Companies /Consumer Cyclical

Ulta Beauty Inc

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

Q1 2026 Earnings

Reported May 29, 2025, 4:07pm ET · SEC source
$6.70
Beat +15.50%
EPS · est. $5.80
$2.8B
Beat +2.02%
Revenue · est. $2.8B
−4.6%
Trailing market
ULTA vs S&P since report
2 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−5%0+5%May 29May 30report 4:07pm ETearnings−0.0%+3.3%
−5%0+5%May 29May 30earnings−0.0%+3.3%
ULTA +3.3%S&P 500 −0.0%
−5%0+5%May 29May 30report 4:07pm ETearnings−0.1%+3.3%
−5%0+5%May 29May 30earnings−0.1%+3.3%
ULTA +3.3%NASDAQ −0.1%
−10%−5%0+5%May 28Jun 6report 4:07pm ETearnings+1.6%+1.3%
−10%−5%0+5%May 28Jun 6earnings+1.6%+1.3%
ULTA +1.3%S&P 500 +1.6%
−10%−5%0+5%May 28Jun 6report 4:07pm ETearnings+2.0%+1.3%
−10%−5%0+5%May 28Jun 6earnings+2.0%+1.3%
ULTA +1.3%NASDAQ +2.0%
+11.78%
Day of report
+0.90%
Next session
−1.23%
One week
+0.72%
30 days

S&P 500 over the same 30 days: +5.27%.

Did ULTA Beat Earnings? Q1 2026 Results

Ulta Beauty delivered a stronger-than-expected first quarter for fiscal 2025, with earnings per share of $6.70 beating the $5.80 consensus estimate by 15.50% and net sales climbing 4.5% year-over-year to $2.85 billion, ahead of the $2.79 billion analysts had forecast. The topline beat was underpinned by a 2.9% comparable sales increase, itself driven by a 2.3% rise in average ticket and a 0.6% lift in transactions, suggesting the beauty retailer is coaxing more spending per visit even as broader consumer sentiment remains cautious. A notable reduction in inventory shrink helped cushion gross margin, which held nearly steady at 39.1%, partially offsetting fixed cost deleverage and higher SG&A. The results sent shares sharply higher, with analysts at Oppenheimer and Deutsche Bank raising price targets in response. Management lifted full-year guidance, narrowing net sales to a range of $11.50 billion to $11.70 billion and raising diluted EPS guidance to $22.65 to $23.20, even as CEO Kecia Steelman acknowledged ongoing uncertainty around evolving consumer demand.

Key Takeaways
  • Comparable sales increase of 2.9% driven by 2.3% increase in average ticket and 0.6% increase in transactions
  • New store contribution to revenue growth
  • Skincare and wellness category grew to 25% of sales from 23% year-over-year
  • Fragrance grew to 11% of sales from 10% year-over-year
  • Lower inventory shrink partially offset gross margin pressures
  • Leverage of corporate overhead partially offset SG&A deleverage

“Fiscal 2025 is off to an encouraging start with stronger-than-expected performance. Our Ulta Beauty Unleashed plan is resonating with guests, energizing our team, and fueling growth.”

Ulta Beauty CEO, on the earnings call

Forward Guidance & Outlook

Ulta Beauty updated its fiscal 2025 guidance: net sales of $11.5 billion to $11.7 billion (from $11.5 billion to $11.6 billion), comparable sales growth of 0% to 1.5% (from 0% to 1%), approximately 60 net new stores (no change), 40-45 remodel and relocation projects (no change), operating margin of 11.7% to 11.8% (no change), diluted EPS of $22.65 to $23.20 (from $22.50 to $22.90), share repurchases of approximately $900 million (no change), interest income of approximately $6 million (no change), effective tax rate of approximately 24.5% (no change), capital expenditures of $425 million to $500 million (no change), and depreciation and amortization expense of $290 million to $300 million (no change). Management noted the operating environment remains fluid with uncertainty around evolving consumer demand.

ULTA YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$800.0M$1.6B$2.4B$2.7B$2.8BRevenue$1.1B$1.1BGross Profit$403.9M$401.8MOperating Income$313.1M$305.1MNet Income
$0$800.0M$1.6B$2.4BRevenueGross ProfitOperating IncomeNet Income

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