I just love theorycrafting, so I’m just gonna go ahead and theorize about a 3rd ultra for every character.
Ryu - Shinku Tatsumaki Senpukyaku (Slightly more damage than U1, less damage on juggle, can also be used in the air)
Ken - Shippu Jinraikyaku (Less damage than U1, goes into animation on juggle)
Chun-Li - Shichi Seisen Kukyaku (Air Ultra. Quick, good damage, can’t juggle)
Guile - Crossfire Assault (Airborne, motion Ultra. Can be done after FK xx FADC, but not df.HK)
E.Honda - Fuji Oroshi (Single hit into animation, large vertical hitbox, lower damage on juggle)
Zangief - Aireal Russian Slam (low damage, can AA or be juggled into)
Blanka - Tropical Hazard (Blanka jumps straight up, then goes into animation, no fruit afterwards. Low damage, can be juggled into)
Dhalsim - Yoga Strike (AA grab)
Balrog - Gigaton Blow (Decent damage, can’t juggle, can be cancelled into during dash part of a dashing punch)
Vega - Scarlet Mirage (Low damage, can juggle)
Sagat - Tiger Raid (Advancing move with projectile invincibility. last hit goes into animation on ground hit, low juggle damage)
M.Bison - Final Psycho Crusher (Teleports away from screen before super flash. High damage, can’t juggle, quick after flash, very low chip, hits can be negated by projectiles)
Cammy - Killer Bee Assault (charge move, similar to Vega’s U1, but no pre-flash launcher hit and more damage)
Dee Jay - Sunrise Theme (AA Ultra, can connect fully at higher juggle levels than U2, but does less damage)
Akuma - Misogi (See SFxT)
Sakura - Midare Zakura (Good horizontal range, goes thorugh projectiles)
Gen Mantis - (Counter, causes the classic Shitenshu stun countdown if successful, minor damage on activation and per second of countdown, countdown hits scales twice per hit if opponent is comboed during it)
Gen Crane - Koga (Five rapid Ogas you can direct yourself, all can combo if used correctly, scales as one move, not five)
Dan - Okoto Michi (Like a medium range Raging Demon. Deals up to 650 damage, but leaves Dan with 1 HP afterwards)
Rose - Soul Illusion (Similar to Yang’s Super, timer based on how full revenge gauge is.)
Abel - (Grab-Counter Ultra. Can be activated during tech-window of normal throw, or before any throw connects, massive damage)
El Fuerte - (Running Ultra with multiple options, has afterimages to differentiate from normal run. QCFx2+PPP to run forward at start, QCBx2+PPP for backwards. LP changes direction. LK cancels. MP is quicker, more damage than normal run MP, keeps running on hit. MK follow-up is instant stun, keeps running (has manual follow-up to cause stun, meaning it scales four times). Backrun HP and run HP are goes into U1 and U2 cinematic, but with less damage, works like normal run HPs before they connect. HK is low, causes free juggle state. Backrun MK and HK goes to wall, from where you can use MP and HP)
C.Viper - (Thunder knuckle Super. Punch version goes fullscreen, through fireballs. Kick version is AA. Less damage than U1)
Rufus - (Messiah Kick Super. Jumps projectiles, animation after single hit, no juggle, no normal invincibility, only projectile)
Gouken - (Counter Ultra, Animation is a single, super-powerful gut punch)
Seth - Tanden legend (Low damage, instant 720 command grab. Good position afterwards. Features Seth teleporting around a lot like Dhalsim’s Yoga legend super)
Fei Long - Shien Renkyaku (AA Ultra, can juggle, similar to Shinryuken, but with no animation)
T.hawk - Canyon Splitter (Leaps over fireballs to hit enemy, damage is on the low side)
Guy - Ajaratengu (Aireal 720, borrowed from Maki)
Cody - (Knife-only Ultra of some sort, I’m thinking high damage, quick start-up, short range, no juggle, single hit into animation, throws knife to finish, can be held to be unblockable)
Adon - (Jaguar Tooth Ultra. Wall-juming projectile punisher)
Dudley - (Counter-Ultra. High damage, can’t counter lows)
Makoto - (Non-instant Command grab Ultra. Poor Range, high damage)
Ibuki - Yami Shigure (Low damage, quick start-up, Kunai starting hit can reach up to half screen, can be juggled into)
Juri - (Air divekick Ultra, animation similar to Cross art starter in SFxT)
Hakan - (Oil-up Ultra. Brings out his barrel, pours it on himself, then rolls the barrel at the opponent. Minor damage, bad recovery, oil time dependant on how full Revenge gauge is.)
Yun - (Palm Ultra. Slow, Powerful Ultra. instead of being used directly, it can also reflect any kind of projectile, including other Ultras)
Yang - (Non-instant Command Grab Ultra. Very Low damage, ends in crumple for a follow-up combo)
Evil Ryu - Messatsu Gorasen (Single hit into animation on the ground, can be juggled into, Average damage. Has air version similar to Shinku Tatsumaki Senpukyaku)
Oni - Sekia Kuretsuha (Dashes forward, through projectiles, and rams his palm into the opponents chest, causing a big, red explosion. Kinda slow, Very high damage)
Rolento Super: Mine Sweeper (Grenades have projectile properties, drags opponent back with Rolento on hit)
Rolento I - Patriot Sweeper (SFxT Super. Decent damage, can juggle)
Rolento II - Take No Prisoners (Single hit into animation. Low, can hit opponent from almost full-screen, good for firebasll punish, no juggle, good damage)
Rolento III - Steel Rain (Very low damage, quick recovery. Throws knives into air, that later lands on opponent. Leaves opponent standing. Rolento can mount an offensive before knives land. Can also hit on the way up in a juggle, resulting in the knives also landing on them, doing twice the normal damage)
Poison Super: (Super projectile, 5 hits, slower than other super projctiles)
Poison I - Love Storm (SFxT Super. No longer has projectile at start, works similar to Bison’s U2. Decent damage, anti-projectile)
Poison II - (Single hit into animation. Similar to her cross art starter. Quite strong, can’t juggle)
Poison III - Thunder Whip (Shinryuken-like jumping pirouette. Decent Damage, can juggle)
Hugo Super - Hammer Frenzy (Works like in 3S)
Hugo I - Gigas Breaker (Instant 720. More damage than other grapplers)
Hugo II - Megaton Press (AA grab, decent damage, can be juggled into)
Hugo III - (Running grab with super armor, basically a super Meat Squasher)
Elena Super - Healing (Because you can’t really have it as an ultra, now can you? Can be cancelled like in 3S)
Elena I - Brave Dance (SFxT Super. First hit is a leap that tracks the opponent, projectile invincible, can’t juggle, decent damage)
Elena II - Spinning Beat (AA Ultra. Can juggle, decent damage)
Elena III - (Single hit into animation. Can’t juggle, good damage, uses Elena’s Cross Art starter with a different ender)