Ulta Beauty (ULTA) FY2022 results: revenue $10.2 billion, up 18.3% on the year

Ulta Beauty, Inc. (ULTA) reported revenue of $10.2 billion for fiscal 2022, the year ended 28 January 2023, up 18.3% on the year before. Net income was $1.2 billion, up 26.0%, and diluted earnings per share $24.01. The figures are the company's own, from the 10-K it filed with the SEC on 24 March 2023.

Revenue

$10.2 billion

+18.3% on the year

FY2015FY2022

Operating margin

16.1%

15.0% a year earlier

FY2015FY2022

Net income

$1.2 billion

+26.0% on the year

FY2015FY2022

Diluted EPS

$24.01

+33.5% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	10,209	8,631	6,152	+18.3%
Cost of revenue	6,164	5,262	4,203	+17.1%
Gross profit	4,045	3,369	1,949	+20.1%
Gross margin	39.6%	39.0%	31.7%
Selling, general and administrative	2,395	2,062	1,583	+16.2%
Operating income	1,639	1,297	237	+26.3%
Operating margin	16.1%	15.0%	3.8%
Interest expense	n/a	1.7	5.7
Pre-tax income	1,644	1,296	231	+26.8%
Income tax	401	310	55.2	+29.4%
Effective tax rate	24.4%	23.9%	23.9%
Net income	1,242	986	176	+26.0%
Net margin	12.2%	11.4%	2.9%
Diluted EPS	$24.01	$17.98	$3.11	+33.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	1,482	1,059	810	+39.9%
Capital expenditure	312	172	152	+81.3%
Free cash flow	1,170	887	658	+31.9%
Free cash flow margin	11.5%	10.3%	10.7%
Cash from investing	-315	-176	-48.8
Cash from financing	-861	-1,497	-108
Depreciation and amortisation	241	268	298	-10.1%
Share-based compensation	43.0	47.3	27.6	-8.9%
Buybacks	900	1,522	115	-40.9%
Diluted shares, weighted	52m	55m	57m	-5.7%
Shares outstanding at period end	50m	52m	56m	-3.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,960	1,535	2,000	+27.6%
Debt	0.0	0.0	0.0
Operating lease liabilities	1,620	1,573	1,643	+3.0%
Other liabilities	1,791	1,656	1,447	+8.1%
Total liabilities and equity	5,370	4,764	5,090	+12.7%
Fixed assets	1,009	914	996	+10.4%
Goodwill	10.9	10.9	10.9	0.0%
Intangible assets	1.3	n/a	2.5
Investments	n/a	n/a	0.0
Cash and equivalents	738	432	1,046	+71.0%
Receivables	199	234	193	-14.7%
Other assets	3,412	3,174	2,842	+7.5%
Total assets	5,370	4,764	5,090	+12.7%

10-K for the year ended 28 January 2023, filed 24 March 2023: the filing.