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Ulta Beauty, Inc. Income Statement

Revenue, expenses, and profitability over time

Ulta Beauty, Inc. generated $12.4B in trailing twelve-month revenue, up 0.1% year-over-year. Net income was $1.2B with a 9.31% net margin. Gross margin stands at 39.1% and operating margin at 12.37%. Diluted EPS is $25.61, which grew 0.0% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$12.4BGross Profit (TTM)$4.8BOperating Income (TTM)$1.5BNet Income (TTM)$1.2BEps Diluted (TTM)$25.61
Latest FilingQ1 2026
Report Date2026-03-26
Market Cap$20.9B
P/E Ratio18.12
ROE43.59%

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Derivative Gain (Loss) Excluded from Effectiveness$1.7M$2.0M$3.5M$1.4M-$4.1M-$2.6M
Interest Income (Expense), Non-operating$1.7M$2.0M$3.5M$1.4M-$4.1M-$2.6M
Interest expense$1.7M$2.0M$3.5M$1.4M-$4.1M-$2.6M
Change in Accounts Payable$24.5M—-$24.9M$123.0M$25.8M—
Change in Receivables$12.8M$9.7M$1.8M$0.0$12.9M$58.2M
Interest Income (Expense), Nonoperating$1.7M$2.0M$3.5M$1.4M-$4.1M-$2.6M
Non-operating Interest Income (Expense)$1.7M$2.0M$3.5M$1.4M-$4.1M-$2.6M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital Expenditures$114.2M$73.9M$79.0M$77.0M$87.3M$191.6M
Change in Deferred Revenue$10.1M$95.5M-$37.7M-$6.7M$2.8M$115.0M
Income Taxes Paid, Net$83.5M$69.3M$7.0M$245.0M$74.3M$55.5M
Capital investments accrued but not yet paid——$28.4M$34.3M$25.8M—
Gain Loss On Sale Of Property Plant Equipment-$2.1M-$4.3M-$892.0K-$3.8M-$2.7M-$3.6M
Income After Income Taxes And Before Equity Net Loss Of Affiliate$242.2M$393.3M$305.7M$261.5M$231.9M$358.3M
Income Taxes Paid, Net$83.5M$69.3M$7.0M$245.0M$74.3M$55.5M
Accounts payable$24.5M—-$24.9M$123.0M$25.8M—
Accrued liabilities-$12.1M$52.1M-$32.7M$28.8M$10.4M$101.6M
Increase (decrease) in contract liabilities and current deferred income$10.1M$95.5M-$37.7M-$6.7M$2.8M$115.0M
Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable-$9.2M$104.6M$88.9M-$159.3M——
Increase (Decrease) in Inventories$366.9M—$153.3M$212.8M$336.6M—
Increase (Decrease) in Other Operating Assets and Liabilities, Net——$5.6M$10.2M$5.9M$6.0M
Increase (Decrease) in Prepaid Expense and Other Assets$3.5M—$9.3M$12.4M—$11.5M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$64.1M-$434.7M-$382.2M——-$685.7M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$115.3M-$76.4M-$86.4M-$473.5M-$95.6M-$275.8M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$0.0$1.0B$220.0M$96.5M$5.6M$1.2B
Payments For Proceeds From Investments$1.0M$2.5M$7.3M$9.8M$8.3M$14.3M
Payments for Repurchase of Common Stock$263.6M$237.9M$369.8M$109.5M$224.7M$197.4M
Payments to Acquire Property, Plant, and Equipment$114.2M$73.9M$79.0M$77.0M$87.3M$191.6M
Cash received from option exercises$4.0K$3.1M$481.0K$14.4M$15.3M$2.5M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Cash Paid for Income Taxes$83.5M$69.3M$7.0M$245.0M$74.3M$55.5M
Income Taxes Paid, Net$83.5M$69.3M$7.0M$245.0M$74.3M$55.5M
Income tax expense$78.0M$125.0M$99.6M$84.8M$73.4M$116.0M
Income Taxes Paid, Net$83.5M$69.3M$7.0M$245.0M$74.3M$55.5M
Income and Other Taxes$83.5M$69.3M$7.0M$245.0M$74.3M$55.5M

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Depreciation and amortization$67.0M$70.0M$72.0M$71.2M$75.8M$81.8M
Pre-opening costs$4.9M$1.7M$1.8M$5.1M$5.3M$3.6M
Selling, general and administrative$682.3M$815.6M$710.6M$741.7M$840.9M$1.0B

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$5.16$8.44$6.72$5.80$5.16$8.02
Diluted earnings per share$5.14$8.41$6.70$5.78$5.14$7.99
Weighted-average shares, basic46.9M—45.4M45M44.7M—
Weighted-average shares, diluted47.1M—45.5M45.1M44.9M—

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gross profit$1.0B$1.3B$1.1B$1.1B$1.2B$1.5B
Operating income$318.5M$516.3M$401.8M$344.9M$309.4M$476.9M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$320.2M$518.3M$405.3M$346.3M$305.3M$474.3M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income$242.2M$393.3M$305.1M$260.9M$230.9M$356.7M

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total cost of revenue$1.5B$2.2B$1.7B$1.7B$1.7B$2.4B

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$2.5B$3.5B$2.8B$2.8B$2.9B$3.9B