A utility knife includes a housing and a blade carrier movably mounted to the housing. The blade carrier includes a blade supporting surface for supporting a blade, wherein the blade carrier is movable between a retracted position with at least a substantial portion of the blade retracted in the housing, and a first extended position with at least a portion of the blade extending outwardly of the housing. An actuator is operably connected to the blade carrier and is operable to move the blade carrier between the retracted and extended positions to, in turn, move a blade located on the blade carrier between the retracted and extended positions. A biasing member biases the blade carrier toward the retracted position. A stop member is movable between a first position and a second position. In the first position, the stop member is engagable with the blade carrier to thereby limit extension of the blade carrier and blade located thereon to a second extended position spaced inwardly on the housing relative to the first extended position. In the second position of the stop member, the stop member is spaced away from the blade carrier to thereby permit movement of the blade carrier and blade located thereon to the first extended position.