Ulta Beauty closed fiscal 2025 with strong top line momentum and slightly tighter margins, then set 2026 guidance that points to steady, if slower, growth from an already high base. Net sales and comps both accelerated in the holiday quarter, even as operating margin stepped down versus last year.
Fiscal 2025 and Q4 performance For fiscal 2025 , net sales rose 9.7% to $12.39 billion , with comparable sales up 5.4% , driven by a 3.3% increase in average ticket and a 2.0% increase in transactions. Gross profit
climbed 10.4% to $4.85 billion , and gross margin improved to 39.1% (from 38.8% ) on lower inventory shrink and better merchandise margin, partly offset by channel mix and some deleverage in fixed store costs and other revenue.
Operating income reached $1.54 billion , or 12.4% of net sales, down from 13.9% a year earlier, while diluted EPS inched up 1.2% to $25.64 . In the fourth quarter alone, net sales increased 11.8% to $3.90 billion , and comparable sales rose 5.8% , with ticket prices up 4.2% and transactions up 1.6% .
Q4 gross margin slipped slightly to 38.1% (from 38.2% ), and operating margin declined to 12.2% (from 14.8% ), reflecting higher SG&A and mix headwinds. Diluted EPS for the quarter came in at $8.01 , below the prior year’s $8.46 despite the double digit sales growth.
“The Ulta Beauty team closed the year with momentum, delivering strong fourth quarter and full-year sales and continued market share gains…
