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Side-by-side financial comparison of Tapestry, Inc. (TPR) and Ulta Beauty (ULTA). Click either name above to swap in a different company.
Ulta Beauty is the larger business by last-quarter revenue ($2.9B vs $2.5B, roughly 1.1× Tapestry, Inc.). Tapestry, Inc. runs the higher net margin — 22.4% vs 8.1%, a 14.4% gap on every dollar of revenue. On growth, Tapestry, Inc. posted the faster year-over-year revenue change (14.0% vs 12.9%). Tapestry, Inc. produced more free cash flow last quarter ($1.0B vs $-81.6M). Over the past eight quarters, Tapestry, Inc.'s revenue compounded faster (29.9% CAGR vs 7.2%).
Tapestry, Inc. is a leading American multinational luxury fashion holding company. It owns three iconic lifestyle brands: Coach, Kate Spade New York, and Stuart Weitzman, offering premium handbags, apparel, footwear, accessories, and fragrances to global consumers via physical retail stores and e-commerce platforms.
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.
TPR vs ULTA — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.5B | $2.9B |
| Net Profit | $561.3M | $230.9M |
| Gross Margin | 75.5% | 40.4% |
| Operating Margin | 28.6% | 10.8% |
| Net Margin | 22.4% | 8.1% |
| Revenue YoY | 14.0% | 12.9% |
| Net Profit YoY | 80.8% | -4.7% |
| EPS (diluted) | $2.68 | $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 | $2.5B | $2.9B | ||
| Q3 25 | $1.7B | $2.8B | ||
| Q2 25 | $1.7B | $2.8B | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $2.2B | $2.5B | ||
| Q3 24 | $1.5B | $2.6B | ||
| Q2 24 | $1.6B | $2.7B | ||
| Q1 24 | $1.5B | $3.6B |
| Q4 25 | $561.3M | $230.9M | ||
| Q3 25 | $274.8M | $260.9M | ||
| Q2 25 | $-517.1M | $305.1M | ||
| Q1 25 | $203.3M | — | ||
| Q4 24 | $310.4M | $242.2M | ||
| Q3 24 | $186.6M | $252.6M | ||
| Q2 24 | $159.3M | $313.1M | ||
| Q1 24 | $139.4M | $394.4M |
| Q4 25 | 75.5% | 40.4% | ||
| Q3 25 | 76.3% | 39.2% | ||
| Q2 25 | 76.3% | 39.1% | ||
| Q1 25 | 76.1% | — | ||
| Q4 24 | 74.4% | 39.7% | ||
| Q3 24 | 75.3% | 38.3% | ||
| Q2 24 | 74.9% | 39.2% | ||
| Q1 24 | 74.7% | 37.7% |
| Q4 25 | 28.6% | 10.8% | ||
| Q3 25 | 19.3% | 12.4% | ||
| Q2 25 | -33.9% | 14.1% | ||
| Q1 25 | 16.0% | — | ||
| Q4 24 | 22.4% | 12.6% | ||
| Q3 24 | 16.7% | 12.9% | ||
| Q2 24 | 14.8% | 14.7% | ||
| Q1 24 | 13.8% | 14.5% |
| Q4 25 | 22.4% | 8.1% | ||
| Q3 25 | 16.1% | 9.4% | ||
| Q2 25 | -30.0% | 10.7% | ||
| Q1 25 | 12.8% | — | ||
| Q4 24 | 14.1% | 9.6% | ||
| Q3 24 | 12.4% | 9.9% | ||
| Q2 24 | 10.0% | 11.5% | ||
| Q1 24 | 9.4% | 11.1% |
| Q4 25 | $2.68 | $5.14 | ||
| Q3 25 | $1.28 | $5.78 | ||
| Q2 25 | $-2.30 | $6.70 | ||
| Q1 25 | $0.95 | — | ||
| Q4 24 | $1.38 | $5.14 | ||
| Q3 24 | $0.79 | $5.30 | ||
| Q2 24 | $0.67 | $6.47 | ||
| Q1 24 | $0.60 | $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 | $1.1B | $204.9M |
| Total DebtLower is stronger | $2.4B | — |
| Stockholders' EquityBook value | $551.2M | $2.6B |
| Total Assets | $6.5B | $7.0B |
| Debt / EquityLower = less leverage | 4.32× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $204.9M | ||
| Q3 25 | $743.2M | $242.7M | ||
| Q2 25 | $1.1B | $454.6M | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.0B | $177.8M | ||
| Q3 24 | $7.3B | $414.0M | ||
| Q2 24 | $7.2B | $524.6M | ||
| Q1 24 | $7.4B | $766.6M |
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.4B | — | ||
| Q1 25 | $2.4B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $7.0B | — | ||
| Q2 24 | $6.9B | — | ||
| Q1 24 | $7.7B | — |
| Q4 25 | $551.2M | $2.6B | ||
| Q3 25 | $399.5M | $2.6B | ||
| Q2 25 | $857.8M | $2.4B | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.3B | $2.3B | ||
| Q3 24 | $3.0B | $2.3B | ||
| Q2 24 | $2.9B | $2.3B | ||
| Q1 24 | $2.8B | $2.3B |
| Q4 25 | $6.5B | $7.0B | ||
| Q3 25 | $6.4B | $6.6B | ||
| Q2 25 | $6.6B | $6.0B | ||
| Q1 25 | $7.3B | — | ||
| Q4 24 | $7.3B | $6.0B | ||
| Q3 24 | $13.7B | $5.7B | ||
| Q2 24 | $13.4B | $5.6B | ||
| Q1 24 | $13.7B | $5.7B |
| Q4 25 | 4.32× | — | ||
| Q3 25 | 5.95× | — | ||
| Q2 25 | 2.77× | — | ||
| Q1 25 | 1.59× | — | ||
| Q4 24 | 1.78× | — | ||
| Q3 24 | 2.35× | — | ||
| Q2 24 | 2.39× | — | ||
| Q1 24 | 2.77× | — |
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 | $1.1B | $5.6M |
| Free Cash FlowOCF − Capex | $1.0B | $-81.6M |
| FCF MarginFCF / Revenue | 41.5% | -2.9% |
| Capex IntensityCapex / Revenue | 1.7% | 3.1% |
| Cash ConversionOCF / Net Profit | 1.93× | 0.02× |
| TTM Free Cash FlowTrailing 4 quarters | $1.6B | $-92.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $5.6M | ||
| Q3 25 | $112.6M | $96.5M | ||
| Q2 25 | $446.8M | $220.0M | ||
| Q1 25 | $144.3M | — | ||
| Q4 24 | $506.0M | $-56.8M | ||
| Q3 24 | $119.5M | $199.5M | ||
| Q2 24 | $256.0M | $159.3M | ||
| Q1 24 | $97.8M | $1.1B |
| Q4 25 | $1.0B | $-81.6M | ||
| Q3 25 | $80.2M | $19.6M | ||
| Q2 25 | $411.5M | $141.0M | ||
| Q1 25 | $113.4M | — | ||
| Q4 24 | $475.1M | $-171.1M | ||
| Q3 24 | $93.9M | $104.3M | ||
| Q2 24 | $209.8M | $68.3M | ||
| Q1 24 | $78.8M | $994.0M |
| Q4 25 | 41.5% | -2.9% | ||
| Q3 25 | 4.7% | 0.7% | ||
| Q2 25 | 23.9% | 4.9% | ||
| Q1 25 | 7.2% | — | ||
| Q4 24 | 21.6% | -6.8% | ||
| Q3 24 | 6.2% | 4.1% | ||
| Q2 24 | 13.2% | 2.5% | ||
| Q1 24 | 5.3% | 28.0% |
| Q4 25 | 1.7% | 3.1% | ||
| Q3 25 | 1.9% | 2.8% | ||
| Q2 25 | 2.0% | 2.8% | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 1.4% | 4.5% | ||
| Q3 24 | 1.7% | 3.7% | ||
| Q2 24 | 2.9% | 3.3% | ||
| Q1 24 | 1.3% | 3.5% |
| Q4 25 | 1.93× | 0.02× | ||
| Q3 25 | 0.41× | 0.37× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | 1.63× | -0.23× | ||
| Q3 24 | 0.64× | 0.79× | ||
| Q2 24 | 1.61× | 0.51× | ||
| Q1 24 | 0.70× | 2.84× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TPR
| Coach | $1.4B | 57% |
| Other | $787.0M | 31% |
| Kate Spade Company | $290.0M | 12% |
ULTA
Segment breakdown not available.
