Ulta Beauty Beats Q2 2026 Estimates, Raises Full-Year Guidance and Buyback Target

Ulta Beauty reported second-quarter 2026 results in early September 2026, with revenue up 8.9% year-over-year to $3.04 billion, ahead of the $2.98 billion analyst estimate, and adjusted earnings per share of $6.55, exceeding the $6.17 consensus.

Growth Moderating but Still Solid

Comparable sales rose 3.8% in the quarter, a moderation from the 6.7% growth Ulta posted in the same period last year — still a healthy result, but a specific signal that the exceptional growth rates of the prior year are normalizing rather than accelerating further.

Guidance Raised Across the Board

• Net sales growth raised to 6.7%-7.2% for fiscal 2026
• Comparable sales growth raised to 3.2%-3.7%
• Diluted EPS guidance raised to $28.70-$29.00 per share
• Planned share repurchases increased to $1.8 billion, up from a prior $1.5 billion target

Second-Half Outlook

For the second half of fiscal 2026, Ulta now expects net sales to increase 4% to 5%, inclusive of comparable sales growth of between 2% and 3% — a more measured pace than the first half, consistent with the moderating comparable-sales trend already visible in the Q2 print.

What This Means for Beauty Retail

A beat-and-raise quarter paired with a meaningfully larger share buyback authorization is a specific signal of management confidence in sustained, if more moderate, growth — a useful contrast to several software and tech names this earnings season that beat estimates and raised guidance yet still saw their stock punished over forward growth concerns.