Ulta Beauty, Inc.

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 1,078 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• Fiscal year and filing basis. Ulta's fiscal year ends on the Saturday closest to 31 January. The latest 10-K covers fiscal year 2025, the period ended 31 Jan 2026 (filed 26 Mar 2026, accession 0001104659-26-035243). The latest 10-Q covers the first quarter of fiscal year 2026, the 13-week period ended 2 May 2026 (filed 2 Jun 2026, accession 0001104659-26-069491); its cover page states 42,989,311 shares outstanding as of 28 May 2026, used here as company.shares_outstanding. The latest DEF 14A was filed 22 Apr 2026 with a 13 Apr 2026 record date and 43,560,416 shares then outstanding (superseded here by the later 10-Q figure; the register uses one consistent 42,989,311 denominator throughout, per the brief).
• Holdings side searched. Both the FY2025 10-K and the Q1 FY2026 10-Q were searched via scripts/filing.py for 'equity method', 'joint venture', 'unconsolidated', 'non-marketable', 'nonmarketable', 'noncontrolling', 'minority interest', 'strategic investment', and 'investment in'. Result: one genuine equity-method investee, Ulta's Mexico joint venture with Grupo Axo (see holdings), which is real but unsized in both filings (no ownership percentage or dollar balance disclosed). No other equity-method investees, unconsolidated affiliates, non-marketable equity securities, or venture-arm minority stakes in beauty brands or suppliers were found. Space NK Limited (UK/Ireland luxury beauty retailer) is a wholly owned, consolidated subsidiary acquired outright in 2025, not a minority equity stake, and is excluded as a wholly owned operating subsidiary per the brief. The Middle East presence is a franchise relationship with Alshaya Group (Alshaya licenses Ulta's brand and operating model, the reverse direction of a stake), not an Ulta equity investment in Alshaya. No named minority stakes in beauty-brand suppliers (a venture-arm pattern flagged by the brief, per Chipotle's Tractor Beverages/Hyphen/Nuro precedent) were found in either filing.
• Vanguard family: 8 entities summed, PARENT-FILED-13F-NT case. Vanguard Group Inc's parent CIK 0000102909 filed Form 13F-NT (a notice carrying no holdings) for Q2 2026 on 13 Aug 2026 (accession 0000102909-26-002714), so its ULTA position is reported entirely by successor filing entities, all independently checked here for fresh Q2 2026 (30 Jun 2026) holdings: Vanguard Capital Management LLC (2,845,585 sh), Vanguard Portfolio Management LLC (1,942,423 sh), Vanguard Asset Management Ltd (85,732 sh), Vanguard Global Advisers LLC (93,927 sh), Vanguard Fiduciary Trust Co (245,913 sh), Vanguard Investments Australia Ltd (22,341 sh), Vanguard Personalized Indexing Management LLC (7,730 sh), Vanguard National Trust Co (573 sh). Total 5,244,224 shares, 12.20% of shares outstanding. These 8 CIKs were enumerated from this project's own data/registers/ULTA.json (which carries the same 8 entities for an earlier, 31 Mar 2026 period); the register row itself instead uses each entity's fresh Q2 2026 13F-HR, independently re-fetched. The largest single Vanguard successor, Vanguard Capital Management LLC, individually holds 6.62% of shares outstanding, above the 5% threshold, yet the 2026 proxy's 5% stockholder table lists only BlackRock; this is consistent with the successor entities' Q2 2026 growth occurring after the proxy's 13 Apr 2026 record date / underlying 13G snapshot, not with an omission in the proxy.
• T. Rowe Price: both mandated entities checked, both hit the thousands trap. T. Rowe Price Associates, Inc. (CIK 0000080255) reported 1,528,402 shares at a raw info-table value of $689,280 (about $0.45/share); T. Rowe Price Investment Management, Inc. (CIK 0001897612), the separate registrant, reported 871,836 shares at a raw value of $393,181 (about $0.45/share). Both are approximately 1000x below the $450.98/share cluster independently confirmed across BlackRock, State Street, Sanders Capital, Norges Bank, Geode, Morgan Stanley and all eight Vanguard entities on the same CUSIP for the same 30 Jun 2026 date; both T. Rowe values are corrected here by multiplying by 1000. Both entities are kept as separate rows (not summed) because both independently hold material, distinct positions.
• Capital Group family checked and found to hold zero ULTA. All three mandated Capital Group entities were checked against CUSIP 90384S303 in their Q2 2026 13F-HR info tables: Capital World Investors (CIK 0001422849, accession 0001422849-26-000113), Capital International Investors (CIK 0001562230, accession 0001562230-26-000107), and Capital Research Global Investors (CIK 0001422848, accession 0001422848-26-000094). None of the three files contains the CUSIP or 'ULTA' anywhere in its info table. Not included in the register as a result; this is a sourced zero.
• FMR LLC (Fidelity) checked and found to hold zero ULTA in Q2 2026. FMR LLC's (CIK 0000315066) Q2 2026 13F-HR (filed 13 Aug 2026) has no row matching CUSIP 90384S303 or 'ULTA'. Checked because Fidelity was a top-8 holder in the Ross Stores research file used as this project's shape reference; the position is apparently absent or below Fidelity's own reporting threshold for ULTA specifically as of 30 Jun 2026.
• Diamant Asset Management, Inc. (CIK 0001731124) appears in this project's data/registers/ULTA.json (31 Mar 2026 period) at 1,474,042 shares with value_usd exactly 1,474,042,000, i.e. exactly $1,000.00/share, an implausible price for ULTA and not matching any real closing price; that figure looks like a units artifact in the pre-built register rather than a real position. Checked independently here against its own fresh Q2 2026 13F-HR (accession 0001731124-26-000004): Diamant holds only 3,017 ULTA shares, $1,360,607, implying $450.98/share, consistent with the rest of the cluster. Diamant is far too small to place in the top 10 register rows and is not included as a row; noted here as a data-quality flag on the pre-built register file rather than as a holding.
• BlackRock: fresh Q2 2026 13F preferred over stale proxy 13G. The 2026 DEF 14A's only listed 5% stockholder is BlackRock, Inc. at 3,884,229 shares (9%), sourced from a Schedule 13G filed 17 Jul 2025, about a year stale relative to the proxy's own 13 Apr 2026 record date. The register instead uses BlackRock's Q2 2026 Form 13F-HR (30 Jun 2026 position date): 4,026,148 shares, 9.37% of the (later, smaller) 42,989,311-share denominator used throughout this file. Both figures are recorded; the fresh 13F figure is the primary sourced value.
• Officers and directors: three named former officers excluded from the 15-person group by the proxy's own footnotes. The proxy's NEO/director beneficial-ownership rows include three people who are explicitly labelled former officers in footnotes and are NOT part of 'All current directors and executive officers as a group (15 persons)': Paula M. Oyibo (former CFO, ceased 24 Jun 2025, 2,058 shares), Christopher Lialios (former Interim CFO, served 24 Jun 2025 to 4 Dec 2025, 4,969 shares), and Jodi J. Caro (former General Counsel, retired 28 Apr 2025, 9,088 shares). Summing the 15 rows the proxy itself labels as the current group's members (Steelman through Michael C. Smith) reproduces the reported 88,660-share group total exactly, confirming the group excludes the three former officers. Ulta has a single class of common stock and no founder or dual-class control structure; the largest individual insider holder, CEO Kecia L. Steelman, holds only 0.10% of shares outstanding, well below any control threshold.
• No stock split found. Checked 10-K/10-Q text for 'split' and cross-checked the SEC XBRL dei:EntityCommonStockSharesOutstanding history for CIK 0001403568 from Nov 2022 through May 2026: values decline smoothly and continuously from 50,880,771 (28 Nov 2022) to 42,989,311 (28 May 2026), about a 15.5% reduction, consistent with sustained share buybacks and showing no discontinuous jump indicative of a split. All register share counts and company.shares_outstanding sit on this single, unsplit basis.
• Share price cross-check. stockanalysis.com reported ULTA at $520.91 per share, $22.39bn market cap and 42.99 million shares outstanding as of 18 Aug 2026, 1:41pm EDT (up 5.59% on the day). 42,989,311 shares x $520.91 implies approximately $22.394bn, matching the reported market cap closely and confirming shares_outstanding and share_price_usd sit on the same basis. Separately, the Q2 2026 (30 Jun 2026) 13F valuation date used throughout the register implies a tight, independently-confirmed cluster price of $450.98/share across eight unrelated filers (Vanguard entities, BlackRock, State Street, Sanders Capital, Geode, Morgan Stanley, Norges Bank, both T. Rowe entities after thousands-correction), a lower and separately dated price consistent with ULTA trading up materially between 30 Jun 2026 and 18 Aug 2026.
• Self-gate, computed the way the chart computes it, from this final file: 12 register rows. The one member row (Kecia L. Steelman, 41,326 shares) rolls up into 'All current directors and executive officers as a group (15 persons)', whose reported 88,660 shares is reduced to a residual of 47,334. Every other row (Vanguard, BlackRock, Sanders Capital, State Street, T. Rowe Price Associates, Geode, Morgan Stanley, T. Rowe Price Investment Management, Norges Bank, JPMorgan, and Steelman's own member row at full value) counts at full value. Total = 5,244,224 + 4,026,148 + 2,460,969 + 2,024,623 + 1,528,402 + 1,234,304 + 1,041,675 + 871,836 + 785,165 + 412,540 + 41,326 + 47,334 = 19,718,546 shares, or 45.868% of 42,989,311 shares outstanding. This sits just above the 25-45% expected band; Ulta's shares outstanding fell about 15.5% from Nov 2022 to May 2026 on sustained buybacks (see the stock-split note), shrinking the denominator while institutional share counts stayed roughly flat to growing, which is the brief's stated acceptable explanation for a heavily bought-back company sitting higher than the band.