Income Statement Balance Sheet Cash Flow Segments

Ulta Beauty, Inc. Business Segments

Business, geographic, and product segment breakdowns

Ulta Beauty, Inc. generates $12.4B in annual revenue across 4 key segments: AK (3), AL (28), AR (11), and AZ (40). The company-wide operating margin is 12.37%. Based on the Q1 2026 filing.

AK3.00 AL28.00 AR11.00 AZ40.00 CA179.00 CO30.00 CT20.00 DE4.00

Latest FilingQ1 2026

Report Date2026-03-26

Market Cap$20.9B

P/E Ratio18.12

ROE43.59%

Products & Services

Concentration Risk %

Segment	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Fragrance And Bath	10.0%	3.0%	11.0%	12.0%	11.0%	2.0%
Cosmetics	41.0%	—	40.0%	38.0%	41.0%	—
Haircare Products And Styling Tools	20.0%	—	18.0%	19.0%	19.0%	—
Other Products And Services	2.0%	—	2.0%	2.0%	2.0%	—
Services	4.0%	—	4.0%	4.0%	3.0%	—
Skincare	23.0%	—	25.0%	25.0%	24.0%	—

Revenue

Segment	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Gift Card Breakage	$6.1M	$6.1M	$6.7M	$6.7M	$6.7M	$6.7M

Geographic

Number Of Stores Operated In United States

Segment	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
AK	—	—	—	3.00	3.00	—
AL	—	—	—	27.00	28.00	—
AR	—	—	—	11.00	11.00	—
AZ	—	—	—	40.00	40.00	—
CA	—	—	—	177.00	179.00	—
CO	—	—	—	28.00	30.00	—
CT	—	—	—	20.00	20.00	—
DE	—	—	—	4.00	4.00	—
FL	—	—	—	104.00	108.00	—
GA	—	—	—	46.00	47.00	—
HI	—	—	—	4.00	4.00	—
IA	—	—	—	13.00	14.00	—
ID	—	—	—	10.00	10.00	—
IL	—	—	—	55.00	55.00	—
IN	—	—	—	27.00	27.00	—
KS	—	—	—	15.00	15.00	—
KY	—	—	—	18.00	20.00	—
LA	—	—	—	19.00	19.00	—
MA	—	—	—	27.00	27.00	—
MD	—	—	—	29.00	29.00	—
ME	—	—	—	3.00	3.00	—
MI	—	—	—	51.00	51.00	—
MN	—	—	—	22.00	22.00	—
MO	—	—	—	27.00	27.00	—
MS	—	—	—	12.00	14.00	—
MT	—	—	—	6.00	6.00	—
NC	—	—	—	50.00	51.00	—
ND	—	—	—	4.00	4.00	—
NE	—	—	—	5.00	6.00	—
NH	—	—	—	8.00	8.00	—
NJ	—	—	—	47.00	47.00	—
NM	—	—	—	8.00	8.00	—
NV	—	—	—	16.00	16.00	—
NY	—	—	—	60.00	62.00	—
OH	—	—	—	48.00	49.00	—
OK	—	—	—	23.00	23.00	—
OR	—	—	—	21.00	21.00	—
PA	—	—	—	47.00	49.00	—
RI	—	—	—	5.00	5.00	—
SC	—	—	—	27.00	27.00	—
SD	—	—	—	3.00	3.00	—
TN	—	—	—	34.00	36.00	—
TX	—	—	—	141.00	141.00	—
UT	—	—	—	17.00	19.00	—
VA	—	—	—	37.00	37.00	—
VT	—	—	—	1.00	1.00	—
WA	—	—	—	37.00	38.00	—
WI	—	—	—	24.00	24.00	—
WV	—	—	—	7.00	7.00	—
WY	—	—	—	5.00	5.00	—

Number Of Stores

Segment	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
GB	—	—	—	81.00	82.00	84.00
IE	—	—	—	2.00	2.00	2.00

Number Of States In Which Entity Operates

Segment	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
US	—	—	—	5000.0%	5000.0%	—