ULTA BEAUTY, INC. FY 2026 10-K, explained in plain English

Key financials — as reported

Total revenue	$12.4B
Gross margin	39.1%
Operating income	$1.5B
Net income	$1.2B
Diluted EPS	$25.64
Cash & equivalents	$424.2M
Total assets	$7.0B
Long-term debt	— not reported

Key takeaway

Ulta Beauty posted $12.39 billion in revenue with a 39.1% gross margin and $1.15 billion net income for fiscal 2025.

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Beneath the surface

Cash dropped from roughly $703 million to $424 million (a $279 million decline), suggesting significant cash use for the Space NK acquisition, capex, or buybacks that isn't obvious from the income statement alone.

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