Ulta Beauty (ULTA) Q3 FY2025 earnings: revenue $2.9 billion, up 12.9% on the year

Ulta Beauty, Inc. (ULTA) reported revenue of $2.9 billion for Q3 FY2025, the quarter ended 1 November 2025, up 12.9% on the same quarter a year earlier. Net income was $231 million, down 4.7% on the year, and diluted earnings per share $5.14. The figures are the company's own, from the 10-Q it filed with the SEC on 4 December 2025.

Revenue

$2.9 billion

+12.9% on the year · +2.5% on the quarter

Q4 FY2023Q3 FY2025

Operating margin

10.8%

12.6% a year earlier

Q4 FY2023Q3 FY2025

Net income

$231 million

-4.7% on the year · -11.5% on the quarter

Q4 FY2023Q3 FY2025

Diluted EPS

$5.14

0.0% on the year · -11.1% on the quarter

Q4 FY2023Q3 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 raised, 7 kept.

Net sales rose 12.9%: Quarterly net sales were $2.9 billion, up 12.9%, from higher comparable sales, the Space NK acquisition and net new stores.
Operating margin fell to 10.8%: Operating income was $309.4 million, against $318.5 million in the prior-year quarter, a decline in margin from 12.6% to 10.8%.
Assortment newness resonated with guests: Management credited new assortment, improved in-store and digital experiences, and marketing with resonating with guests.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Revenue	2,858	2,788	2,530	+2.5%	+12.9%
Cost of revenue	1,702	1,697	1,524	+0.3%	+11.6%
Gross profit	1,156	1,092	1,006	+5.9%	+14.9%
Gross margin	40.4%	39.2%	39.7%
Selling, general and administrative	841	742	682	+13.4%	+23.3%
Operating income	309	345	319	-10.3%	-2.9%
Operating margin	10.8%	12.4%	12.6%
Interest expense	4.1	n/a	n/a
Pre-tax income	305	346	320	-11.8%	-4.6%
Income tax	73.4	84.8	78.0	-13.4%	-5.8%
Effective tax rate	24.1%	24.5%	24.4%
Net income	231	261	242	-11.5%	-4.7%
Net margin	8.1%	9.4%	9.6%
Diluted EPS	$5.14	$5.78	$5.14	-11.1%	0.0%

$ 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	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Operating cash flow	5.6	96.5	-56.8	-94.2%
Capital expenditure	87.3	77.0	114	+13.4%	-23.6%
Free cash flow	-81.6	19.6	-171
Free cash flow margin	-2.9%	0.7%	-6.8%
Cash from investing	-95.6	-474	-115
Cash from financing	52.1	165	-64.1	-68.4%
Depreciation and amortisation	75.8	71.2	67.0	+6.5%	+13.1%
Buybacks	225	109	264	+105.3%	-14.8%
Diluted shares, weighted	45m	45m	47m	-0.5%	-4.7%
Shares outstanding at period end	45m	45m	47m	-0.8%	-4.4%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Shareholders' equity	2,633	2,604	2,329	+1.1%	+13.1%
Debt	552	289	200	+90.8%	+176.3%
Operating lease liabilities	1,732	1,716	1,656	+0.9%	+4.6%
Other liabilities	2,095	2,022	1,773	+3.6%	+18.1%
Total liabilities and equity	7,012	6,631	5,958	+5.8%	+17.7%
Fixed assets	1,367	1,333	1,264	+2.6%	+8.1%
Goodwill	393	393	10.9	0.0%	+3,511.8%
Cash and equivalents	205	243	178	-15.6%	+15.3%
Receivables	237	224	214	+5.8%	+11.1%
Other assets	4,811	4,438	4,292	+8.4%	+12.1%
Total assets	7,012	6,631	5,958	+5.8%	+17.7%

Questions

What was Ulta Beauty's revenue in Q3 FY2025?

Ulta Beauty (ULTA) reported revenue of $2.9 billion for Q3 FY2025, the quarter ended 1 November 2025, up 12.9% on the same quarter a year earlier.

How much did Ulta Beauty earn in Q3 FY2025?

Net income for Q3 FY2025 was $231 million, down 4.7% on the year, and diluted earnings per share $5.14.

When did Ulta Beauty report Q3 FY2025 results?

Ulta Beauty filed its 10-Q for the quarter ended 1 November 2025 with the SEC on 4 December 2025.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,996	2,729	2,346	2,297	2,339	3,227	2,634	2,530	2,489	3,554	2,726	2,552	2,530	3,488	2,848	2,788	2,858	3,898	3,164	3,036
Cost of revenue	1,206	1,702	1,405	1,369	1,376	2,014	1,579	1,536	1,497	2,214	1,656	1,574	1,524	2,154	1,734	1,697	1,702	2,415	1,896	1,849
Gross profit	789	1,027	941	928	963	1,213	1,055	994	992	1,341	1,070	978	1,006	1,334	1,114	1,092	1,156	1,484	1,268	1,187
Gross margin	40%	38%	40%	40%	41%	38%	40%	39%	40%	38%	39%	38%	40%	38%	39%	39%	40%	38%	40%	39%
SG&A	503	650	501	534	597	763	612	601	661	820	666	645	682	816	711	742	841	1,003	815	803
Operating income	284	376	438	391	362	448	442	392	327	517	401	329	319	516	402	345	309	477	448	380
Operating margin	14%	14%	19%	17%	15%	14%	17%	15%	13%	15%	15%	13%	13%	15%	14%	12%	11%	12%	14%	13%
Interest expense	0.4	0.5	0.4	-0.1	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	4.1	n/a	n/a	3.7
Pre-tax income	284	375	437	392	363	452	449	396	330	520	408	334	320	518	405	346	305	474	449	376
Tax rate	24%	23%	24%	24%	24%	25%	23%	24%	24%	24%	23%	24%	24%	24%	25%	24%	24%	24%	24%	24%
Net income	215	289	331	296	275	341	347	300	249	394	313	253	242	393	305	261	231	357	340	282
Net margin	11%	11%	14%	13%	12%	11%	13%	12%	10%	11%	11%	10%	10%	11%	11%	9%	8%	9%	11%	9%
Diluted EPS	$3.94	$5.38	$6.30	$5.70	$5.34	$6.68	$6.88	$6.02	$5.07	$8.08	$6.47	$5.30	$5.14	$8.46	$6.70	$5.78	$5.14	$8.01	$7.74	$6.55
Operating cash flow	13.4	644	426	114	32.8	908	305	124	-70.8	1,118	159	200	-56.8	1,037	220	96.5	5.6	1,181	262	120
Capital expenditure	51.1	63.8	71.1	49.4	83.5	108	110	95.0	106	124	91.0	95.3	114	73.9	79.0	77.0	87.3	192	58.3	81.3
Free cash flow	-37.7	581	355	64.9	-50.7	800	195	28.9	-177	994	68.3	104	-171	963	141	19.6	-81.6	989	204	38.4
Buybacks	126	760	133	302	137	328	284	275	282	155	289	212	264	238	370	109	225	197	545	248
Shares outstanding	54m	52m	52m	51m	51m	50m	50m	49m	49m	48m	48m	47m	47m	46m	45m	45m	45m	44m	43m	43m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 1 November 2025, filed 4 December 2025: the filing.