Ulta Beauty, Inc. · ULTA · FY2027 Q1 · Calendar Q2 2026

Ulta Beauty Q1: 11% Sales Growth, EPS Beat, Raised Profit Outlook on Fragrance Strength

Ulta Beauty delivered a strong start to its fiscal year, with Q1 net sales rising 11.1% to $3.2 billion and diluted EPS up 15.5% to $7.74, beating consensus on both lines. Fragrance and exclusive brands — NOYZ, Rare Beauty, and Balmain — were the primary growth drivers, complemented by digital initiatives including a new TikTok Shop that generated over 5 million impressions in its launch quarter. Management raised operating profit guidance to 6.5–9% growth and lifted EPS guidance to $28.36–$28.80, while maintaining the 6–7% sales growth target. Despite the beat and raise, the stock sold off roughly 4.8% in the reaction window with continued drift lower and 3.2x baseline volume, suggesting the market had priced in expectations for a stronger print or questioned the sustainability of comp growth against a flat gross margin outlook. The analyst consensus target of $645 implies roughly…

Reported After market closeNASDAQConsumer Cyclical $22.21B market cap
100quality score

Company context

Snapshot as of publication

Ulta Beauty, Inc. functions as a prominent beauty product retailer throughout the United States. Its physical locations feature a broad assortment of goods, including cosmetics, perfumes, skincare, haircare items, bath and body essentials, and professional salon styling instruments. Additionally, they provide a comprehensive suite of salon services, encompassing hair, skin, makeup, brow, and nail treatments. The company further offers its proprietary label products, such as the Ulta Beauty Collection for cosmetics, skincare, and bath items, alongside other Ulta Beauty branded merchandise and gift options. As of March 10, 2022, Ulta Beauty operated 1,308 retail stores across all 50 U.S. states. Its products are also available for purchase via its website, ulta.com, and through its mobile applications. Incorporated in 1990, the enterprise was initially known as Ulta Salon, Cosmetics & Fragrance, Inc., before officially changing its name to Ulta Beauty, Inc. in January 2017. Its corporate base is located in Bolingbrook, Illinois.

Earnings scorecard

Reported versus consensus
Reported EPS $7.74 Consensus $7
EPS surprise +12.3% Reported versus consensus
Reported revenue $3.16B Consensus $3.12B
Revenue surprise +1.4% Reported versus consensus

Earnings History

Estimate Beat Miss Match
ULTA EPS earnings history estimate and actual scatter chart 8 reported fiscal quarters and 4 future estimate-only quarters. Q3 '24 estimate $4.95 Q3 '24 actual $5.07, beat Q4 '24 estimate $7.53 Q4 '24 actual $8.08, beat Q1 '25 estimate $6.24 Q1 '25 actual $6.47, beat Q2 '25 estimate $5.46 Q2 '25 actual $5.30, miss Q2 '26 estimate $5.10 Q2 '26 actual $5.78, beat Q3 '26 estimate $4.61 Q3 '26 actual $5.14, beat Q4 '26 estimate $8.10 Q4 '26 actual $8.01, miss Q1 '27 estimate $6.89 Q1 '27 actual $7.74, beat Q2 '27 estimate $6.17 Q3 '27 estimate $5.80 Q4 '27 estimate $9.14 Q1 '28 estimate $8.39

Analyst Consensus ?

ConsensusBuy46 ratings
Bullish2656.5%
Neutral1941.3%
Bearish12.2%

Analyst 52W Price Targets

$516.73Current
$345Low
$573.26Average
$790High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 31, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
TD Cowen Buy BuyMaintainJun 9, 2026
Citigroup Neutral NeutralMaintainJun 4, 2026
Wells Fargo Underweight UnderweightMaintainJun 3, 2026
UBS Buy BuyMaintainJun 3, 2026
Piper Sandler Overweight OverweightMaintainJun 3, 2026
Morgan Stanley Overweight OverweightMaintainJun 3, 2026
JP Morgan Overweight OverweightMaintainJun 3, 2026
Goldman Sachs Buy BuyMaintainJun 3, 2026
Show 38 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $516.73. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Argus ResearchKristina Ruggeri$550$456.67 +6.4%Jun 18, 2026
UBSMichael Lasser$735$462.81 +42.2%Jun 3, 2026
Evercore ISIAnalyst unavailable$635$465.76 +22.9%Jun 3, 2026
Loop Capital MarketsAnthony Chukumba$550$494.87 +6.4%Jun 3, 2026
Morgan StanleySimeon Gutman$630$494.87 +21.9%Jun 3, 2026
Canaccord GenuityAnalyst unavailable$731$494.87 +41.5%Jun 3, 2026
Piper SandlerAnalyst unavailable$600$494.87 +16.1%Jun 3, 2026
Goldman SachsKate McShane$652$494.87 +26.2%Jun 3, 2026
D.A. DavidsonMichael Baker$585$494.87 +13.2%Jun 3, 2026
UBSMichael Lasser$810$546.56 +56.8%Mar 13, 2026
See 126 more

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Market reaction

event-close to next-session close
Stock move -4.8% Event window
SPY move -0.7% Same window
Abnormal move -4.1% Stock minus SPY
Volume 3.2× Versus trailing sessions
Subsequent drift -2.1% Up to 20 sessions
ULTASPY benchmark

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Transcript intelligence

What changed

Q1 net sales increased 11.1% to $3.2 billion (est. $3.12B) and diluted EPS rose 15.5% to $7.74 (est. $6.89), producing a 12.3% EPS surprise and 1.4% revenue surprise. The company raised its FY operating profit growth guidance to 6.5–9% and its EPS guidance to $28.36–$28.80 (from $28.05–$28.55), while keeping the 6–7% sales growth target unchanged. New initiatives include a TikTok Shop launch with shoppable live streams generating 5M+ impressions, a new Salt Lake City distribution center with advanced automation, and a planned Times Square flagship store for late 2027. The stock declined 4.8% in the reaction window with 3.2x baseline volume and drifted an additional 2.1% lower subsequently.

Guidance delta

Sales growth guidance maintained at 6–7%. Operating profit growth guidance raised to 6.5–9% (from flat-to-modestly-up). EPS guidance raised to $28.36–$28.80 (from $28.05–$28.55). Capex outlook stable at $58M for the quarter. $1.5B share repurchase program authorized. Guidance sentiment: maintained on sales with upward revision on profit and EPS.

Key takeaways

  • Q1 net sales rose 11.1% to $3.2B and diluted EPS rose 15.5% to $7.74, beating consensus on both revenue and EPS.
  • Fragrance and exclusive brands (NOYZ, Rare Beauty, Balmain) drove growth; TikTok Shop generated 5M+ impressions in its launch quarter.
  • FY operating profit guidance raised to 6.5–9% growth and EPS to $28.36–$28.80, while sales growth maintained at 6–7%.
  • Stock sold off 4.8% post-earnings with 3.2x volume and continued 2.1% drift lower despite the beat and raise.
  • Analyst consensus target of $645 implies ~25% upside from the current price of $516.73.

Management priorities

  • Continue U.S. store expansion and international growth in Mexico, U.K./Ireland, and the Middle East.
  • Scale AI initiatives with Ulta AI and Google Gemini integration for personalization.
  • Broaden TikTok Shop offerings and exclusive brand bundles for social commerce.
  • Develop Times Square flagship as experiential destination (late 2027).
  • Enhance supply-chain automation via the new Salt Lake City distribution center.
  • Execute $1.5B share repurchase program with capital discipline.

Related earnings events

Consumer Cyclical

Sources

  1. Earnings call transcript and parsed analysis · 2026-06-03T13:23:30.390766+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-07-31T02:31:49.249178+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T02:31:49.246478+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.