Ulta Beauty, Inc.

For the period ended Jan 31, 2026. Filed Mar 26, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2026 · Filed Mar 26, 2026

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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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows


· · Fiscal Year Ended
· · January 31, · · February 1, · · February 3,
(In thousands) · · 2026 · · 2025 · · 2024
Operating activities
Net income	$1,153,479	$1,201,118	$1,291,005
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	300,772	267,042	243,840
Non-cash lease expense	351,281	310,636	332,754
Deferred income taxes	(3,238)	(43,328)	30,575
Stock-based compensation expense	37,426	42,787	48,246
Loss on disposal of property and equipment	10,998	11,566	11,419
Equity net loss of affiliate	3,857	—	—
Change in operating assets and liabilities:
Receivables	(71,375)	(15,395)	(8,517)
Merchandise inventories	(135,801)	(226,078)	(138,685)
Prepaid expenses and other current assets	(25,607)	(13,515)	14,648
Income taxes	(9,199)	34,772	45,367
Accounts payable	89,061	30,297	(20,873)
Accrued liabilities	108,201	6,303	(62,238)
Deferred revenue	73,358	63,994	41,914
Operating lease liabilities	(352,836)	(333,835)	(338,105)
Other assets and liabilities	(27,597)	2,241	(15,084)
Net cash provided by operating activities	1,502,780	1,338,605	1,476,266

Investing activities
Purchases of short-term investments	(70,000)	—	—
Capital expenditures	(434,829)	(374,458)	(435,267)
Acquisitions, net of cash acquired	(386,813)	—	—
Other investments	(39,704)	(8,631)	(6,158)
Net cash used in investing activities	(931,346)	(383,089)	(441,425)

Financing activities
Borrowings from short-term debt	2,214,888	199,700	195,400
Payments on short-term debt	(2,182,316)	(199,700)	(195,400)
Repurchase of common shares	(901,388)	(1,003,328)	(995,738)
Stock options exercised	32,562	12,339	12,176
Purchase of treasury shares	(13,649)	(23,761)	(22,562)
Debt issuance costs	(763)	(4,159)	—
Net cash used in financing activities	(850,666)	(1,018,909)	(1,006,124)

Effect of exchange rate changes on cash and cash equivalents	274	—	—
Net (decrease) increase in cash and cash equivalents	(278,958)	(63,393)	28,717
Cash and cash equivalents at beginning of year	703,201	766,594	737,877
Cash and cash equivalents at end of year	$424,243	$703,201	$766,594

Supplemental information
Cash paid for interest	$9,673	$4,159	$3,327
Income taxes paid, net of refunds	381,812	386,059	328,215
Non-cash investing and financing activities:
Non-cash capital expenditures	34,655	22,561	61,757
Repurchase of common shares in accrued liabilities	4,058	14,967	4,297

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.