Ulta Beauty, Inc. (ULTA) Q2 2026 Earnings

First Quarter of Fiscal 2026 Compared to First Quarter of Fiscal 2025

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Net sales increased 11.1% to $3.2 billion, primarily due to increased comparable sales, the acquisition of Space NK, and sales from new stores.

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Comparable sales increased 5.3%, driven by a 3.7% increase in average ticket and a 1.6% increase in transactions.

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Gross profit increased 13.8% to $1.3 billion. As a percentage of net sales, gross profit increased to 40.1% compared to 39.1%, primarily due to lower inventory shrink and higher merchandise margin.

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Selling, general and administrative (“SG&A”) expenses increased 14.6% to $814.7 million, primarily due to the acquisition of Space NK. As a percentage of net sales, SG&A expenses increased to 25.8% compared to 24.9%, primarily due to deleverage of corporate overhead due to strategic enterprise investments and store expenses, partially offset by leverage of advertising expenses.

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Operating income increased 11.6% to $448.3 million, or 14.2% of net sales.

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Diluted earnings per share increased 15.5% to $7.74.

​ Balance Sheet and Capital Deployment Cash and cash equivalents at the end of the first quarter of fiscal 2026 were $166.3 million. Short-term investments at the end of the first quarter of fiscal 2026 were $55.0 million. Short-term debt at the end of the first quarter of fiscal 2026 was $144.9 million.

Merchandise inventories, net at the end of first quarter of fiscal 2026 increased 12.5% to $2.4 billion. The increase was primarily due to inventory to support new brand launches, the acquisition of Space NK, strategic investments in key categories, and 70 net new Ulta Beauty stores since May 3, 2025.

During the first quarter of fiscal 2026, the Company invested $58.3 million in capital expenditures, primarily driven by investments in new and existing stores.

​ During the first quarter of fiscal 2026, the Company repurchased 958,323 shares of its common stock at a cost of $555.0 million. As of May 2, 2026, $1.3 billion remained available under the $3.0 billion share repurchase program announced in October 2024.

Fiscal 2026 Outlook ​

Based on current estimates, the Company has updated its outlook for fiscal 2026.

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Conference Call Information

​ A conference call to discuss first quarter of fiscal 2026 results is scheduled for today, June 2, 2026, at 4:30 p.m. Eastern Time / 3:30 p.m. Central Time. During the conference call, a related presentation will be webcast live. Investors and analysts who are interested in participating in the call are invited to register for the live event at https://q1-2026-ulta-beauty-earnings-conference-call.open-exchange.net/.

A copy of the presentation and a replay of the webcast will be available and archived for a limited time on the company's Investor Relations website at https://www.ulta.com/investor.

About Ulta Beauty

Ulta Beauty (NASDAQ: ULTA) is the largest specialty beauty retailer in the U.S. and a leading destination for cosmetics, fragrance, skin care, hair care, wellness, and salon services. Since opening its first store in 1990, Ulta Beauty has grown to more than 1,500 stores across the U.S. and redefined beauty retail by bringing together All Things Beauty. All in One Place®. With an expansive product assortment, professional salon services, and its beloved Ulta Beauty Rewards loyalty program, the company delivers seamless, personalized experiences across stores, Ulta.com, and the Ulta Beauty App – where the possibilities are truly beautiful. Ulta Beauty is also expanding its presence internationally through its subsidiary, Space NK, a luxury beauty retailer operating in the U.K. and Ireland, its joint venture in Mexico, and its franchise in the Middle East. For more information, visit www.ulta.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which reflect our current views with respect to, among other things, future events and financial performance. These forward-looking statements are included throughout this press release, and relate to matters such as our industry, business strategy, goals, and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity, and capital resources and other financial and operating information. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “plans,” “estimates,” “targets,” “strategies,” or other comparable words.

Any forward-looking statements contained in this press release are based upon our historical performance and on current plans, estimates, and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates, targets, strategies, or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that our expectations, beliefs, and projections will result or be achieved. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, and other factors, many of which are beyond our control.

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We believe that these factors include but are not limited to those described under Item 1A, “Risk Factors,” of our Annual Report on Form 10-K for the year ended January 31, 2026, as such risk factors may be updated from time to time in our periodic filings with the U.S. Securities and Exchange Commission (“SEC”), and are accessible on the SEC's website at www.sec.gov.

Any forward-looking statements made by us in this press release speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included in this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments, or other strategic transactions we may make. Except to the extent required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

​ Investor Contact: Kiley Rawlins, CFA Senior Vice President, Investor Relations krawlins@ulta.com ​ Media Contact: Natalie Navarre Vice President, Public Relations & Social Marketing nnavarre@ulta.com ​

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​ Exhibit 1 ​ Ulta Beauty, Inc.

Consolidated Statements of Income

(In thousands, except per share data)

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Exhibit 2 ​ Ulta Beauty, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

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Exhibit 3 ​ Ulta Beauty, Inc.

Consolidated Statements of Cash Flows

(In thousands)

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Exhibit 4 Ulta Beauty, Inc.

Store Update (Company-Operated) ​ The following table presents store activities during the first quarter of fiscal 2026: ​ ​ ​ The following table presents the number of stores as of May 2, 2026: ​ ​ ​ ​ ​ ​

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​ Exhibit 5 ​ Ulta Beauty, Inc.

Sales by Category

​ The following table sets forth the approximate percentage of net sales by primary category: ​ ​

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