Ulta Beauty, Inc. stock research
FY2025 Q4
Ulta Beauty (ULTA) Gross Margin — Quarter Ended Jan 31, 2026
Revenue and gross profit rose in the current quarter compared to both the prior quarter and the same quarter last year. Gross margin weakened slightly from the prior quarter but held nearly stable versus the year-ago period, as cost of revenue increased proportionally less than revenue.
Gross margin takeaway
Quarter ended Jan 31, 2026 · FY2025 Q4
Revenue and gross profit rose in the current quarter compared to both the prior quarter and the same quarter last year. Gross margin weakened slightly from the prior quarter but held nearly stable versus the year-ago period, as cost of revenue increased proportionally less than revenue.
- The relationship between revenue and cost of revenue is the primary margin driver. Gross profit increased at a faster rate than revenue relative to both comparison periods, supporting margin stability.
- Compared to the immediately preceding quarter, gross margin decreased while revenue and gross profit both increased. Compared to the same quarter one year earlier, gross margin remained largely stable, with revenue and gross profit higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
38.1%
Gross profit
$1.5B
Revenue
$3.9B
Cost of revenue
$2.4B
Quarter-over-quarter change
-2.4 pts
Year-over-year change
-0.2 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 |
|---|---|---|---|---|
| May 3, 2025 | $2.8B | $1.1B | $1.7B | 39.1% |
| 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% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Nov 1, 2025
-2.4 pts
Year-over-year change
Feb 1, 2025
-0.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The relationship between revenue and cost of revenue is the primary margin driver. Gross profit increased at a faster rate than revenue relative to both comparison periods, supporting margin stability.
Compared to the immediately preceding quarter, gross margin decreased while revenue and gross profit both increased. Compared to the same quarter one year earlier, gross margin remained largely stable, with revenue and gross profit higher.
Monitor the trajectory of cost of revenue relative to revenue in upcoming quarters to assess margin sustainability.