Beauty, cosmetics, and personal care retailer Ulta Beauty (NASDAQ: ULTA) will be announcing earnings results this Thursday after the bell. Here’s what to expect.

Ulta beat analysts’ revenue expectations last quarter, reporting revenues of $2.86 billion, up 12.9% year on year. It was an exceptional quarter for the company, with an impressive beat of analysts’ EBITDA estimates and a solid beat of analysts’ revenue estimates.

Is Ulta a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, the market is expecting Ulta’s revenue to grow 9.7% year on year, a reversal from the 1.9% decrease it recorded in the same quarter last year.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Ulta rarely misses Wall Street’s revenue estimates.

Looking at Ulta’s peers in the beauty and cosmetics retailer segment, some have already reported their Q4 results, giving us a hint as to what we can expect. Bath and Body Works’s revenues decreased 2.3% year on year, beating analysts’ expectations by 4.3%, and Sally Beauty reported flat revenue, in line with consensus estimates. Bath and Body Works’s stock price was unchanged after the resultswhile Sally Beauty was down 3.5%.

Read our full analysis of Bath and Body Works’s results here and Sally Beauty’s results here.

Debates around the economy’s health and the impact of potential tariffs and corporate tax cuts have caused much uncertainty in 2025. While some of the beauty and cosmetics retailer stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 9.3% on average over the last month. Ulta is down 6.9% during the same time and is heading into earnings with an average analyst price target of $698.79 (compared to the current share price of $648.20).

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