ULTA earnings analysis
What we found in ULTA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Ulta delivered a positive second quarter, with revenue of $3,035.7 million and diluted EPS of $6.55, beating consensus revenue of $2,998.5 million and EPS of $6.25. Management raised fiscal 2026 sales, comparable-sales, operating-income, and EPS outlooks, including EPS guidance of $28.70-$29.00. Key offsets are increased variable-rate debt of $339.6 million, ongoing substantial share repurchases, and the need to fund $400 million-$450 million of planned capital expenditures.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Beat Consensus
- Second-quarter revenue was $3,035.7 million, exceeding the $2,998.5 million consensus estimate by $37.2 million, or approximately 1.2%.
- EPS Beat Estimates
- Diluted EPS was $6.55 versus the $6.25 consensus estimate, a $0.30, or approximately 4.8%, beat.
- Sales and Operating Income Growth
- Reported net sales increased 8.9% year over year, while operating income increased 10.1%, indicating positive operating earnings momentum.
- Higher EPS Outlook
- Fiscal 2026 EPS guidance increased to $28.70-$29.00 from $28.36-$28.80.
- Raised Sales Outlook
- The company increased fiscal 2026 comparable-sales growth guidance to 3.2%-3.7% from 2.5%-3.5% and net sales growth guidance to 6.7%-7.2% from 6.0%-7.0%.
- Continued Share Repurchases
- Ulta repurchased 480,438 shares during the 13 weeks ended August 1, 2026, at an average price of $495.98 per share; $1.014 billion remained available under the repurchase program.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- No New Risk-Factor Changes
- The 10-Q states that there were no material changes to the risk factors disclosed in the January 31, 2026 Form 10-K. Accordingly, no new risk-factor change was identified in this filing.
- Higher Variable-Rate Debt
- Variable-rate borrowings under credit facilities increased to $339.6 million as of August 1, 2026, from $62.3 million at January 31, 2026. The filing states that a hypothetical 1% rate increase would not have a material impact for the 26 weeks ended August 1, 2026.
- Cash Allocation and Investment Needs
- Capital allocation remains a cash-use risk: the company repurchased 480,438 shares in the quarter at an average price of $495.98, leaving $1.014 billion available under the authorized program, while capital expenditure guidance remains $400 million-$450 million.
- Comparable-Sales Execution
- Management's outlook implies continued sensitivity to comparable-sales execution: the raised fiscal 2026 comparable-sales growth range is 3.2%-3.7%, compared with the prior 2.5%-3.5% range.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $6.55
What they said about what is next.
Fiscal 2026 outlook was raised: net sales growth to 6.7%-7.2% from 6.0%-7.0%, comparable-sales growth to 3.2%-3.7% from 2.5%-3.5%, and operating-income growth to 8.3%-9.3% from 6.5%-9.0%. Capital expenditure guidance was unchanged at $400 million-$450 million. Revenue dollar guidance was not provided.
The filing reads better than the one before it.
What came before.
- 10-Q · June 2, 2026
- Ulta Beauty reported strong Q1 FY2026 results, with revenues of $3.16 billion, up 11.1% year-over-year, and an EPS of $7.74, surpassing expectations. The company experienced notable growth in comparable sales driven by…
- 10-K · March 26, 2026
- Ulta outlines the “Ulta Beauty Unleashed” plan to accelerate growth via core retail execution, digital acceleration, new businesses (wellness, UB Marketplace, UB Media) and cost/organizational optimization. The filing…
- 10-Q · August 28, 2025
- Ulta reported 13-week net sales of $2,788,469 (amounts in thousands) for the period ended August 2, 2025, up $236,382 (+9.3%) versus $2,552,087 in the prior-year quarter, with diluted EPS of $5.78 (vs $5.30). Gross…
- 10-K · March 27, 2025
- Ulta’s 10-K emphasizes a growth-through-experience strategy: broad assortment (~29,000 products from ~600 brands), a large loyalty base (44.6 million active members generating >95% of sales) and continued omnichannel…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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