ULTAMEDIUM SIGNALFINANCIAL10-K

ULTA shows solid operational growth with gross profit expanding 10.4% and operating cash flow growing 12.3%, though cash reserves declined meaningfully.

The company demonstrates healthy fundamental performance with growing profitability and strong cash generation capabilities. However, the 40% decline in cash reserves alongside rising liabilities suggests either strategic investments or working capital challenges that warrant monitoring.

Comparing 2026-03-26 vs 2025-03-27View on EDGAR →
FINANCIAL ANALYSIS

ULTA delivered balanced growth across key operational metrics, with gross profit expanding 10.4% to $4.8B and operating cash flow growing 12.3% to $1.5B, while SG&A expenses increased 17.4% reflecting business expansion. The balance sheet shows mixed signals as total assets grew 16.6% and stockholders equity increased 12.7%, but cash reserves declined significantly to $424M from $703M. Interest expense dropped substantially, indicating improved debt management, though the overall liability increase of 19.4% suggests elevated operational or investment activity.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
-68.5%
$587K→$185K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Cash & Equivalents
Balance Sheet
-39.7%
$703.2M→$424.2M

Cash declined 39.7% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Accounts Receivable
Balance Sheet
+32.6%
$223.3M→$296.2M

Receivables surged 32.6% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Current Liabilities
Balance Sheet
+25%
$1.8B→$2.2B

Current liabilities rose 25% — increased short-term obligations, watch current ratio.

Total Liabilities
Balance Sheet
+19.4%
$3.5B→$4.2B

Liabilities increased 19.4% — monitor debt-to-equity ratio and interest coverage.

SG&A Expense
P&L
+17.4%
$2.8B→$3.3B

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Total Assets
Balance Sheet
+16.6%
$6.0B→$7.0B

Asset base grew 16.6% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+12.7%
$2.5B→$2.8B

Equity base grew 12.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Operating Cash Flow
Cash Flow
+12.3%
$1.3B→$1.5B

Operating cash flow grew 12.3% — strong conversion of earnings to cash, healthy business fundamentals.

Gross Profit
P&L
+10.4%
$4.4B→$4.8B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

LANGUAGE CHANGES
NEW — 2026-03-26
PRIOR — 2025-03-27
ADDED
Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant s fiscal year ended January 31, 2026.
Such forward-looking statements are subject to various risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict or quantify.
Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them.
However, there can be no assurance that our expectations, beliefs, and projections will result or be achieved.
Securities and Exchange Commission ( SEC ), and are accessible on the SEC's website at www.sec.gov.
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REMOVED
Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant s fiscal year ended February 1, 2025.
Any forward-looking statements contained in this Form 10-K are based upon our historical performance and on current plans, estimates, and expectations.
Business Overview Ulta Beauty is the largest specialty beauty retailer in the United States and the premier beauty destination for cosmetics, fragrance, skin care products, hair care products, and salon services.
Key aspects of our business include: One-of-a-kind Assortment.
We offer guests a differentiated assortment of approximately 29,000 products from approximately 600 established and emerging beauty brands across a variety of categories and price points.
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