Ulta Beauty, Inc. · NASDAQ:ULTA
Ulta Beauty — Q4 2025 Earnings Presentation
27 slides from Ulta Beauty's earnings presentation, Mar 12, 2026
Slide 1: Fourth Quarter and Fiscal 2025 Earnings
Fourth Quarter and Fiscal 2025 Earnings
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements within the meaning of Section 21 of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which reflect the Company’s current views with resp
Slide 3: Overview
Overview Kecia Steelman President & CEO
Slide 4: Performance Highlights
Performance Highlights Strong Sales Growth, Performance Ahead of Plan’ 2 Fiscal 2025 Fourth Quarter 2025 3 % © * Market share? gains in mass and prestige beauty * Outstanding cross-functional Holiday execution * Maximized post-Holiday sales through key events and operational efficiencies * Drove com
Slide 5: Ulta Beauty strategic pillars
ULTA BEAUTY Y/ Drive Scale Align Core Business Growth New, Accretive Businesses Foundation for Success |eSS Made exceptional progress across each pillar, reignited growth, and delivered better-than-planned' financial performance CULTA 1) Guidance provided on December 4, 2025. BEAUTY 5
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Slide 7: Fiscal 2025 Key Advancements
Fiscal 2025 Key Advancements Modernized Merchandising Strategy ¢ Fueled innovation pipeline through brand partner collaboration * Elevated go-to-market approach improved team synergies * Unveiled bold marketing strategy with reimagined events * Built stronger portfolio of exclusive brands and produc
Slide 8: Fiscal 2025 Key Advancements
Fiscal 2025 Key Advancements Expanded Internationally, Offering Brand Partners Broader Market Access Middle East UK / Ireland SOLm NEW STORES through Space NK with joint venture with franchisee, acquisition partner, Grupo Axo Alshaya Group
Slide 9: Fiscal 2025 Key Advancements
Fiscal 2025 Key Advancements Launched and Scaled Incremental Growth Initiatives UB Marketplace Wellness UB Media Complementary array of ~30 ~200 NEW BRANDS Drove engagement and NEW BRANDS in assortment incremental ad revenue ~ Expanded presence in 5, 00Onew skus 400. poors
Slide 10: Fiscal 2025 Key Advancements
Fiscal 2025 Key Advancements Positioned leadership team to meet evolving business needs Leveraged Al capabilities to streamline guest services and optimize fulfillment Continued supply chain optimization efforts
Slide 11: Fiscal 2025 Key Advancements
Fiscal 2025 Key Advancements
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Slide 13: Ulta Beauty strategic pillars
ULTA BEAUTY Yreashed Drive Scale Align Core Business Growth New, Accretive Businesses Foundation for Success
Slide 14: Drive Core Business Growth
Drive Core Business Growth Unlocking Value Through Innovation and Execution ° Enhance brand building efforts ° Deliver innovative and relevant newness ° Invest in stores to capture growth opportunities ° Introduce new digital capabilities ° Leverage automation and real-time personalized content ° La
Slide 15: Scale New, Accretive Businesses
Scale New, Accretive Businesses Maximize Incremental Growth Opportunities * Continue international expansion * Expand Wellness assortment ° Increase Marketplace brands and SKUs ° Add new UB Media capabilities = | past FORMULATED,
Slide 16: Aligning our Foundation for Success
Aligning our Foundation for Success Optimizing Ways of Working, Streamlining Cost Structure * Increase use of automation ° Expand supply chain network capacity ° Transform merchandising systems and processes ° Expand enterprise Al capabilities ° Fuel investments and support profitable growth ( U LTA
Slide 17: CEO quote on team, model and strategy
Slide 18: Fourth Quarter and Full Year 2025 Financial Review
Fourth Quarter and Full Year 2025 Financial Review Chris DelOrefice CFO
Slide 19: Q4 2025 Performance Highlights
Q4 2025 Performance Highlights Sales Performance and Company-Operated Store Openings Net Sales Seiad LAD Sales +11.8% 45.8% vs. 4Q24 to $3.9B Stores E-commerce single Mid-teen digit comp growth comp growth 5 new Ulta 1 remodeled Beauty stores & in 4Q25 60 Net new Ulta Beauty stores in 2025 Ended 202
Slide 20: Q4 2025 Performance Highlights
Q4 2025 Performance Highlights Strong Performance Across Categories Supporting Market Share’ Gains in Mass and Prestige FRAGRANCE HAIRCARE MAKEUP SERVICES Double-digit High-single-digit Low-single-digit Mid-single-digit comp growth comp growth comp growth comp growth Driven by: Driven by: Driven by:
Slide 21: Gross Margin, SG&A, Operating Profit and EPS
Gross Margin! vs. 4Q24 to 38.1% SG&A Expense vs. 4Q24 Operating Profit of Net Sales Diluted EPS -5.3% vs. 4Q24 oval wwno
Slide 22: Fiscal 2025 Results
Fiscal 2025 Results Strong Execution Delivered Performance Above Plan! Net Sales $12.4B Comp Sales Growth? +5.4% Gross Margin Rate? 39.1% SG&A Expense $3.3B Operating Income $1.5B Diluted EPS $25.64 0 4) Guidance provided on December 4, 2025. ( U LTA 2) Reflects sales for stores beginning on the fir
Slide 23: Fiscal 2025 Balance Sheet and Capital Allocation
Fiscal 2025 Balance Sheet and Capital Allocation Maintaining Disciplined Capital Allocation Strategy $1.5B in operating cash flow $494M in cash & short- term investments at year-end $2.2B in total inventory $62M in short-term debt at year-end Capital Deployed in 2025 ($M) = Capital Expenditures = Sh
Slide 24: CFO quote on market share and profitable growth
66 We are focused on expandi our market share, driving returns from investments we've made over the last few years and important returning to profitable growth... - Chris DelOrefice, CFO
Slide 25: Fiscal 2026 Outlook
Fiscal 2026 Outlook Provided as of March 12, 2026 Net Sales Growth +6% to +7% Comparable Sales Growth! +2.5% to +3.5% Operating Income Growth +6% to +9% Diluted Earnings Per Share Growth +9.4% to +11.4% Diluted Earnings Per Share? $28.05 to $28.55 Note: outlook comparisons are to FY25. : 1) Reflects
Slide 26: Ulta Beauty strategic pillars
ULTA BEAUTY Y/ Drive Scale Align Core Business Growth New, Accretive Businesses Foundation for Success g EPS growth and value creation
Slide 27: Q&A