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
Evercore ISI Group Outperform OutperformMaintainJun 3, 2026
DA Davidson Buy BuyMaintainJun 3, 2026
Canaccord Genuity Buy BuyMaintainJun 3, 2026
Barclays Overweight OverweightMaintainJun 3, 2026
Baird Outperform OutperformMaintainJun 3, 2026
B. Riley Securities Neutral NeutralMaintainJun 3, 2026
Jefferies Buy HoldUpgradeApr 20, 2026
Telsey Advisory Group Outperform OutperformMaintainMar 13, 2026
Oppenheimer Outperform OutperformMaintainMar 13, 2026
Raymond James Strong Buy OutperformUpgradeJan 21, 2026
B of A Securities Neutral NeutralMaintainJan 8, 2026
Argus Research Buy BuyMaintainJan 2, 2026
Guggenheim Neutral NeutralMaintainDec 5, 2025
Loop Capital Hold BuyDowngradeJul 25, 2025
Truist Securities Neutral NeutralMaintainMay 15, 2025
Stifel Hold HoldMaintainMar 14, 2025
BMO Capital Market Perform Market PerformMaintainMar 14, 2025
William Blair Market Perform OutperformDowngradeNov 21, 2024
Deutsche Bank Buy BuyMaintainOct 9, 2024
Cleveland Research Neutral BuyDowngradeAug 19, 2024
Credit Suisse Outperform OutperformMaintainMar 10, 2023
Cowen & Co. Outperform OutperformMaintainFeb 16, 2023
CFRA Buy BuyMaintainMay 29, 2020
Nomura Instinet Neutral NeutralMaintainMay 11, 2020
Nomura Neutral NeutralMaintainMay 11, 2020
PiperJaffray Neutral NeutralMaintainDec 2, 2019
Piper Jaffray Neutral OverweightDowngradeAug 30, 2019
Atlantic Equities Neutral OverweightDowngradeAug 30, 2019
OTR Global Mixed PositiveDowngradeAug 23, 2019
Argus Buy BuyMaintainOct 17, 2018
Stifel Nicolaus Hold HoldMaintainAug 31, 2018
Buckingham Research Buy BuyMaintainMay 30, 2018
Buckingham Buy BuyMaintainMay 30, 2018
KeyBanc Overweight OverweightMaintainMar 16, 2018
BB&T Capital Hold HoldMaintainApr 20, 2016
Wolfe Research Outperform Peer PerformUpgradeFeb 26, 2016
RBC Capital Perform Sector PerformMaintainSep 10, 2015
Sterne Agee Buy BuyMaintainJun 18, 2013
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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
Evercore ISIAnalyst unavailable$725$652.65 +40.3%Mar 11, 2026
Telsey AdvisoryDana Telsey$715$642.22 +38.4%Mar 9, 2026
BarclaysAdrienne Yih$712$642.22 +37.8%Mar 9, 2026
Piper SandlerAnalyst unavailable$775$661.34 +50.0%Jan 27, 2026
Raymond JamesStrong Buy$790$675.62 +52.9%Jan 21, 2026
OppenheimerAnalyst unavailable$750$667.06 +45.1%Jan 20, 2026
Morgan StanleyAnalyst unavailable$750$663.85 +45.1%Jan 15, 2026
JefferiesAnalyst unavailable$700$664.85 +35.5%Jan 14, 2026
Deutsche BankAnalyst unavailable$732$655.27 +41.7%Jan 8, 2026
UBSMichael Lasser$780$646.57 +50.9%Jan 7, 2026
BarclaysAnalyst unavailable$680$631.15 +31.6%Jan 6, 2026
Argus ResearchAnalyst unavailable$700$605.01 +35.5%Jan 2, 2026
Robert W. BairdMark Altschwager$700$589.27 +35.5%Dec 17, 2025
OppenheimerRupesh Parikh$675$603.02 +30.6%Dec 10, 2025
Morgan StanleyAnalyst unavailable$640$601.5 +23.9%Dec 7, 2025
Telsey AdvisoryDana Telsey$640$609.12 +23.9%Dec 5, 2025
D.A. DavidsonAnalyst unavailable$650$608.8 +25.8%Dec 5, 2025
Evercore ISIAnalyst unavailable$660$594.87 +27.7%Dec 5, 2025
OppenheimerAnalyst unavailable$615$533.95 +19.0%Dec 5, 2025
Robert W. BairdMark Altschwager$670$533.95 +29.7%Dec 5, 2025
Canaccord GenuityAnalyst unavailable$674$533.95 +30.4%Dec 5, 2025
Piper SandlerAnalyst unavailable$615$533.95 +19.0%Dec 5, 2025
BarclaysAnalyst unavailable$647$533.95 +25.2%Dec 5, 2025
Piper SandlerAnna Andreeva$590$545.06 +14.2%Dec 2, 2025
D.A. DavidsonAnalyst unavailable$606$538.83 +17.3%Dec 1, 2025
Canaccord GenuitySusan Anderson$653$561.15 +26.4%Oct 10, 2025
Argus ResearchKristina Ruggeri$570$537.69 +10.3%Sep 25, 2025
Telsey AdvisoryAnalyst unavailable$610$492.73 +18.1%Aug 29, 2025
Morgan StanleyAnalyst unavailable$600$492.73 +16.1%Aug 29, 2025
D.A. DavidsonAnalyst unavailable$625$492.73 +21.0%Aug 29, 2025
Robert W. BairdAnalyst unavailable$600$530.63 +16.1%Aug 29, 2025
Raymond JamesAnalyst unavailable$605$492.73 +17.1%Aug 29, 2025
UBSMichael Lasser$680$530.63 +31.6%Aug 29, 2025
Canaccord GenuitySusan Anderson$650$530.63 +25.8%Aug 29, 2025
Wells FargoAnalyst unavailable$425$530.63 -17.8%Aug 29, 2025
Canaccord GenuityAnalyst unavailable$630$525.05 +21.9%Aug 26, 2025
JefferiesAnalyst unavailable$550$524.37 +6.4%Aug 25, 2025
Telsey AdvisoryDana Telsey$590$524.37 +14.2%Aug 25, 2025
BarclaysAnalyst unavailable$589$529.5 +14.0%Aug 22, 2025
OppenheimerRupesh Parikh$600$510.84 +16.1%Aug 12, 2025
Piper SandlerKorinne Wolfmeyer$425$428.27 -17.8%Jan 7, 2025
Canaccord GenuitySusan Anderson$538$428.27 +4.1%Jan 7, 2025
Loop Capital MarketsAnthony Chukumba$480$424 -7.1%Dec 9, 2024
Robert W. BairdMark Altschwager$440$399.81 -14.8%Dec 5, 2024
BMO CapitalSimeon Siegel$385$372.01 -25.5%Oct 17, 2024
Piper SandlerKorinne Wolfmeyer$357$373.21 -30.9%Oct 17, 2024
Stifel NicolausMark Astrachan$395$373.21 -23.6%Oct 17, 2024
D.A. DavidsonMichael Baker$435$360.36 -15.8%Oct 16, 2024
Raymond JamesOlivia Tong$440$370.58 -14.8%Oct 14, 2024
Piper SandlerKorinne Wolfmeyer$365$371.08 -29.4%Oct 11, 2024
Loop Capital MarketsAnthony Chukumba$450$360.86 -12.9%Sep 3, 2024
Goldman SachsKate McShane$398$351.96 -23.0%Aug 30, 2024
Evercore ISIMichael Binetti$420$367.58 -18.7%Aug 30, 2024
OppenheimerRupesh Parikh$435$367.58 -15.8%Aug 30, 2024
Stifel NicolausMark Astrachan$385$367.58 -25.5%Aug 30, 2024
UBSMichael Lasser$505$367.58 -2.3%Aug 30, 2024
CitigroupKelly Crago$345$367.58 -33.2%Aug 30, 2024
J.P. MorganChristopher Horvers$450$366.82 -12.9%Aug 28, 2024
Canaccord GenuitySusan Anderson$500$371.18 -3.2%Aug 27, 2024
Evercore ISIMichael Binetti$430$374.45 -16.8%Aug 26, 2024
Robert W. BairdMark Altschwager$485$377.04 -6.1%Aug 23, 2024
CitigroupKelly Crago$375$374.26 -27.4%Aug 23, 2024
OppenheimerRupesh Parikh$450$412.94 -12.9%Jul 15, 2024
Loop Capital MarketsAnthony Chukumba$520$395.09 +0.6%Jun 3, 2024
DNB MarketsLorraine Hutchinson$425$390.01 -17.8%May 31, 2024
BMO CapitalSimeon Siegel$500$384.15 -3.2%May 31, 2024
Piper SandlerKorinne Wolfmeyer$498$384.14 -3.6%May 31, 2024
BarclaysAdrienne Yih$434$387.92 -16.0%May 30, 2024
Canaccord GenuitySusan Anderson$522$381.13 +1.0%May 29, 2024
Robert W. BairdMark Altschwager$525$381.13 +1.6%May 29, 2024
Piper SandlerKorinne Wolfmeyer$505$399.56 -2.3%May 20, 2024
UBSMichael Lasser$550$403.41 +6.4%May 16, 2024
Stifel NicolausMark Astrachan$475$403.96 -8.1%May 14, 2024
OppenheimerRupesh Parikh$475$394.88 -8.1%May 7, 2024
JefferiesAshley Helgans$438$425.11 -15.2%Apr 19, 2024
JefferiesAshley Helgans$585$454.8 +13.2%Apr 10, 2024
Piper SandlerKorinne Wolfmeyer$595$452.78 +15.1%Apr 9, 2024
Loop Capital MarketsAnthony Chukumba$240$444.75 -53.6%Apr 8, 2024
Loop Capital MarketsAnthony Chukumba$540$444.75 +4.5%Apr 8, 2024
Goldman SachsKate McShane$605$444.75 +17.1%Apr 8, 2024
OppenheimerRupesh Parikh$500$439.98 -3.2%Apr 4, 2024
Deutsche BankKrisztina Katai$564$439.98 +9.1%Apr 4, 2024
Raymond JamesOlivia Tong$610$444.98 +18.1%Apr 3, 2024
Stifel NicolausMark Astrachan$565$535.98 +9.3%Mar 15, 2024
BMO CapitalSimeon Siegel$540$535.98 +4.5%Mar 15, 2024
Wells FargoIke Boruchow$450$535.98 -12.9%Mar 15, 2024
Deutsche BankKrisztina Katai$636$535.98 +23.1%Mar 15, 2024
Evercore ISIMichael Binetti$630$535.98 +21.9%Mar 15, 2024
Piper SandlerKorinne Wolfmeyer$665$535.98 +28.7%Mar 15, 2024
D.A. DavidsonMichael Baker$595$535.98 +15.1%Mar 15, 2024
UBSMichael Lasser$690$567.46 +33.5%Mar 14, 2024
Canaccord GenuitySusan Anderson$647$555.57 +25.2%Mar 12, 2024
Loop Capital MarketsSimeon Siegel$485$475.25 -6.1%Dec 1, 2023
OppenheimerRupesh Parikh$540$429.38 +4.5%Aug 22, 2023
Canaccord GenuitySusan Anderson$622$531.79 +20.4%Mar 28, 2023
Telsey AdvisoryDana Telsey$600$525.28 +16.1%Mar 10, 2023
Wells FargoAnalyst unavailable$400$488.94 -22.6%Jan 6, 2023
Goldman SachsAnalyst unavailable$508$469.06 -1.7%Dec 12, 2022
Morgan StanleyAnalyst unavailable$445$471.33 -13.9%Dec 5, 2022
BarclaysAnalyst unavailable$548$471.33 +6.1%Dec 5, 2022
UBSAnalyst unavailable$590$470.67 +14.2%Dec 2, 2022
Wells FargoAnalyst unavailable$450$474.22 -12.9%Dec 2, 2022
OppenheimerAnalyst unavailable$535$472.53 +3.5%Dec 2, 2022
Piper SandlerAnalyst unavailable$570$472.53 +10.3%Dec 2, 2022
Telsey AdvisoryAnalyst unavailable$575$472.53 +11.3%Dec 2, 2022
Piper SandlerAnalyst unavailable$525$457.24 +1.6%Nov 29, 2022
Raymond JamesOlivia Tong$505$413.12 -2.3%Aug 26, 2022
Credit SuisseOliver Chen$480$419.25 -7.1%Aug 26, 2022
Piper SandlerKorinne Wolfmeyer$510$419.25 -1.3%Aug 26, 2022
Telsey AdvisoryDana Telsey$510$419.25 -1.3%Aug 26, 2022
D.A. DavidsonMichael Baker$490$401.12 -5.2%Jun 15, 2022
JefferiesStephanie Wissink$475$425.08 -8.1%May 27, 2022
Piper SandlerAnalyst unavailable$465$429.3 -10.0%Apr 19, 2022
Cowen & Co.Oliver Chen$480$387.31 -7.1%Mar 17, 2022
Evercore ISIOmar Saad$500$368.51 -3.2%Mar 11, 2022
JefferiesStephanie Wissink$400$368.51 -22.6%Mar 11, 2022
Bank of America SecuritiesLorraine Hutchinson$410$368.51 -20.7%Mar 11, 2022
Robert W. BairdMark Altschwager$450$379.37 -12.9%Mar 10, 2022
OppenheimerRupesh Parikh$470$350.84 -9.0%Mar 7, 2022
CitigroupKelly Crago$393$358.83 -23.9%Jan 28, 2022
Credit SuisseOliver Chen$455$378.81 -11.9%Dec 3, 2021
UBSMichael Lasser$475$378.81 -8.1%Dec 3, 2021
Morgan StanleySimeon Gutman$420$358.15 -18.7%Oct 20, 2021
Loop Capital MarketsAnthony Chukumba$400$379.05 -22.6%Sep 17, 2021
Goldman SachsKate McShane$499$387.23 -3.4%Aug 27, 2021
Telsey AdvisoryDana Telsey$475$388.68 -8.1%Aug 26, 2021
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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.