Ulta Beauty, Inc. (ULTA) Balance Sheet
ULTA balance sheet, FY2026
January 31, 2026 · U.S. dollars$7.00B assets = $4.20B liabilities + $2.80B equity
Both columns are drawn to the same scale: what ULTA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ULTA financial health
Descriptive bands, not a rating. Fiscal FY2026.
ULTA balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.55BFY2017 | $7.00BFY2026 | +11.9%/yr | |
| Total liabilities | $1.00BFY2017 | $4.20BFY2026 | +17.3%/yr | |
| Shareholders’ equity | $1.55BFY2017 | $2.80BFY2026 | +6.8%/yr | |
| Cash & short-term investments | $415.0MFY2017 | $494.2MFY2026 | +2.0%/yr | |
| Total debt | $1.94BFY2020 | $2.18BFY2026 | +2.0%/yr | |
| Net cash (debt) | −$1.44BFY2020 | −$1.69BFY2026 | −$251.8M | |
| Working capital | $1.01BFY2017 | $919.8MFY2026 | −$87.1M | |
| Book value per share | $24.66FY2017 | $62.31FY2026 | +10.8%/yr | |
| Current ratio | 2.90FY2017 | 1.41FY2026 | −1.49 | |
| Debt / equity | 1.02FY2020 | 0.78FY2026 | −0.24 | |
| Shares outstanding | 62.9MFY2017 | 45.0MFY2026 | −3.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ULTA assets
ULTA liabilities and equity
ULTA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ULTA balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $494.2M | $703.2M | $766.6M | $737.9M | $431.6M | $1.05B | $502.3M | $409.3M | $397.4M | $415.0M |
| Cash & equivalents | $424.2M | $703.2M | $766.6M | $737.9M | $431.6M | $1.05B | $392.3M | $409.3M | $277.4M | $385.0M |
| Short-term investments | $70.0M | $0 | — | — | $199.9M | $0 | $110.0M | $0 | $120.0M | $30.0M |
| Receivables | $296.2M | $223.3M | $207.9M | $199.4M | $233.7M | $193.1M | $139.3M | $136.2M | $99.7M | $88.6M |
| Inventory | $2.18B | $1.97B | $1.74B | $1.60B | $1.50B | $1.17B | $1.29B | $1.21B | $1.10B | $944.0M |
| Other current assets | $172.6M | $134.1M | $119.8M | $168.6M | $116.7M | $107.4M | $120.0M | $155.1M | $100.2M | $88.6M |
| Total current assets | $3.14B | $3.03B | $2.84B | $2.71B | $2.28B | $2.51B | $2.06B | $1.91B | $1.69B | $1.54B |
| Property, plant & equipment (net) | $3.25B | $2.85B | $2.76B | $2.57B | $2.40B | $2.50B | $2.74B | $1.23B | $1.19B | $1.00B |
| Goodwill & intangible assets | $429.7M | $11.1M | $11.4M | $12.2M | $12.4M | $13.3M | $14.3M | $15.2M | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $178.3M | $112.6M | $102.2M | $78.4M | $74.1M | $61.4M | $51.2M | $35.1M | $25.5M | $11.3M |
| Total assets | $7.00B | $6.00B | $5.71B | $5.37B | $4.76B | $5.09B | $4.86B | $3.19B | $2.91B | $2.55B |
| Liabilities | ||||||||||
| Accounts payable | $685.9M | $563.8M | $544.0M | $559.5M | $552.7M | $477.1M | $414.0M | $404.0M | $325.8M | $259.5M |
| Short-term debt | $369.0M | $288.1M | $283.8M | $283.3M | $274.1M | $253.4M | $239.6M | — | — | — |
| Deferred revenue | $582.4M | $500.6M | $436.6M | $394.7M | $353.6M | $274.4M | $237.5M | $199.1M | $63.1M | $46.3M |
| Total current liabilities | $2.22B | $1.78B | $1.66B | $1.68B | $1.56B | $1.34B | $1.14B | $823.7M | $642.2M | $529.3M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $2.12B | $1.92B | $1.91B | $1.90B | $1.85B | $1.90B | $1.94B | — | — | — |
| Other long-term liabilities | $1.97B | $1.73B | $1.77B | $1.73B | $1.67B | $1.75B | $1.82B | $547.2M | $492.3M | $472.3M |
| Total liabilities | $4.20B | $3.51B | $3.43B | $3.41B | $3.23B | $3.09B | $2.96B | $1.37B | $1.13B | $1.00B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $450,000 | $468,000 | $491,000 | $511,000 | $530,000 | $569,000 | $573,000 | $592,000 | $614,000 | $627,000 |
| Retained earnings (deficit) | $1.74B | $1.47B | $1.29B | $995.8M | $653.4M | $1.19B | $1.13B | $1.11B | $1.09B | $905.8M |
| Treasury stock | — | — | — | — | — | — | — | — | — | −$14.5M |
| Accumulated other comprehensive income | $3.8M | — | $0 | $0 | $0 | $56,000 | $0 | −$1.15B | −$959.2M | −$798.8M |
| Total shareholders' equity | $2.80B | $2.49B | $2.28B | $1.96B | $1.54B | $2.00B | $1.90B | $1.82B | $1.77B | $1.55B |
| Key figures | ||||||||||
| Total debt | $2.18B | $1.92B | $1.91B | $1.90B | $1.85B | $1.90B | $1.94B | — | — | — |
| Net cash (debt) | −$1.69B | −$1.22B | −$1.14B | −$1.17B | −$1.42B | −$850.8M | −$1.44B | — | — | — |
| Working capital | $919.8M | $1.25B | $1.18B | $1.03B | $723.2M | $1.17B | $918.1M | $1.09B | $1.05B | $1.01B |
| Tangible book value | $2.37B | $2.48B | $2.27B | $1.95B | $1.52B | $1.99B | $1.89B | $1.81B | $1.77B | $1.55B |
| Book value per share | $62.31 | $52.49 | $45.96 | $37.88 | $28.00 | $35.35 | $32.74 | $30.25 | $28.63 | $24.66 |
| Shares outstanding | 45.0M | 47.4M | 49.6M | 51.7M | 54.8M | 56.6M | 58.1M | 60.2M | 62.0M | 62.9M |
| Current ratio | 1.41 | 1.70 | 1.71 | 1.61 | 1.46 | 1.87 | 1.81 | 2.32 | 2.64 | 2.90 |
| Quick ratio | 0.36 | 0.52 | 0.59 | 0.56 | 0.43 | 0.92 | 0.56 | 0.66 | 0.77 | 0.95 |
| Debt / equity | 0.78 | 0.77 | 0.84 | 0.97 | 1.20 | 0.95 | 1.02 | — | — | — |
| Equity / assets | 40.1% | 41.5% | 39.9% | 36.5% | 32.2% | 39.3% | 39.1% | 57.0% | 61.0% | 60.7% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $213.5M | $221.3M | $494.2M | $204.9M | $242.7M | $454.6M | $703.2M | $177.8M | $414.0M | $524.6M | $766.6M | $121.8M |
| Cash & equivalents | $158.5M | $166.3M | $424.2M | $204.9M | $242.7M | $454.6M | $703.2M | $177.8M | $414.0M | $524.6M | $766.6M | $121.8M |
| Short-term investments | $55.0M | $55.0M | $70.0M | — | — | — | $0 | — | — | — | — | — |
| Receivables | $249.3M | $248.2M | $296.2M | $237.4M | $224.4M | $225.1M | $223.3M | $213.6M | $200.9M | $203.5M | $207.9M | $202.9M |
| Inventory | $2.41B | $2.39B | $2.18B | $2.74B | $2.41B | $2.12B | $1.97B | $2.37B | $2.00B | $1.91B | $1.74B | $2.32B |
| Other current assets | $199.0M | $165.6M | $172.6M | $184.9M | $194.8M | $138.4M | $134.1M | $198.3M | $185.6M | $126.5M | $119.8M | $146.1M |
| Total current assets | $3.07B | $3.02B | $3.14B | $3.37B | $3.07B | $2.94B | $3.03B | $2.95B | $2.80B | $2.76B | $2.84B | $2.79B |
| Property, plant & equipment (net) | $3.29B | $3.27B | $3.25B | $3.08B | $3.01B | $2.91B | $2.85B | $2.88B | $2.83B | $2.76B | $2.76B | $2.70B |
| Goodwill & intangible assets | $423.3M | $426.2M | $429.7M | $398.7M | $398.1M | $10.9M | $11.1M | $11.2M | $11.2M | $11.3M | $11.4M | $11.5M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $179.9M | $177.4M | $178.3M | $165.5M | $148.9M | $126.0M | $112.6M | $109.0M | $101.9M | $102.6M | $102.2M | $95.3M |
| Total assets | $6.96B | $6.90B | $7.00B | $7.01B | $6.63B | $5.99B | $6.00B | $5.96B | $5.74B | $5.63B | $5.71B | $5.60B |
| Liabilities | ||||||||||||
| Accounts payable | $646.2M | $713.8M | $685.9M | $759.0M | $708.7M | $537.5M | $563.8M | $593.2M | $566.9M | $463.8M | $544.0M | $597.4M |
| Short-term debt | $652.2M | $454.5M | $369.0M | $842.4M | $571.7M | $285.8M | $288.1M | $484.7M | $281.3M | $284.8M | $283.8M | $483.2M |
| Deferred revenue | $542.4M | $541.2M | $582.4M | $463.0M | $460.2M | $462.8M | $500.6M | $405.0M | $395.0M | $398.7M | $436.6M | $350.9M |
| Total current liabilities | $2.28B | $2.30B | $2.22B | $2.54B | $2.20B | $1.76B | $1.78B | $1.82B | $1.59B | $1.57B | $1.66B | $1.84B |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $2.18B | $2.16B | $2.12B | $2.02B | $2.00B | $1.98B | $1.92B | $1.94B | $1.93B | $1.89B | $1.91B | $1.90B |
| Other long-term liabilities | $2.04B | $2.01B | $1.97B | $1.84B | $1.83B | $1.79B | $1.73B | $1.81B | $1.80B | $1.76B | $1.77B | $1.73B |
| Total liabilities | $4.32B | $4.31B | $4.20B | $4.38B | $4.03B | $3.56B | $3.51B | $3.63B | $3.39B | $3.33B | $3.43B | $3.57B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $437,000 | $442,000 | $450,000 | $454,000 | $458,000 | $459,000 | $468,000 | $474,000 | $481,000 | $487,000 | $491,000 | $495,000 |
| Retained earnings (deficit) | $1.57B | $1.52B | $1.74B | $1.58B | $1.57B | $1.42B | $1.47B | $1.33B | $1.35B | $1.31B | $1.29B | $1.05B |
| Accumulated other comprehensive income | −$2.9M | $88,000 | $3.8M | — | — | — | — | — | $0 | $0 | $0 | — |
| Total shareholders' equity | $2.64B | $2.58B | $2.80B | $2.63B | $2.60B | $2.43B | $2.49B | $2.33B | $2.35B | $2.30B | $2.28B | $2.03B |
| Key figures | ||||||||||||
| Total debt | $2.52B | $2.30B | $2.18B | $2.57B | $2.29B | $1.98B | $1.92B | $2.14B | $1.93B | $1.89B | $1.91B | $2.10B |
| Net cash (debt) | −$2.31B | −$2.08B | −$1.69B | −$2.37B | −$2.05B | −$1.52B | −$1.22B | −$1.96B | −$1.52B | −$1.37B | −$1.14B | −$1.98B |
| Working capital | $787.2M | $717.5M | $919.8M | $832.4M | $868.3M | $1.18B | $1.25B | $1.14B | $1.21B | $1.19B | $1.18B | $955.1M |
| Tangible book value | $2.22B | $2.15B | $2.37B | $2.23B | $2.21B | $2.42B | $2.48B | $2.32B | $2.34B | $2.29B | $2.27B | $2.02B |
| Book value per share | $60.76 | $58.71 | $62.31 | $58.65 | $57.72 | $53.40 | $53.54 | $49.46 | $49.26 | $47.55 | $46.71 | $41.21 |
| Shares outstanding | 43.5M | 44.0M | 45.0M | 44.9M | 45.1M | 45.5M | 46.5M | 47.1M | 47.7M | 48.4M | 48.8M | 49.2M |
| Current ratio | 1.35 | 1.31 | 1.41 | 1.33 | 1.39 | 1.67 | 1.70 | 1.63 | 1.76 | 1.76 | 1.71 | 1.52 |
| Quick ratio | 0.20 | 0.20 | 0.36 | 0.17 | 0.21 | 0.39 | 0.52 | 0.22 | 0.39 | 0.46 | 0.59 | 0.18 |
| Debt / equity | 0.95 | 0.89 | 0.78 | 0.98 | 0.88 | 0.81 | 0.77 | 0.92 | 0.82 | 0.82 | 0.84 | 1.04 |
| Equity / assets | 38.0% | 37.4% | 40.1% | 37.5% | 39.3% | 40.6% | 41.5% | 39.1% | 40.9% | 40.9% | 39.9% | 36.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 26, 2026); data from EODHD.
ULTA financial position
At the end of fiscal 2026 (January 31, 2026), Ulta Beauty had total assets of $7.0 billion (up 16.6% from a year earlier), total liabilities of $4.2 billion and shareholders' equity of $2.8 billion. It held $494.2 million in cash and short-term investments against $2.2 billion of debt, net debt of $1.7 billion. Its current ratio was 1.41. In the latest quarter (ended July 31, 2026) total assets were $7.0 billion and equity $2.6 billion.
Related: ULTA income statement, ULTA cash flow statement, ULTA key metrics. See the ULTA stock overview for the latest quote and news.
ULTA balance sheet FAQ
What are Ulta Beauty's total assets?
Ulta Beauty reported total assets of $7.0 billion at the end of fiscal 2026 (January 31, 2026), compared with $6.0 billion a year earlier.
How much debt does Ulta Beauty have?
Ulta Beauty had $2.2 billion of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.78.
How much cash does Ulta Beauty have?
Ulta Beauty held $494.2 million in cash and short-term investments at the end of fiscal 2026; with $2.2 billion of debt that is net debt of $1.7 billion.
What is Ulta Beauty's book value?
Ulta Beauty's shareholders' equity (book value) was $2.8 billion at the end of fiscal 2026, or $62.31 per share.
What is Ulta Beauty's current ratio?
Ulta Beauty had current assets of $3.1 billion and current liabilities of $2.2 billion, a current ratio of 1.41 (it can cover its short-term obligations).
How much goodwill does Ulta Beauty have?
Ulta Beauty carried $429.7 million of goodwill and intangible assets, 6.1% of total assets, at the end of fiscal 2026.