ULTA Ulta Beauty margins

Relative Growth: Rel. Growth: 73

Relative Strength: Rel. Strength: 59

Relative Valuation: Rel. Valuation: 63

Relative Profitability: Rel. Profitability: 72

Gross margin

39.3%

Operating margin

12.5%

EBITDA margin

17.6%

Net margin

9.3%

Using the latest TTM figures, Ulta Beauty shows a gross margin of 39.3%, an operating margin of 12.5%, an EBITDA margin of 17.6%, and a net margin of 9.3%. Gross margin showed the largest year-over-year gain at 0.3 percentage points, whereas EBITDA margin showed the largest decline at 1.2 percentage points.

ULTA margin history

Gross, operating, EBITDA and net margin trends

Looking back over the last 3 years, Ulta Beauty recorded average margins of 39% gross, 13.63% operating, 18.83% EBITDA, and 10.38% net. The current figures show gross margin is above its three-year average, while operating, EBITDA, and net margins are below their three-year averages.

ULTA margin expansion

Year-over-year margin changes in percentage points

The strongest improvement was in gross margin, which increased by 0.3 percentage points, whereas operating margin contracted by 1.1 percentage points, EBITDA margin by 1.2 percentage points, and net margin by 1 percentage point.

Gross margin expansion

0.3pp

Operating margin expansion

-1.1pp

EBITDA margin expansion

-1.2pp

Net margin expansion

-1pp

ULTA Gross margin

Ulta Beauty's gross margin averaged 39% over the last 3 years. Compared with its three-year average, Ulta Beauty's current gross margin is 39.3% and is 0.3 percentage points above its three-year average. Over the last 3 years, Ulta Beauty's gross margin peaked at 39.3% in Aug 2026 and reached a low of 38.7% in Aug 2024.

ULTA Operating margin

Ulta Beauty's operating margin averaged 13.63% across the past 3 years. The current operating margin of 12.5% is 1.1 percentage points below its three-year average. Over the last 3 years, Ulta Beauty's operating margin peaked at 15% in Feb 2024 and reached a low of 12.4% in Jan 2026.

ULTA EBITDA margin

Ulta Beauty's EBITDA margin averaged 18.83% across the past 3 years. At present, Ulta Beauty's current EBITDA margin is 17.6%, which is 1.2 percentage points below its three-year average. Over the last 3 years, Ulta Beauty's EBITDA margin peaked at 20.1% in Feb 2024 and reached a low of 17.6% in Jan 2026.

ULTA Net margin

Across the last 3 years, Ulta Beauty recorded an average net margin of 10.38%. Ulta Beauty's current net margin is 9.3% and is 1.1 percentage points below its three-year average. The highest net margin for Ulta Beauty was 11.5% in Feb 2024, while the lowest was 9.3% in Jan 2026.

ULTA margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 39.3%, ULTA ranks higher than the Consumer Cyclical sector and the industry average. In comparison with the Consumer Cyclical sector average of 36.3%, Ulta Beauty's gross margin is 8% higher.

ULTA margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Ulta Beauty's gross margin?

The current gross margin for ULTA is 39.3% as of Aug 1, 2026.

What is Ulta Beauty's operating margin?

As of Aug 1, 2026, ULTA has an operating margin of 12.5%.

What is Ulta Beauty's EBITDA margin?

For the period ending Aug 1, 2026, ULTA recorded an EBITDA margin of 17.6%.

What is Ulta Beauty's net margin?

The current net margin for ULTA is 9.3% as of Aug 1, 2026.

What are the average margins of ULTA?

The three-year average margins for ULTA were 39.0% gross, 13.6% operating, 18.8% EBITDA, and 10.4% net.

What are the highest historical margins of ULTA?

Ulta Beauty's highest recorded margins during the past 5 years were 39.7% gross in Oct 2022, 16.1% operating in Jan 2023, 21.8% EBITDA in Apr 2022, and 12.3% net in Oct 2022.

What are the lowest historical margins of ULTA?

Looking back across 5 years, ULTA reached its lowest margins at 38.4% gross in Oct 2021, 12.4% operating in Jan 2026, 17.6% EBITDA in Jan 2026, and 9.3% net in Jan 2026.