Ulta Beauty, Inc. (ULTA) cash flow statement
NASDAQ · Consumer Cyclical · Specialty Retail · 65,000 employees · CEO Kecia L. Steelman
- Price
- $644.76 -0.78%
- Market cap
- $27.6B
- Enterprise value
- $29.9B
- Last report
- Q2 '26 filed 2026-08-27
- Next report
- 2026-12-03 EPS est. $5.63
In Q2 '26 Ulta Beauty, Inc. (ULTA) generated $120M of operating cash flow, invested $81.3M in capital expenditure and kept $38.4M of free cash flow. Over the last four quarters free cash flow was $1.07B.
Cash flow
| Cash flow | Trend | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | |||||||||||||
| Net income | $249M | $394M | $313M | $253M | $242M | $393M | $305M | $261M | $231M | $588M | $340M | $282M | |
| Depreciation & amortization | $61.4M | $62.6M | $64.7M | $65.3M | $67M | $70M | $72M | $71.2M | $75.8M | $81.8M | $81.4M | $81.3M | |
| Stock-based compensation | $11.9M | $14.8M | $10.1M | $9.19M | $8.42M | $15.1M | $11.4M | $8.92M | $9.99M | $17.1M | $10.5M | $10.6M | |
| Deferred income tax | $862K | $29M | $3.64M | -$1.1M | $3.27M | -$49.1M | $3.42M | -$1.19M | -$3.85M | -$5.47M | $2.94M | -$1.42M | |
| Change in working capital | -$477M | $512M | -$313M | -$214M | -$452M | $528M | -$265M | -$340M | -$388M | -$265M | -$170M | -$346M | |
| Other non-cash items | $82.3M | $105M | $80.9M | $87.8M | $74.5M | $79M | $92.6M | $96.8M | $80M | $770M | -$3.4M | $92.8M | |
| Operating cash flow | -$70.8M | $1.12B | $159M | $200M | -$56.8M | $1.04B | $220M | $96.5M | $4.88M | $1.19B | $262M | $120M | |
| Investing | |||||||||||||
| Capital expenditure | -$106M | -$124M | -$91M | -$95.3M | -$114M | -$73.9M | -$79M | -$77M | -$87.3M | -$279M | -$58.3M | -$81.3M | |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$387M | $0 | -$20K | $0 | $0 | |
| Purchases of investments | $0 | $0 | -$2.56M | -$2.53M | $0 | $0 | -$7.35M | -$9.78M | -$8.31M | -$77.3M | $0 | -$4.5M | |
| Other investing | -$3.18M | -$1.29M | $0 | $0 | -$1.02M | -$2.52M | $0 | $0 | $0 | -$15.2M | $10.1M | $0 | |
| Investing cash flow | -$109M | -$126M | -$93.6M | -$97.8M | -$115M | -$76.4M | -$86.4M | -$474M | -$95.6M | -$371M | -$48.2M | -$85.8M | |
| Financing | |||||||||||||
| Net debt issued / repaid | $195M | $0 | $0 | $0 | $200M | $0 | $0 | $261M | $263M | $0 | $83.3M | $195M | |
| Share buybacks | -$282M | -$155M | -$313M | -$213M | -$264M | -$238M | -$383M | -$110M | -$225M | -$383M | -$557M | -$248M | |
| Other financing (incl. tax on vested shares) | $155K | -$193M | -$3.95M | $145K | -$67K | -$197M | $481K | $14.4M | $0 | -$251M | -$10.8M | $0 | |
| Financing cash flow | -$86.6M | -$348M | -$308M | -$212M | -$64.1M | -$435M | -$382M | $165M | $52.9M | -$634M | -$471M | -$41.5M | |
| Summary | |||||||||||||
| FX effect on cash | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $274K | -$191K | -$298K | |
| Net change in cash | -$267M | $645M | -$242M | -$111M | -$236M | $525M | -$249M | -$212M | -$37.8M | $181M | -$258M | -$7.85M | |
| Free cash flow (OCF - capex) | -$177M | $994M | $68.3M | $104M | -$171M | $963M | $141M | $19.6M | -$82.4M | $907M | $204M | $38.4M | |
| Income taxes paid | $77.6M | $61.4M | $5.06M | $228M | $83.5M | $69.3M | $7.02M | $245M | $74.3M | $0 | $3.51M | $0 | |
| Interest paid | $2.08M | -$50.6M | $51.7M | $2.38M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Cash flow | Trend | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | |||||||||||
| Net income | $410M | $555M | $659M | $706M | $176M | $986M | $1.24B | $1.29B | $1.2B | $1.15B | |
| Depreciation & amortization | $210M | $253M | $279M | $296M | $298M | $268M | $241M | $244M | $267M | $301M | |
| Stock-based compensation | $19.3M | $24.4M | $26.6M | $25M | $27.6M | $47.3M | $43M | $48.2M | $42.8M | $37.4M | |
| Deferred income tax | $27M | -$27.1M | $34.1M | $5.5M | -$24M | -$25.7M | $15.7M | $30.6M | -$43.3M | -$3.24M | |
| Change in working capital | -$32.1M | -$33.4M | -$45.5M | -$215M | -$14.3M | -$498M | -$369M | -$482M | -$451M | -$352M | |
| Other non-cash items | $87K | $7.52M | $2.89M | $285M | $347M | $282M | $309M | $344M | $322M | $366M | |
| Operating cash flow | $634M | $779M | $956M | $1.1B | $810M | $1.06B | $1.48B | $1.48B | $1.34B | $1.5B | |
| Investing | |||||||||||
| Capital expenditure | -$373M | -$441M | -$319M | -$299M | -$152M | -$172M | -$312M | -$435M | -$374M | -$435M | |
| Acquisitions | $0 | $0 | -$15.7M | $0 | -$1.22M | $0 | $0 | $0 | $0 | -$387M | |
| Purchases of investments | -$90M | -$330M | -$386M | -$173M | -$5.67M | -$4.3M | -$2.46M | $0 | $0 | -$70M | |
| Sales / maturities of investments | $190M | $240M | $506M | $0 | $110M | $0 | $0 | $0 | $0 | $0 | |
| Other investing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$6.16M | -$8.63M | -$39.7M | |
| Investing cash flow | -$273M | -$531M | -$215M | -$471M | -$48.8M | -$176M | -$315M | -$441M | -$383M | -$931M | |
| Financing | |||||||||||
| Net debt issued / repaid | $0 | $0 | $0 | $0 | -$1.91M | $0 | $0 | $0 | $0 | $0 | |
| Share buybacks | -$347M | -$372M | -$622M | -$691M | -$118M | -$1.54B | -$907M | -$1.02B | -$1.03B | -$901M | |
| Other financing (incl. tax on vested shares) | $25.3M | $15.6M | $13.1M | $43.8M | $12.2M | $40.4M | $46M | $12.2M | $8.18M | $50.7M | |
| Financing cash flow | -$322M | -$356M | -$609M | -$647M | -$108M | -$1.5B | -$861M | -$1.01B | -$1.02B | -$851M | |
| Summary | |||||||||||
| FX effect on cash | $0 | $0 | $0 | $0 | $56K | -$56K | $0 | $0 | $0 | $274K | |
| Net change in cash | $39.2M | -$108M | $132M | -$16.9M | $654M | -$614M | $306M | $28.7M | -$63.4M | -$279M | |
| Free cash flow (OCF - capex) | $261M | $339M | $637M | $803M | $658M | $887M | $1.17B | $1.04B | $964M | $1.07B | |
| Income taxes paid | $213M | $255M | $196M | $134M | $19.5M | $371M | $430M | $328M | $386M | $382M | |
| Interest paid | $0 | $0 | $0 | $0 | $6.99M | $2.13M | $2.14M | $3.33M | $4.16M | $9.67M | |
Standardised from the company's filings; outflows and costs keep the sign the provider reports. Hover a period for its end date. Amounts in USD.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsShare count and EPS
quarterly, dilutedThe other statements
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-08-01, 10-Q 2026-05-02, 10-K 2026-01-31, 10-Q 2025-11-01, 10-Q 2025-08-02, 10-Q 2025-05-03, 10-K 2025-02-01, 10-Q 2024-11-02, 10-Q 2024-08-03
Data as of 2026-11-09