Ulta Beauty, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

Net income per common share

Net income per common share

12 Months Ended

Jan. 31, 2026

16. Net income per common share

The following is a reconciliation of net income and the number of shares of common stock used in the computation of net income per basic and diluted common share:


		Fiscal year ended
		January 31,			February 1,			February 3,
(In thousands, except per share data)		2026			2025			2024
Numerator:
Net income		$	1,153,479		$	1,201,118		$	1,291,005

Denominator:
Weighted-average common shares – Basic			44,842			47,207			49,304
Dilutive effect of stock options and non-vested shares			149			197			292
Weighted-average common shares – Diluted			44,991			47,404			49,596

Net income per common share:
Basic		$	25.72		$	25.44		$	26.18
Diluted		$	25.64		$	25.34		$	26.03

The denominator for diluted net income per common share for fiscal years 2025, 2024, and 2023 excludes 164, 197, and 138 employee stock options and restricted stock units, respectively, due to their anti-dilutive effects. Outstanding performance-based restricted stock units are included in the computation of dilutive shares only to the extent that the underlying performance conditions are satisfied prior to the end of the reporting period or would be considered satisfied if the end of the reporting period were the end of the related contingency period and the results would be dilutive under the treasury stock method.