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Aug 02, 2025
Ulta Q2 2025 Earnings Report
Ulta delivered solid revenue growth and expanded profitability in Q2 2025.
Key Takeaways
Ulta Beauty posted a strong Q2 with 9.3% revenue growth, boosted by increased comparable sales and broad-based category strength. Net income and EPS also saw healthy gains.
Revenue grew 9.3% YoY to $2.79B, driven by higher transactions and average ticket.
Comparable sales rose 6.7%, reversing a 1.2% decline in the prior year.
EPS increased 9.1% to $5.78, aided by margin expansion.
Ulta opened 24 new stores, ending the quarter with 1,473 stores.
Revenue by Segment
Forward Guidance
Ulta raised its full-year outlook, expecting stronger sales, margin expansion, and higher EPS despite macro uncertainties.
Positive Outlook
- Raised full-year net sales outlook to $12.0B–$12.1B
- Comparable sales guidance increased to 2.5%–3.5%
- EPS guidance raised to $23.85–$24.30
- Operating margin expected to reach 11.9%–12.0%
- New store openings raised to approximately 63
Challenges Ahead
- SG&A expenses growing faster than revenue
- Inventory up 20.5% YoY due to expansion and new brands
- Short-term debt of $289.1M drawn for Space NK acquisition
- Pre-opening and remodeling costs increased YoY
- Ongoing caution regarding evolving consumer demand
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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