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Sentiment · FY2026 Q2
As of FY2026 Q1, the Tellvest earnings-call sentiment score for Ulta Beauty (ULTA) is 8/10.
Ulta Beauty opened fiscal 2026 with net sales up 11.1% to $3.2 billion and comparable sales up 5.3%, as a 3.7% increase in average ticket and a 1.6% increase in transactions lifted all channels and major categories. Gross margin expanded 100 basis points to 40.1% on lower inventory shrink and higher merchandise margin, helping diluted EPS rise 15.5% to $7.74. Fragrance led with high-teen comp growth while management leaned into new businesses including a TikTok Shop launch, an expanded marketplace, and AI-driven personalization. Citing strong execution, the company raised its operating profit growth outlook to 6.5% to 9% and its diluted EPS guidance to $28.36 to $28.80 while maintaining 6% to 7% net sales growth, and it lifted its fiscal 2026 buyback target from $1 billion to $1.5 billion. Management struck a measured tone on the balance of the year, pointing to a value-focused consumer, rising fuel costs, and low-single-digit comps against tougher comparisons.
Scored from Ulta Beauty’s FY2026 Q1 earnings call. The newest quarter is available with Tellvest Pro.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $3.49B | -1.9% | $8.46 | +4.7% | 38.2% | 14.9% | 11.3% | $963M |
| FY2025 Q1 | $2.85B | +4.5% | $6.70 | +3.6% | 39.1% | 14.2% | 10.7% | $141M |
| FY2025 Q2 | $2.79B | +9.3% | $5.78 | +9.1% | 39.2% | 12.6% | 9.4% | $20M |
| FY2025 Q3 | $2.86B | +12.9% | $5.14 | 0.0% | 40.4% | 11.0% | 8.1% | $-82M |
| FY2025 Q4 | $3.90B | +11.8% | $8.02 | -5.2% | 38.1% | 12.3% | 9.1% | $907M |
| FY2026 Q1 | $3.16B | +11.1% | $7.74 | +15.5% | 40.1% | 14.2% | 10.8% | $204M |
| FY2026 Q2 | $3.04B | +8.9% | $6.57 | +13.7% | 39.1% | 12.5% | 9.3% | $38M |