• Ulta Beauty average operating margin for 2023 was 15.45%, a 1.72% decline from 2022.
• Ulta Beauty average operating margin for 2022 was 15.72%, a 57.83% decline from 2021.
• Ulta Beauty average operating margin for 2021 was 9.96%, a 28.52% increase from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.