Ulta Beauty (ULTA)
Retailer of mass-to-prestige beauty products with digital shopping and in-store salon services.
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Ulta is a beauty retailer built around a vast U.S. store network, an online shop, salons, and a loyalty program that links almost every purchase. Makeup is still the largest aisle but is giving up some ground, while fragrance and hair are growing faster and a newly acquired British chain plus a seller-run online market test how far the model can stretch.
Item facts: FY2025 · year ended Jan 31, 2026, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
9 in detail · 9 more below
Cosmetics
Makeup produced about $4.71 billion in fiscal 2025, more than any other aisle. Its share has been shrinking, and sales were flat in the quarter ended Aug. 1, 2026, so fresh launches matter.
Competes with Sephora Makeup (Sephora) · Amazon Premium Beauty (Amazon)
In plain English
The brightest aisle is also the biggest. Ulta buys everyday, premium, and luxury makeup from beauty brands, then puts thousands of choices together where shoppers can compare shades, try something new, and collect rewards in one trip.
At checkout or delivery, Ulta keeps the difference between the selling price and what the product and sale cost it. That makes new launches, special products rivals cannot carry, sensible promotions, and theft control crucial. The wider makeup market grew in early 2026 while Ulta's own sales were flat.
Ulta Beauty Collection
Ulta's own label has no standalone sales figure; it shares a combined 4% with products carried exclusively for years. More shelf emphasis gives Ulta control, but shoppers still must choose it over outside brands.
Competes with Sephora Collection (Sephora) · bondbar and ion (Sally Beauty)
In plain English
Here Ulta is both shopkeeper and label owner. Like a supermarket's own cereal, Ulta Beauty Collection puts the retailer's name on makeup, skincare, and bath products that sit beside goods from outside brands. Independent makers formulate and package them, while Ulta controls what appears on the shelf.
Selling through its own checkout lets Ulta decide the product, placement, and price instead of only choosing another company's goods. The bet depends on reading trends correctly, keeping quality high, and avoiding a shelf fight with the brands that supply most of the store.
Skincare and wellness
Skincare and wellness brought in about $2.97 billion in fiscal 2025. The combined line slipped modestly in the quarter ended Aug. 1, 2026 even as wellness grew by double digits, making the hidden split important.
Competes with Sephora Skincare and Bath & Body (Sephora) · Cult Beauty Skincare and Wellness (Cult Beauty)
In plain English
This aisle stretches from face creams and sun care to supplements, intimate care, electric devices, and other products sold around feeling well. A shopper might come back for a daily moisturizer, then add a newer wellness item that Ulta is still teaching customers to find.
Ulta buys most of these goods, holds them in stores or warehouses, and earns money when they sell. Repeat routines are valuable because an empty bottle creates another visit. The hard part is that fast wellness growth can sit beside weaker skincare in the same total, while safety, believable product claims, and changing tastes decide what keeps moving.
Haircare
Hair products supplied about $2.35 billion in fiscal 2025. Sales grew at a high-single-digit pace in the quarter ended Aug. 1, 2026, helped by treatments and scalp-care routines; keeping that momentum is the watchpoint.
Competes with Sephora Hair (Sephora) · Sally Beauty Hair Care & Styling (Sally Beauty)
In plain English
Bottles that run empty meet tools that last for years. Ulta's hair business covers shampoo, color, treatments, accessories, dryers, and other styling equipment, including professional lines shoppers may want advice before buying.
The store earns at checkout after buying the goods from product and tool makers. Consumables can bring customers back on a rhythm, while a new dryer or styling tool makes a larger but less frequent sale. Stores add human advice and the website makes refills easy. Growth relies on useful new treatments, permission to carry sought-after professional brands, and managing import costs on tools.
Fragrance
Fragrance generated about $1.61 billion in fiscal 2025 and has gained share. Sales grew in the high teens in the quarter ended Aug. 1, 2026, making it Ulta's fastest-moving large aisle but leaving holidays important.
Competes with Sephora Fragrance (Sephora) · Bath & Body Works Fragrance (Bath & Body Works)
In plain English
A scent is difficult to judge through a screen, so the physical store earns its keep here. Shoppers can sample luxury, everyday, niche, and travel-size fragrances, then choose a bottle for themselves or a boxed set as a gift.
For every bottle sold, Ulta keeps the difference between its price and the cost of the product and sale. New releases, small sizes that lower the cost of trying something, and holiday gifting keep the shelf turning. Strong recent growth has made fragrance a larger piece of Ulta, though some industry growth has come from higher prices rather than more bottles sold.
Services
In-store salon and beauty appointments produced about $496 million in fiscal 2025. Sales improved at a mid-single-digit pace by the quarter ended Aug. 1, 2026; trained staff and filled appointment books set the limit.
Competes with Sephora Beauty Services (Sephora) · Drybar Blowouts (Drybar)
In plain English
Behind the product shelves sits a working salon. Customers book haircuts, color, styling, treatments, brow work, makeup, and other beauty appointments, usually inside the same store where they shop.
Ulta gets paid when the appointment is completed. The service also gives a customer a reason to visit and can lead to a bottle, tool, or makeup purchase on the way out. This is a people-and-time business: an empty chair cannot be stored for tomorrow, so recruiting skilled workers, keeping them productive, and matching appointments to available hours matter as much as store traffic.
Space NK
Space NK is Ulta's British and Irish luxury-beauty chain, bought in July 2025. It likely supplied roughly 1–2% of fiscal 2025 sales and had roughly ninety stores by August 2026; integration and local demand now matter.
Competes with Sephora UK (Sephora) · Cult Beauty (Cult Beauty)
In plain English
Ulta bought a ready-made foothold across the Atlantic. Space NK keeps its own name and runs luxury-beauty shops in the United Kingdom and Ireland, with its own local customers, leases, workers, and mix of sought-after brands.
A shopper pays Space NK for products in a boutique or online, and those sales now roll into Ulta's results. Ulta can bring purchasing scale and brand relationships, while Space NK supplies local knowledge and an existing store base. The outcome depends on joining the businesses without dulling what local shoppers value, as well as currency moves and continued access to exclusive products.
Ulta Beauty Rewards
Roughly 47 million active members linked almost every U.S. sale by August 2026. Membership is still growing, but more slowly, so the next job is giving existing members reasons to visit and spend more often.
Competes with Beauty Insider (Sephora) · Sally Beauty Rewards (Sally Beauty)
In plain English
This is the connective tissue, not a separate checkout line. A shopper uses one membership across stores, the website, the app, salons, cards, and the seller-run online market, earning points and receiving offers shaped by past purchases.
The program makes money by helping the rest of Ulta work better: rewards encourage another visit, a single account joins online and store behavior, and brands can pay to reach groups likely to care about their products. Members keep paying Ulta for beauty purchases, not for the membership itself, so useful rewards, careful handling of personal information, and trust hold the system together.
UB Marketplace
Ulta's invited-seller catalog more than doubled by August 2026, but sales through it remain undisclosed. The test is whether a much wider choice becomes meaningful commission income without unreliable delivery or questionable products.
Competes with Amazon Premium Beauty (Amazon) · Walmart Marketplace (Walmart)
In plain English
Imagine a beauty mall inside Ulta's website where invited brands run their own tiny stalls. The products appear beside Ulta's regular assortment, but each outside seller holds the stock, packs the order, and sends it to the shopper.
Ulta keeps a cut of each sale instead of buying the goods first, so it can offer many more niche and wellness products with less money tied up on shelves. Shoppers still earn rewards and can return eligible purchases in stores. That convenience only works if sellers ship reliably and every item is genuine; a huge catalog alone does not prove customers are buying.
CosmeticsMakeup produced about $4.71 billion in fiscal 2025, more than any other aisle. Its share has been shrinking, and sales were flat in the quarter ended Aug. 1, 2026, so fresh launches matter.Makeup produced about $4.71 billion in fiscal 2025, more than any other aisle. Its share has been shrinking, and sales were flat in the quarter ended Aug. 1, 2026, so fresh launches matter.
In plain English
The brightest aisle is also the biggest. Ulta buys everyday, premium, and luxury makeup from beauty brands, then puts thousands of choices together where shoppers can compare shades, try something new, and collect rewards in one trip.
At checkout or delivery, Ulta keeps the difference between the selling price and what the product and sale cost it. That makes new launches, special products rivals cannot carry, sensible promotions, and theft control crucial. The wider makeup market grew in early 2026 while Ulta's own sales were flat.
Competes with Sephora Makeup (Sephora) · Amazon Premium Beauty (Amazon)
Ulta Beauty CollectionUlta's own label has no standalone sales figure; it shares a combined 4% with products carried exclusively for years. More shelf emphasis gives Ulta control, but shoppers still must choose it over outside brands.Ulta's own label has no standalone sales figure; it shares a combined 4% with products carried exclusively for years. More shelf emphasis gives Ulta control, but shoppers still must choose it over outside brands.
In plain English
Here Ulta is both shopkeeper and label owner. Like a supermarket's own cereal, Ulta Beauty Collection puts the retailer's name on makeup, skincare, and bath products that sit beside goods from outside brands. Independent makers formulate and package them, while Ulta controls what appears on the shelf.
Selling through its own checkout lets Ulta decide the product, placement, and price instead of only choosing another company's goods. The bet depends on reading trends correctly, keeping quality high, and avoiding a shelf fight with the brands that supply most of the store.
Competes with Sephora Collection (Sephora) · bondbar and ion (Sally Beauty)
Skincare and wellnessSkincare and wellness brought in about $2.97 billion in fiscal 2025. The combined line slipped modestly in the quarter ended Aug. 1, 2026 even as wellness grew by double digits, making the hidden split important.Skincare and wellness brought in about $2.97 billion in fiscal 2025. The combined line slipped modestly in the quarter ended Aug. 1, 2026 even as wellness grew by double digits, making the hidden split important.
In plain English
This aisle stretches from face creams and sun care to supplements, intimate care, electric devices, and other products sold around feeling well. A shopper might come back for a daily moisturizer, then add a newer wellness item that Ulta is still teaching customers to find.
Ulta buys most of these goods, holds them in stores or warehouses, and earns money when they sell. Repeat routines are valuable because an empty bottle creates another visit. The hard part is that fast wellness growth can sit beside weaker skincare in the same total, while safety, believable product claims, and changing tastes decide what keeps moving.
Competes with Sephora Skincare and Bath & Body (Sephora) · Cult Beauty Skincare and Wellness (Cult Beauty)
HaircareHair products supplied about $2.35 billion in fiscal 2025. Sales grew at a high-single-digit pace in the quarter ended Aug. 1, 2026, helped by treatments and scalp-care routines; keeping that momentum is the watchpoint.Hair products supplied about $2.35 billion in fiscal 2025. Sales grew at a high-single-digit pace in the quarter ended Aug. 1, 2026, helped by treatments and scalp-care routines; keeping that momentum is the watchpoint.
In plain English
Bottles that run empty meet tools that last for years. Ulta's hair business covers shampoo, color, treatments, accessories, dryers, and other styling equipment, including professional lines shoppers may want advice before buying.
The store earns at checkout after buying the goods from product and tool makers. Consumables can bring customers back on a rhythm, while a new dryer or styling tool makes a larger but less frequent sale. Stores add human advice and the website makes refills easy. Growth relies on useful new treatments, permission to carry sought-after professional brands, and managing import costs on tools.
Competes with Sephora Hair (Sephora) · Sally Beauty Hair Care & Styling (Sally Beauty)
FragranceFragrance generated about $1.61 billion in fiscal 2025 and has gained share. Sales grew in the high teens in the quarter ended Aug. 1, 2026, making it Ulta's fastest-moving large aisle but leaving holidays important.Fragrance generated about $1.61 billion in fiscal 2025 and has gained share. Sales grew in the high teens in the quarter ended Aug. 1, 2026, making it Ulta's fastest-moving large aisle but leaving holidays important.
In plain English
A scent is difficult to judge through a screen, so the physical store earns its keep here. Shoppers can sample luxury, everyday, niche, and travel-size fragrances, then choose a bottle for themselves or a boxed set as a gift.
For every bottle sold, Ulta keeps the difference between its price and the cost of the product and sale. New releases, small sizes that lower the cost of trying something, and holiday gifting keep the shelf turning. Strong recent growth has made fragrance a larger piece of Ulta, though some industry growth has come from higher prices rather than more bottles sold.
Competes with Sephora Fragrance (Sephora) · Bath & Body Works Fragrance (Bath & Body Works)
ServicesIn-store salon and beauty appointments produced about $496 million in fiscal 2025. Sales improved at a mid-single-digit pace by the quarter ended Aug. 1, 2026; trained staff and filled appointment books set the limit.In-store salon and beauty appointments produced about $496 million in fiscal 2025. Sales improved at a mid-single-digit pace by the quarter ended Aug. 1, 2026; trained staff and filled appointment books set the limit.
In plain English
Behind the product shelves sits a working salon. Customers book haircuts, color, styling, treatments, brow work, makeup, and other beauty appointments, usually inside the same store where they shop.
Ulta gets paid when the appointment is completed. The service also gives a customer a reason to visit and can lead to a bottle, tool, or makeup purchase on the way out. This is a people-and-time business: an empty chair cannot be stored for tomorrow, so recruiting skilled workers, keeping them productive, and matching appointments to available hours matter as much as store traffic.
Competes with Sephora Beauty Services (Sephora) · Drybar Blowouts (Drybar)
Space NKSpace NK is Ulta's British and Irish luxury-beauty chain, bought in July 2025. It likely supplied roughly 1–2% of fiscal 2025 sales and had roughly ninety stores by August 2026; integration and local demand now matter.Space NK is Ulta's British and Irish luxury-beauty chain, bought in July 2025. It likely supplied roughly 1–2% of fiscal 2025 sales and had roughly ninety stores by August 2026; integration and local demand now matter.
In plain English
Ulta bought a ready-made foothold across the Atlantic. Space NK keeps its own name and runs luxury-beauty shops in the United Kingdom and Ireland, with its own local customers, leases, workers, and mix of sought-after brands.
A shopper pays Space NK for products in a boutique or online, and those sales now roll into Ulta's results. Ulta can bring purchasing scale and brand relationships, while Space NK supplies local knowledge and an existing store base. The outcome depends on joining the businesses without dulling what local shoppers value, as well as currency moves and continued access to exclusive products.
Competes with Sephora UK (Sephora) · Cult Beauty (Cult Beauty)
Ulta Beauty RewardsRoughly 47 million active members linked almost every U.S. sale by August 2026. Membership is still growing, but more slowly, so the next job is giving existing members reasons to visit and spend more often.Roughly 47 million active members linked almost every U.S. sale by August 2026. Membership is still growing, but more slowly, so the next job is giving existing members reasons to visit and spend more often.
In plain English
This is the connective tissue, not a separate checkout line. A shopper uses one membership across stores, the website, the app, salons, cards, and the seller-run online market, earning points and receiving offers shaped by past purchases.
The program makes money by helping the rest of Ulta work better: rewards encourage another visit, a single account joins online and store behavior, and brands can pay to reach groups likely to care about their products. Members keep paying Ulta for beauty purchases, not for the membership itself, so useful rewards, careful handling of personal information, and trust hold the system together.
Competes with Beauty Insider (Sephora) · Sally Beauty Rewards (Sally Beauty)
UB MarketplaceUlta's invited-seller catalog more than doubled by August 2026, but sales through it remain undisclosed. The test is whether a much wider choice becomes meaningful commission income without unreliable delivery or questionable products.Ulta's invited-seller catalog more than doubled by August 2026, but sales through it remain undisclosed. The test is whether a much wider choice becomes meaningful commission income without unreliable delivery or questionable products.
In plain English
Imagine a beauty mall inside Ulta's website where invited brands run their own tiny stalls. The products appear beside Ulta's regular assortment, but each outside seller holds the stock, packs the order, and sends it to the shopper.
Ulta keeps a cut of each sale instead of buying the goods first, so it can offer many more niche and wellness products with less money tied up on shelves. Shoppers still earn rewards and can return eligible purchases in stores. That convenience only works if sellers ship reliably and every item is genuine; a huge catalog alone does not prove customers are buying.
Competes with Amazon Premium Beauty (Amazon) · Walmart Marketplace (Walmart)
Named in filings, launches and programs
- UB MediaServiceBrands pay to reach selected Ulta shoppers through the retailer's own channels, television, streaming audio, and other media.
- Ulta Beauty Credit CardsCustomer programOutside financial companies own and fund the cards; Ulta receives payments linked to card use and reimbursement for program costs.
- Ulta.com and Ulta Beauty AppPlatformUlta's core online storefronts handle discovery and orders; the app generated about three-fifths of fiscal 2025 online sales.
- Ulta Beauty MexicoEcosystemGrupo Axo runs the licensed Mexican venture, giving Ulta an early international presence without a fully owned store network.
- Ulta Beauty Middle EastEcosystemAlshaya operates the franchised stores and pays Ulta royalties, extending the name with limited direct store ownership.
- TikTok ShopPlatformA social-shopping storefront launched in fiscal 2026 around Ulta-only products and live demonstrations that can turn viewing into checkout.
- Bath & Body Works at Ulta BeautyCustomer programA selected body-care and home-fragrance assortment reached hundreds of Ulta stores and the website in July 2026.
- Gift Card ProgramCustomer programCustomers pay before shopping; unused balances contributed $27 million in fiscal 2025 while $574 million remained available for future purchases.
- MUSE Accelerator ProgramEcosystemAn annual ten-week program prepares a small group of young beauty and wellness brands for retail shelves.
UB MediaService
Brands pay to reach selected Ulta shoppers through the retailer's own channels, television, streaming audio, and other media.
Ulta Beauty Credit CardsCustomer program
Outside financial companies own and fund the cards; Ulta receives payments linked to card use and reimbursement for program costs.
Ulta.com and Ulta Beauty AppPlatform
Ulta's core online storefronts handle discovery and orders; the app generated about three-fifths of fiscal 2025 online sales.
Ulta Beauty MexicoEcosystem
Grupo Axo runs the licensed Mexican venture, giving Ulta an early international presence without a fully owned store network.
Ulta Beauty Middle EastEcosystem
Alshaya operates the franchised stores and pays Ulta royalties, extending the name with limited direct store ownership.
TikTok ShopPlatform
A social-shopping storefront launched in fiscal 2026 around Ulta-only products and live demonstrations that can turn viewing into checkout.
Bath & Body Works at Ulta BeautyCustomer program
A selected body-care and home-fragrance assortment reached hundreds of Ulta stores and the website in July 2026.
Gift Card ProgramCustomer program
Customers pay before shopping; unused balances contributed $27 million in fiscal 2025 while $574 million remained available for future purchases.
MUSE Accelerator ProgramEcosystem
An annual ten-week program prepares a small group of young beauty and wellness brands for retail shelves.