Ulta Beauty

Ulta Beauty, Inc. (Ulta Beauty) is a specialty beauty retailer based in Bolingbrook, Illinois. It sells cosmetics, fragrance, skin care, hair care and wellness products, and it offers salon services, in stores, on its website and in its app. At August 1, 2026, it had 1,534 Ulta Beauty stores in 50 states and 86 Space NK stores in the United Kingdom and Ireland, which it bought in July 2025. In fiscal 2025, which ended January 31, 2026, net sales were $12.4 billion and operating income was $1.53 billion.

Kecia Steelman is President and Chief Executive Officer. Ulta Beauty files 10-K and 10-Q reports with the SEC, and its common stock trades on Nasdaq in US dollars. Its fiscal year ends on the Saturday closest to January 31.

The price of Ulta Beauty depends on whether it can keep growing sales and keep its operating margin near 12.5% while shoppers spend more carefully. In Q2 of fiscal 2026, net sales rose 8.9% to $3,035.7 million, comparable sales rose 3.8% and diluted EPS rose 13.3% to $6.55. The company raised its guidance for the year to diluted EPS of $28.70 to $29.00. Part of the EPS growth comes from buybacks: the diluted share count fell from 45.1 million to 43.1 million in a year, and the company plans to buy back $1.8 billion of stock in fiscal 2026.

The Space NK business lowered the gross margin a little, to 39.1% from 39.2%. For the price to hold or rise, three things must be true. Comparable sales must stay positive, in line with the guidance of 3.2% to 3.7%. The operating margin must stay near 12.6% while the company pays for new brands and stores.

The buybacks must continue without much more debt: short-term debt was $339.6 million at August 1, 2026, against $62.3 million at the start of the year. The next tests are the Q3 report, expected in early December 2026, and the Q4 report with the outlook for fiscal 2027, expected in March 2027.

1. Dec 3, 2026 · est.Pending

   Q3 fiscal 2026 results: comparable sales and marginComparable sales grow and the operating margin stays near 12.6%, and this passes; a fall in comparable sales or in margin fails.
2. Mar 2027 · est.Pending

   Q4 fiscal 2026 results and the outlook for fiscal 2027The outlook for fiscal 2027 shows net sales growth of about 5% or more and a steady margin, and this passes; a weaker outlook fails.
3. Jun 2027 · est.Pending

   Q1 fiscal 2027 resultsComparable sales stay positive without more debt for buybacks, and this passes; a clear slowdown fails.

Every passed and failed checkpoint across all picks

• August 27, 2026Ulta Beauty reported Q2 fiscal 2026 results. Net sales rose 8.9% to $3,035.7 million, comparable sales rose 3.8% and operating income rose 10.1% to $379.6 million. Diluted EPS rose 13.3% to $6.55.
• August 27, 2026Ulta Beauty raised its guidance for fiscal 2026 to net sales growth of 6.7% to 7.2%, comparable sales growth of 3.2% to 3.7% and diluted EPS of $28.70 to $29.00. It raised its buyback plan for the year to $1.8 billion from $1.5 billion.
• August 27, 2026In the first six months, Ulta Beauty bought back 1.4 million shares for $791.1 million. It expects to use the $1.0 billion that remains under its authorization of $3.0 billion by the end of fiscal 2026.

Last earnings

August 27, 2026 (8-K on sec.gov)

Next earnings

Expected about December 3, 2026. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Aug 1, 2026Filed August 27, 2026 · ulta-20260801x10q
• 8-KEarnings releaseFiled August 27, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Other company newsFiled August 17, 2026 · ulta-20260813x8k
• 8-KChange of directors or officers and Investor disclosureFiled July 14, 2026 · ulta-20260714x8k
• 8-KChange of directors or officers and Change to shareholder rights or bylawsFiled June 9, 2026 · ulta-20260609x8k
• 10-QQuarterly report for the period ended May 2, 2026Filed June 2, 2026 · ulta-20260502x10q
• 8-KEarnings releaseFiled June 2, 2026 · Press release and exhibits
• 10-KAnnual report for the period ended Jan 31, 2026Filed March 26, 2026 · ulta-20260131x10k
• 8-KEarnings releaseFiled March 12, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled December 18, 2025 · ulta-20251215x8k

Every filing on SEC EDGAR (CIK 1403568)

• Shoppers can spend less on beauty. Comparable sales rose 3.8% in Q2, down from 6.7% a year before. A weak economy or high prices would cut traffic and sales.
• Competition is strong. Beauty brands sell through many channels, and a loss of key brands or shoppers would cut sales and margin.
• Leases are a large fixed cost. Operating lease liabilities were about $2.2 billion at August 1, 2026. A fall in sales would leave rent costs that the company cannot cut fast.
• Buybacks are partly paid with debt. Short-term debt was $339.6 million at August 1, 2026, against $62.3 million at January 31, 2026. A weak quarter would leave less room for buybacks.
• Space NK is a new business in the United Kingdom and Ireland. Its mix cut the gross margin in Q2, and its results can miss the plan.

At August 1, 2026, Ulta Beauty had cash of $158.5 million and short-term investments of $55.0 million. Short-term debt was $339.6 million: $287.0 million under its revolving loan of up to $1.0 billion, which matures on March 13, 2029, and $52.6 million under the credit facility of Space NK. Read more

Ulta Beauty does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.