ULTAUlta Beauty

Consumer discretionary · Specialty Retail · Nasdaq

Ulta Beauty, Inc. (“we,” “us,” “our,” “Ulta Beauty,” or the “Company”) is an international specialty beauty retailer and a premier beauty destination for cosmetics, fragrance, skin care products, wellness products, hair care products, and salon services. 10-K, Item 1

Employees: 65,000
Headquarters: Bolingbrook, IL
CEO: Kecia Steelman
Next results: around Dec 3, 2026

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ULTA and 9 peers, year by year

The 9 Consumer discretionary companies closest to ULTA in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
ULTA Ulta Beauty	FY2025	$12.4B	+9.7%	39.1%	12.4%	9.3%	8.6%	41.1%	0.02
CMG Chipotle Mexican Grill	FY2025	$11.9B	+5.4%	-	16.2%	12.9%	12.1%	54.3%	0.00
HLT Hilton Worldwide	FY2025	$12.0B	+7.7%	-	22.4%	12.1%	16.8%	n/m	n/m
DRI Darden Restaurants	FY2026	$13.2B	+9.4%	20.3%	12.0%	9.1%	8.5%	54.7%	1.06
EBAY eBay Inc.	FY2025	$11.1B	+7.9%	71.5%	20.5%	18.3%	12.9%	45.3%	1.50
LVS Las Vegas Sands	FY2025	$13.0B	+15.2%	-	21.6%	12.5%	14.3%	102.3%	9.93
ABNB Airbnb	FY2025	$12.2B	+10.3%	-	20.8%	20.5%	-	30.6%	0.24
LULU Lululemon Athletica	FY2025	$11.1B	+4.9%	56.6%	19.9%	14.2%	8.3%	31.8%	-
NCLH Norwegian Cruise Line Holdings	FY2025	$9.8B	+3.7%	-	15.9%	4.3%	−11.9%	19.2%	6.61
TSCO Tractor Supply	FY2025	$15.5B	+4.3%	36.4%	9.5%	7.1%	4.8%	42.5%	0.06

Revenuepeer median $12.0B

Sales growthpeer median +7.7%

Gross marginpeer median 46.5%

EBAY 71.5%
LULU 56.6%
ULTA 39.1%
TSCO 36.4%
DRI 20.3%
CMG -
HLT -
LVS -
ABNB -
NCLH -

Operating marginpeer median 19.9%

Net marginpeer median 12.5%

FCF marginpeer median 10.3%

Return on equitypeer median 43.9%

Debt / equitypeer median 1.06

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ULTA Jan	$4.9B	$5.9B	$6.7B	$7.4B	$6.2B	$8.6B	$10.2B	$11.2B	$11.3B	$12.4B
CMG Dec	$3.9B	$4.5B	$4.9B	$5.6B	$6.0B	$7.5B	$8.6B	$9.9B	$11.3B	$11.9B
HLT Dec	$6.6B	$8.1B	$8.9B	$9.5B	$4.3B	$5.8B	$8.8B	$10.2B	$11.2B	$12.0B
DRI May	$6.9B	$7.2B	$8.1B	$8.5B	$7.8B	$7.2B	$9.6B	$10.5B	$11.4B	$12.1B
EBAY Dec	$9.3B	$9.9B	$8.7B	$7.4B	$8.9B	$10.4B	$9.8B	$10.1B	$10.3B	$11.1B
LVS Dec	$11.4B	$12.9B	$13.7B	$12.1B	$2.9B	$4.2B	$4.1B	$10.4B	$11.3B	$13.0B
ABNB Dec	-	-	-	$4.8B	$3.4B	$6.0B	$8.4B	$9.9B	$11.1B	$12.2B
LULU Feb	$2.3B	$2.6B	$3.3B	$4.0B	$4.4B	$6.3B	$8.1B	$9.6B	$10.6B	$11.1B
NCLH Dec	$4.9B	$5.4B	$6.1B	$6.5B	$1.3B	$648.0M	$4.8B	$8.5B	$9.5B	$9.8B
TSCO Dec	-	$7.3B	$7.9B	$8.4B	$10.6B	$12.7B	$14.2B	$14.6B	$14.9B	$15.5B
Peer median	$6.6B	$7.2B	$8.0B	$7.4B	$4.4B	$6.3B	$8.6B	$10.1B	$11.2B	$12.0B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ULTA Jan	+23.7%	+21.2%	+14.1%	+10.1%	−16.8%	+40.3%	+18.3%	+9.8%	+0.8%	+9.7%
CMG Dec	−13.3%	+14.7%	+8.7%	+14.8%	+7.1%	+26.1%	+14.4%	+14.3%	+14.6%	+5.4%
HLT Dec	+3.5%	+23.6%	+9.5%	+6.1%	−54.4%	+34.4%	+51.6%	+16.7%	+9.2%	+7.7%
DRI May	-	+3.4%	+12.7%	+5.3%	−8.3%	−7.8%	+33.8%	+8.9%	+8.6%	+6.0%
EBAY Dec	+4.5%	+6.8%	+8.3%	−0.2%	+19.7%	+17.2%	−6.0%	+3.2%	+1.7%	+7.9%
LVS Dec	−2.4%	+12.9%	+7.9%	+0.1%	−75.8%	+44.0%	−2.9%	+152%	+8.9%	+15.2%
ABNB Dec	-	-	-	-	−29.7%	+77.4%	+40.2%	+18.1%	+11.9%	+10.3%
LULU Feb	+13.8%	+13.0%	+24.1%	+21.0%	+10.6%	+42.1%	+29.6%	+18.6%	+10.1%	+4.9%
NCLH Dec	+12.2%	+10.7%	+12.2%	+6.7%	−80.2%	−49.4%	+648%	+76.5%	+10.9%	+3.7%
TSCO Dec	-	-	+9.0%	+5.6%	+27.2%	+19.9%	+11.6%	+2.5%	+2.2%	+4.3%
Peer median	+4.0%	+12.9%	+9.3%	+5.9%	−8.3%	+26.1%	+29.6%	+16.7%	+9.2%	+6.0%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ULTA Jan	36.0%	35.6%	35.9%	36.2%	31.7%	39.0%	39.6%	39.1%	38.8%	39.1%
CMG Dec	-	-	-	-	-	-	-	-	-	-
HLT Dec	-	-	-	-	-	-	-	-	-	-
DRI May	18.8%	18.5%	18.5%	18.7%	15.0%	19.5%	19.7%	19.0%	20.1%	20.5%
EBAY Dec	78.4%	77.6%	76.6%	78.7%	79.8%	74.6%	72.6%	72.0%	72.0%	71.5%
LVS Dec	-	-	-	-	-	-	-	-	-	-
ABNB Dec	-	-	-	-	-	-	-	-	-	-
LULU Feb	51.2%	52.8%	55.2%	55.9%	56.0%	57.7%	55.4%	58.3%	59.2%	56.6%
NCLH Dec	-	-	-	-	-	-	-	-	-	-
TSCO Dec	-	34.3%	34.2%	34.4%	35.4%	35.2%	35.0%	35.9%	36.3%	36.4%
Peer median	51.2%	43.6%	44.7%	45.1%	45.7%	46.4%	45.2%	47.1%	47.7%	46.5%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ULTA Jan	13.5%	13.3%	12.7%	12.2%	3.8%	15.0%	16.1%	15.0%	13.9%	12.4%
CMG Dec	0.9%	6.0%	5.3%	7.9%	4.8%	10.7%	13.4%	15.8%	16.9%	16.2%
HLT Dec	13.2%	13.9%	16.1%	17.5%	−9.7%	17.4%	23.9%	21.7%	21.2%	22.4%
DRI May	9.0%	9.4%	9.5%	9.8%	0.6%	9.0%	12.1%	11.5%	11.5%	11.3%
EBAY Dec	25.0%	22.8%	20.3%	23.8%	29.6%	28.1%	24.0%	19.2%	22.5%	20.5%
LVS Dec	21.9%	26.9%	27.3%	27.7%	−47.4%	−16.3%	−19.3%	22.3%	21.3%	21.6%
ABNB Dec	-	-	-	−10.4%	−106.3%	7.2%	21.5%	15.3%	23.0%	20.8%
LULU Feb	18.0%	17.2%	21.5%	22.3%	18.6%	21.3%	16.4%	22.2%	23.7%	19.9%
NCLH Dec	19.0%	19.4%	20.1%	18.2%	−272.2%	−393.9%	−32.0%	10.9%	15.5%	15.9%
TSCO Dec	-	9.5%	8.9%	8.9%	9.4%	10.3%	10.1%	10.2%	9.9%	9.5%
Peer median	18.0%	15.6%	18.1%	17.5%	0.6%	10.3%	13.4%	15.8%	21.2%	19.9%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ULTA Jan	8.4%	9.4%	9.8%	9.5%	2.9%	11.4%	12.2%	11.5%	10.6%	9.3%
CMG Dec	0.6%	3.9%	3.6%	6.3%	5.9%	8.7%	10.4%	12.4%	13.6%	12.9%
HLT Dec	5.1%	13.3%	8.6%	9.3%	−16.6%	7.1%	14.3%	11.1%	13.7%	12.1%
DRI May	5.4%	6.7%	7.4%	8.4%	−0.7%	8.7%	9.9%	9.4%	9.0%	8.7%
EBAY Dec	78.1%	−10.2%	29.2%	24.0%	63.7%	130.6%	−13.0%	27.4%	19.2%	18.3%
LVS Dec	14.7%	21.8%	17.6%	22.2%	−57.3%	−22.7%	44.6%	11.8%	12.8%	12.5%
ABNB Dec	-	-	-	−14.0%	−135.7%	−5.9%	22.5%	48.3%	23.9%	20.5%
LULU Feb	12.9%	9.8%	14.7%	16.2%	13.4%	15.6%	10.5%	16.1%	17.1%	14.2%
NCLH Dec	13.0%	14.1%	15.8%	14.4%	−313.5%	−695.5%	−46.9%	1.9%	9.6%	4.3%
TSCO Dec	-	5.8%	6.7%	6.7%	7.1%	7.8%	7.7%	7.6%	7.4%	7.1%
Peer median	12.9%	8.2%	11.6%	9.3%	−0.7%	7.8%	10.4%	11.8%	13.6%	12.5%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ULTA Jan	$260.9M	$338.7M	$636.7M	$802.8M	$658.5M	$887.1M	$1.2B	$1.0B	$964.1M	$1.1B
CMG Dec	$96.3M	$251.4M	$334.2M	$387.7M	$290.5M	$839.6M	$844.0M	$1.2B	$1.5B	$1.4B
HLT Dec	$993.0M	$791.0M	$1.2B	$1.3B	$662.0M	$74.0M	$1.6B	$1.8B	$1.9B	$2.0B
DRI May	$592.1M	$623.3M	$623.8M	$815.6M	$257.5M	$938.6M	$887.7M	$987.9M	$1.0B	$1.1B
EBAY Dec	$2.2B	$2.5B	$2.0B	$2.6B	$2.0B	$2.2B	$1.8B	$2.0B	$2.0B	$1.4B
LVS Dec	$2.6B	$3.7B	$3.8B	$2.0B	−$2.5B	−$1.1B	−$1.6B	$2.2B	$1.6B	$1.9B
ABNB Dec	-	-	-	$97.3M	−$777.0M	$2.3B	$3.4B	-	-	-
LULU Feb	$236.9M	$331.5M	$517.0M	$386.3M	$574.1M	$994.6M	$327.8M	$1.6B	$1.6B	$921.7M
NCLH Dec	$172.0M	$229.0M	$508.4M	$185.4M	−$3.5B	−$3.2B	−$1.6B	−$744.6M	$838.9M	−$1.2B
TSCO Dec	$424.7M	$381.0M	$415.9M	$594.3M	$1.1B	$510.3M	$583.6M	$580.1M	$636.8M	$740.5M
Peer median	$508.4M	$502.2M	$570.4M	$594.3M	$290.5M	$839.6M	$844.0M	$1.4B	$1.5B	$1.2B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ULTA Jan	5.4%	5.8%	9.5%	10.9%	10.7%	10.3%	11.5%	9.3%	8.5%	8.6%
CMG Dec	2.5%	5.6%	6.9%	6.9%	4.9%	11.1%	9.8%	12.4%	13.4%	12.1%
HLT Dec	15.1%	9.7%	13.3%	13.8%	15.4%	1.3%	18.7%	17.5%	17.2%	16.8%
DRI May	8.5%	8.7%	7.7%	9.6%	3.3%	13.0%	9.2%	9.4%	9.0%	8.8%
EBAY Dec	23.7%	25.0%	23.5%	35.1%	22.0%	21.2%	18.4%	19.5%	19.0%	12.9%
LVS Dec	23.2%	28.8%	27.3%	16.7%	−86.4%	−25.3%	−38.8%	21.3%	14.5%	14.3%
ABNB Dec	-	-	-	2.0%	−23.0%	38.2%	40.5%	-	-	-
LULU Feb	10.1%	12.5%	15.7%	9.7%	13.0%	15.9%	4.0%	17.1%	15.0%	8.3%
NCLH Dec	3.5%	4.2%	8.4%	2.9%	−273.7%	−497.1%	−32.5%	−8.7%	8.8%	−11.9%
TSCO Dec	-	5.3%	5.3%	7.1%	10.4%	4.0%	4.1%	4.0%	4.3%	4.8%
Peer median	10.1%	9.2%	10.8%	9.6%	4.9%	11.1%	9.2%	14.7%	13.9%	10.5%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ULTA Jan	26.4%	31.3%	36.2%	37.1%	8.8%	64.2%	63.4%	56.6%	48.3%	41.1%
CMG Dec	1.6%	12.9%	12.2%	20.8%	17.6%	28.4%	38.0%	40.1%	42.0%	54.3%
HLT Dec	5.7%	64.2%	138.7%	n/m	n/m	n/m	n/m	n/m	n/m	n/m
DRI May	19.2%	22.8%	27.2%	29.8%	−2.2%	22.4%	43.3%	44.6%	45.8%	45.4%
EBAY Dec	69.0%	−12.6%	40.3%	62.2%	159.1%	139.2%	−24.6%	43.3%	38.3%	45.3%
LVS Dec	27.2%	43.3%	42.5%	52.0%	−56.7%	−48.1%	47.2%	29.7%	50.1%	102.3%
ABNB Dec	-	-	-	n/m	−158.0%	−7.4%	34.0%	58.7%	31.5%	30.6%
LULU Feb	22.3%	16.2%	33.5%	33.1%	23.0%	35.6%	27.1%	36.6%	42.0%	31.8%
NCLH Dec	14.0%	13.2%	16.0%	14.3%	−92.2%	−185.3%	n/m	55.2%	63.9%	19.2%
TSCO Dec	30.1%	29.8%	34.1%	35.9%	38.9%	49.8%	53.3%	51.5%	48.5%	42.5%
Peer median	20.8%	19.5%	33.8%	33.1%	7.7%	25.4%	38.0%	43.9%	43.9%	43.9%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ULTA Jan	-	-	-	-	-	-	-	-	-	0.02
CMG Dec	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
HLT Dec	1.12	3.91	13.22	n/m	n/m	n/m	n/m	n/m	n/m	n/m
DRI May	0.23	0.45	0.42	0.39	0.51	0.33	0.41	0.40	0.65	0.92
EBAY Dec	0.85	1.24	1.47	2.70	2.18	0.93	1.72	1.32	1.44	1.50
LVS Dec	1.55	1.49	2.11	2.41	4.71	7.41	4.12	3.41	4.77	9.93
ABNB Dec	-	-	-	-	0.63	0.42	0.36	0.24	0.24	0.24
LULU Feb	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	-
NCLH Dec	1.41	1.10	1.09	0.92	0.36	5.12	n/m	n/m	9.19	6.61
TSCO Dec	0.00	0.11	0.10	0.10	0.08	0.07	0.07	0.07	0.07	0.06
Peer median	0.99	1.17	1.28	0.39	0.44	0.37	0.36	0.24	0.44	0.92

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
ULTA Jan	$6.52	$8.96	$10.94	$12.15	$3.11	$17.98	$24.01	$26.03	$25.34	$25.64
CMG Dec	$0.77	$6.17	$6.31	$12.38	$12.52	$22.90	$0.64	$0.89	$1.11	$1.14
HLT Dec	$1.03	$3.32	$2.50	$3.04	−$2.58	$1.46	$4.53	$4.33	$6.14	$6.12
DRI May	$2.90	$3.80	$4.73	$5.69	−$0.43	$4.77	$7.39	$7.99	$8.51	$8.86
EBAY Dec	$6.35	−$0.95	$2.55	$2.09	$7.89	$20.54	−$2.27	$5.19	$3.94	$4.34
LVS Dec	$2.11	$3.55	$3.07	$3.50	−$2.21	−$1.26	$2.40	$1.60	$1.96	$2.35
ABNB Dec	-	-	-	-	-	-	-	-	-	-
LULU Feb	$2.21	$1.90	$3.61	$4.93	$4.50	$7.49	$6.68	$12.20	$14.64	$13.26
NCLH Dec	$2.78	$3.31	$4.25	$4.30	−$15.75	−$12.33	−$5.41	$0.39	$1.89	$0.92
TSCO Dec	$0.65	$0.66	$0.86	$0.93	$1.28	$1.72	$1.94	$2.02	$2.04	$2.06
Peer median	$2.16	$3.31	$3.34	$3.90	$0.42	$3.25	$2.17	$3.17	$2.99	$3.34

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out ULTA and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

Work on ULTA in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/ULTA/export.csv") into a cell.