15 years of revenue, profit, cash flow and balance-sheet history through FY2026, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2026 | $12.4B | $1.2B | 39.1% | 12.4% | $1.1B | — | $424M |
| 2025 | $11.3B | $1.2B | 38.8% | 13.9% | $964M | — | $703M |
| 2024 | $11.2B | $1.3B | 39.1% | 15.0% | $1.0B | — | $767M |
| 2023 | $10.2B | $1.2B | 39.6% | 16.1% | $1.2B | — | $738M |
| 2022 | $8.6B | $986M | 39.0% | 15.0% | $887M | — | $432M |
| 2021 | $6.2B | $176M | 31.7% | 3.8% | $658M | — | $1.0B |
| 2020 | $7.4B | $706M | 36.2% | 12.2% | $803M | — | $392M |
| 2019 | $6.7B | $659M | 35.9% | 12.7% | $637M | — | $409M |
| 2018 | $5.9B | $555M | 35.6% | 13.3% | $339M | — | $277M |
| 2017 | $4.9B | $410M | 36.0% | 13.5% | $261M | — | $385M |
| 2016 | — | $320M | — | — | $77M | — | $346M |
| 2015 | — | $257M | — | — | — | — | $389M |
| 2014 | — | $203M | — | — | — | — | $419M |
| 2013 | — | $173M | — | — | $50M | — | $320M |
| 2012 | — | $120M | — | — | $92M | — | $254M |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| May '26 | $3.2B | $340M | 40.1% | 14.2% | $204M | — | $166M |
| Jan '26 | $3.9B | $357M | 38.1% | 12.2% | $989M | — | $424M |
| Nov '25 | $2.9B | $231M | 40.4% | 10.8% | -$82M | — | $205M |
| Aug '25 | $2.8B | $261M | 39.2% | 12.4% | $20M | — | $243M |
| May '25 | $2.8B | $305M | 39.1% | 14.1% | $141M | — | $455M |
| Feb '25 | $3.5B | $393M | 38.2% | 14.8% | $963M | — | $703M |
| Nov '24 | $2.5B | $242M | 39.7% | 12.6% | -$171M | — | $178M |
| Aug '24 | $2.6B | $253M | 38.3% | 12.9% | $104M | — | $414M |
| May '24 | $2.7B | $313M | 39.2% | 14.7% | $68M | — | $525M |
| Feb '24 | $3.6B | $394M | 37.7% | 14.5% | $994M | — | $767M |
| Oct '23 | $2.5B | $249M | 39.9% | 13.1% | -$177M | — | $122M |
| Jul '23 | $2.5B | $300M | 39.3% | 15.5% | $29M | — | $389M |
| Apr '23 | $2.6B | $347M | 40.0% | 16.8% | $195M | — | $636M |
| Jan '23 | $3.2B | $341M | 37.6% | 13.9% | $800M | — | $738M |
| Oct '22 | $2.3B | $275M | 41.2% | 15.5% | -$51M | — | $251M |
| Jul '22 | $2.3B | $296M | 40.4% | 17.0% | $65M | — | $434M |
| Apr '22 | $2.3B | $331M | 40.1% | 18.7% | $355M | — | $654M |
| Jan '22 | $2.7B | $289M | 37.6% | 13.8% | $581M | — | $432M |
| Oct '21 | $2.0B | $215M | 39.6% | 14.2% | -$38M | — | $605M |
| Jul '21 | $2.0B | $251M | 40.6% | 16.9% | $49M | — | $770M |
How the market has priced ULTA against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Ulta Beauty's revenue has grown 15.0% per year, and net income grown 45.7% per year. These are computed facts, not advice.
As of FY2026, Ulta Beauty reported — of total debt against $424M of cash.
In FY2026, gross margin was 39.1%, operating margin 12.4%, and net margin 9.3%.
As of Jun '26, Ulta Beauty traded at a price-to-earnings ratio of about 18.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.