ULTA BEAUTY, INC._May 2, 2026

13 Weeks Ended

May 2,

May 3,

(In thousands, except per share data)

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended May 2, 2026

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _____________ to _____________

Commission File Number: 001-33764

ULTA BEAUTY, INC.

(Exact name of Registrant as specified in its charter)

incorporation or organization)

Identification No.)

Delaware

(State or other jurisdiction of
incorporation or organization)

38-4022268

(I.R.S. Employer
Identification No.)

1000 Remington Blvd., Suite 120

Bolingbrook, Illinois

(Address of principal executive offices)

60440

(Zip code)

Registrant’s telephone number, including area code: (630) 410-4800

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	ULTA	The NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☒	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

The number of shares of the registrant’s common stock, par value $0.01 per share, outstanding as of May 28, 2026 was 42,989,311 shares.

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ULTA BEAUTY, INC.

TABLE OF CONTENTS


Part I - Financial Information

Item 1. Financial Statements
Consolidated Balance Sheets		3
Consolidated Statements of Income		4
Consolidated Statements of Comprehensive Income		5
Consolidated Statements of Cash Flows		6
Consolidated Statements of Stockholders’ Equity		7
Notes to Consolidated Financial Statements		8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		16

Item 3. Quantitative and Qualitative Disclosures about Market Risk		24

Item 4. Controls and Procedures		25

Part II - Other Information		25

Item 1. Legal Proceedings		25

Item 1A. Risk Factors		25

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		26

Item 3. Defaults Upon Senior Securities		26

Item 4. Mine Safety Disclosures		26

Item 5. Other Information		26

Item 6. Exhibits		26

SIGNATURES		28

Table of Contents

Part I - Financial Information

Item 1.Financial Statements

Ulta Beauty, Inc.

Consolidated Balance Sheets


		May 2,			January 31,			May 3,
(In thousands, except per share data)		2026			2026			2025
Assets			(Unaudited)						(Unaudited)
Current assets:
Cash and cash equivalents		$	166,300		$	424,243		$	454,629
Short-term investments			55,000			70,000			—
Receivables, net			248,240			296,217			225,146
Merchandise inventories, net			2,386,417			2,181,127			2,121,519
Prepaid expenses and other current assets			165,647			169,361			138,396
Prepaid income taxes			—			3,198			—
Total current assets			3,021,604			3,144,146			2,939,690

Property and equipment, net			1,420,091			1,434,062			1,251,287
Operating lease assets			1,849,896			1,813,074			1,658,834
Goodwill			224,628			226,421			10,870
Other intangible assets, net			201,596			203,288			—
Deferred compensation plan assets			52,606			53,391			47,467
Other long-term assets			124,824			124,912			78,541
Total assets		$	6,895,245		$	6,999,294		$	5,986,689

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable		$	713,775		$	685,887		$	537,518
Accrued liabilities			462,065			551,380			346,960
Deferred revenue			541,199			582,378			462,843
Current operating lease liabilities			309,576			306,671			285,764
Accrued income taxes			132,565			35,739			130,765
Short-term debt			144,899			62,287			—
Total current liabilities			2,304,079			2,224,342			1,763,850

Non-current operating lease liabilities			1,847,968			1,813,103			1,689,439
Deferred income taxes			101,220			98,766			46,013
Other long-term liabilities			61,023			59,632			57,084
Total liabilities			4,314,290			4,195,843			3,556,386

Commitments and contingencies (Note 6)

Stockholders' equity:
Common stock, $0.01 par value, 400,000 shares authorized; 44,149, 45,048, and 45,922 shares issued; 43,247, 44,166, and 45,042 shares outstanding; at May 2, 2026 (unaudited), January 31, 2026, and May 3, 2025 (unaudited), respectively			442			450			459
Treasury stock-common, at cost			(131,241)			(120,442)			(119,704)
Additional paid-in capital			1,189,256			1,182,754			1,129,309
Retained earnings			1,522,410			1,736,929			1,420,239
Accumulated other comprehensive income			88			3,760			—
Total stockholders’ equity			2,580,955			2,803,451			2,430,303
Total liabilities and stockholders’ equity		$	6,895,245		$	6,999,294		$	5,986,689

See accompanying notes to consolidated financial statements.

Table of Contents

Ulta Beauty, Inc.

Consolidated Statements of Income

(Unaudited)

SEC Form 10-Q filed by Ulta Beauty Inc.