Ulta Beauty, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ulta Beauty, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,855	5,885	6,717	7,398	6,152	8,631	10,209	11,207	11,296	12,393
Cost of revenue	3,108	3,788	4,307	4,717	4,203	5,262	6,164	6,826	6,908	7,548
Gross profit	1,747	2,097	2,409	2,681	1,949	3,369	4,045	4,381	4,387	4,845
Selling, general and administrative	1,074	1,287	1,535	1,761	1,583	2,062	2,395	2,695	2,809	3,296
Operating income	655	785	854	901	237	1,297	1,639	1,678	1,565	1,533
Pre-tax income	656	787	859	906	231	1,296	1,644	1,696	1,580	1,531
Income tax	246	232	201	200	55.3	310	401	405	379	374
Net income	410	555	659	706	176	986	1,242	1,291	1,201	1,153
EBITDA	865	1,038	1,134	1,197	535	1,566	1,880	1,922	1,832	1,834
EPS, basic	6.55	9.02	11.00	12.21	3.12	18.09	24.17	26.18	25.44	25.72
EPS, diluted	6.52	8.96	10.94	12.15	3.11	17.98	24.01	26.03	25.34	25.64
Shares, basic (weighted)	62.5	61.6	59.9	57.8	56.4	54.5	51.4	49.3	47.2	44.8
Shares, diluted (weighted)	62.9	62	60.2	58.1	56.6	54.8	51.7	49.6	47.4	45

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	385	277	409	392	1,046	432	738	767	703	424
Short-term investments	30	120	0	110	0					70
Receivables	88.6	99.7	136	139	193	234	199	208	223	296
Other current assets	88.6	98.7	138	104	107	111	130	116	129	169
Total current assets	1,536	1,694	1,915	2,055	2,515	2,281	2,709	2,837	3,029	3,144
Property, plant and equipment	1,004	1,189	1,226	1,206	996	914	1,009	1,182	1,239	1,434
Lease right-of-use assets				1,538	1,505	1,482	1,561	1,575	1,610	1,813
Goodwill		0	10.9	10.9	10.9	10.9	10.9	10.9	10.9	226
Intangible assets			4.32	3.39	2.47		1.31	0.51	0.2
Other non-current assets		8.66	14.6	23.4	28.2	35.6	43	58.7	64.7	125
Total assets	2,552	2,909	3,191	4,864	5,090	4,764	5,370	5,707	6,002	6,999
Accounts payable	260	326	404	414	477	553	560	544	564	686
Accrued liabilities	261	189	221	246	296	365	444	382	380	551
Deferred revenue	46.3	113	199	238	274	354	395	437	501	582
Short-term debt										62.3
Total current liabilities	529	642	824	1,137	1,344	1,558	1,682	1,658	1,779	2,224
Lease liabilities				1,699	1,643	1,573	1,620	1,627	1,635	1,813
Other non-current liabilities	19.6	25	28.4	36.4	38	58.7	53.6	56.3	56.1	59.6
Total liabilities	1,002	1,134	1,371	2,962	3,090	3,229	3,411	3,428	3,513	4,196
Paid-in capital	658	699	739	807	847	935	1,024	1,075	1,121	1,183
Retained earnings	906	1,093	1,106	1,128	1,189	653	996	1,287	1,474	1,737
Treasury stock	-14.5	-18.8	-24.9	-34.4	-37.8	-53.5	-60.5	-83	-107	-120
Other comprehensive income					0.06					3.76
Shareholders' equity	1,550	1,774	1,820	1,902	2,000	1,535	1,960	2,279	2,488	2,803
Total equity	1,550	1,774	1,820	1,902	2,000	1,535	1,960	2,279	2,488	2,803
Total liabilities and equity	2,552	2,909	3,191	4,864	5,090	4,764	5,370	5,707	6,002	6,999
Shares outstanding	62.1	60.8	58.6	56.6	56.3	52.3	50.4	48.3	46	44.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	410	555	659	706	176	986	1,242	1,291	1,201	1,153
Depreciation and amortization	210	253	279	296	298	268	241	244	267	301
Stock-based compensation	19.3	24.4	27.5	25.6	27.6	47.3	43	48.2	42.8	37.4
Deferred income tax	26.9	-27.1	34.1	5.5	-24	-25.7	15.7	30.6	-43.3	-1.64
Change in receivables	-23.6	-11.1	-36.4	-20.6	-53.8	-40.6	34.3	-8.52	-15.4	-71.4
Change in inventory	-182	-152	-122	-79.4	125	-331	-104	-139	-226	-136
Change in payables	63.3	66.2	78.3	9.99	62.3	66.2	8.31	-20.9	30.3	89.1
Cash from operations	634	779	956	1,101	810	1,059	1,482	1,476	1,339	1,503
Capital expenditures	-373	-441	-319	-299	-152	-172	-312	-435	-374	-435
Acquisitions			-13.6		-1.22					-387
Purchases of investments	-90	-330	-386	-110						-70
Cash from investing	-273	-531	-215	-471	-48.8	-176	-315	-441	-383	-931
Debt repaid					-800			-195	-200
Stock issued	16.3	16.2	13.1	43.8	12.2	40.4	46	12.2	12.3	32.6
Share buybacks	-344	-368	-616	-681	-115	-1,522	-900	-996	-1,003	-901
Cash from financing	-322	-356	-609	-647	-108	-1,497	-861	-1,006	-1,019	-851
Exchange rate effect					0.06	-0.06
Net change in cash	39.2	-108	132	-16.9	654	-614	306	28.7	-63.4	-279
Free cash flow	261	339	637	803	658	887	1,170	1,041	964	1,068
Interest paid					6.99	2.13	2.14	3.33	4.16	9.67
Income taxes paid	213	255	196	134	19.5	371	430	328	386	382

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 1, 2026; growth uses fiscal years. Valuation uses the share price of $545.20 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	39.3%	Gross profit / revenue.
Operating margin	12.5%	Operating income / revenue.
EBITDA margin	14.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.4%	Pre-tax income / revenue.
Net margin	9.3%	Net income / revenue.
FCF margin	8.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.1%	Cash from operations / revenue.
Effective tax rate	24.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	45.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	17.4%	Net income / average total assets.
Return on invested capital (ROIC)	49.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	26.7%	Selling, general and administrative expense / revenue.
Capex / revenue	3.2%	Capital expenditures / revenue.
D&A / revenue	2.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	20.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-2.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-2.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	45.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	0.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-0.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	28.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-4.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-2.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	45.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	1.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	52.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	12.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	10.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-3.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	10.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	12.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	16.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.35x	Current assets / current liabilities.
Quick ratio	0.20x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.09x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	62.0%	Total liabilities / total assets.
Working capital	$787.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.42B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.86x	Revenue / average total assets.
Fixed asset turnover	9.16x	Revenue / average property, plant and equipment.
Receivables turnover	52.0x	Revenue / average receivables.
Days sales outstanding	7 days	365 x average receivables / revenue.
Days payables	30 days	365 x average accounts payable / cost of revenue.
FCF conversion	95.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	26.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$28.10	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$300.86	Revenue / diluted weighted shares.
FCF per share	$26.69	Free cash flow / diluted weighted shares.
Operating cash flow per share	$36.41	Cash from operations / diluted weighted shares.
Book value per share	$61.76	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$56.55	Tangible book value / shares outstanding.
Cash per share	$4.99	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	105.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$23.44B	Share price x shares outstanding.
Enterprise value	$23.22B	Market cap + total debt - cash - short-term investments.
P/E	19.4x	Market cap / net income. Only when net income is positive.
P/S	1.81x	Market cap / revenue.
P/B	8.87x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	9.68x	Market cap / tangible book value, when positive.
P/FCF	20.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.9x	Market cap / cash from operations, when positive.
EV/Sales	1.79x	Enterprise value / revenue.
EV/EBIT	14.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.9%	Free cash flow / market cap.
Earnings yield	5.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	5.2%	(Dividends paid + share buybacks) / market cap.
PEG	8.75x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Ulta Beauty, Inc.'s revenue in fiscal 2025?

Ulta Beauty, Inc. reported revenue of $12.39B for fiscal 2025, 9.7% higher than the year before.

Was Ulta Beauty, Inc. profitable in fiscal 2025?

Yes. Net income was $1.15B, a net margin of 9.3%.

How much free cash flow did Ulta Beauty, Inc. generate in fiscal 2025?

Cash from operations of $1.50B minus capital expenditures of $434.8M left free cash flow of $1.07B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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