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

Ulta Beauty's Gross Margin history runs 17 years deep, the most recent figure standing at 38.06% for Q1 2026.

• Quarterly Gross Margin fell 18.0% year-over-year to 38.06% in Q1 2026, while the trailing twelve-month figure through Jan 2026 was 39.1% (up 26.0% YoY) and the FY2026 annual result came in at 39.1%, up 26.0% from the prior year.
• Gross Margin was 38.06% for Q1 2026 at Ulta Beauty, down from 40.44% in the prior quarter.
• Across five years, Gross Margin topped out at 41.17% in Q4 2022 and bottomed at 37.58% in Q1 2023.
• A 5-year average of 39.18% and a median of 39.25% in 2024 frame the typical range for Gross Margin.
• Annual changes were most pronounced in 2022 — Gross Margin surged 257 bps — and 2023, when it tumbled 131 bps.
• Ulta Beauty's Gross Margin stood at 41.17% in 2022, then slipped by 3 bps to 39.86% in 2023, then fell by 0 bps to 39.75% in 2024, then increased by 2 bps to 40.44% in 2025, then slipped by 6 bps to 38.06% in 2026.
• Business Quant data shows ULTA's Gross Margin at 38.06% in Q1 2026, 40.44% in Q4 2025, and 39.15% in Q3 2025.