Ulta Beauty stock slips 1.81 percent as Q2 EPS rises

Ulta Beauty stock stood at USD 543.81 on Nasdaq on September 23, 2026, down 1.81 percent from the prior close. The retailer's latest quarterly report showed diluted EPS of USD 6.55, up 13.3 percent year over year, while management raised its fiscal 2026 outlook.

Q2 sales reach USD 3.0357 billion

Ulta Beauty reported net sales of USD 3.0357 billion for the 13 weeks ended August 1, 2026, an increase of 8.9 percent from USD 2.7885 billion a year earlier. Comparable sales increased 3.8 percent, giving the retailer a second growth source alongside the acquisition of Space NK and new store openings.

Operating income reached USD 379.6 million in Q2 fiscal 2026, up 10.1 percent, and the operating margin was 12.5 percent of sales. Ulta Beauty reported the figures on August 27, 2026.

Guidance points to higher earnings

Fiscal 2026 guidance now calls for net sales growth of 6.7 percent to 7.2 percent and diluted EPS of USD 28.70 to USD 29.00. The EPS range implies growth of 11.9 percent to 13.1 percent, compared with the prior outlook of USD 28.36 to USD 28.80.

The earnings profile is improving faster than sales in the latest quarter: diluted EPS rose 13.3 percent, compared with 8.9 percent net sales growth. That difference points to operating leverage, although gross margin was 39.1 percent, down from 39.2 percent in the year-earlier quarter, according to Stock Titan.

Analyst target stands at USD 625

On September 23, 2026, DA Davidson reaffirmed a Buy rating and raised its Ulta Beauty price target to USD 625, citing the retailer's position in social commerce. Investing.com also reported that JPMorgan maintained an Overweight rating, while UBS cut its target to USD 710.

For investors, the key comparison is between the current market value and the company's earnings trajectory. Ulta Beauty's market capitalization was USD 23,378,017,215 on September 24, 2026, while the latest Q2 report combines 8.9 percent sales growth with 13.3 percent EPS growth.

Stock remains below its yearly high

Ulta Beauty stock was USD 543.81 on Nasdaq on September 23, 2026, with a 52-week range of USD 443.60 to USD 714.97. The price was 23.94 percent below the 52-week high, leaving the valuation narrative dependent on the conversion of fiscal 2026 guidance into reported earnings.