Ulta Beauty 2025 net sales increased 9.7% year-over-year at $12.4bn. Comparable sales rose 5.4% for the full year, driven by a strong holiday quarter where comparable sales hit 5.8%.
The business gained market share across both mass and prestige categories. Fragrance remained the standout, delivering double-digit comparable growth on the back of new launches from YSL, Prada, and exclusives like Noyz. Hair followed with its best performance of the year, supported by Amika and Cecred. Skincare saw mid-single-digit growth, fueled by K-beauty brands Medicube and Anua.
Store expansion continued with 63 new locations opened during the year, adding to the company’s physical footprint while digital upgrades and TikTok Shop integration strengthened its omni-channel presence.
For the full year, diluted EPS landed at $25.64. Fourth-quarter EPS came in at $8.01, slightly below analyst expectations, which weighed on the stock despite a top-line beat.
Looking to 2026, Ulta forecasts net sales growth of 6 to 7%. Management expects category growth to settle at historical averages of 2 to 4%, with consumers remaining value-focused amid broader economic uncertainty.