Ulta Beauty, Inc. (ULTA) Earnings Call Transcripts

Ulta Beauty, Inc.'s Latest Earnings Call - September 10, 2026

In Q2 2026, Ulta Beauty reported revenue of $2.1 billion, exceeding guidance and reflecting a 10% year-over-year increase. Earnings per share (EPS) came in at $2.50, beating expectations by $0.15. Management raised full-year guidance, signaling confidence in continued consumer spending on beauty as an 'affordable luxury' despite macroeconomic pressures. The company emphasized strong performance across all demographics and categories, particularly in fragrance and wellness, indicating robust growth potential ahead.

Reported metrics

Guidance from management

Management raised full-year guidance, expecting continued revenue growth driven by strong consumer demand and successful category expansions, particularly in wellness and fragrance.

What management said

Yes. Absolutely. Space NK has previously reported strong double-digit comps. We're not seeing any change in that consumer, either we're still actively investing in growth in the U.K. with Space NK stores. So yes, I mean, I think that they're experiencing very similar things to what we are. They're just a little bit earlier in their growth cycle, how Ulta Beauty was many, many years ago. But we're continuing to inves...

Yes, absolutely. And when we initially launched in Target, it did cannibalize our stores, and it was no different than I've spoken about this many times that no different than when a competitor had opened and you'd see a period of time of canalization, then you'd recover those sales. This is an opportunity for us to really lean in to those guests and get them back into the Ulta Beauty ecosystem.

What analysts pressed on

Analysts expressed concerns about potential consumer spending slowdowns in the broader market and competition during the holiday season. They questioned how Ulta plans to maintain growth amid increasing promotional activity in the retail sector.

Main topics on the call

• Revenue Growth Acceleration — Ulta Beauty achieved revenue of $2.1 billion in Q2 2026, marking a 10% increase year-over-year. Management stated, 'we beat our guidance, and we've raised our guidance for the year,' reflecting strong consumer demand.
• Consumer Resilience — Management noted that consumer shopping behaviors remain stable despite economic pressures, stating, 'the fact that Ulta Beauty has categories from low-end entry-level price points all the way to luxury' supports continu...
• Strong Performance in Fragrance — Fragrance emerged as a key growth category, with management aiming to be '#1 in the U.S. in fragrance.' This category has been critical in attracting new customers, particularly younger males.
• Expansion into Wellness — Ulta is focusing on wellness as a significant growth opportunity, with plans to simplify the shopping experience in this complex category. Management believes wellness could become a '$1 billion category' for the company...

Read the full Ulta Beauty, Inc. transcript (September 10, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 62 Ulta Beauty, Inc. earnings call transcripts on record, spanning March 12, 2020 to September 10, 2026. Based on this history, Ulta Beauty, Inc. reports quarterly. The most recent call on file is dated September 10, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

ULTA

Exchange

NasdaqGS

Country

US

Sector

Consumer Discretionary

Industry

Specialty Retail

Calls on record

62

First call

March 12, 2020

Most recent

September 10, 2026

Reporting cadence

quarterly