In fiscal 2025, which ended Jan 31, 2026, Ulta Beauty, Inc. generated $1.5 billion of cash from operations, up 12.3% from the year before. It spent $434.8 million on capital expenditures. That left free cash flow of $1.1 billion. The company returned $901.4 million in share buybacks to shareholders.
USD in millions, except per-share amounts and ratios. The percent under a figure is the change from the year before.
| Line |
FY 2026
Aug 1, 2026
|
FY 2025
Jan 31, 2026
|
FY 2024
Feb 1, 2025
|
FY 2023
Feb 3, 2024
|
FY 2022
Jan 28, 2023
|
FY 2021
Jan 29, 2022
|
FY 2020
Jan 30, 2021
|
FY 2019
Feb 1, 2020
|
FY 2018
Feb 2, 2019
|
FY 2017
Feb 3, 2018
|
FY 2012
Feb 2, 2013
|
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | |||||||||||
| Depreciation and amortization |
320
+14.3%
|
301
+12.6%
|
267
+9.5%
|
244
+1.0%
|
241
-10.1%
|
268
-9.8%
|
298
+0.7%
|
296
+5.8%
|
279
+10.6%
|
253
+20.2%
|
88
+16.2%
|
| Stock-based compensation |
—
|
37
-12.5%
|
43
-11.3%
|
48
+12.1%
|
43
-8.9%
|
47
+71.3%
|
28
+7.6%
|
26
-6.7%
|
27
+12.7%
|
24
+26.2%
|
13
+15.3%
|
| Operating cash flow |
1,568
+20.9%
|
1,503
+12.3%
|
1,339
-9.3%
|
1,476
-0.4%
|
1,482
+39.9%
|
1,059
+30.7%
|
810
-26.4%
|
1,101
+15.2%
|
956
+22.7%
|
779
|
239
+8.2%
|
| Investing | |||||||||||
| Capital expenditures |
418
+21.6%
|
435
+16.1%
|
374
-14.0%
|
435
+39.5%
|
312
+81.3%
|
172
+13.4%
|
152
-49.1%
|
299
-6.5%
|
319
-27.5%
|
441
+18.0%
|
189
+46.6%
|
| Investing cash flow |
-505
+32.8%
|
-931
-143.1%
|
-383
+13.2%
|
-441
-40.3%
|
-315
-78.3%
|
-176
-262.0%
|
-49
+89.7%
|
-471
-119.2%
|
-215
+59.5%
|
-531
|
-189
-46.6%
|
| Financing | |||||||||||
| Debt repaid |
—
|
—
|
200
+2.2%
|
195
-75.6%
|
—
|
—
|
800
|
—
|
—
|
—
|
—
|
| Short-term debt issued |
—
|
2,215
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Short-term debt repaid |
—
|
2,182
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
| Dividends paid |
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
62
|
| Stock buybacks |
1,215
+23.9%
|
901
-10.2%
|
1,003
+0.8%
|
996
+10.6%
|
900
-40.9%
|
1,522
+1224.6%
|
115
-83.1%
|
681
+10.5%
|
616
+67.6%
|
368
+6.8%
|
0
-97.6%
|
| Financing cash flow |
-1,146
-60.2%
|
-851
+16.5%
|
-1,019
-1.3%
|
-1,006
-16.9%
|
-861
+42.5%
|
-1,497
-1287.2%
|
-108
+83.3%
|
-647
-6.2%
|
-609
-71.0%
|
-356
|
16
-67.6%
|
| Change in cash | |||||||||||
| Effect of exchange rate |
—
|
—
|
—
|
—
|
—
|
-0
-200.0%
|
0
|
—
|
—
|
—
|
—
|
| Net change in cash |
-84
+50.8%
|
-279
-340.0%
|
-63
-320.8%
|
29
-90.6%
|
306
+149.8%
|
-614
-194.0%
|
654
+3962.3%
|
-17
-112.8%
|
132
+222.5%
|
-108
|
—
|
| Free cash flow |
1,149
+20.7%
|
1,068
+10.8%
|
964
-7.4%
|
1,041
-11.0%
|
1,170
+31.9%
|
887
+34.7%
|
658
-18.0%
|
803
+26.1%
|
637
+88.0%
|
339
|
50
-45.3%
|
| Per share | |||||||||||
| Free cash flow per share |
26.06
+26.0%
|
23.74
+16.7%
|
20.34
-3.1%
|
20.99
-7.2%
|
22.61
+39.8%
|
16.18
+38.9%
|
11.64
-15.7%
|
13.82
+30.6%
|
10.58
+93.6%
|
5.46
|
0.78
-46.2%
|
| Shareholder returns | |||||||||||
| Returned to shareholders |
1,215
|
901
|
1,003
|
996
|
900
|
1,522
|
115
|
681
|
616
|
368
|
63
|
| Share of free cash flow |
105.73%
|
84.40%
|
104.06%
|
95.65%
|
76.94%
|
171.57%
|
17.45%
|
84.83%
|
96.78%
|
108.54%
|
124.07%
|
| Ratios | |||||||||||
| Free cash flow margin |
8.87%
|
8.62%
|
8.54%
|
9.29%
|
11.46%
|
10.28%
|
10.70%
|
10.85%
|
9.48%
|
5.75%
|
2.27%
|
| Capital expenditures to revenue |
3.23%
|
3.51%
|
3.32%
|
3.88%
|
3.06%
|
2.00%
|
2.47%
|
4.04%
|
4.76%
|
7.49%
|
8.49%
|
| Stock-based compensation to revenue |
—
|
0.30%
|
0.38%
|
0.43%
|
0.42%
|
0.55%
|
0.45%
|
0.35%
|
0.41%
|
0.41%
|
0.60%
|
| Cash conversion |
1.30x
|
1.30x
|
1.11x
|
1.14x
|
1.19x
|
1.07x
|
4.61x
|
1.56x
|
1.45x
|
1.40x
|
1.39x
|
How these figures are calculated
Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and ratios. Capital expenditures, debt repaid, dividends, and buybacks are positive amounts. Investing and financing cash flow keep the filing sign, so an outflow is negative. Free cash flow is operating cash flow minus capital expenditures. The first column is the trailing twelve months through the latest quarter. Returned to shareholders is dividends plus buybacks. Free cash flow margin, capital expenditures, and stock-based compensation are divided by revenue. Cash conversion is operating cash flow divided by net income. More on our methodology.
Company profile
- Industry
- Retail-Retail Stores, NEC (SIC 5990)
- Listed as
- ULTA (Nasdaq)
- Fiscal year ends
- January 30
- Headquarters
- Bolingbrook, IL
- SEC filer status
- Large accelerated filer
- SEC CIK
- 1403568
- Former names
- Ulta Salon, Cosmetics & Fragrance, Inc. (until Dec 1, 2016)
Other Retail-Retail Stores, NEC companies
- JD.com, Inc. JD
- Bath & Body Works, Inc. BBWI
- Sally Beauty Holdings, Inc. SBH
- ATRenew Inc. RERE
- Petco Health & Wellness Company, Inc. WOOF
- Titan Machinery Inc. TITN
- Star Group, L.P. SGU
- High Tide Inc. HITI
Source: SEC EDGAR filings. This is company-reported data, not investment advice.