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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 $414.1M in capital expenditures, free cash flow was $1.2B. Free cash flow decreased 0.1% year-over-year. Based on the Q2 2026 filing.

Net Cash From Operating (TTM)$1.5BNet Cash From Investing (TTM)-$893.2MNet Cash From Financing (TTM)-$1.1BCapital Expenditures (TTM)$414.1MDepreciation And Amortization Cf (TTM)$310.1MNet Change In Cash (TTM)$56.0M
Latest FilingQ2 2026
Report Date2026-06-02
Market Cap$22.2B
P/E Ratio18.64
ROE47.45%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gain on sale of property, plant, and equipment-$4.3M-$892.0K-$3.8M-$2.7M-$3.6M-$4.7M
Change in accounts payable—-$24.9M$123.0M$25.8M—$21.8M
Change in accrued liabilities$52.1M-$32.7M$28.8M$10.4M$101.6M-$112.4M
Change in deferred revenue$95.5M-$37.7M-$6.7M$2.8M$115.0M-$41.1M
Change in income taxes payable/receivable$104.6M$88.9M-$159.3M——$100.0M
Change in inventories—$153.3M$212.8M$336.6M—$206.0M
Change in other assets—$9.3M$12.4M—$11.5M-$3.6M
Other working capital changes—$5.6M$10.2M$5.9M$6.0M-$5.7M
Change in receivables$9.7M$1.8M$0.0$12.9M$58.2M-$48.0M
Deferred income taxes$49.1M-$3.4M$1.2M$3.8M$1.6M-$2.9M
Depreciation and amortization$70.0M$72.0M$71.2M$75.8M$81.8M$81.4M
Gain (loss) on sale of assets-$4.3M-$892.0K-$3.8M-$2.7M-$3.6M-$4.7M
Net cash from operating activities$1.0B$220.0M$96.5M$5.6M$1.2B$261.9M
Net income$393.3M$305.1M$260.9M$230.9M$356.7M$340.5M
Employee retirement benefits$15.1M$11.4M$8.9M$10.0M—$10.5M
Increase Decrease In Current Operating Lease Liabilities-$83.6M-$88.1M-$92.2M-$81.5M-$91.0M-$90.5M
Increase (Decrease) in Deferred Income Taxes$49.1M-$3.4M$1.2M$3.8M$1.6M-$2.9M
Increase (Decrease) in Income Taxes Payable, Net of Income Taxes Receivable$104.6M$88.9M-$159.3M——$100.0M
Increase (Decrease) in Prepaid Expense and Other Assets—$9.3M$12.4M—$11.5M-$3.6M
Net Loss Of Equity Affiliate—$628.0K$597.0K$985.0K$1.6M$1.6M
Noncash Lease Expense$74.7M$91.1M$92.4M$77.1M$90.6M$91.3M
Pension and postretirement benefit expense$15.1M$11.4M$8.9M$10.0M—$10.5M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures incurred but not yet paid—$28.4M$34.3M$25.8M—$49.0M
Income taxes paid$69.3M$7.0M$245.0M$74.3M$55.5M$3.5M
Capital expenditures incurred but not yet paid—$28.4M$34.3M$25.8M—$49.0M
Capital Expenditures Incurred but Not Yet Paid—$28.4M$34.3M$25.8M—$49.0M
Income Taxes Paid, Net$69.3M$7.0M$245.0M$74.3M$55.5M$3.5M
Repurchase Of Common Shares In Accrued Liablities$3.7M$3.9M$85.0K$1.0K$59.0K$13.8M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$73.9M$79.0M$77.0M$87.3M$191.6M$58.3M
Proceeds From Sale Of Short Term Investments—————$15.0M
Investments in unconsolidated affiliates$2.5M$7.3M$9.8M$8.3M$14.3M$4.9M
Net cash from investing activities-$76.4M-$86.4M-$473.5M-$95.6M-$275.8M-$48.2M
Net Payments for or Proceeds from Investments$2.5M$7.3M$9.8M$8.3M$14.3M$4.9M
Proceeds from maturities/sales of investments—————$15.0M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$49.9M———$573.0M$115.6M
Repayments of debt$49.9M——$785.6M$1.1B$32.3M
Payments To Acquire Treasury Stock$195.0K$12.9M$327.0K$267.0K$144.0K$10.8M
Proceeds from issuance of commercial paper and other short-term borrowings$49.9M———$573.0M$115.6M
Repayments of Short-Term Debt$49.9M———$1.1B$32.3M
Proceeds from Issuance of Commercial Paper and Short-Term Borrowings$49.9M———$573.0M$115.6M
Net cash from financing activities-$434.7M-$382.2M——-$685.7M-$471.4M
Proceeds from issuance of common stock$3.1M$481.0K$14.4M$15.3M$2.5M$1.4M
Proceeds from Commercial Paper and Secured Lines of Credit$49.9M———$573.0M$115.6M
Repurchases of common stock$237.9M$369.8M$109.5M$224.7M$197.4M$545.3M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$962.6M$141.0M$19.6M$0.0$989.0M$203.6M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash—$68.5K$68.5K$68.5K$68.5K-$191.0K
Net increase (decrease) in cash—-$248.6M-$211.9M-$37.8M—-$257.9M