Ulta Beauty, Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Segment reporting

Segment reporting

9 Months Ended

Nov. 01, 2025

14. Segment reporting

The Company has one reportable segment, which includes retail stores, salon services, and e-commerce. Within the reportable segment, there are significant expense categories included in the measure of the segment’s net income as shown below:


	13 Weeks Ended				39 Weeks Ended
	November 1,		November 2,		November 1,		November 2,
(In thousands)	2025		2024		2025		2024
Net sales	$	2,857,623	$	2,530,100	$	8,494,459	$	7,808,035
Less:
Cost of sales (1)		1,701,958		1,524,456		5,132,879		4,754,434
Associate expenses (2)		437,572		347,181		1,232,301		1,055,058
Advertising expense, net (3)		116,524		107,701		287,751		268,004
Pre-opening expenses		5,326		4,883		12,260		11,957
Other segment expenses (1) (4)		286,824		227,377		773,218		669,931
Interest expense (income), net		4,123		(1,674)		(837)		(13,100)
Income tax expense		73,436		77,997		257,875		253,903
Equity net loss of affiliate		985		—		2,210		—
Net income	$	230,875	$	242,179	$	796,802	$	807,848

(1)

Included within cost of sales and other segment expenses is depreciation and amortization expense of $75,787 and $67,021 for the 13 weeks ended November 1, 2025 and November 2, 2024, respectively, and $218,985 and $197,075 for the 39 weeks ended November 1, 2025 and November 2, 2024, respectively.

(2)

Associate expenses include salaries, wages, bonus, and other forms of compensation related to associates.

(3)

Advertising expense, net consists of print, digital and social media, and television and radio advertising, net of vendor income that is a reimbursement of specific, incremental, and identifiable costs.

(4) Other segment expenses include other corporate overhead and store operating expenses within SG&A expenses.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details