Filing Flows › Ulta Beauty (ULTA) › Q1 FY27 › vs Q4 FY26
Ulta Beauty (ULTA) Q1 FY27 vs Q4 FY26 (quarter over quarter)
Ulta Beauty's revenue fell $735M (-19%) from $3.9B in Q4 FY26 to $3.2B in Q1 FY27. Gross margin 40.1% against 38.1% (+2.0 pts).
Ulta Beauty, Q1 FY27: revenue $3.2B (+11% year over year), operating margin 14.2%, net earnings $340M, operating cash flow $262M. The chart draws each line against Q4 FY26, the increases inside each band.
Margins
| Q1 FY27 | Q4 FY26 | Change | |
|---|---|---|---|
| Gross margin | 40.1% | 38.1% | +2.0 pts |
| Operating margin | 14.2% | 12.2% | +1.9 pts |
| Net margin | 10.8% | 9.1% | +1.6 pts |
| Free cash flow margin | 6.4% | 25.4% | -18.9 pts |
Every line
| Line | Q1 FY27 | Q4 FY26 | Change | % |
|---|---|---|---|---|
| Revenue | $3.2B | $3.9B | −$735M | -19% |
| Gross profit | $1.3B | $1.5B | −$216M | -15% |
| Cost of revenue | $1.9B | $2.4B | −$518M | -21% |
| Operating profit | $448M | $477M | −$28.7M | -6% |
| Operating expenses | $819M | $1.0B | −$187M | -19% |
| Pre-tax earnings | $447M | $473M | −$25.3M | -5% |
| SG&A | $815M | $1.0B | −$188M | -19% |
| Other operating costs | $4.7M | $3.6M | $1.1M | +31% |
| Net earnings | $340M | $357M | −$16.2M | -5% |
| Income tax | $107M | $116M | −$9.1M | -8% |
| Depreciation & amortization | $81.4M | $81.8M | −$388K | -0.5% |
| Working capital & other | $160M | −$742M | $902M | — |
| Operating cash flow | $262M | $1.2B | −$919M | -78% |
| Free cash flow (OCF − capex) | $204M | $989M | −$785M | -79% |
| Capital expenditures | $58.3M | $192M | −$133M | -70% |
Questions
How much did Ulta Beauty's revenue grow quarter over quarter in Q1 FY27?
Ulta Beauty's revenue fell $735M (-19%) from $3.9B in Q4 FY26 to $3.2B in Q1 FY27. Gross margin 40.1% against 38.1% (+2.0 pts).