Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.85B | $5.88B | $6.72B | $7.40B | $6.15B | $8.63B | $10.2B | $11.2B | $11.3B | $12.4B |
| Revenue growth | — | 21.2% | 14.1% | 10.1% | -16.8% | 40.3% | 18.3% | 9.8% | 0.8% | 9.7% |
| Gross profit | $1.75B | $2.10B | $2.41B | $2.68B | $1.95B | $3.37B | $4.04B | $4.38B | $4.39B | $4.85B |
| Gross margin | 36.0% | 35.6% | 35.9% | 36.2% | 31.7% | 39.0% | 39.6% | 39.1% | 38.8% | 39.1% |
| Operating income | $655M | $785M | $854M | $901M | $237M | $1.30B | $1.64B | $1.68B | $1.56B | $1.53B |
| Operating margin | 13.5% | 13.3% | 12.7% | 12.2% | 3.8% | 15.0% | 16.1% | 15.0% | 13.9% | 12.4% |
| Net income | $410M | $555M | $659M | $706M | $176M | $986M | $1.24B | $1.29B | $1.20B | $1.15B |
| Net margin | 8.4% | 9.4% | 9.8% | 9.5% | 2.9% | 11.4% | 12.2% | 11.5% | 10.6% | 9.3% |
| EPS (diluted) | $6.52 | $8.96 | $10.94 | $12.15 | $3.11 | $17.98 | $24.01 | $26.03 | $25.34 | $25.64 |
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $634M | $779M | $956M | $1.10B | $810M | $1.06B | $1.48B | $1.48B | $1.34B | $1.50B |
| Capital expenditures | $373M | $441M | $319M | $299M | $152M | $172M | $312M | $435M | $374M | $435M |
| Free cash flow | $261M | $339M | $637M | $803M | $658M | $887M | $1.17B | $1.04B | $964M | $1.07B |
| Share buybacks | $344M | $368M | $616M | $681M | $115M | $1.52B | $900M | $996M | $1.00B | $901M |
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $385M | $277M | $409M | $392M | $1.05B | $432M | $738M | $767M | $703M | $424M |
| Total assets | $2.55B | $2.91B | $3.19B | $4.86B | $5.09B | $4.76B | $5.37B | $5.71B | $6.00B | $7.00B |
| Total liabilities | $1.00B | $1.13B | $1.37B | $2.96B | $3.09B | $3.23B | $3.41B | $3.43B | $3.51B | $4.20B |
| Shareholders' equity | $1.55B | $1.77B | $1.82B | $1.90B | $2.00B | $1.54B | $1.96B | $2.28B | $2.49B | $2.80B |
| Retained earnings | $906M | $1.09B | $1.11B | $1.13B | $1.19B | $653M | $996M | $1.29B | $1.47B | $1.74B |
| Shares (wtd avg diluted) | 62.9M | 62.0M | 60.2M | 58.1M | 56.6M | 54.8M | 51.7M | 49.6M | 47.4M | 45.0M |
Every figure is extracted from Ulta Beauty, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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