ULTA BEAUTY, INC._May 3, 2025

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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 3, 2025

☐ 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	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 23, 2025 was 44,945,605 shares.

Table of Contents

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 Cash Flows		5
Consolidated Statements of Stockholders’ Equity		6
Notes to Consolidated Financial Statements		7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		13

Item 3. Quantitative and Qualitative Disclosures about Market Risk		22

Item 4. Controls and Procedures		22

Part II - Other Information		23

Item 1. Legal Proceedings		23

Item 1A. Risk Factors		23

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		23

Item 3. Defaults Upon Senior Securities		24

Item 4. Mine Safety Disclosures		24

Item 5. Other Information		24

Item 6. Exhibits		24

SIGNATURES		25

Table of Contents

Part I - Financial Information

Item 1.Financial Statements

Ulta Beauty, Inc.

Consolidated Balance Sheets


	May 3,		February 1,		May 4,
(In thousands, except per share data)	2025		2025		2024
Assets		(Unaudited)				(Unaudited)
Current assets:
Cash and cash equivalents	$	454,629	$	703,201	$	524,596
Receivables, net		225,146		223,334		203,463
Merchandise inventories, net		2,121,519		1,968,214		1,906,040
Prepaid expenses and other current assets		138,396		129,113		126,529
Prepaid income taxes		—		4,946		—
Total current assets		2,939,690		3,028,808		2,760,628

Property and equipment, net		1,251,287		1,239,295		1,195,658
Operating lease assets		1,658,834		1,609,870		1,561,767
Goodwill		10,870		10,870		10,870
Other intangible assets, net		—		204		434
Deferred compensation plan assets		47,467		47,951		45,718
Other long-term assets		78,541		64,695		56,864
Total assets	$	5,986,689	$	6,001,693	$	5,631,939

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	537,518	$	563,761	$	463,777
Accrued liabilities		346,960		380,241		332,692
Deferred revenue		462,843		500,585		398,729
Current operating lease liabilities		285,764		288,114		284,815
Accrued income taxes		130,765		46,777		92,711
Total current liabilities		1,763,850		1,779,478		1,572,724

Non-current operating lease liabilities		1,689,439		1,635,120		1,607,953
Deferred income taxes		46,013		42,593		89,556
Other long-term liabilities		57,084		56,149		60,963
Total liabilities		3,556,386		3,513,340		3,331,196

Commitments and contingencies (Note 6)

Stockholders' equity:
Common stock, $0.01 par value, 400,000 shares authorized; 45,922, 46,809, and 48,688 shares issued; 45,042, 45,965, and 47,845 shares outstanding; at May 3, 2025 (unaudited), February 1, 2025, and May 4, 2024 (unaudited), respectively		459		468		487
Treasury stock-common, at cost		(119,704)		(106,793)		(106,315)
Additional paid-in capital		1,129,309		1,120,769		1,091,822
Retained earnings		1,420,239		1,473,909		1,314,749
Total stockholders’ equity		2,430,303		2,488,353		2,300,743
Total liabilities and stockholders’ equity	$	5,986,689	$	6,001,693	$	5,631,939

See accompanying notes to consolidated financial statements.

Table of Contents

Ulta Beauty, Inc.

Consolidated Statements of Income

(Unaudited)


	13 Weeks Ended
	May 3,		May 4,
(In thousands, except per share data)	2025		2024
Net sales	$	2,848,367	$	2,725,848
Cost of sales		1,734,148		1,656,068
Gross profit		1,114,219		1,069,780

Selling, general and administrative expenses		710,613		665,913
Pre-opening expenses		1,829		2,919
Operating income		401,777		400,948
Interest income, net		(3,547)		(6,900)
Income before income taxes and equity net loss of affiliate		405,324		407,848
Income tax expense		99,644		94,735
Income before equity net loss of affiliate		305,680		313,113
Equity net loss of affiliate		628		—
Net income	$	305,052	$	313,113

Net income per common share:

SEC Form 10-Q filed by Ulta Beauty Inc.