481.0K$14.4M$15.3M$2.5M
Proceeds from Commercial Paper and Secured Lines of Credit$49.9M$49.9M———$573.0M
Repurchases of common stock$263.6M$237.9M$369.8M$109.5M$224.7M$197.4M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow—$962.6M$141.0M$19.6M$0.0$989.0M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income taxes paid$83.5M$69.3M$7.0M$245.0M$74.3M$55.5M
Repurchase Of Common Shares In Accrued Liablities$3.7M$3.7M$3.9M$85.0K$1.0K$59.0K

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash-$236.2M—-$248.6M-$211.9M-$37.8M—