Companies /Consumer Cyclical
Ulta Beauty Inc
NASDAQ: ULTA Specialty Retail
$592.94
▼ $16.30 (−2.68%) today
Markets closed · 4:23pm ET

Ulta Beauty (ULTA) Q1 2026 Earnings

Reported Jun 2, 2026, 4:06pm ET · SEC source
$7.74
Beat +12.00%
EPS · est. $6.91 GAAP
$3.2B
Beat +1.48%
Revenue · est. $3.1B
−2.8%
Trailing market
ULTA vs S&P since report
2 quarters
Consecutive EPS beats

How Did ULTA Stock React to Q1 2026 Earnings?

% change · around the report
−12%−8%−4%0Jun 2Jun 3report 4:06pm ETearnings−1.3%−9.3%
−12%−8%−4%0Jun 2Jun 3earnings−1.3%−9.3%
ULTA −9.3%S&P 500 −1.3%
−12%−8%−4%0Jun 2Jun 3report 4:06pm ETearnings−1.1%−9.3%
−12%−8%−4%0Jun 2Jun 3earnings−1.1%−9.3%
ULTA −9.3%NASDAQ −1.1%
−6%−3%0+3%Jun 1Jun 10report 4:06pm ETearnings−4.7%−4.3%
−6%−3%0+3%Jun 1Jun 10earnings−4.7%−4.3%
ULTA −4.3%S&P 500 −4.7%
−6%−3%0+3%Jun 1Jun 10report 4:06pm ETearnings−7.3%−4.3%
−6%−3%0+3%Jun 1Jun 10earnings−7.3%−4.3%
ULTA −4.3%NASDAQ −7.3%
−4.78%
Day of report
−1.84%
Next session
−0.10%
One week
−3.70%
30 days

S&P 500 over the same 30 days: −0.87%.

Did ULTA Beat Earnings? Q1 2026 Results

Yes. Ulta Beauty reported Q1 2026 earnings of $7.74 a share on Jun 2, 2026, beating the $6.91 consensus estimate by 12.0%. Revenue was $3.2B against a $3.1B estimate.

Ulta Beauty posted a notably strong fiscal first quarter of 2026, with GAAP diluted EPS of $7.74 beating the $6.91 consensus by 12.00% and revenue of $3.16 billion coming in ahead of the $3.12 billion estimate, up 11.1% year over year. The headline driver was a combination of broad-based comparable sales growth of 5.3%, the integration of Space NK, and contributions from new store openings, which together lifted net sales while gross margin expanded 100 basis points to 40.1%. Aggressive share repurchases, with the company buying back nearly 958,000 shares for $555.00 million in the quarter, also amplified per-share gains. The results arrive as Ulta continues building out its omnichannel capabilities, including same-day delivery and a TikTok Shop presence, reinforcing its positioning in an evolving retail landscape. Looking ahead, management raised its fiscal 2026 GAAP diluted EPS guidance to a range of $28.36 to $28.80 and narrowed operating income growth to 6.5% to 9%, while holding net sales growth steady at 6% to 7%.

Key Takeaways
  • Comparable sales increased 5.3%, driven by 3.7% increase in average ticket and 1.6% increase in transactions
  • Gross margin expanded to 40.1% from 39.1% due to lower inventory shrink and higher merchandise margin
  • Acquisition of Space NK contributed to net sales growth
  • 70 net new Ulta Beauty stores since May 3, 2025
  • Broad-based growth across all channels and major categories

“Fiscal 2026 is off to a strong start driven by broad-based growth across all channels and major categories. Our results demonstrate the strengths of our model, focused execution of our talented associates, and the effectiveness of our strategy in an uncertain macroeconomic landscape. I am particularly proud of our teams' commitment to delighting our guests while also advancing our longer-term strategic initiatives with discipline.”

Ulta Beauty CEO, on the earnings call

What Was Ulta Beauty's Outlook in Q1 2026?

Ulta Beauty updated its fiscal 2026 guidance. Net sales growth remains at 6% to 7%, comparable sales growth at 2.5% to 3.5%, and capital expenditures at $400 million to $450 million — all unchanged from initial guidance. Operating income growth was narrowed to 6.5% to 9% (from 6% to 9%), and diluted EPS guidance was raised to $28.36 to $28.80 (from $28.05 to $28.55).

ULTA YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$900.0M$1.8B$2.7B$2.8B$3.2BRevenue$1.1B$1.3BGross Profit$403.6M$448.3MOperating Income$305.1M$340.5MNet Income
$0$900.0M$1.8B$2.7BRevenueGross ProfitOperating IncomeNet Income
ULTA income statement, Q1 2026 versus Q1 2025
Metric Q1 2026 Q1 2025 Year over year
Revenue $3.2B $2.8B +11.1%
Gross Profit $1.3B $1.1B +13.8%
Operating Income $448.3M $403.6M +11.1%
Net Income $340.5M $305.1M +11.6%

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