Ulta Beauty (ULTA) 10-K Summary — Year Ended Feb 1, 2025
Ulta Beauty reported a modest increase in annual revenue, with operating cash flow remaining strong. The company continues to operate as the largest specialty beauty retailer in the United States.
Key takeaway
Year ended Feb 1, 2025 · FY2025 10-K
Ulta Beauty reported a modest increase in annual revenue, with operating cash flow remaining strong. The company continues to operate as the largest specialty beauty retailer in the United States.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$11.3B
Revenue reported for the fiscal year.
Operating income
$1.6B
Income from operations reported for the year.
Net income
$1.2B
Net income reported for the year.
Operating cash flow
$1.3B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Jan 29, 2022 | $8.6B | n/a |
| Jan 28, 2023 | $10.2B | +18.3% |
| Feb 3, 2024 | $11.2B | +9.8% |
| Feb 1, 2025 | $11.3B | +0.8% |
Business overview
Ulta Beauty is the largest specialty beauty retailer in the United States, offering approximately 29,000 products from about 600 brands across cosmetics, fragrance, skincare, haircare, and salon services. It operates over 1,400 stores and more than 600 Ulta Beauty at Target shop-in-shops, complemented by digital platforms including its website and mobile apps.
Financial performance
Revenue increased slightly compared to the prior year, while operating income and net income remained substantial. Operating cash flow was robust, supporting ongoing operations and investments.
Material risks
The filing references risk factors but does not provide specific details in the supplied context. Readers should refer to the full filing for a complete list of material risks, which may include competitive pressures, supply chain disruptions, and changes in consumer preferences.
Liquidity and capital
Primary liquidity sources include cash, operating cash flows, and a credit facility. Cash needs are driven by rent, store expansion, inventory, share repurchases, and IT investments, with working capital peaking from August through November due to holiday inventory buildup.
What to watch
Monitor the trend in revenue growth, which slowed to a modest increase in the most recent period, as it may signal changes in market demand or competitive dynamics.