Filing Flows › Ulta Beauty (ULTA) › Q1 FY26
Ulta Beauty (ULTA) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed May 29, 2025
Ulta Beauty (ULTA) reported revenue of $2.8B for the first quarter fiscal 2026 (Q1 FY26), +4% from a year earlier and -18% from the quarter before. Operating margin was 14.1%, net earnings $305M (10.7% of revenue).
Ulta Beauty, Q1 FY26: revenue $2.8B (+4% year over year), operating margin 14.1%, net earnings $305M, operating cash flow $220M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.8B | -18% | +4% |
| Gross profit | $1.1B | -16% | +4% |
| Operating profit | $402M | -22% | +0.2% |
| Net earnings | $305M | -22% | -3% |
| Operating cash flow | $220M | -79% | +38% |
| Free cash flow | $141M | -85% | +106% |
What changed
Revenue was $2.8B in Q1 FY26, up 4% year over year and down 18% from the previous quarter.
Gross margin was 39.1%, down 0.1 points from a year earlier. Operating profit was $0.40B, a 14.1% margin (down 0.6 points year over year). Of the extra revenue versus a year earlier, 1% reached operating profit, below the 15% margin then. Operating expenses grew 7% against revenue growth of 4%. Net earnings were $0.31B, down 3% year over year. The effective tax rate was 24.6%.
Operating cash flow was $0.22B (up 38% year over year), 72% of net earnings. Non-cash charges added back $0.07B of depreciation and amortization. Working capital and other items used $0.16B. Capital expenditures of $0.08B left free cash flow of $0.14B.
Questions
What was Ulta Beauty's revenue in the first quarter fiscal 2026?
Ulta Beauty (ULTA) reported revenue of $2.8B for the first quarter fiscal 2026 (Q1 FY26), +4% from a year earlier and -18% from the quarter before.
Was Ulta Beauty profitable in the first quarter fiscal 2026?
Operating profit was $402M (14.1% of revenue) and net earnings $305M.
Source: Ulta Beauty 10-Q on SEC EDGAR.