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Side-by-side financial comparison of Dollar Tree (DLTR) and Ulta Beauty (ULTA). Click either name above to swap in a different company.
Dollar Tree is the larger business by last-quarter revenue ($4.7B vs $2.9B, roughly 1.7× Ulta Beauty). Ulta Beauty runs the higher net margin — 8.1% vs 5.2%, a 2.9% gap on every dollar of revenue. On growth, Ulta Beauty posted the faster year-over-year revenue change (12.9% vs -37.2%). Dollar Tree produced more free cash flow last quarter ($-57.1M vs $-81.6M). Over the past eight quarters, Ulta Beauty's revenue compounded faster (7.2% CAGR vs -25.9%).
Dollar Tree, Inc., formerly known as Dollar Tree Stores, Inc., is an American multi-price-point chain of discount variety stores. Headquartered in Chesapeake, Virginia, it is a Fortune 500 company and operates 15,115 stores throughout the 48 contiguous U.S. states and Canada. Its stores are supported by a nationwide logistics network of 24 distribution centers.
Ulta Beauty, Inc., formerly known as Ulta Salon, Cosmetics & Fragrance Inc. and before 2000 as Ulta3, is an American chain of cosmetic stores headquartered in Bolingbrook, Illinois. Ulta Beauty carries both high- and low-end cosmetics, fragrances, nail products, bath and body products, beauty tools and haircare products. Each location has a beauty salon available to the public.
DLTR vs ULTA — Head-to-Head
Income Statement — Q3 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $4.7B | $2.9B |
| Net Profit | $244.6M | $230.9M |
| Gross Margin | 35.8% | 40.4% |
| Operating Margin | 7.2% | 10.8% |
| Net Margin | 5.2% | 8.1% |
| Revenue YoY | -37.2% | 12.9% |
| Net Profit YoY | 4.8% | -4.7% |
| EPS (diluted) | $1.20 | $5.14 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $4.7B | $2.9B | ||
| Q3 25 | $4.6B | $2.8B | ||
| Q2 25 | $4.6B | $2.8B | ||
| Q1 25 | $5.0B | — | ||
| Q4 24 | $7.6B | $2.5B | ||
| Q3 24 | $7.4B | $2.6B | ||
| Q2 24 | $7.6B | $2.7B | ||
| Q1 24 | $8.6B | $3.6B |
| Q4 25 | $244.6M | $230.9M | ||
| Q3 25 | $188.4M | $260.9M | ||
| Q2 25 | $343.4M | $305.1M | ||
| Q1 25 | $-3.7B | — | ||
| Q4 24 | $233.3M | $242.2M | ||
| Q3 24 | $132.4M | $252.6M | ||
| Q2 24 | $300.1M | $313.1M | ||
| Q1 24 | $-1.7B | $394.4M |
| Q4 25 | 35.8% | 40.4% | ||
| Q3 25 | 34.4% | 39.2% | ||
| Q2 25 | 35.6% | 39.1% | ||
| Q1 25 | 37.6% | — | ||
| Q4 24 | 30.9% | 39.7% | ||
| Q3 24 | 30.0% | 38.3% | ||
| Q2 24 | 30.8% | 39.2% | ||
| Q1 24 | 32.1% | 37.7% |
| Q4 25 | 7.2% | 10.8% | ||
| Q3 25 | 5.1% | 12.4% | ||
| Q2 25 | 8.3% | 14.1% | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.4% | 12.6% | ||
| Q3 24 | 2.8% | 12.9% | ||
| Q2 24 | 5.5% | 14.7% | ||
| Q1 24 | -21.9% | 14.5% |
| Q4 25 | 5.2% | 8.1% | ||
| Q3 25 | 4.1% | 9.4% | ||
| Q2 25 | 7.4% | 10.7% | ||
| Q1 25 | -74.0% | — | ||
| Q4 24 | 3.1% | 9.6% | ||
| Q3 24 | 1.8% | 9.9% | ||
| Q2 24 | 3.9% | 11.5% | ||
| Q1 24 | -19.8% | 11.1% |
| Q4 25 | $1.20 | $5.14 | ||
| Q3 25 | $0.91 | $5.78 | ||
| Q2 25 | $1.61 | $6.70 | ||
| Q1 25 | $-17.17 | — | ||
| Q4 24 | $1.08 | $5.14 | ||
| Q3 24 | $0.62 | $5.30 | ||
| Q2 24 | $1.38 | $6.47 | ||
| Q1 24 | $-7.78 | $8.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $594.8M | $204.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.5B | $2.6B |
| Total Assets | $13.7B | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $594.8M | $204.9M | ||
| Q3 25 | $666.3M | $242.7M | ||
| Q2 25 | $1.0B | $454.6M | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $697.6M | $177.8M | ||
| Q3 24 | $570.3M | $414.0M | ||
| Q2 24 | $618.5M | $524.6M | ||
| Q1 24 | $684.9M | $766.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $3.4B | — |
| Q4 25 | $3.5B | $2.6B | ||
| Q3 25 | $3.6B | $2.6B | ||
| Q2 25 | $3.9B | $2.4B | ||
| Q1 25 | $4.0B | — | ||
| Q4 24 | $7.6B | $2.3B | ||
| Q3 24 | $7.4B | $2.3B | ||
| Q2 24 | $7.3B | $2.3B | ||
| Q1 24 | $7.3B | $2.3B |
| Q4 25 | $13.7B | $7.0B | ||
| Q3 25 | $13.4B | $6.6B | ||
| Q2 25 | $18.3B | $6.0B | ||
| Q1 25 | $18.6B | — | ||
| Q4 24 | $23.3B | $6.0B | ||
| Q3 24 | $22.6B | $5.7B | ||
| Q2 24 | $22.1B | $5.6B | ||
| Q1 24 | $22.0B | $5.7B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.47× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $319.3M | $5.6M |
| Free Cash FlowOCF − Capex | $-57.1M | $-81.6M |
| FCF MarginFCF / Revenue | -1.2% | -2.9% |
| Capex IntensityCapex / Revenue | 7.9% | 3.1% |
| Cash ConversionOCF / Net Profit | 1.31× | 0.02× |
| TTM Free Cash FlowTrailing 4 quarters | $394.5M | $-92.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $319.3M | $5.6M | ||
| Q3 25 | $260.7M | $96.5M | ||
| Q2 25 | $378.5M | $220.0M | ||
| Q1 25 | $405.1M | — | ||
| Q4 24 | $785.6M | $-56.8M | ||
| Q3 24 | $306.9M | $199.5M | ||
| Q2 24 | $695.7M | $159.3M | ||
| Q1 24 | $1.3B | $1.1B |
| Q4 25 | $-57.1M | $-81.6M | ||
| Q3 25 | $15.6M | $19.6M | ||
| Q2 25 | $129.7M | $141.0M | ||
| Q1 25 | $306.3M | — | ||
| Q4 24 | $359.2M | $-171.1M | ||
| Q3 24 | $-193.8M | $104.3M | ||
| Q2 24 | $223.5M | $68.3M | ||
| Q1 24 | $470.8M | $994.0M |
| Q4 25 | -1.2% | -2.9% | ||
| Q3 25 | 0.3% | 0.7% | ||
| Q2 25 | 2.8% | 4.9% | ||
| Q1 25 | 6.1% | — | ||
| Q4 24 | 4.8% | -6.8% | ||
| Q3 24 | -2.6% | 4.1% | ||
| Q2 24 | 2.9% | 2.5% | ||
| Q1 24 | 5.5% | 28.0% |
| Q4 25 | 7.9% | 3.1% | ||
| Q3 25 | 5.4% | 2.8% | ||
| Q2 25 | 5.4% | 2.8% | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 5.6% | 4.5% | ||
| Q3 24 | 6.8% | 3.7% | ||
| Q2 24 | 6.2% | 3.3% | ||
| Q1 24 | 9.1% | 3.5% |
| Q4 25 | 1.31× | 0.02× | ||
| Q3 25 | 1.38× | 0.37× | ||
| Q2 25 | 1.10× | 0.72× | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.37× | -0.23× | ||
| Q3 24 | 2.32× | 0.79× | ||
| Q2 24 | 2.32× | 0.51× | ||
| Q1 24 | — | 2.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLTR
| Consumable | $2.4B | 50% |
| Variety | $2.1B | 43% |
| Seasonal | $344.1M | 7% |
ULTA
Segment breakdown not available.
