Ulta Beauty vs. Sally Beauty: A Comparison of Recent Revenue Trends
Key Points
Ulta Beauty consistently generates higher revenue totals and demonstrates a generally upward longer-term trajectory compared to Sally Beauty.
Over the last eight quarters, Ulta Beauty experienced notable quarter-over-quarter fluctuations, while Sally Beauty maintained a highly stable revenue baseline.
Investors should watch whether the revenue gap between the two companies continues to widen or begins to stabilize in upcoming quarters.
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Ulta Beauty (NASDAQ:ULTA) and Sally Beauty (NYSE:SBH) have struggled with macroeconomic headwinds over the past few years. These retailers haven’t been able to find meaningful revenue traction. The one that begins to grow faster as we come out of this downturn may be the cosmetics stock offering the biggest upside over the coming years. Here’s a look at where these businesses stand in 2026 and what to expect in the near term.
Ulta Beauty: Navigating Seasonal Fluctuations in Revenue
Ulta Beauty is a prominent beauty retailer across the United States, offering an assortment of cosmetics, perfumes, skincare products, and comprehensive salon services.
It launched agentic shopping features using artificial intelligence in April 2026, and reported approximately 11% net income margin for the quarter ended May 2, 2026.
Sally Beauty: Maintaining Consistent Revenue Levels
Sally Beauty operates as a specialized distributor of professional beauty items, providing hair coloring agents, skincare, and styling appliances to individual consumers and salon professionals.
It appointed Adrianne Lee as Chief Financial Officer in April 2026, while generating about 5% net income margin for the quarter ended March 31, 2026.
Why Revenue Matters for Retail Investors
Revenue is the most fundamental measure of a company’s performance. Changes over time can reveal how effective a business is at reaching new customers, gaining market share in its industry, and expanding into new markets.
Quarterly Revenue for Ulta Beauty and Sally Beauty
| Quarter (Period End) | Ulta Beauty Revenue | Sally Beauty Revenue |
|---|---|---|
| Q3 2024 | $2.6 billion (period ended Aug. 2024) | $935.0 million (period ended Sept. 2024) |
| Q4 2024 | $2.5 billion (period ended Nov. 2024) | $937.9 million (period ended Dec. 2024) |
| Q1 2025 | $3.5 billion (period ended Jan. 2025) | $883.1 million (period ended March 2025) |
| Q2 2025 | $2.8 billion (period ended May 2025) | $933.3 million (period ended June 2025) |
| Q3 2025 | $2.8 billion (period ended Aug. 2025) | $947.1 million (period ended Sept. 2025) |
| Q4 2025 | $2.9 billion (period ended Nov. 2025) | $943.2 million (period ended Dec. 2025) |
| Q1 2026 | $3.9 billion (period ended Jan. 2026) | $903.4 million (period ended March 2026) |
| Q2 2026 | $3.2 billion (period ended May 2026) | Not yet reported |
Data source: Company filings. Data as of July 16, 2026.
Foolish Take
Ulta Beauty is the larger business, generating over four times as much revenue. It is also growing faster amid challenging consumer spending conditions.
Sally Beauty expects full-year comparable store sales to be flat or up 1%, while Ulta Beauty anticipates full-year comp sales to grow between 2.5% and 3.5%.
Ulta Beauty’s greater revenue size has also allowed the business to be further along in scaling expenses to turn a higher profit. Its profit margin is more than double Sally’s. Ulta’s recent margin increase last quarter reflects internal efforts to increase inventory turnover and operating efficiency.
Investors will want to watch management’s guidance for both companies to see if there are any revisions based on changing demand trends in the second half of the year. Unless Sally sees improved growth at some point, Ulta Beauty may runaway as the leader in this market. Ulta’s stock has outperformed Sally’s marginally over the last three years, and that momentum may continue unless something changes.
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John Ballard has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Ulta Beauty. The Motley Fool has a disclosure policy.
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