| Stage | ELF | % of rev | ULTA | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $521M | 100.00% | $3.0B | 100.00% | ULTA ×5.83 |
| Gross profit | $370M | 71.09% | $1.2B | 39.10% | ELF +32.0pp |
| Operating income | $52M | 10.07% | $380M | 12.51% | ULTA +2.4pp |
| Pre-tax income | $43M | 8.26% | $376M | 12.38% | ULTA +4.1pp |
| Net income | $30M | 5.77% | $282M | 9.29% | ULTA +3.5pp |
| Stage | ELF | ULTA | Gap · A − B |
|---|---|---|---|
| Revenue | $521M100.00% | $3.0B100.00% | ULTA ×5.83 |
| Gross profit | 71.09%$370M | 39.10%$1.2B | ELF +32.0pp |
| Operating income | 10.07%$52M | 12.51%$380M | ULTA +2.4pp |
| Pre-tax income | 8.26%$43M | 12.38%$376M | ULTA +4.1pp |
| Net income |
| 5.77%$30M |
| 9.29%$282M |
| ULTA +3.5pp |
ELF 10-KMay 29 '25
“Our largest customers, Target, Walmart, Ulta Beauty and Amazon, accounted for 23%, 16%, 12%, and 12% respectively, of our net sales in the fiscal year ended March 31, 2025.”
ULTA 10-KMar 26 '26
“Since 2021, Ulta U.S. has partnered with Target Corporation ("Target") to create Ulta Beauty at Target, a "shop-in-shop" concept that offers a curated assortment of more than 60 established and emerging prestige brands across a variety of categories.”