Ulta Beauty, Inc. stock research
FY2026 Q1
Ulta Beauty (ULTA) Gross Margin & Quarterly History
Explore Ulta Beauty, Inc. (ULTA) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended May 2, 2026 · FY2026 Q1
Revenue decreased compared to the prior quarter but increased from the same quarter last year. Gross profit followed a similar pattern, while cost of revenue declined sequentially and rose year-over-year, resulting in a gross margin that improved relative to both periods.
- The gross margin percentage increased from both the prior quarter and the year-ago quarter, indicating an improved relationship between gross profit and revenue.
- Compared to the immediately preceding quarter, revenue and gross profit were lower while cost of revenue was also lower, and gross margin was higher. Compared to the same quarter one year earlier, revenue, gross profit, and cost of revenue were all higher, and gross margin was higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
40.1%
Gross profit
$1.3B
Revenue
$3.2B
Cost of revenue
$1.9B
Quarter-over-quarter change
+2.0 pts
Year-over-year change
+0.9 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Aug 2, 2025 | $2.8B | $1.1B | $1.7B | 39.2% |
| Nov 1, 2025 | $2.9B | $1.2B | $1.7B | 40.4% |
| Jan 31, 2026 | $3.9B | $1.5B | $2.4B | 38.1% |
| May 2, 2026 | $3.2B | $1.3B | $1.9B | 40.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jan 31, 2026
+2.0 pts
Year-over-year change
May 3, 2025
+0.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin percentage increased from both the prior quarter and the year-ago quarter, indicating an improved relationship between gross profit and revenue.
Compared to the immediately preceding quarter, revenue and gross profit were lower while cost of revenue was also lower, and gross margin was higher. Compared to the same quarter one year earlier, revenue, gross profit, and cost of revenue were all higher, and gross margin was higher.
Monitor merchandise inventory levels, which the filing notes as a significant component of working capital and which increased sequentially and year-over-year.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Ulta Beauty, Inc. (ULTA) | 40.1% |