Ulta Beauty (FRA:34U) Operating Income: €1,366 Mil (TTM As of Apr. 2026)

What is Ulta Beauty Operating Income?

Ulta Beauty FRA:34U +1.31% 94 Operating Income is €1,366 Mil as of Apr. 2026. GuruFocus rates FRA:34U with a GF Score™ of 94/100 and a GF Value™ of €478.11 (Modestly Undervalued). The stock has 2 warning signs investors should review.

Ulta Beauty's Operating Income for the three months ended in Apr. 2026 was €387 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Apr. 2026 was €1,366 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Ulta Beauty's Operating Income for the three months ended in Apr. 2026 was €387 Mil. Ulta Beauty's Revenue for the three months ended in Apr. 2026 was €2,705 Mil. Therefore, Ulta Beauty's Operating Margin % for the quarter that ended in Apr. 2026 was 14.32%.

Good Sign:

Ulta Beauty Inc operating margin is expanding. Margin expansion is usually a good sign.

Ulta Beauty's 5-Year average Growth Rate for Operating Margin % was 10.20% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Ulta Beauty's annualized ROC % for the quarter that ended in Apr. 2026 was 26.11%. Ulta Beauty's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 was 45.58%.

Ulta Beauty (FRA:34U) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Ulta Beauty's annualized ROC % for the quarter that ended in Apr. 2026 is calculated as:

	ROC % (Q: Apr. 2026 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jan. 2026 )	+	Invested Capital (Q: Apr. 2026 ))	/ count )
=	1548.988 * ( 1 - 23.8% )	/	( (4452.47	+	4587.537)	/ 2 )
=	1180.328856	/	4520.0035
=	26.11 %

where

	Invested Capital		(Q: Jan. 2026 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	5956.399	-	1083.328	-	( 420.601	-	max(0, 1892.915	-	2675.668	+	420.601	))
=	4452.47

	Invested Capital		(Q: Apr. 2026 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	5895.434	-	1118.686	-	( 189.211	-	max(0, 1969.988	-	2583.471	+	189.211	))
=	4587.537

Note: The Operating Income data used here is four times the quarterly (Apr. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Ulta Beauty's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Apr. 2026 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jan. 2026		Q: Apr. 2026
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	1548.988	/	( ( (2763.313 + max(424.054, 0))	+	(2795.839 + max(812.848, 0)) )	/	2 )
=	1548.988	/	( ( 3187.367	+	3608.687 )	/	2 )
=	1548.988	/	3398.027
=	45.58 %

where Working Capital is:

	Working Capital		(Q: Jan. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	1856.139	+	146.847)	-	(1083.328	+	495.604	+	0)
=	424.054

	Working Capital		(Q: Apr. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(212.245	+	2040.387	+	141.628)	-	(1118.686	+	462.725	+	0.00099999999997635)
=	812.848

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Apr. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Ulta Beauty's Operating Margin % for the quarter that ended in Apr. 2026 is calculated as:

Operating Margin %	=	Operating Income (Q: Apr. 2026 )	/	Revenue (Q: Apr. 2026 )
	=	387.247	/	2705.098
	=	14.32 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Ulta Beauty Operating Income Related Terms

Ulta Beauty Operating Income Historical Data

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The historical data trend for Ulta Beauty's Operating Income can be seen below:

Ulta Beauty Operating Income Chart

Ulta Beauty Annual Data

Trend

Jan17

Jan18

Jan19

Jan20

Jan21

Jan22

Jan23

Jan24

Jan25

Jan26

Operating Income

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1,155.40

1,530.47

1,548.24

1,524.99

1,318.04

Ulta Beauty Quarterly Data
	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23	Jan24	Apr24	Jul24	Oct24	Jan25	Apr25	Jul25	Oct25	Jan26	Apr26
Operating Income	Get a 7-Day Free Trial															359.21	299.92	270.37	408.91	387.25

94GF Score

Ulta Beauty Inc FRA:34U

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

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Ulta Beauty Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Apr. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €1,366 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of €1,366 Mil mean?

Ulta Beauty (FRA:34U) has a Operating Income of €1,366 Mil as of Apr. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Ulta Beauty and its competitors.

Is Ulta Beauty's Operating Income too high?

Ulta Beauty's current Operating Income is €1,366 Mil. Overall, Ulta Beauty has a GF Score™ of 94/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Ulta Beauty's Operating Income compare to DKS and BBY?

Ulta Beauty's Operating Income of €1,366 Mil can be compared against companies in the Retail - Cyclical industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Operating Income for a Retail - Cyclical company?

A good Operating Income depends on the Retail - Cyclical industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Ulta Beauty and its competitors. Ulta Beauty's current Operating Income is €1,366 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Ulta Beauty stock overvalued right now?

Based on GuruFocus' analysis, Ulta Beauty (FRA:34U) is currently considered Modestly Undervalued. The stock's GF Value™ is €478.11, compared to a current price of €401.00 — trading 16.1% below its estimated fair value. The current Operating Income is €1,366 Mil. Ulta Beauty's overall GF Score™ is 94/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For Ulta Beauty (FRA:34U), the current Operating Income is €1,366 Mil as of Apr. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Ulta Beauty (FRA:34U) Overvalued in 2026?

Based on GuruFocus' analysis, Ulta Beauty stock appears to be undervalued. The current stock price of €401.00 is trading 16.1% below its estimated GF Value™ of €478.11. GuruFocus considers Ulta Beauty to be Modestly Undervalued.

Key valuation signals for FRA:34U:

Operating Income: €1,366 Mil
GF Value™: €478.11 vs. price of €401.00 (16.1% below fair value)
GF Score™: 94/100 with 2 warning signs

No single metric tells the full story. See the FRA:34U stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Ulta Beauty Business Description

Industry Consumer Cyclical Retail - Cyclical

Comparable Companies DKS BBY TSCO WSM CASY FIVE GME MUSA BBWI MNSO TSX:ATD SHSE:601888 ADX:ADNOCDIST TPE:3045 XSWX:AVOL TSE:8136 TSX:CTC.A BSP:VBBR3 ASX:JBH SAU:4190

Other Exchanges ULTA:USA ULTA:Mexico 1ULTA:Italy 0LIB:UK 34U:Germany U1LT34:Brazil ULTA:Austria

Address 1000 Remington Boulevard, Suite 120, Bolingbrook, IL, USA, 60440

Website https://www.ulta.com

Ulta Beauty is the largest specialized beauty retailer in the US with more than 1,500 freestanding stores. The firm offers cosmetics (38% of 2025 sales), fragrances (13%), skin care (24%), and hair care products (19%). It also has salon services, including hair, makeup, skin, and brow, that account for 4% of its revenue and drive customer traffic. Outside of the US, Ulta operates premium beauty retailer Space NK (86 stores at year-end 2025 in the UK and Ireland) and has franchised stores in Mexico, and a joint venture in the Middle East. Ulta was founded in 1990 and is based in Bolingbrook, Illinois.

94GF Score

Get the complete analysis for FRA:34U

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€401.00

Price

€478.11

GF Value

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