Filing Flows › Ulta Beauty (ULTA) › Q2 FY26
Ulta Beauty (ULTA) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Aug 28, 2025
Ulta Beauty (ULTA) reported revenue of $2.8B for the second quarter fiscal 2026 (Q2 FY26), +9% from a year earlier and -2% from the quarter before. Operating margin was 12.4%, net earnings $261M (9.4% of revenue).
Ulta Beauty, Q2 FY26: revenue $2.8B (+9% year over year), operating margin 12.4%, net earnings $261M, operating cash flow $96.5M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.8B | -2% | +9% |
| Gross profit | $1.1B | -2% | +12% |
| Operating profit | $345M | -14% | +5% |
| Net earnings | $261M | -14% | +3% |
| Operating cash flow | $96.5M | -56% | -52% |
| Free cash flow | $19.6M | -86% | -81% |
What changed
Revenue was $2.8B in Q2 FY26, up 9% year over year and down 2% from the previous quarter.
Gross margin was 39.2%, up 0.8 points from a year earlier. Operating profit was $0.34B, a 12.4% margin (down 0.5 points year over year). Of the extra revenue versus a year earlier, 7% reached operating profit, below the 13% margin then. Operating expenses grew 15% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+23%). Net earnings were $0.26B, up 3% year over year. The effective tax rate was 24.5%.
Operating cash flow was $0.10B (down 52% year over year), 37% of net earnings. Non-cash charges added back $0.07B of depreciation and amortization. Working capital and other items used $0.24B. Capital expenditures of $0.08B left free cash flow of $0.02B.
Questions
What was Ulta Beauty's revenue in the second quarter fiscal 2026?
Ulta Beauty (ULTA) reported revenue of $2.8B for the second quarter fiscal 2026 (Q2 FY26), +9% from a year earlier and -2% from the quarter before.
Was Ulta Beauty profitable in the second quarter fiscal 2026?
Operating profit was $345M (12.4% of revenue) and net earnings $261M.
Source: Ulta Beauty 10-Q on SEC EDGAR.