Total Revenue

+4.5% (from $2,725.8M in Q1 2025 to $2,848.40M in Q1 2026)

Total revenue increased by 4.5% largely driven by strong sales performance across key segments (e.g., Cosmetics at $1,139.40M and Skincare at $712.10M) that built on previous period momentum, reflecting effective execution in store operations and product mix enhancements. " " " "

Net Income

-2.6% (declining from $313,113K in Q1 2025 to $305,052K in Q1 2026)

Despite revenue gains, net income declined by approximately 2.6%, suggesting that rising costs or margin pressures (evident from the operating income figure) partially offset the sales growth. This indicates increased expense pressures or less favorable cost management compared to the previous period. " "

Basic EPS

Increased from $6.51 in Q1 2025 to $6.72 in Q1 2026

Basic EPS improved modestly as a result of a decreased number of shares outstanding, which helped to partially offset the lower net income, reflecting the benefit of share repurchase activities relative to prior period figures. " "

Diluted EPS

Increased from $6.47 in Q1 2025 to $6.70 in Q1 2026

Diluted EPS increased slightly due to a similar reduction in the weighted-average diluted shares outstanding. This positive impact from share repurchases mitigated the adverse effects of lower net income and margin compression seen compared to Q1 2025. " "

Net Sales

FY 2025

$11.5B – $11.6B "

$11.5B – $11.7B "

raised

Comparable Sales Growth

FY 2025

flat to up 1% "

flat to up 1.5% "

raised

Operating Profit

FY 2025

expected to decrease in the low double-digit range "

expected to deleverage in the low double-digit range, with operating margin between 11.7% and 11.8% of sales "

no change

Diluted EPS

FY 2025

$22.50 – $22.90 per share "

$22.65 – $23.20 per share "

raised

Comp Sales Growth

FY 2025

no prior guidance

first half: low single-digit; second half: down low digits to up modestly "

no prior guidance

Gross Margin and SG&A Growth

FY 2025

no prior guidance

Assumptions for the drivers of gross margin deleverage and SG&A growth have not changed since the initial outlook provided in March "

no prior guidance

Ulta Beauty Unleashed Plan

Q4 2025: Detailed strategic plan focusing on core business growth, scaling new business, and re‐aligning the foundation. " " " Q3 2025: Not explicitly named, though similar in-store and operational efforts were discussed. " " Q2 2025: No mention. "

Clearly articulated with renewed focus on accelerating differentiation through improved execution and enhanced marketing. " "

Increased emphasis and clarity; the plan is being reinforced as a key growth pillar with a more cohesive execution narrative compared to previous periods.

In-Store Execution

Q4 2025: Addressed execution challenges like presentation and inventory gaps. " " Q3 2025: Focused on immersive in-store experiences with events and improved inventory management. " " Q2 2025: Not mentioned separately.

Emphasized improvements in guest experience, stock levels, and conversion through meticulous execution and staffing enhancements. " "

Continued focus with operational improvements; a consistent topic now showing enhanced execution to boost guest satisfaction and sales conversion.

Digital and E-Commerce Acceleration

Q4 2025: Launched new digital initiatives, app enhancements and a marketplace strategy. " Q3 2025: Reported double-digit app engagement growth and new digital experiences (e.g., virtual try-on, guided navigation). " Q2 2025: Incremental sales growth with digital platform upgrades mentioned. " "

Reported 10% e-commerce sales growth with advanced features (Split Cart, BOPUS, Shop My Store) and upcoming subscription services. "

Steady momentum with continued investments; digital capabilities are further enhanced, highlighting improved real-time responsiveness and customer convenience.

Loyalty Program Growth and Customer Engagement

Q4 2025: Loyalty grew to 44.6 million members with a 3% increase and strong social engagement. " " Q3 2025: Reported 5% growth to 44.4 million active members with effective engagement campaigns and community initiatives. " " " Q2 2025: Consistent growth and integration with digital channels discussed. " "

Active member base reached a record 45 million with higher engagement, enhanced personalization and new app features like split card and “shop by store”. "

Consistent and growing engagement; the loyalty program remains a strength with incremental growth and bolstered digital integration enhancing customer interaction.

Competitive Pressures and Market Share Challenges

Q4 2025: Noted rising competition from increased points of distribution and multiple competitive store openings. " " " Q3 2025: Highlighted intense competition in prestige beauty and normalization of promotions, with many stores affected. " " Q2 2025: Detailed impacts from over 1,000 new points of distribution and related market share challenges. " " "

Acknowledged ongoing competitive intensity with renewed confidence in differentiation, strategic focus on core categories, and leveraging omnichannel strengths. " " "

Persistent challenge with strategic adaptations; while competitive pressures remain high, there is a shift toward confidence in differentiation and targeted market share recovery.

Promotional Strategy Effectiveness

Q4 2025: Described a rational promotional environment with balanced offers and targeted messaging. " Q3 2025: Emphasized tailored, personalized promotions with tentpole events and CRM leverage. " " Q2 2025: Faced issues with incremental promotions that pressured margins without clear in‐store lift. " " "

Outlined refined promotional strategies with clearer calls to action, optimized events like “21 Days of Beauty,” and balanced sales growth. " " " "

Refinement and improved clarity; the approach is evolving from experimental promotions to highly targeted and effective campaigns, positively impacting guest engagement and margin balance.

Wellness Category Expansion

Q4 2025: Discussed expanding wellness footprint in stores with new categories (nutrition, mindfulness) and planned increase in dedicated space. " Q3 2025: Introduced emerging wellness brands like The Honey Pot and Joylux. " Q2 2025: Not mentioned.

Reported high single-digit growth in skin care and wellness segments, supported by launches of 9 new wellness brands and in-store events driving engagement. " "

Emerging as a major growth driver; from initial planning and limited footprint to robust sales performance and brand launches, wellness is becoming increasingly central to future growth.

Exclusive Brand Partnerships and New Product Launches

Q4 2025: Highlighted several exclusive launches (e.g., Cécéd, MILK MAKEUP, ANUA) and strategic new product introductions to enhance assortment. " " Q3 2025: Detailed collaborations like the “Wicked” collection and Mini Brands, plus various new makeup and skincare launches. " " Q2 2025: Discussed exclusive prints and multiple newness initiatives. " "

Emphasized targeting 20 high-potential exclusive brands and launching 19 new brands including notable names like Beyoncé’s Sacred haircare line, with robust cross-functional support. " " "

Sustained pipeline with increased exclusivity; consistent emphasis on enriching the brand portfolio and product newness, with a reinforced strategy around exclusivity as a competitive differentiator.

Operational Challenges and Supply Chain Issues

Q4 2025: Addressed in-store execution challenges, rising complexity from product transitions and higher inventory levels, with some supply chain cost pressures. " " " Q3 2025: Mentioned system changes, supply chain pressures and improvements in shrink management. " " Q2 2025: Focused on ERP transition challenges affecting allocations and planning. " "

Discussed ERP-related in-stock challenges, leveraging AI for supply chain efficiencies, improvements in shrink control, and managing global trade uncertainties. " " "

Progress with persistent challenges; while operational issues persist (mainly related to ERP and supply chain complexities), improvements are apparent through technology upgrades and process optimizations.

Cost Pressures and Margin Guidance

Q4 2025: Focused on inflationary pressures (wages, healthcare), strategic investments impacting margins and detailed SG&A and operating margin guidance. " " Q3 2025: Reported margin pressure from fixed costs deleverage, lower revenues and higher SG&A despite tailwinds like lower shipping costs. " " " Q2 2025: Noted decreased gross margins due to promotional activity and brand mix issues, with cautious full-year guidance. " "

Reported modest gross margin decline (−10 bps) and operating margin of 14.1% for Q1, while balancing cost pressures from shrink, tariffs, payroll, and cautious full-year outlook. " "

Consistent pressure managed through disciplined expense controls; margins remain a concern amid cost pressures, but ongoing initiatives and careful guidance reflect strategic management of these challenges.

Macro Uncertainty and Economic Environment

Q4 2025: Cited dynamic macro factors including adverse weather, geopolitical volatility, and a rational but cautious promotional environment. " Q3 2025: Highlighted a dynamic consumer environment with concerns over holiday selling season and economic pressures affecting behavior. " " Q2 2025: Noted cautious consumer spending, normalization of category growth, and increased competitive intensity. " " "

Emphasized a fluid and dynamic economic environment where consumers are cautious yet continue to invest in beauty; acknowledged risks from global trade and evolving tariffs with a cautious guidance approach. " " " "

Persistent uncertainty with cautious optimism; macroeconomic concerns continue to influence consumer behavior and guidance, but the company maintains strategic focus to navigate uncertainties while leveraging its resilient business model.