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…
Earnings analysis · 10-Q
ULTA earnings analysis
Filed August 27, 2026 · Our reading of the company's report
The latest report
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,…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $6.55
What stood out
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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%.
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EPS Beat Estimates
Diluted EPS was $6.55 versus the $6.25 consensus estimate, a $0.30, or approximately 4.8%, beat.
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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.
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Higher EPS Outlook
Fiscal 2026 EPS guidance increased to $28.70-$29.00 from $28.36-$28.80.
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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%.
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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.
What to watch
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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.
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.