Ulta Beauty, Inc. (ULTA) Cash Flow Statement
Where ULTA’s cash came from and went, FY2026
January 31, 2026 · U.S. dollars- Cash from operations
- $1.50B +12.3% vs FY2025
- Capital expenditures
- $434.8M 3.5% of revenue
- Free cash flow
- $1.07B 8.6% margin
- Returned to shareholders
- $901.4M 84% of free cash flow
- Change in cash
- −$279.0M cash at year-end $424.2M
Cash from operations
$1.50B
Capital expenditures
−$434.8M
Investments (net)
−$109.7M
Acquisitions & other
−$386.8M
Share buybacks (net)
−$901.4M
Net borrowing (repayment)
+$32.6M
Other financing
+$18.1M
Change in cash
−$279.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ULTA operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ULTA cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $634.4MFY2017 | $1.50BFY2026 | +10.1%/yr | |
| Capital expenditures | $373.4MFY2017 | $434.8MFY2026 | +1.7%/yr | |
| Free cash flow | $260.9MFY2017 | $1.07BFY2026 | +17.0%/yr | |
| Free cash flow margin | 5.4%FY2017 | 8.6%FY2026 | +3.2 pts | |
| Operating cash flow / net income | 1.55FY2017 | 1.30FY2026 | −0.25 | |
| Stock-based compensation | $19.3MFY2017 | $37.4MFY2026 | +7.6%/yr | |
| Dividends paid | $12.2MFY2021 | $10.4MFY2024 | −5.3%/yr | |
| Share buybacks (net) | $347.1MFY2017 | $901.4MFY2026 | +11.2%/yr | |
| Capex / revenue | 7.7%FY2017 | 3.5%FY2026 | −4.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ULTA cash flow by activity
OperatingInvestingFinancingChange in cash
ULTA net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ULTA cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.15B | $1.20B | $1.29B | $1.24B | $985.8M | $175.8M | $705.9M | $658.6M | $555.2M | $409.8M |
| Depreciation & amortization | $300.8M | $267.0M | $243.8M | $241.4M | $268.5M | $297.8M | $295.6M | $279.5M | $252.7M | $210.3M |
| Stock-based compensation | $37.4M | $42.8M | $48.2M | $43.0M | $47.3M | $27.6M | $25.0M | $26.6M | $24.4M | $19.3M |
| Change in working capital | −$351.8M | −$451.2M | −$481.6M | −$369.2M | −$498.2M | −$14.3M | −$215.5M | −$45.5M | −$33.4M | −$32.1M |
| Other non-cash items | $362.9M | $278.9M | $374.7M | $324.3M | $255.9M | $323.4M | $290.2M | $37.0M | −$19.6M | $27.1M |
| Cash from operating activities | $1.50B | $1.34B | $1.48B | $1.48B | $1.06B | $810.4M | $1.10B | $956.1M | $779.4M | $634.4M |
| Investing activities | ||||||||||
| Capital expenditures | −$434.8M | −$374.5M | −$435.3M | −$312.1M | −$172.2M | −$151.9M | −$298.5M | −$319.4M | −$440.7M | −$373.4M |
| Investments (net) | −$109.7M | −$383.1M | −$441.4M | −$314.6M | −$4.3M | $104.3M | −$172.9M | $117.9M | −$90.0M | $100.0M |
| Acquisitions & other investing | −$386.8M | $374.5M | $435.3M | $312.1M | $0 | −$1.2M | $0 | −$13.6M | $0 | $0 |
| Cash from investing activities | −$931.3M | −$383.1M | −$441.4M | −$314.6M | −$176.5M | −$48.8M | −$471.5M | −$215.1M | −$530.7M | −$273.4M |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$10.4M | — | — | −$12.2M | — | — | — | — |
| Share repurchases & issuance (net) | −$901.4M | −$1.03B | −$1.02B | −$907.0M | −$1.54B | −$118.2M | −$690.5M | −$622.3M | −$371.8M | −$347.1M |
| Net borrowing (repayment) | $32.6M | $0 | $0 | $0 | $0 | −$1.9M | — | — | −$583,000 | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $18.1M | $8.2M | $22.6M | $46.0M | $40.4M | $24.5M | $43.8M | $13.1M | $16.2M | $25.3M |
| Cash from financing activities | −$850.7M | −$1.02B | −$1.01B | −$861.0M | −$1.50B | −$107.9M | −$646.7M | −$609.2M | −$356.2M | −$321.8M |
| Summary | ||||||||||
| Net change in cash | −$279.0M | −$63.4M | $28.7M | $306.3M | −$614.5M | $653.7M | −$16.9M | $131.8M | −$107.6M | $39.2M |
| Cash at end of period | $424.2M | $703.2M | $766.6M | $737.9M | $431.6M | $1.05B | $392.3M | $409.3M | $277.4M | $385.0M |
| Free cash flow | $1.07B | $964.1M | $1.04B | $1.17B | $887.1M | $658.5M | $802.8M | $636.7M | $338.7M | $260.9M |
| Free cash flow margin | 8.6% | 8.5% | 9.3% | 11.5% | 10.3% | 10.7% | 10.9% | 9.5% | 5.8% | 5.4% |
| Capex / revenue | 3.5% | 3.3% | 3.9% | 3.1% | 2.0% | 2.5% | 4.0% | 4.8% | 7.5% | 7.7% |
| Operating cash flow / net income | 1.30 | 1.11 | 1.14 | 1.19 | 1.07 | 4.61 | 1.56 | 1.45 | 1.40 | 1.55 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $282.0M | $340.5M | $587.6M | $230.9M | $260.9M | $305.1M | $393.3M | $242.2M | $252.6M | $313.1M | $394.4M | $249.5M |
| Depreciation & amortization | $81.3M | $81.4M | $157.6M | $75.8M | $71.2M | $72.0M | $70.0M | $67.0M | $65.3M | $64.7M | $62.6M | $61.4M |
| Stock-based compensation | $10.6M | $10.5M | $17.1M | $10.0M | $8.9M | $11.4M | $15.1M | $8.4M | $9.2M | $10.1M | $14.8M | $11.9M |
| Change in working capital | −$345.6M | −$170.0M | −$264.5M | −$388.0M | −$340.1M | −$264.5M | $528.4M | −$452.3M | −$214.2M | −$313.1M | $512.4M | −$476.8M |
| Other non-cash items | $91.4M | −$464,000 | $688.5M | $76.2M | $95.6M | $96.0M | $29.8M | $77.8M | $86.7M | $84.5M | $134.1M | $83.2M |
| Cash from operating activities | $119.7M | $261.9M | $1.19B | $4.9M | $96.5M | $220.0M | $1.04B | −$56.8M | $199.5M | $159.3M | $1.12B | −$70.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$81.3M | −$58.3M | −$191.6M | −$87.3M | −$77.0M | −$79.0M | −$73.9M | −$114.2M | −$95.3M | −$91.0M | −$124.2M | −$106.3M |
| Investments (net) | −$4.5M | $10.1M | −$84.3M | −$8.3M | −$473.5M | −$86.4M | −$76.4M | −$115.3M | −$97.8M | −$93.6M | −$125.5M | −$109.5M |
| Acquisitions & other investing | $0 | $0 | −$95.6M | $0 | $77.0M | $79.0M | $73.9M | $114.2M | $95.3M | $91.0M | $124.2M | $106.3M |
| Cash from investing activities | −$85.8M | −$48.2M | −$371.4M | −$95.6M | −$473.5M | −$86.4M | −$76.4M | −$115.3M | −$97.8M | −$93.6M | −$125.5M | −$109.5M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | −$195.6M |
| Share repurchases & issuance (net) | −$248.0M | −$557.1M | −$382.7M | −$225.0M | −$109.8M | −$382.7M | −$238.1M | −$263.7M | −$212.5M | −$312.7M | −$155.4M | −$282.1M |
| Net borrowing (repayment) | $194.9M | $83.3M | −$490.6M | $262.6M | $260.5M | $0 | −$199.7M | $199.7M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $11.6M | $2.3M | $239.7M | $15.3M | $14.4M | $481,000 | $3.1M | −$67,000 | $145,000 | $5.0M | −$192.5M | $391.1M |
| Cash from financing activities | −$41.5M | −$471.4M | −$633.6M | $52.9M | $165.1M | −$382.2M | −$434.7M | −$64.1M | −$212.4M | −$307.8M | −$347.9M | −$86.6M |
| Summary | ||||||||||||
| Net change in cash | −$7.8M | −$257.9M | $181.5M | −$37.8M | −$211.9M | −$248.6M | $525.4M | −$236.2M | −$110.6M | −$242.0M | $644.8M | −$266.8M |
| Cash at end of period | $158.5M | $166.3M | $424.2M | $204.9M | $242.7M | $454.6M | $703.2M | $177.8M | $414.0M | $524.6M | $766.6M | $121.8M |
| Free cash flow | $38.4M | $203.6M | $907.4M | −$82.4M | $19.6M | $141.0M | $962.6M | −$171.1M | $104.3M | $68.3M | $994.0M | −$177.1M |
| Free cash flow margin | 1.3% | 6.4% | 23.3% | −2.9% | 0.7% | 4.9% | 27.6% | −6.8% | 4.1% | 2.5% | 28.0% | −7.1% |
| Capex / revenue | 2.7% | 1.8% | 4.9% | 3.1% | 2.8% | 2.8% | 2.1% | 4.5% | 3.7% | 3.3% | 3.5% | 4.3% |
| Operating cash flow / net income | 0.42 | 0.77 | 2.02 | 0.02 | 0.37 | 0.72 | 2.64 | −0.23 | 0.79 | 0.51 | 2.84 | −0.28 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ULTA cash generation
In fiscal 2026 (ended January 31, 2026), Ulta Beauty generated $1.5 billion of cash from operations (up 12.3%) and spent $434.8 million on capital expenditures, leaving free cash flow of $1.1 billion, 8.6% of revenue. It returned $901.4 million to shareholders through dividends ($0) and net share buybacks ($901.4 million). Cash and equivalents fell by $279.0 million over the year.
Related: ULTA income statement, ULTA balance sheet. See the ULTA stock overview for the latest quote and news.
ULTA cash flow FAQ
What is Ulta Beauty's free cash flow?
Ulta Beauty's free cash flow was $1.1 billion in fiscal 2026: $1.5 billion of operating cash flow minus $434.8 million of capital expenditures It was $964.1 million a year earlier..
How much cash does Ulta Beauty generate from operations?
Ulta Beauty generated $1.5 billion of cash from operating activities in fiscal 2026, 1.30 times its net income of $1.2 billion.
How much does Ulta Beauty spend on capital expenditures?
Ulta Beauty spent $434.8 million on capital expenditures in fiscal 2026, 3.5% of revenue, compared with $374.5 million the year before.
How much stock does Ulta Beauty buy back?
Ulta Beauty spent $901.4 million on net share repurchases in fiscal 2026.