$ULTA

Ulta Salon, Cosmetics & Fragrance, Inc.

CIK:0001403568|SEC Filings

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2026	Aug. 02, 2025	Aug. 01, 2026	Aug. 02, 2025
Consolidated Statements of Income
Net sales	$ 3,035,676	$ 2,788,469	$ 6,199,533	$ 5,636,836
Cost of sales	1,848,724	1,696,773	3,744,961	3,430,921
Gross profit	1,186,952	1,091,696	2,454,572	2,205,915
Selling, general and administrative expenses	802,784	741,737	1,617,483	1,452,350
Pre-opening expenses	4,527	5,105	9,192	6,934
Operating income	379,641	344,854	827,897	746,631
Interest expense (income), net	3,684	(1,413)	3,032	(4,960)
Income before income taxes and equity net loss of affiliate	375,957	346,267	824,865	751,591
Income tax expense	91,878	84,795	198,738	184,439
Income before equity net loss of affiliate	284,079	261,472	626,127	567,152
Equity net loss of affiliate	2,073	597	3,652	1,225
Net income	$ 282,006	$ 260,875	$ 622,475	$ 565,927
Net income per common share:
Basic	$ 6.57	$ 5.8	$ 14.35	$ 12.53
Diluted	$ 6.55	$ 5.78	$ 14.31	$ 12.49
Weighted average common shares outstanding:
Basic	42,955	44,955	43,368	45,158
Diluted	43,062	45,112	43,513	45,297

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Aug. 01, 2026	Aug. 02, 2025
Operating activities
Net income	$ 622,475	$ 565,927
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	162,724	143,198
Non-cash lease expense	178,326	183,528
Deferred income taxes	1,524	2,232
Stock-based compensation expense	21,063	20,338
Loss on disposal of property and equipment	8,404	4,689
Equity net loss of affiliate	3,652	1,225
Change in operating assets and liabilities:
Receivables	47,127	(198)
Merchandise inventories	(226,791)	(366,091)
Prepaid expenses and other current assets	5,645	(21,657)
Income taxes	(68,104)	(70,406)
Accounts payable	(47,328)	98,115
Accrued liabilities	(120,902)	(3,881)
Deferred revenue	(39,821)	(44,418)
Operating lease liabilities	(178,756)	(180,316)
Other assets and liabilities	12,352	(15,742)
Net cash provided by operating activities	381,590	316,543
Investing activities
Proceeds from short-term investments	15,000
Capital expenditures	(139,534)	(155,988)
Acquisitions, net of cash acquired		(386,793)
Other investments	(9,446)	(17,130)
Net cash used in investing activities	(133,980)	(559,911)
Financing activities
Borrowings from short-term debt	1,358,274	593,641
Payments on short-term debt	(1,080,032)	(333,100)
Repurchase of common shares	(793,183)	(479,242)
Stock options exercised	12,904	14,851
Purchase of treasury shares	(10,876)	(13,238)
Net cash used in financing activities	(512,913)	(217,088)
Effect of exchange rate changes on cash and cash equivalents	(489)
Net decrease in cash and cash equivalents	(265,792)	(460,456)
Cash and cash equivalents at beginning of period	424,243	703,201
Cash and cash equivalents at end of period	158,451	242,745
Supplemental information
Income taxes paid, net of refunds	264,270	252,013
Non-cash investing and financing activities:
Non-cash capital expenditures	47,417	62,621
Repurchase of common shares in accrued liabilities	$ 2,000	$ 3,998

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 01, 2026	Jan. 31, 2026	Aug. 02, 2025
Current assets:
Cash and cash equivalents	$ 158,451	$ 424,243	$ 242,745
Short-term investments	55,000	70,000
Receivables, net	249,295	296,217	224,412
Merchandise inventories, net	2,406,733	2,181,127	2,407,051
Prepaid expenses and other current assets	163,467	169,361	165,963
Prepaid income taxes	35,572	3,198	28,877
Total current assets	3,068,518	3,144,146	3,069,048
Property and equipment, net	1,414,258	1,434,062	1,332,503
Operating lease assets	1,877,965	1,813,074	1,682,151
Goodwill	223,146	226,421	392,606
Other intangible assets, net	200,200	203,288	5,466
Deferred compensation plan assets	56,828	53,391	50,550
Other long-term assets	123,035	124,912	98,324
Total assets	6,963,950	6,999,294	6,630,648
Current liabilities:
Accounts payable	646,200	685,887	708,655
Accrued liabilities	440,435	551,380	460,232
Deferred revenue	542,417	582,378	460,187
Current operating lease liabilities	312,648	306,671	282,593
Accrued income taxes		35,739
Short-term debt	339,578	62,287	289,101
Total current liabilities	2,281,278	2,224,342	2,200,768
Non-current operating lease liabilities	1,871,805	1,813,103	1,716,133
Deferred income taxes	99,404	98,766	49,158
Other long-term liabilities	67,722	59,632	60,729
Total liabilities	4,320,209	4,195,843	4,026,788
Commitments and contingencies (Note 6)
Stockholders' equity:
Common stock, $0.01 par value, 400,000 shares authorized; 43,707, 45,048, and 45,756 shares issued; 42,805, 44,166, and 44,875 shares outstanding; at August 1, 2026 (unaudited), January 31, 2026, and August 2, 2025 (unaudited), respectively	437	450	458
Treasury stock-common, at cost	(131,318)	(120,442)	(120,031)
Additional paid-in capital	1,209,214	1,182,754	1,151,858
Retained earnings	1,568,291	1,736,929	1,571,575
Accumulated other comprehensive (loss) income	(2,883)	3,760
Total stockholders' equity	2,643,741	2,803,451	2,603,860
Total liabilities and stockholders' equity	$ 6,963,950	$ 6,999,294	$ 6,630,648