Ulta Beauty (ULTA) Gross Margin (2010 - 2026)
Ulta Beauty's (ULTA) quarterly Gross Margin came in at 38.06% in Q1 2026, down 18.0% YoY from 46.41% in Q1 2025, and down 5.89% on a QoQ basis from 40.44% in Q4 2025.
Ulta Beauty (ULTA) Gross Margin (2010 - 2026) Analysis & Trends
Ulta Beauty (ULTA) has 17 years of Gross Margin data on file, last reported at 38.06% in 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 retreated to 38.06% in Q1 2026, from 40.44% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 41.17% in Q4 2022 to a low of 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 plunged 131 bps.
- Tracing ULTA's Gross Margin over 5 years: 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.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Caseys General Stores | 30.70 Bn | 30.18 Bn | 1.08 Bn | 23.63% |
| 2 | Williams Sonoma | 28.62 Bn | 27.60 Bn | 1.10 Bn | 46.87% |
| 3 | Ulta Beauty | 22.58 Bn | 22.36 Bn | 1.27 Bn | 40.07% |
| 4 | Tractor Supply | 18.35 Bn | 18.12 Bn | 1.68 Bn | 37.05% |
| 5 | Best Buy | 18.03 Bn | 16.28 Bn | 2.10 Bn | 23.52% |
| 6 | Dick'S Sporting Goods | 15.93 Bn | 14.93 Bn | 1.68 Bn | 32.59% |
| 7 | Five Below | 13.08 Bn | 11.97 Bn | 478.64 Mn | 37.23% |
| 8 | Murphy USA | 10.51 Bn | 10.33 Bn | 746.50 Mn | 10.97% |
| 9 | Bath & Body Works | 4.08 Bn | 3.13 Bn | 1.24 Bn | 45.67% |
| 10 | MINISO Group Holding | 3.42 Bn | 2.45 Bn | 414.86 Mn | 46.39% |
Historic Data
Download Data| Date | Value |
|---|---|
| May 2, 2026 | 40.07% |
| Jan 31, 2026 | 38.06% |
| Nov 1, 2025 | 40.44% |
| Aug 2, 2025 | 39.15% |
| May 3, 2025 | 39.12% |
| Feb 1, 2025 | 38.24% |
| Nov 2, 2024 | 39.75% |
| Aug 3, 2024 | 38.33% |
| May 4, 2024 | 39.25% |
| Feb 3, 2024 | 37.72% |
| Oct 28, 2023 | 39.86% |
| Jul 29, 2023 | 39.28% |
| Apr 29, 2023 | 40.04% |
| Jan 28, 2023 | 37.58% |
| Oct 29, 2022 | 41.17% |
| Jul 30, 2022 | 40.41% |
| Apr 30, 2022 | 40.11% |
| Jan 29, 2022 | 37.64% |
| Oct 30, 2021 | 39.56% |
| Jul 31, 2021 | 40.56% |