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Side-by-side financial comparison of Macy's, Inc. (M) and Ulta Beauty (ULTA). Click either name above to swap in a different company.
Macy's, Inc. is the larger business by last-quarter revenue ($4.7B vs $3.9B, roughly 1.2× Ulta Beauty). Ulta Beauty runs the higher net margin — 9.1% vs 0.2%, a 8.9% gap on every dollar of revenue. On growth, Ulta Beauty posted the faster year-over-year revenue change (100.0% vs -0.6%). Over the past eight quarters, Ulta Beauty's revenue compounded faster (4.7% CAGR vs -23.8%).
Macy's, Inc. is an American holding company of department stores. Upon its establishment in 1929, Federated held ownership of the regional department store chains Abraham & Straus, Lazarus, Filene's, and Shillito's. Bloomingdale's joined Federated Department Stores the next year. Throughout its early history, frequent acquisitions and divestitures saw the company operate a number of nameplates. In 1994, Federated took over Macy's, the old department store chain originally founded in 1858 by A...
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.
M vs ULTA — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2027
| Metric | | |
|---|---|---|
| Revenue | $4.7B | $3.9B |
| Net Profit | $11.0M | $356.7M |
| Gross Margin | 39.4% | 38.1% |
| Operating Margin | 0.9% | 12.2% |
| Net Margin | 0.2% | 9.1% |
| Revenue YoY | -0.6% | 100.0% |
| Net Profit YoY | -60.7% | 9.1% |
| EPS (diluted) | $0.04 | $8.01 |
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.
| Q1 26 | — | $3.9B | ||
| Q4 25 | $4.7B | $2.9B | ||
| Q3 25 | $4.8B | $2.8B | ||
| Q2 25 | $4.6B | $2.8B | ||
| Q1 25 | $7.8B | — | ||
| Q4 24 | $4.7B | $2.5B | ||
| Q3 24 | $4.9B | $2.6B | ||
| Q2 24 | $4.8B | $2.7B |
| Q1 26 | — | $356.7M | ||
| Q4 25 | $11.0M | $230.9M | ||
| Q3 25 | $87.0M | $260.9M | ||
| Q2 25 | $38.0M | $305.1M | ||
| Q1 25 | $342.0M | — | ||
| Q4 24 | $28.0M | $242.2M | ||
| Q3 24 | $150.0M | $252.6M | ||
| Q2 24 | $62.0M | $313.1M |
| Q1 26 | — | 38.1% | ||
| Q4 25 | 39.4% | 40.4% | ||
| Q3 25 | 39.7% | 39.2% | ||
| Q2 25 | 39.2% | 39.1% | ||
| Q1 25 | 35.7% | — | ||
| Q4 24 | 39.6% | 39.7% | ||
| Q3 24 | 40.5% | 38.3% | ||
| Q2 24 | 39.2% | 39.2% |
| Q1 26 | — | 12.2% | ||
| Q4 25 | 0.9% | 10.8% | ||
| Q3 25 | 3.1% | 12.4% | ||
| Q2 25 | 2.0% | 14.1% | ||
| Q1 25 | 6.4% | — | ||
| Q4 24 | 1.3% | 12.6% | ||
| Q3 24 | 4.5% | 12.9% | ||
| Q2 24 | 2.6% | 14.7% |
| Q1 26 | — | 9.1% | ||
| Q4 25 | 0.2% | 8.1% | ||
| Q3 25 | 1.8% | 9.4% | ||
| Q2 25 | 0.8% | 10.7% | ||
| Q1 25 | 4.4% | — | ||
| Q4 24 | 0.6% | 9.6% | ||
| Q3 24 | 3.0% | 9.9% | ||
| Q2 24 | 1.3% | 11.5% |
| Q1 26 | — | $8.01 | ||
| Q4 25 | $0.04 | $5.14 | ||
| Q3 25 | $0.31 | $5.78 | ||
| Q2 25 | $0.13 | $6.70 | ||
| Q1 25 | $1.22 | — | ||
| Q4 24 | $0.10 | $5.14 | ||
| Q3 24 | $0.53 | $5.30 | ||
| Q2 24 | $0.22 | $6.47 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $447.0M | $494.2M |
| Total DebtLower is stronger | $2.4B | $62.3M |
| Stockholders' EquityBook value | $4.3B | $2.8B |
| Total Assets | $17.1B | $7.0B |
| Debt / EquityLower = less leverage | 0.56× | 0.02× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $494.2M | ||
| Q4 25 | $447.0M | $204.9M | ||
| Q3 25 | $829.0M | $242.7M | ||
| Q2 25 | $932.0M | $454.6M | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $315.0M | $177.8M | ||
| Q3 24 | $646.0M | $414.0M | ||
| Q2 24 | $876.0M | $524.6M |
| Q1 26 | — | $62.3M | ||
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.8B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — |
| Q1 26 | — | $2.8B | ||
| Q4 25 | $4.3B | $2.6B | ||
| Q3 25 | $4.5B | $2.6B | ||
| Q2 25 | $4.5B | $2.4B | ||
| Q1 25 | $4.6B | — | ||
| Q4 24 | $4.1B | $2.3B | ||
| Q3 24 | $4.3B | $2.3B | ||
| Q2 24 | $4.2B | $2.3B |
| Q1 26 | — | $7.0B | ||
| Q4 25 | $17.1B | $7.0B | ||
| Q3 25 | $15.6B | $6.6B | ||
| Q2 25 | $16.1B | $6.0B | ||
| Q1 25 | $16.4B | — | ||
| Q4 24 | $17.3B | $6.0B | ||
| Q3 24 | $15.8B | $5.7B | ||
| Q2 24 | $16.4B | $5.6B |
| Q1 26 | — | 0.02× | ||
| Q4 25 | 0.56× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.62× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | 0.67× | — | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 0.72× | — |
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 | $-8.0M | $1.5B |
| Free Cash FlowOCF − Capex | $-101.0M | — |
| FCF MarginFCF / Revenue | -2.1% | — |
| Capex IntensityCapex / Revenue | 2.0% | 11.2% |
| Cash ConversionOCF / Net Profit | -0.73× | 4.21× |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.5B | ||
| Q4 25 | $-8.0M | $5.6M | ||
| Q3 25 | $319.0M | $96.5M | ||
| Q2 25 | $-64.0M | $220.0M | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $-167.0M | $-56.8M | ||
| Q3 24 | $8.0M | $199.5M | ||
| Q2 24 | $129.0M | $159.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-101.0M | $-81.6M | ||
| Q3 25 | $240.0M | $19.6M | ||
| Q2 25 | $-164.0M | $141.0M | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $-295.0M | $-171.1M | ||
| Q3 24 | $-109.0M | $104.3M | ||
| Q2 24 | $-25.0M | $68.3M |
| Q1 26 | — | — | ||
| Q4 25 | -2.1% | -2.9% | ||
| Q3 25 | 5.0% | 0.7% | ||
| Q2 25 | -3.6% | 4.9% | ||
| Q1 25 | 15.3% | — | ||
| Q4 24 | -6.2% | -6.8% | ||
| Q3 24 | -2.2% | 4.1% | ||
| Q2 24 | -0.5% | 2.5% |
| Q1 26 | — | 11.2% | ||
| Q4 25 | 2.0% | 3.1% | ||
| Q3 25 | 1.6% | 2.8% | ||
| Q2 25 | 2.2% | 2.8% | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 2.7% | 4.5% | ||
| Q3 24 | 2.4% | 3.7% | ||
| Q2 24 | 3.2% | 3.3% |
| Q1 26 | — | 4.21× | ||
| Q4 25 | -0.73× | 0.02× | ||
| Q3 25 | 3.67× | 0.37× | ||
| Q2 25 | -1.68× | 0.72× | ||
| Q1 25 | 3.82× | — | ||
| Q4 24 | -5.96× | -0.23× | ||
| Q3 24 | 0.05× | 0.79× | ||
| Q2 24 | 2.08× | 0.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
M
| Womens Accessories Shoes Cosmetics And Fragrances | $1.9B | 41% |
| Womens Apparel | $1.1B | 23% |
| Mens And Kids | $1.0B | 22% |
| Home Other | $638.0M | 14% |
| Credit Card Revenues Net | $158.0M | 3% |
| Macys Media Network Revenue Net | $42.0M | 1% |
ULTA
Segment breakdown not available.
