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Sally Beauty vs Ulta Beauty: revenue, profit, margins and growth compared

Sally Beauty brought in $3.7B of revenue in fiscal 2025, Ulta Beauty $12.4B in fiscal 2025. Revenue changed by -0.4% at Sally Beauty and +9.7% at Ulta Beauty on the year before, so Ulta Beauty grew faster. Sally Beauty kept 5.3% of its revenue as net profit, Ulta Beauty 9.3%. Free cash flow was $172.7M at Sally Beauty and $1.1B at Ulta Beauty.

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Side by side, latest fiscal year

SBHULTA
Fiscal year endedFY2025 (September 30, 2025)FY2025 (January 31, 2026)
Revenue$3.7B$12.4B
Revenue growth-0.4%+9.7%
Net income$195.9M$1.2B
Net margin5.3%9.3%
Free cash flow$172.7M$1.1B
Free cash flow margin4.7%8.6%
Earnings per share (diluted)$1.89$25.64
Cash$149.2M$424.2M
Debt$875Mn/a
Price to earnings9.121.3
Market value$1.6B$23.4B
Dividend yieldn/an/a
Rank by revenue in sector#257 of 778 · Consumer discretionary#104 of 778 · Consumer discretionary

Over the years

Revenue
SBH FY2018: $3.9BSBH FY2019: $3.9BSBH FY2020: $3.5BSBH FY2021: $3.9BSBH FY2022: $3.8BSBH FY2023: $3.7BSBH FY2024: $3.7BSBH FY2025: $3.7BULTA FY2018: $6.7BULTA FY2019: $7.4BULTA FY2020: $6.2BULTA FY2021: $8.6BULTA FY2022: $10.2BULTA FY2023: $11.2BULTA FY2024: $11.3BULTA FY2025: $12.4BFY18FY19FY20FY21FY22FY23FY24FY25
SBH $3.7BULTA $12.4B
Net income
SBH FY2018: $258MSBH FY2019: $271.6MSBH FY2020: $184.6MSBH FY2021: $239.9MSBH FY2022: $183.6MSBH FY2023: $184.6MSBH FY2024: $153.4MSBH FY2025: $195.9MULTA FY2018: $658.6MULTA FY2019: $705.9MULTA FY2020: $175.8MULTA FY2021: $985.8MULTA FY2022: $1.2BULTA FY2023: $1.3BULTA FY2024: $1.2BULTA FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
SBH $195.9MULTA $1.2B
Net margin
SBH FY2018: 6.6%SBH FY2019: 7.0%SBH FY2020: 5.3%SBH FY2021: 6.2%SBH FY2022: 4.8%SBH FY2023: 5.0%SBH FY2024: 4.1%SBH FY2025: 5.3%ULTA FY2018: 9.8%ULTA FY2019: 9.5%ULTA FY2020: 2.9%ULTA FY2021: 11.4%ULTA FY2022: 12.2%ULTA FY2023: 11.5%ULTA FY2024: 10.6%ULTA FY2025: 9.3%FY18FY19FY20FY21FY22FY23FY24FY25
SBH 5.3%ULTA 9.3%
Revenue growth
SBH FY2019: -1.4%SBH FY2020: -9.3%SBH FY2021: +10.3%SBH FY2022: -1.5%SBH FY2023: -2.3%SBH FY2024: -0.3%SBH FY2025: -0.4%ULTA FY2019: +10.1%ULTA FY2020: -16.8%ULTA FY2021: +40.3%ULTA FY2022: +18.3%ULTA FY2023: +9.8%ULTA FY2024: +0.8%ULTA FY2025: +9.7%FY19FY20FY21FY22FY23FY24FY25
SBH -0.4%ULTA +9.7%
Free cash flow
SBH FY2018: $286.2MSBH FY2019: $212.7MSBH FY2020: $316MSBH FY2021: $308MSBH FY2022: $57.3MSBH FY2023: $158.6MSBH FY2024: $145.4MSBH FY2025: $172.7MULTA FY2018: $636.7MULTA FY2019: $802.8MULTA FY2020: $658.5MULTA FY2021: $887.1MULTA FY2022: $1.2BULTA FY2023: $1BULTA FY2024: $964.1MULTA FY2025: $1.1BFY18FY19FY20FY21FY22FY23FY24FY25
SBH $172.7MULTA $1.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Sally Beauty and Ulta Beauty

Which is bigger by revenue, Sally Beauty or Ulta Beauty?

Ulta Beauty is bigger by revenue: $12.4B in fiscal 2025, against $3.7B for Sally Beauty in fiscal 2025.

Which keeps more of its revenue as profit, Sally Beauty or Ulta Beauty?

Sally Beauty had a net margin of 5.3% in fiscal 2025; Ulta Beauty had 9.3% in fiscal 2025.

Which grew revenue faster, Sally Beauty or Ulta Beauty?

In their latest fiscal years revenue changed by -0.4% at Sally Beauty and +9.7% at Ulta Beauty.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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