Ulta Beauty, Inc.
For the period ended Nov 1, 2025. Filed Dec 4, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Nov 1, 2025 · Filed Dec 4, 2025
ULTA$664.41-0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| | | | | | | |
|---|---|---|---|---|---|---|
| · · 39 Weeks Ended | ||||||
| · · November 1, · · November 2, | ||||||
| (In thousands) | 2025 | 2024 | ||||
| Operating activities | | | | | | |
| Net income | | $796,802 | | $807,848 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | |
| Depreciation and amortization | | | 218,985 | | | 197,075 |
| Non-cash lease expense | | | 260,632 | | | 235,950 |
| Deferred income taxes | | | (1,613) | | | 5,808 |
| Stock-based compensation expense | | | 30,324 | | | 27,691 |
| Loss on disposal of property and equipment | | | 7,398 | | | 7,280 |
| Equity net loss of affiliate | | | 2,210 | | | — |
| Change in operating assets and liabilities: | | | | | | |
| Receivables | | | (13,138) | | | (5,682) |
| Merchandise inventories | | | (702,678) | | | (623,050) |
| Prepaid expenses and other current assets | | | (14,088) | | | (19,916) |
| Income taxes | | | (67,994) | | | (69,818) |
| Accounts payable | | | 123,911 | | | 54,210 |
| Accrued liabilities | | | 6,567 | | | (45,777) |
| Deferred revenue | | | (41,642) | | | (31,551) |
| Operating lease liabilities | | | (261,864) | | | (250,267) |
| Other assets and liabilities | | | (21,628) | | | 12,240 |
| Net cash provided by operating activities | | | 322,184 | | | 302,041 |
| | | | | | | |
| Investing activities | | | | | | |
| Capital expenditures | | | (243,262) | | | (300,536) |
| Acquisitions, net of cash acquired | | | (386,793) | | | — |
| Other investments | | | (25,445) | | | (6,108) |
| Net cash used in investing activities | | | (655,500) | | | (306,644) |
| | | | | | | |
| Financing activities | | | | | | |
| Borrowings from short-term debt | | | 1,641,844 | | | 199,700 |
| Payments on short-term debt | | | (1,118,683) | | | — |
| Repurchase of common shares | | | (703,960) | | | (765,384) |
| Stock options exercised | | | 30,103 | | | 9,200 |
| Purchase of treasury shares | | | (13,505) | | | (23,566) |
| Debt issuance costs | | | (763) | | | (4,159) |
| Net cash used in financing activities | | | (164,964) | | | (584,209) |
| | | | | | | |
| Net decrease in cash and cash equivalents | | | (498,280) | | | (588,812) |
| Cash and cash equivalents at beginning of period | | | 703,201 | | | 766,594 |
| Cash and cash equivalents at end of period | | $204,921 | | $177,782 | ||
| | | | | | | |
| Supplemental information | | | | | | |
| Income taxes paid, net of refunds | $326,360 | | $316,790 | |||
| Non-cash investing and financing activities: | | | | | | |
| Non-cash capital expenditures | | | 88,468 | | | 47,431 |
| Repurchase of common shares in accrued liabilities | | | 3,999 | | | — |
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