ULTA
Updated: 24/09/2026, 00:01:06
Ulta Beauty, Inc. functions as a prominent beauty product retailer throughout the United States. Its physical locations feature a broad assortment of goods, including cosmetics, perfumes, skincare, haircare items, bath and body essentials, and professional salon styling instruments. Additionally, they provide a comprehensive suite of salon services, encompassing hair, skin, makeup, brow, and nail treatments. The company further offers its proprietary label products, such as the Ulta Beauty Collection for cosmetics, skincare, and bath items, alongside other Ulta Beauty branded merchandise and gift options. As of March 10, 2022, Ulta Beauty operated 1,308 retail stores across all 50 U.S. states. Its products are also available for purchase via its website, ulta.com, and through its mobile applications. Incorporated in 1990, the enterprise was initially known as Ulta Salon, Cosmetics & Fragrance, Inc., before officially changing its name to Ulta Beauty, Inc. in January 2017. Its corporate base is located in Bolingbrook, Illinois.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2026 filing.
Revenue
N/A
FY — · Reported
Net income
1.2B
FY 2026 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
$1.1B
FY 2026 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
0.9B
FY 2026 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
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Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
International specialty beauty retailer; largest specialty beauty retailer in the U.S.; founded 1990 in Illinois; Space NK in U.K./Ireland, Mexico JV, Middle East franchise
“Ulta Beauty, Inc. (“we,” “us,” “our,” “Ulta Beauty,” or the “Company”) is an international specialty beauty retailer and a premier beauty destination for cosmetics, fragrance, skin care products, wellness products, hair care products, and salon services.”
Store footprint and formats
>1,500 U.S. stores (~10,000 sq ft incl. ~950 sq ft salon); small format 5,000–7,500 sq ft; long-term potential >1,800 stores; ~$2.4M avg new-store investment
“Ulta U.S. operates more than 1,500 retail stores in the U.S., located predominantly in convenient, high-traffic locations such as power strip centers.”
Reportable segment
One reportable segment: retail stores, salon services, and e-commerce
“The Company has one reportable segment, which includes retail stores, salon services, and e-commerce.”
Loyalty member shopping behavior (fiscal 2025)
Fiscal 2025: 73% of Ulta U.S. loyalty members transacted solely in stores; 19% shopped both stores and digital; omnichannel guests spend >3x store-only guests
“In the fiscal year ended January 31, 2026 (“fiscal 2025”), 73% of Ulta U.S.’s loyalty members transacted solely within stores.”
Omnichannel fulfillment options
Stores, digital platforms, and partnerships; fulfillment via BOPIS, curbside, ship-from-store, distribution centers, market fulfillment centers, one fast fulfillment center, same-day delivery
“our diverse fulfillment options, including buy online pick-up in store, buy online pick-up curbside, ship from store, ship from distribution center, and same-day delivery”
Product categories
Cosmetics, fragrance, skincare, bath and body, haircare, salon styling tools, wellness products, salon services across prestige, mass, and salon price points
“The Company’s wide selection of beauty and wellness categories, from entry-level to luxury price points, spans across cosmetics, fragrance, skincare, bath and body products, haircare, salon styling tools, and wellness products.”
Loyalty program
Ulta Beauty Rewards loyalty program with points on products and beauty services, exclusive gifts, and personalization
“The Company’s best-in-class loyalty programs offer members unique benefits, including exclusive gifts, and enable guests in many locations to earn points for product and beauty services purchases.”
Credit card programs
Private label and co-branded credit cards with a third-party financing company; incentive payments recognized in net sales; includes Ulta Beauty at Target
“The Company has agreements (the Agreements) with third parties to provide guests with private label credit cards and/or co-branded credit cards (collectively, the Credit Cards).”
International footprint
U.S. (Ulta U.S.); U.K. and Ireland (Space NK); Mexico (joint venture); Middle East (franchise)
“the Company has expanded its international presence through its subsidiary, Space NK Limited (“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.”
U.S. beauty industry trends
U.S. beauty market expanded in 2024 and 2025 on resilient consumer engagement; social media and beauty-wellness convergence expanding addressable market
“The overall U.S. beauty market expanded in 2024 and 2025, supported by ongoing consumer engagement with and resilience in the beauty category.”
U.S. beauty market size and beauty enthusiasts
U.S. beauty market ~$126 billion in 2025; ~140 million U.S. beauty enthusiasts
“In 2025, this market represented approximately $126 billion in sales according to Euromonitor International and IBIS World Inc.”
Ulta Beauty Unleashed plan
Ulta Beauty Unleashed (2025): 1) Drive Core Business Growth, 2) Scale New Accretive Businesses, 3) Align Foundation for Future Success
“In 2025, management unveiled the Ulta Beauty Unleashed plan designed to accelerate the Company’s performance and drive long-term profitable growth.”
Credit facilities
$1.0B secured revolver expiring March 2029 (Ulta); £40.0M Space NK revolver maturing April 2028 with interest coverage ≥4.0x and leverage ≤2.0x covenants
“We have a $1.0 billion secured revolving credit facility with a term expiring in March 2029.”
Long-term growth outlook
Long-term: profitable growth and market share leadership via comparable sales growth, omnichannel expansion, and new stores; operating profit growth partially offset by investments
“Over the long term, our growth strategy is to drive profitable growth and market share leadership in beauty and wellness through growing our comparable sales, expanding omnichannel capabilities, and opening new stores.”
Gift card breakage revenue
Gift card breakage revenue: $26,973K (FY2025), $24,293K (FY2024), $22,606K (FY2023)
“Gift card breakage revenue was $26,973, $24,293, and $22,606 in fiscal 2025, 2024, and 2023, respectively.”
Stock-based compensation
Stock-based compensation: $37,426K (FY2025), $42,787K (FY2024), $48,246K (FY2023)
“Stock-based compensation expense was $37,426, $42,787, and $48,246 in fiscal 2025, 2024, and 2023, respectively”
Auditor and internal control scope
E&Y (since 1997) issued unqualified opinions March 26, 2026; Space NK (4% of total assets) excluded from ICFR assessment
“did not include the internal controls of Space NK, which is included in the 2025 consolidated financial statements of the Company and constituted 4% of total assets as of January 31, 2026”
Critical audit matter — loyalty program deferred revenue
Critical audit matter: loyalty program deferred revenue estimates (standalone selling price and redemption rate assumptions)
“Auditing the Company’s estimate of loyalty deferred revenue was complex as the calculation involved management’s assumptions of the standalone selling price and expected redemption rate, which drive the revenue deferral.”
Privacy and data protection regulation
Subject to CCPA and EU GDPR; compliance may require substantial costs and changes to business practices
“Complex local, state, national, and international/foreign laws and regulations, such as the California Consumer Privacy Act and the EU General Data Protection Regulation, apply to the collection, use, retention, protection, disclosure, transfer, and other processing of personal data.”
Competition risk
Highly competitive beauty/wellness and salon markets with few barriers to entry; competes against mass merchandisers, specialty retailers, e-commerce, marketplaces, drug stores, department stores, and salon chains
“The markets for beauty and wellness products and salon services are highly competitive with few barriers to entry.”
Macroeconomic and inflation risk
Inflation, elevated interest rates, cost pressures, and elevated tariffs expected to continue impacting 2026; may raise input costs and suppress guest demand
“we expect the impact of inflationary and macroeconomic pressures to continue in 2026, and we continue to closely monitor conditions, including guest behavior, and the impact of these factors on guest demand.”
Geopolitical exposure from international expansion
International expansion increases exposure to Ukraine and Middle East conflicts and cartel violence/unrest in Mexico
“the magnitude of the effects of geopolitical events, including the ongoing conflicts in Ukraine and the Middle East and cartel violence and related unrest in Mexico”
Cybersecurity and IT systems risk
Dependence on IT systems and growing e-commerce; breach or disruption could compromise guest/employee data and damage reputation; recent ERP replacement
“we are dependent on a variety of information systems, including management, supply chain and financial information, and various other processes and transactions, to effectively manage our business”
Climate change risk
Climate change may disrupt operations/supply chain via extreme weather and raise costs through new climate regulations (energy, packaging)
“Climatologists predict these changes will result in the increased frequency of extreme weather events and natural disasters, which could disrupt our business operations or those of our suppliers.”
Acquisition and partnership integration risk
Acquisitions, joint ventures, and partnerships may fail to produce satisfactory returns or face integration, cultural, and compliance risks
“We may not realize the anticipated benefits of acquisitions, joint ventures, and partnerships, or these benefits may take longer to realize than expected.”
Ulta U.S. is the core business, largest specialty beauty retailer in the U.S. with more than 1,500 stores.
“The Company’s U.S. operations (“Ulta U.S.”) make it the largest specialty beauty retailer in the U.S.”
Target consumer is the beauty enthusiast (~140 million in U.S.); loyalty members drive most transactions, with 73% store-only and 19% omnichannel in fiscal 2025.
“management estimates there are approximately 140 million beauty enthusiasts in the U.S.”
Beauty products and salon services are discretionary; economic uncertainty, inflation, and recession concerns affect consumer purchases.
“Uncertainty in the economy has adversely impacted, and could continue to adversely impact, consumer purchases of discretionary items across all of our product categories, including prestige beauty products and premium salon services.”
Few barriers to entry; many competitors larger with greater resources may adopt aggressive pricing or greater marketing.
“Many of our competitors are, and many of our potential competitors may be, larger and have greater financial, marketing, and other resources”
Persistent inflationary pressures impacted consumer spending habits and could impact sales growth, profitability, and debt interest rates.
“Persistent inflationary and macroeconomic pressures have impacted consumer spending habits broadly.”
Business depends on information systems and e-commerce platforms; breaches or disruption could harm operations and reputation.
“we are increasingly vulnerable to downtime and other technical failures”
Relies on brand partners and vendors for merchandise; economic deterioration could impair vendors' inventory, production, trade credit, and promotional support.
“Adverse economic conditions could negatively affect our vendors’ access to the capital and liquidity required to maintain their inventory, production levels, timeliness, and product quality”
Elevated tariff levels could contribute to increased input costs, supply chain disruption, pricing volatility, and heightened economic uncertainty.
“Continuing dynamic global trade conditions and elevated tariff levels could contribute to increased input costs, supply chain disruption, pricing volatility, and heightened economic uncertainty”
Increasing use of social media and the convergence of beauty and wellness has expanded the addressable market and drawn more consumers into the category.
“Healthy engagement paired with increasing use of social media and the convergence of beauty and wellness has invited even more consumers into the beauty category and expanded the addressable market.”
GDPR and CCPA apply to personal data processing; non-compliance could result in fines, enforcement actions, and reputational damage.
“our failure to comply with applicable laws and regulations or other obligations to which we may be subject relating to personal data”
Space NK, a luxury beauty retailer subsidiary, operates in the U.K.
“its subsidiary, Space NK Limited (“Space NK”), a luxury beauty retailer operating in the U.K. and Ireland”
International expansion amplifies exposure to conflicts in Ukraine and the Middle East and unrest in Mexico.
“the magnitude of the effects of geopolitical events, including the ongoing conflicts in Ukraine and the Middle East and cartel violence and related unrest in Mexico, on the Company’s business, financial condition, profitability, and/or cash flow could be greater than when the Company’s operations were solely U.S.-based”
Joint venture in Mexico; also exposed to cartel violence and related unrest in Mexico.
“cartel violence and related unrest in Mexico”
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