Companies /Consumer Cyclical

Ulta Beauty Inc

NASDAQ: ULTA Specialty Retail
$564.12
▲ $7.01 (+1.26%) today
Markets closed · 2:19pm ET

Q4 2025 Earnings

Reported Mar 13, 2025, 4:07pm ET · SEC source
$8.46
Beat +18.37%
EPS · est. $7.15
$3.5B
Beat +0.59%
Revenue · est. $3.5B
+4.7%
Beating market
ULTA vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−5%0+5%+10%Mar 13Mar 14report 4:07pm ETearnings+1.6%+9.0%
−5%0+5%+10%Mar 13Mar 14earnings+1.6%+9.0%
ULTA +9.0%S&P 500 +1.6%
−5%0+5%+10%Mar 13Mar 14report 4:07pm ETearnings+2.0%+9.0%
−5%0+5%+10%Mar 13Mar 14earnings+2.0%+9.0%
ULTA +9.0%NASDAQ +2.0%
−5%0+5%Mar 12Mar 21report 4:07pm ETearnings+2.2%+4.9%
−5%0+5%Mar 12Mar 21earnings+2.2%+4.9%
ULTA +4.9%S&P 500 +2.2%
−5%0+5%Mar 12Mar 21report 4:07pm ETearnings+2.6%+4.9%
−5%0+5%Mar 12Mar 21earnings+2.6%+4.9%
ULTA +4.9%NASDAQ +2.6%
+13.68%
Day of report
−0.14%
Next session
−1.93%
One week
+0.17%
30 days

S&P 500 over the same 30 days: −4.48%.

Did ULTA Beat Earnings? Q4 2025 Results

Ulta Beauty closed out fiscal 2024 on a stronger-than-expected note, delivering a Q4 earnings beat that caught Wall Street off guard despite a backdrop of modest top-line pressure. The beauty retailer posted diluted EPS of $8.46, well ahead of the $7.14 consensus estimate for an 18.49% positive surprise, while revenue of $3.49 billion edged past the $3.46 billion estimate, even as net sales slipped 1.9% year-over-year, a decline the company attributed largely to the prior year's calendar benefit from a 53rd week that contributed roughly $181.90 million. Gross margin expansion to 38.2%, helped by lower inventory shrink and a favorable channel mix, was the most meaningful driver of the earnings outperformance. Category mix also shifted, with fragrance and skincare gaining share within the assortment as consumers evolved their spending patterns. Looking ahead, Ulta characterized fiscal 2025 as a pivotal but transitional year, guiding for net sales of $11.50 billion to $11.60 billion and diluted EPS of $22.50 to $22.90, reflecting planned strategic investments that management acknowledged will take time to pay off.

Key Takeaways
  • Comparable sales increased 1.5% driven by 3.0% increase in average ticket
  • Gross margin expanded to 38.2% from 37.7% due to lower inventory shrink, favorable channel mix, and higher merchandise margin
  • Fragrance category grew to 17% of Q4 sales from 15% year-over-year
  • Skincare category grew to 23% of Q4 sales from 22% year-over-year
  • 60 net new stores opened during fiscal 2024
  • Q4 transactions declined 1.4%

“The Ulta Beauty team delivered stronger-than-expected revenue, profitability, and diluted EPS in the fourth quarter. I am incredibly proud of our team's collective impact on the business and the care they showed our guests throughout the holiday season, positioning us to finish fiscal 2024 ahead of our expectations.”

Ulta Beauty CEO, on the earnings call

Forward Guidance & Outlook

For fiscal 2025, Ulta Beauty expects net sales of $11.5 billion to $11.6 billion, comparable sales growth of 0% to 1%, approximately 60 net new stores, 40-45 remodel and relocation projects, operating margin of 11.7% to 11.8%, diluted EPS of $22.50 to $22.90, share repurchases of approximately $900 million, interest income of approximately $6 million, effective tax rate of approximately 24.5%, capital expenditures of $425 million to $500 million, and depreciation and amortization expense of $290 million to $300 million. Management described fiscal 2025 as a 'pivotal year' with purposeful investments to fuel future growth and optimize the business.

ULTA YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$1.0B$2.0B$3.0B$3.6B$3.5BRevenue$1.3B$1.3BGross Profit$520.2M$516.3MOperating Income$394.4M$393.3MNet Income
$0$1.0B$2.0B$3.0BRevenueGross ProfitOperating IncomeNet Income

Figures from SEC filings and company reports. Not investment advice.