Ulta Beauty (ULTA) FY2024 results: revenue $11.3 billion, up 0.8% on the year

Ulta Beauty, Inc. (ULTA) reported revenue of $11.3 billion for fiscal 2024, the year ended 1 February 2025, up 0.8% on the year before. Net income was $1.2 billion, down 7.0%, and diluted earnings per share $25.34. The figures are the company's own, from the 10-K it filed with the SEC on 27 March 2025.

Revenue

$11.3 billion

+0.8% on the year

FY2017FY2024

Operating margin

13.9%

15.0% a year earlier

FY2017FY2024

Net income

$1.2 billion

-7.0% on the year

FY2017FY2024

Diluted EPS

$25.34

-2.7% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	11,296	11,207	10,209	+0.8%
Cost of revenue	6,908	6,826	6,164	+1.2%
Gross profit	4,387	4,381	4,045	+0.1%
Gross margin	38.8%	39.1%	39.6%
Selling, general and administrative	2,809	2,695	2,395	+4.2%
Operating income	1,565	1,678	1,639	-6.7%
Operating margin	13.9%	15.0%	16.1%
Pre-tax income	1,580	1,696	1,644	-6.8%
Income tax	379	405	401	-6.4%
Effective tax rate	24.0%	23.9%	24.4%
Net income	1,201	1,291	1,242	-7.0%
Net margin	10.6%	11.5%	12.2%
Diluted EPS	$25.34	$26.03	$24.01	-2.7%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	1,339	1,476	1,482	-9.3%
Capital expenditure	374	435	312	-14.0%
Free cash flow	964	1,041	1,170	-7.4%
Free cash flow margin	8.5%	9.3%	11.5%
Cash from investing	-383	-441	-315
Cash from financing	-1,019	-1,006	-861
Depreciation and amortisation	267	244	241	+9.5%
Share-based compensation	42.8	48.2	43.0	-11.3%
Buybacks	1,003	996	900	+0.8%
Diluted shares, weighted	47m	50m	52m	-4.4%
Shares outstanding at period end	46m	48m	50m	-4.9%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	2,488	2,279	1,960	+9.2%
Debt	0.0	0.0	0.0
Operating lease liabilities	1,635	1,627	1,620	+0.5%
Other liabilities	1,878	1,800	1,791	+4.3%
Total liabilities and equity	6,002	5,707	5,370	+5.2%
Fixed assets	1,239	1,182	1,009	+4.8%
Goodwill	10.9	10.9	10.9	0.0%
Intangible assets	0.2	0.5	1.3	-60.0%
Cash and equivalents	703	767	738	-8.3%
Receivables	223	208	199	+7.4%
Other assets	3,825	3,539	3,412	+8.1%
Total assets	6,002	5,707	5,370	+5.2%

10-K for the year ended 1 February 2025, filed 27 March 2025: the filing.