Ulta Beauty (ULTA) Gross Margin (2010 - 2026)

Ulta Beauty has reported Gross Margin for 17 years, with the latest figure at 38.06% in Q1 2026.

• For the quarter ending Q1 2026, Gross Margin fell 18.0% year-over-year to 38.06%; the trailing twelve-month figure through Jan 2026 stood at 39.1% (up 26.0% YoY), and the FY2026 full-year result was 39.1%, up 26.0% from the prior year.
• Gross Margin for Q1 2026 stood at 38.06%, down from 40.44% in the prior quarter.
• The five-year high for Gross Margin was 41.17% in Q4 2022, with the low at 37.58% in Q1 2023.
• Historically, Gross Margin has averaged 39.18% across 5 years, with a median of 39.25% in 2024.
• Annual changes were most pronounced in 2022 — Gross Margin surged 257 bps — and 2023, when it plunged 131 bps.
• Ulta Beauty's Gross Margin stood at 41.17% in 2022, then retreated by 3 bps to 39.86% in 2023, then dropped by 0 bps to 39.75% in 2024, then climbed by 2 bps to 40.44% in 2025, then retreated by 6 bps to 38.06% in 2026.
• The last three Gross Margin figures came in at 38.06% (Q1 2026), 40.44% (Q4 2025), and 39.15% (Q3 2025), per Business Quant data.