Direct Answer
Ulta Beauty reports a single business segment in its fiscal 2026 Form 10-K, so the whole company is managed and measured as one business. That segment's revenue was $12.4 billion (up 9.7% from the prior year), and its largest cost line was cost of revenue at 61% of revenue.
How Does Ulta Beauty Make Money?
Since 2024, US accounting rules (ASU 2023-07) require even a single-segment company to disclose the significant expense categories its management reviews. These are the amounts Ulta Beauty tags to its one segment, as a share of that segment's revenue.
| Line | FY2026 | FY2025 | Share of revenue |
|---|---|---|---|
| Revenues | $12.4 billion | $11.3 billion | 100.0% |
| Cost of revenue | $7.5 billion | $6.9 billion | 60.9% |
| Depreciation and amortization | $301 million | $267 million | 2.4% |
| Pre opening costs | $16 million | $14 million | 0.1% |
| Interest income expense nonoperating net | -$2 million | $15 million | -0.0% |
What a Single Segment Does and Does Not Tell You
One reportable segment means management runs Ulta Beauty as one business; it does not mean the company sells one product. Revenue can still be spread across products, customers and countries that the filing describes in its revenue note or Item 1 without tagging them as segments. Cost lines are the company's own categories, so they compare across years within Ulta Beauty more safely than against another company, and lines that are not listed are included in other expense totals rather than missing.
Where These Numbers Come From
Every figure on this page is a value Ulta Beauty reported in the segment note and revenue disclosures of its Form 10-K filed March 26, 2026 (accession 0001104659-26-035243), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2026; it is not a forecast or a recommendation.
Frequently Asked Questions
How many business segments does Ulta Beauty have?
One. In its fiscal 2026 Form 10-K, Ulta Beauty reports a single reportable segment, so its chief operating decision maker reviews the business as a whole rather than by division.
What are Ulta Beauty's biggest costs?
The segment expenses Ulta Beauty reports, largest first: cost of revenue ($7.5 billion, 61% of revenue), depreciation and amortization ($301 million, 2% of revenue), pre opening costs ($16 million, 0% of revenue) and interest income expense nonoperating net (-$2 million, -0% of revenue).
How profitable is Ulta Beauty's business?
Ulta Beauty does not tag a segment profit figure that Swoopr reads; its income statement shows operating results.