Ulta Beauty (ULTA) Q4 2025 Earnings
Includes $1.647 million equity net loss of affiliate (Mexico joint venture) and $2.624 million net interest expense vs. $1.994 million net interest income in the prior year quarter
How Did ULTA Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: +5.68%.
Did ULTA Beat Earnings? Q4 2025 Results
No. Ulta Beauty reported Q4 2025 earnings of $8.01 a share on Mar 12, 2026, missing the $8.03 consensus estimate by 0.2%. Revenue was $3.9B against a $3.8B estimate.
Ulta Beauty posted a tale of two metrics in its fiscal fourth quarter of 2025, topping revenue expectations handily while narrowly missing on the bottom line. Net sales climbed 11.8% year over year to $3.90 billion, beating the $3.82 billion consensus by roughly 2%, fueled by 5.8% comparable sales growth, new store openings, and the addition of Space NK. GAAP diluted EPS of $8.01, which includes a $1.65 million equity net loss from the company's Mexico joint venture and $2.62 million in net interest expense, came in just shy of the $8.03 consensus estimate, a miss of 0.21%. The culprit was a sharp rise in selling, general, and administrative costs, which surged 23.0% to $1.00 billion and squeezed operating margin to 12.2% from 14.8% a year ago, as the company ramped investment in corporate infrastructure, advertising, and incentive compensation. Even so, investor sentiment has leaned constructive, with analysts pointing to resilient demand for premium beauty products as a stabilizing force. Looking ahead, management guided fiscal 2026 diluted EPS of $28.05 to $28.55, implying growth of roughly 9% to 11%, alongside net sales growth of 6% to 7%.
- Comparable sales increased 5.8% in Q4, driven by 4.2% increase in average ticket and 1.6% increase in transactions
- Acquisition of Space NK contributed to net sales growth
- 60 net new U.S. stores opened during fiscal 2025
- Lower inventory shrink and supply chain efficiencies partially offset gross margin pressures
- Skincare and wellness category grew to 24% of Q4 sales from 23%
- Better execution, compelling newness, and bold merchandising and marketing strategies
“The Ulta Beauty team closed the year with momentum, delivering strong fourth quarter and full-year sales and continued market share gains. Our better-than-planned financial performance reflects our continued focus on serving our guests and consistently delivering great experiences through better execution, compelling newness, more seamless and convenient experiences, and bold new merchandising and marketing strategies.”
Ulta Beauty CEO, on the earnings call
What Was Ulta Beauty's Outlook in Q4 2025?
For fiscal 2026, Ulta Beauty expects net sales growth of 6% to 7%, comparable sales growth of 2.5% to 3.5%, operating income growth of 6% to 9%, diluted earnings per share of $28.05 to $28.55 (representing 9.4% to 11.4% growth), and capital expenditures of $400 million to $450 million.
ULTA YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $3.9B | $3.5B | +11.8% |
| Gross Profit | $1.5B | $1.3B | +11.3% |
| Operating Income | $476.9M | $518.1M | −7.9% |
| Net Income | $356.7M | $393.2M | −9.3% |
Figures from SEC filings and company reports. Not investment advice.