Short answer
Ulta Beauty (ULTA) filed its fiscal 2025 10-K annual report with the SEC on Mar 27, 2025. It reported revenue of $11.3B (+0.8% year over year) and net income of $1.2B.
- Top risk flagged: Cybersecurity risk with centralized management led by CTTO and VP IT Risk Management and ongoing Board updates
FY2025 key financial metrics · XBRL
- Revenue
- $11.3B
- +0.8% YoY
- Net income
- $1.2B
- −7.0% YoY
- Operating margin
- 13.9%
- −1.1 pp YoY
- Gross margin
- 38.8%
- −0.3 pp YoY
- EPS (diluted)
- $25.34
- −2.7% YoY
- ROE
- 48.3%
- −8.4 pp YoY
- Operating cash flow
- $1.3B
- −9.3% YoY
Source: XBRL data from the Ulta Beauty (ULTA) FY2025 10-K on SEC EDGAR. USD.
Ulta Beauty FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Largest U.S. specialty beauty retailer with ~29,000 products from 600 brands plus in-store salon services
- New emphasis on Ulta Beauty at Target with 600 shop-in-shops in Target stores offering prestige assortments
- Expanded digital tools including virtual try-on, AI-driven skin analysis, and omnichannel fulfillment options
- Loyalty program drives over 95% of sales, enabling personalized marketing through advanced CRM platform
- Store count over 1,400 free-standing plus 600 shop-in-shops, focusing on flexibility to adapt to consumer trends
Management Discussion & Analysis
- Revenue $11.3B in fiscal 2024, up 0.8% YoY from $11.2B in fiscal 2023 (+$88.4M), driven by new stores and 0.7% comparable sales growth
- Operating margin 13.9% vs 15.0% YoY; gross margin 38.8% vs 39.1% YoY due to higher promotions, new store costs, and inflationary pressures
- Single segment business: retail stores, salons, e-commerce; net sales from stores grew with 66 new stores opened in 2024 vs 33 in 2023
- Net cash from operations $1.34B in 2024 (down from $1.48B in 2023); capital expenditures $374.5M in 2024 (down from $435.3M in 2023); share repurchases increased, no debt outstanding at year-end
- Fiscal 2025 capex guidance up to $500M for new/remodeled stores, IT & supply chain; risks include inflation, macroeconomic pressures, and potential elevated interest rates on future debt
Risk Factors
- Cybersecurity risk with centralized management led by CTTO and VP IT Risk Management and ongoing Board updates
- Dependency on key cybersecurity leaders with over 25 and 30 years of experience to oversee risk management programs
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