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Ulta Beauty (ULTA) earnings and revenue breakdown
Latest: Q2 FY27 · 10-Q filed Aug 27, 2026 · Ulta Beauty (ULTA) Q2 FY27 earnings results →
Q2 FY27 Revenue up 9% year over year to $3.0B · 9¢ of every $1 of revenue kept as net profit · operating margin 12.5%
Ulta Beauty made $3.0B in Q2 FY27 (+9% Y/Y). Operating margin 12.5%, net earnings $282M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 27, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $3.0B in Q2 FY27, up 9% year over year and down 4% from the previous quarter.
Gross margin was 39.1%, down 0.1 points from Q2 FY26. Operating profit was $0.38B, a 12.5% margin (up 0.1 points year over year). Of the extra revenue versus Q2 FY26, 14% reached operating profit, above the 12% margin then. Operating expenses grew 8% against revenue growth of 9%. Net earnings were $0.28B, up 8% year over year. The effective tax rate was 24.6%.
Operating cash flow was $0.12B (up 24% year over year), 42% of net earnings. Non-cash charges added back $0.08B of depreciation and amortization. Working capital and other items used $0.24B. Capital expenditures of $0.08B left free cash flow of $0.04B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 FY27 | 10-Q | Aug 27, 2026 | $3.0B | +9% | 12.5% | $282M | $120M |
| Q1 FY27 | 10-Q | Jun 2, 2026 | $3.2B | +11% | 14.2% | $340M | $262M |
| Q4 FY26 | 10-K | Mar 26, 2026 | $3.9B | +12% | 12.2% | $357M | $1.2B |
| Q3 FY26 | 10-Q | Dec 4, 2025 | $2.9B | +13% | 10.8% | $231M | $5.6M |
| Q2 FY26 | 10-Q | Aug 28, 2025 | $2.8B | +9% | 12.4% | $261M | $96.5M |
| Q1 FY26 | 10-Q | May 29, 2025 | $2.8B | +4% | 14.1% | $305M | $220M |
| Q4 FY25 | 10-K | Mar 27, 2025 | $3.5B | -2% | 14.8% | $393M | $1.0B |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Buys from
About Ulta Beauty
Ulta Beauty, Inc. (“we,” “us,” “our,” “Ulta Beauty,” or the “Company”) is an international specialty beauty retailer and a premier beauty destination for cosmetics, fragrance, skin care products, wellness products, hair care products, and salon services. The Company was founded in Illinois in 1990 as a beauty retailer at a time when prestige, mass, and salon products were sold through distinct channels – department stores for prestige products; drug stores and mass merchandisers for mass products; and salons and authorized retail outlets for professional hair care products. The Company developed a unique specialty retail concept that offers a broad range of brands and price points, select beauty services, and a convenient and welcoming shopping environment. The Company’s target consumer is defined as a
In its own words, from its 10-K, filed Mar 26, 2026.
Ulta Beauty against its Retail-Retail Stores, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median 0%. Operating margin: 12.5% against the peers' median 3.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ULTA Ulta Beauty | Q2 FY27 | $3.0B | +9% | 12.5% |
| BBWI Bath & Body Works | Q2 FY27 | $1.5B | -2% | 14.3% |
| WOOF Petco Health & Wellness Company | Q2 FY27 | $1.5B | 0% | 3.2% |
| SBH Sally Beauty Holdings | Q3 FY26 | $935M | +0.2% | 9.2% |
| TITN Titan Machinery | Q2 FY27 | $496M | -9% | -0.5% |
| LESL Leslie's | Q3 FY26 | $458M | -8% | 13.4% |
| SGU Star Group, L.P. | Q3 FY26 | $358M | +17% | -9.5% |
| FLWS 1 800 Flowers | Q1 FY27 | $171M | -11% | -27.1% |
| RENT Rent the Runway | Q2 FY27 | $97.7M | +21% | -8.0% |
Source: Ulta Beauty 10-Q on SEC EDGAR · CIK 1403568 · Retail-Retail Stores, NEC
Guidance and outlook
13F: who owns ULTA and who is buying
More on ULTA
History
Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results