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Ulta Beauty cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$38.4M in Q2 FY27 · $1.1B over twelve months

Operating cash flow$120M
Capital spending−$81.3M
Free cash flow+$38.4M
Cash / net income0.4×
Cash conversion cycle-26 days

Analysis

In Q2 FY27, Ulta Beauty generated $120M of operating cash flow and spent $81.3M on capital projects, leaving free cash flow of $38.4M.

Over the twelve months to Aug 1, 2026, operating cash flow was $1.6B; the largest uses were buybacks ($1.2B), capital spending ($418M), other investing ($87.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($50.3M), shares issued ($30.6M); the cash balance fell by $84.3M.

Operating cash flow was $120M against net income of $282M — 0.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: income taxes payable −$168M, depreciation & amortization +$81.3M, payables −$69.1M.

Its cash conversion cycle was -26 days (receivables 7 + inventory 0 − payables 33): suppliers fund its working capital.

Free cash flow

Ulta Beauty: free cash flow by quarterUlta Beauty: free cash flow by quarter−$171MQ3 FY25$963MQ4 FY25$141MQ1 FY26$19.6MQ2 FY26−$81.6MQ3 FY26$989MQ4 FY26$204MQ1 FY27$38.4MQ2 FY27
Operating cash flow less capital spending.
Ulta Beauty: operating cash flow against capital spendingUlta Beauty: operating cash flow against capital spendingOperating cash flowCapital spending−$56.8M$114MQ3 FY25$1.0B$73.9MQ4 FY25$220M$79.0MQ1 FY26$96.5M$77.0MQ2 FY26$5.6M$87.3MQ3 FY26$1.2B$192MQ4 FY26$262M$58.3MQ1 FY27$120M$81.3MQ2 FY27
Latest (Q2 FY27): Operating cash flow $120M, Capital spending $81.3M.

Capital allocation, year by year

Ulta Beauty: where the cash came from (up) and went (down), by fiscal yearUlta Beauty: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $1.1BFY22: Shares issued $40.4MFY22: Capital spending −$172MFY22: Buybacks −$1.5B$1.1BFY22FY23: Operating cash flow $1.5BFY23: Shares issued $46.0MFY23: Capital spending −$312MFY23: Buybacks −$900M$1.5BFY23FY24: Operating cash flow $1.5BFY24: Shares issued $12.2MFY24: Capital spending −$435MFY24: Buybacks −$996M$1.5BFY24FY25: Operating cash flow $1.3BFY25: Shares issued $12.3MFY25: Capital spending −$374MFY25: Buybacks −$1.0B$1.4BFY25FY26: Operating cash flow $1.5BFY26: Net borrowing $32.6MFY26: Shares issued $32.6MFY26: Capital spending −$435MFY26: Acquisitions −$387MFY26: Buybacks −$901M$1.6BFY26
Over these 5 years operating cash flow totalled $6.9B; the largest uses were buybacks ($5.3B) and capital spending ($1.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$213M
Debt$340M
Net debt$126M

Ulta Beauty funds itself: free cash flow was $1.1B over the last twelve months, and $213M of cash and investments stands against $340M of debt.

Where the cash came from and went

Ulta Beauty: sources (+) and uses (−) of cash, Q2 FY27Ulta Beauty: sources (+) and uses (−) of cash, Q2 FY27Buybacks−$248MNet borrowing (+) / repaid (−)$195MOperating cash flow$120MCapital spending−$81.3MShares issued$11.6MCash drawn (+) / kept (−)$7.8MOther investing−$4.5MExchange rates−$298KOther financing−$77K
Ulta Beauty: sources (+) and uses (−) of cash, TTM to Q2 FY27Ulta Beauty: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$1.6BBuybacks−$1.2BCapital spending−$418MOther investing−$87.0MCash drawn (+) / kept (−)$84.3MNet borrowing (+) / repaid (−)$50.3MShares issued$30.6MOther financing−$12.1MNot reconciled−$215K

From profit to cash

Ulta Beauty: net income to operating cash flow, Q2 FY27Ulta Beauty: net income to operating cash flow, Q2 FY27Net income$282MDepreciation & amortization$81.3MGains on disposals$3.7MReceivables−$832KInventory−$20.8MPayables−$69.1MAccrued liabilities−$8.5MDeferred revenue$1.3MPrepaid and other assets$2.0MIncome taxes payable−$168MOther operating capital$6.7MOperating cash flow$120M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY277—33-26
Q1 FY278—34-26
Q4 FY266—27-21
Q3 FY267—39-32
Q2 FY267—33-26
Q1 FY267—29-22
Q4 FY256—24-19
Q3 FY257—35-27

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$120M−$81.3M—−$248M$195M$11.6M$7.8M$38.4M
Q1 FY27$262M−$58.3M—−$545M$83.3M$1.4M$258M$204M
Q4 FY26$1.2B−$192M−$20K−$197M−$491M$2.5M−$219M$989M
Q3 FY26$5.6M−$87.3M—−$225M$263M$15.3M$37.8M−$81.6M
Q2 FY26$96.5M−$77.0M—−$109M—$14.4M$212M$19.6M
Q1 FY26$220M−$79.0M—−$370M—$481K$249M$141M
Q4 FY25$1.0B−$73.9M—−$238M—$3.1M−$525M$963M
Q3 FY25−$56.8M−$114M—−$264M—$4K$236M−$171M

Ulta Beauty: income statement and cash flow

Ulta Beauty, Q2 FY27: revenue $3.0B (+9% year over year), operating margin 12.5%. The chart follows the revenue to costs, profit and cash.

Ulta Beauty: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.