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ULTA BEAUTY, INC.

ULTA · CIK 0001403568

17 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$12.39B9.7%
FY2025
Net income (FY)
$1.15B4.0%
FY2025
Free cash flow (FY)
$1.07B10.8%
FY2025
Diluted EPS (FY)
$25.641.2%
FY2025
The story, charted

The shape of the business

FY2009–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$5B$10BFY2009 · Revenue $1.22B · Net income $39.4M · 0001193125-12-136579 · filed 2012-03-28FY09Revenue $1.22BNet income $39.4M0001193125-12-136579 · filed 2012-03-28FY2010 · Revenue $1.45B · Net income $71.0M · 0001193125-13-140116 · filed 2013-04-03FY10Revenue $1.45BNet income $71.0M0001193125-13-140116 · filed 2013-04-03FY2011 · Revenue $1.78B · Net income $120.3M · 0001193125-14-127781 · filed 2014-04-02FY11Revenue $1.78BNet income $120.3M0001193125-14-127781 · filed 2014-04-02FY2012 · Revenue $2.22B · Net income $172.5M · 0001193125-15-115602 · filed 2015-04-01FY12Revenue $2.22BNet income $172.5M0001193125-15-115602 · filed 2015-04-01FY2013 · Revenue $2.67B · Net income $202.8M · 0001193125-16-523101 · filed 2016-03-30FY13Revenue $2.67BNet income $202.8M0001193125-16-523101 · filed 2016-03-30FY2014 · Revenue $3.24B · Net income $257.1M · 0001193125-17-099261 · filed 2017-03-28FY14Revenue $3.24BNet income $257.1M0001193125-17-099261 · filed 2017-03-28FY2015 · Revenue $3.92B · Net income $320.0M · 0001558370-18-002733 · filed 2018-04-03FY15Revenue $3.92BNet income $320.0M0001558370-18-002733 · filed 2018-04-03FY2016 · Revenue $4.85B · Net income $409.8M · 0001558370-19-002739 · filed 2019-04-02FY16Revenue $4.85BNet income $409.8M0001558370-19-002739 · filed 2019-04-02FY2017 · Revenue $5.88B · Net income $555.2M · 0001558370-20-003272 · filed 2020-03-27FY17Revenue $5.88BNet income $555.2M0001558370-20-003272 · filed 2020-03-27FY2018 · Revenue $6.72B · Net income $658.6M · 0001558370-21-003523 · filed 2021-03-26FY18Revenue $6.72BNet income $658.6M0001558370-21-003523 · filed 2021-03-26FY2019 · Revenue $7.40B · Net income $705.9M · 0001558370-22-004330 · filed 2022-03-25FY19Revenue $7.40BNet income $705.9M0001558370-22-004330 · filed 2022-03-25FY2020 · Revenue $6.15B · Net income $175.8M · 0001558370-23-004581 · filed 2023-03-24FY20Revenue $6.15BNet income $175.8M0001558370-23-004581 · filed 2023-03-24FY2021 · Revenue $8.63B · Net income $985.8M · 0001558370-24-003941 · filed 2024-03-26FY21Revenue $8.63BNet income $985.8M0001558370-24-003941 · filed 2024-03-26FY2022 · Revenue $10.21B · Net income $1.24B · 0001558370-25-003810 · filed 2025-03-27FY22Revenue $10.21BNet income $1.24B0001558370-25-003810 · filed 2025-03-27FY2023 · Revenue $11.21B · Net income $1.29B · 0001104659-26-035243 · filed 2026-03-26FY23Revenue $11.21BNet income $1.29B0001104659-26-035243 · filed 2026-03-26FY2024 · Revenue $11.30B · Net income $1.20B · 0001104659-26-035243 · filed 2026-03-26FY24Revenue $11.30BNet income $1.20B0001104659-26-035243 · filed 2026-03-26FY2025 · Revenue $12.39B · Net income $1.15B · 0001104659-26-035243 · filed 2026-03-26FY25Revenue $12.39BNet income $1.15B0001104659-26-035243 · filed 2026-03-26FY25Revenue $12.39BNet income $1.15B0001104659-26-035243 · filed 2026-03-26FY09FY11FY13FY15FY17FY19FY21FY23FY25

revenue 10.1× since FY2009 · net margin 3.2% → 9.3%

MarginsNet marginFCF margin
0%5%10%FY2009 · Net margin 3.2% · FCF margin 8.6%FY09Net margin 3.2%FCF margin 8.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 4.9% · FCF margin 5.5%FY10Net margin 4.9%FCF margin 5.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 6.8% · FCF margin 5.2%FY11Net margin 6.8%FCF margin 5.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 7.8% · FCF margin 2.3%FY12Net margin 7.8%FCF margin 2.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 7.6% · FCF margin 3.8%FY13Net margin 7.6%FCF margin 3.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 7.9% · FCF margin 4.6%FY14Net margin 7.9%FCF margin 4.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 8.2% · FCF margin 2.0%FY15Net margin 8.2%FCF margin 2.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 8.4% · FCF margin 5.4%FY16Net margin 8.4%FCF margin 5.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 9.4% · FCF margin 5.8%FY17Net margin 9.4%FCF margin 5.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 9.8% · FCF margin 9.5%FY18Net margin 9.8%FCF margin 9.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 9.5% · FCF margin 10.9%FY19Net margin 9.5%FCF margin 10.9%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin 2.9% · FCF margin 10.7%FY20Net margin 2.9%FCF margin 10.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 11.4% · FCF margin 10.3%FY21Net margin 11.4%FCF margin 10.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 12.2% · FCF margin 11.5%FY22Net margin 12.2%FCF margin 11.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 11.5% · FCF margin 9.3%FY23Net margin 11.5%FCF margin 9.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 10.6% · FCF margin 8.5%FY24Net margin 10.6%FCF margin 8.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 9.3% · FCF margin 8.6%FY25Net margin 9.3%FCF margin 8.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 9.3%FCF margin 8.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net 9.3% · free cash flow 8.6% of revenue

Cash engineOperating cash flowFree cash flow
$0$500M$1B$1.5BFY2009 · OCF $172.8M · FCF $104.7M · 0001193125-12-136579 · filed 2012-03-28FY09OCF $172.8MFCF $104.7M0001193125-12-136579 · filed 2012-03-28FY2010 · OCF $176.5M · FCF $79.4M · 0001193125-13-140116 · filed 2013-04-03FY10OCF $176.5MFCF $79.4M0001193125-13-140116 · filed 2013-04-03FY2011 · OCF $220.9M · FCF $92.3M · 0001193125-13-140116 · filed 2013-04-03FY11OCF $220.9MFCF $92.3M0001193125-13-140116 · filed 2013-04-03FY2012 · OCF $239.0M · FCF $50.4M · 0001193125-13-140116 · filed 2013-04-03FY12OCF $239.0MFCF $50.4M0001193125-13-140116 · filed 2013-04-03FY2013 · OCF $327.7M · FCF $101.7M · 0001193125-16-523101 · filed 2016-03-30FY13OCF $327.7MFCF $101.7M0001193125-16-523101 · filed 2016-03-30FY2014 · OCF $396.6M · FCF $147.5M · 0001193125-17-099261 · filed 2017-03-28FY14OCF $396.6MFCF $147.5M0001193125-17-099261 · filed 2017-03-28FY2015 · OCF $375.9M · FCF $76.7M · 0001558370-18-002733 · filed 2018-04-03FY15OCF $375.9MFCF $76.7M0001558370-18-002733 · filed 2018-04-03FY2016 · OCF $634.4M · FCF $260.9M · 0001558370-19-002739 · filed 2019-04-02FY16OCF $634.4MFCF $260.9M0001558370-19-002739 · filed 2019-04-02FY2017 · OCF $779.4M · FCF $338.7M · 0001558370-20-003272 · filed 2020-03-27FY17OCF $779.4MFCF $338.7M0001558370-20-003272 · filed 2020-03-27FY2018 · OCF $956.1M · FCF $636.7M · 0001558370-21-003523 · filed 2021-03-26FY18OCF $956.1MFCF $636.7M0001558370-21-003523 · filed 2021-03-26FY2019 · OCF $1.10B · FCF $802.8M · 0001558370-22-004330 · filed 2022-03-25FY19OCF $1.10BFCF $802.8M0001558370-22-004330 · filed 2022-03-25FY2020 · OCF $810.4M · FCF $658.5M · 0001558370-23-004581 · filed 2023-03-24FY20OCF $810.4MFCF $658.5M0001558370-23-004581 · filed 2023-03-24FY2021 · OCF $1.06B · FCF $887.1M · 0001558370-24-003941 · filed 2024-03-26FY21OCF $1.06BFCF $887.1M0001558370-24-003941 · filed 2024-03-26FY2022 · OCF $1.48B · FCF $1.17B · 0001558370-25-003810 · filed 2025-03-27FY22OCF $1.48BFCF $1.17B0001558370-25-003810 · filed 2025-03-27FY2023 · OCF $1.48B · FCF $1.04B · 0001104659-26-035243 · filed 2026-03-26FY23OCF $1.48BFCF $1.04B0001104659-26-035243 · filed 2026-03-26FY2024 · OCF $1.34B · FCF $964.1M · 0001104659-26-035243 · filed 2026-03-26FY24OCF $1.34BFCF $964.1M0001104659-26-035243 · filed 2026-03-26FY2025 · OCF $1.50B · FCF $1.07B · 0001104659-26-035243 · filed 2026-03-26FY25OCF $1.50BFCF $1.07B0001104659-26-035243 · filed 2026-03-26FY25OCF $1.50BFCF $1.07B0001104659-26-035243 · filed 2026-03-26’09’13’17’21’25

FY2025: $1.50B operating cash − $434.8M capex = $1.07B free cash flow

Returns on capitalReturn on equityReturn on assets
0%20%40%60%FY2010 · ROE 17.6% · ROA 9.7%FY10ROE 17.6%ROA 9.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 20.6% · ROA 12.6%FY11ROE 20.6%ROA 12.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 21.9% · ROA 13.5%FY12ROE 21.9%ROA 13.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 20.2% · ROA 12.7%FY13ROE 20.2%ROA 12.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 20.6% · ROA 13.0%FY14ROE 20.6%ROA 13.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 22.2% · ROA 14.3%FY15ROE 22.2%ROA 14.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 26.4% · ROA 16.1%FY16ROE 26.4%ROA 16.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 31.3% · ROA 19.1%FY17ROE 31.3%ROA 19.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 36.2% · ROA 20.6%FY18ROE 36.2%ROA 20.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 37.1% · ROA 14.5%FY19ROE 37.1%ROA 14.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE 8.8% · ROA 3.5%FY20ROE 8.8%ROA 3.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 64.2% · ROA 20.7%FY21ROE 64.2%ROA 20.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 63.4% · ROA 23.1%FY22ROE 63.4%ROA 23.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 56.6% · ROA 22.6%FY23ROE 56.6%ROA 22.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 48.3% · ROA 20.0%FY24ROE 48.3%ROA 20.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 41.1% · ROA 16.5%FY25ROE 41.1%ROA 16.5%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 41.1%ROA 16.5%derived: net income ÷ equity · derived: net income ÷ assets’13’17’21’25

return on equity 18% (FY2010) → 41% (FY2025) · on assets 16.5%

Balance sheetLiabilitiesEquity
$0$2B$4B$6BFY2010 · Liabilities $328.0M · Equity $402.5MFY10Liabilities $328.0MEquity $402.5M0001193125-12-136579 · filed 2012-03-28FY2011 · Liabilities $372.5M · Equity $584.7MFY11Liabilities $372.5MEquity $584.7M0001193125-13-140116 · filed 2013-04-03FY2012 · Liabilities $488.3M · Equity $786.9MFY12Liabilities $488.3MEquity $786.9M0001193125-14-127781 · filed 2014-04-02FY2013 · Liabilities $599.6M · Equity $1.00BFY13Liabilities $599.6MEquity $1.00B0001193125-15-115602 · filed 2015-04-01FY2014 · Liabilities $735.7M · Equity $1.25BFY14Liabilities $735.7MEquity $1.25B0001193125-16-523101 · filed 2016-03-30FY2015 · Liabilities $788.0M · Equity $1.44BFY15Liabilities $788.0MEquity $1.44B0001193125-17-099261 · filed 2017-03-28FY2016 · Liabilities $1.00B · Equity $1.55BFY16Liabilities $1.00BEquity $1.55B0001558370-18-002733 · filed 2018-04-03FY2017 · Liabilities $1.13B · Equity $1.77BFY17Liabilities $1.13BEquity $1.77B0001558370-19-002739 · filed 2019-04-02FY2018 · Liabilities $1.37B · Equity $1.82BFY18Liabilities $1.37BEquity $1.82B0001558370-20-003272 · filed 2020-03-27FY2019 · Liabilities $2.96B · Equity $1.90BFY19Liabilities $2.96BEquity $1.90B0001558370-21-003523 · filed 2021-03-26FY2020 · Liabilities $3.09B · Equity $2.00BFY20Liabilities $3.09BEquity $2.00B0001558370-22-004330 · filed 2022-03-25FY2021 · Liabilities $3.23B · Equity $1.54BFY21Liabilities $3.23BEquity $1.54B0001558370-23-004581 · filed 2023-03-24FY2022 · Liabilities $3.41B · Equity $1.96BFY22Liabilities $3.41BEquity $1.96B0001558370-24-003941 · filed 2024-03-26FY2023 · Liabilities $3.43B · Equity $2.28BFY23Liabilities $3.43BEquity $2.28B0001558370-25-003810 · filed 2025-03-27FY2024 · Liabilities $3.51B · Equity $2.49BFY24Liabilities $3.51BEquity $2.49B0001104659-26-035243 · filed 2026-03-26FY2025 · Liabilities $4.20B · Equity $2.80BFY25Liabilities $4.20BEquity $2.80B0001104659-26-035243 · filed 2026-03-26FY25Liabilities $4.20BEquity $2.80B0001104659-26-035243 · filed 2026-03-26’13’17’21’25

FY2025: $7.00B assets · $4.20B liabilities · $2.80B equity

The receipts