lululemon athletica inc. (LULU) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	$1.79	$2.92	+63.1%	—	$2.4B	—
Q1 27	$1.68	$1.69	+0.6%	—	$2.5B	—
Q3 26	$2.21	$2.59	+17.2%	—	$2.6B	—
Q2 26	$2.85	$3.1	+8.8%	—	$2.5B	—
Q1 26	$2.59	$2.6	+0.4%	—	$2.4B	—
Q4 25	$5.87	$6.14	+4.6%	—	$3.6B	—
Q3 25	$2.72	$2.87	+5.5%	—	$2.4B	—
Q2 25	$2.94	$3.15	+7.1%	—	$2.4B	—
Q1 25	$2.4	$2.54	+5.8%	—	$2.2B	—
Q4 24	$5.03	$5.29	+5.2%	—	$3.2B	—
Q3 24	$2.28	$2.53	+11.0%	—	$2.2B	—
Q2 24	$2.54	$2.68	+5.5%	—	$2.2B	—
Q1 24	$1.98	$2.28	+15.2%	—	$2B	—
Q4 23	$4.26	$4.4	+3.3%	—	$2.8B	—
Q3 23	$1.97	$2	+1.5%	—	$1.9B	—
Q2 23	$1.87	$2.2	+17.6%	—	$1.9B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$13.3	—	—	$11.1B	—
FY25	—	$14.7	—	—	$10.6B	—
FY24	—	$12.2	—	—	$9.6B	—
FY23	—	$6.7	—	—	$8.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$2.3B	$2.6B	$3.3B	$4B	$4.4B	$6.3B	$8.1B	$9.6B	$10.6B	$11.1B
YoY change	+13.8%	+13%	+24.1%	+21%	+10.6%	+42.1%	+29.6%	+18.6%	+10.1%	+4.86%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	2.3B	2.6B	3.3B	4B	4.4B	6.3B	8.1B	9.6B	10.6B	11.1B
Cost of revenue	1.1B	1.3B	1.5B	1.8B	1.9B	2.6B	3.6B	4B	4.3B	4.8B
Gross profit	1.2B	1.4B	1.8B	2.2B	2.5B	3.6B	4.5B	5.6B	6.3B	6.3B
Gross margin	51.2%	52.8%	55.2%	55.9%	56%	57.7%	55.4%	58.3%	59.2%	56.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	778.5M	904.3M	1.1B	1.3B	1.6B	2.2B	2.8B	3.4B	3.8B	4.1B
Operating expenses	778.5M	904.3M	1.1B	1.3B	1.6B	2.2B	2.8B	3.4B	3.8B	4.1B
Operating income	421.2M	494.5M	705.8M	889.1M	849.8M	1.4B	1.7B	2.2B	2.5B	2.2B
Operating margin	18%	18.7%	21.5%	22.3%	19.3%	22%	21.3%	22.9%	23.7%	19.9%
Non-operating income, net	1.6M	-34.5M	9.4M	8.3M	-30.5M	-40.9M	-393.6M	-31.4M	70.4M	28.4M
Pretax income	422.7M	460M	715.3M	897.4M	819.4M	1.3B	1.3B	2.2B	2.6B	2.2B
Income tax	119.3M	201.3M	231.4M	251.8M	230.4M	358.5M	477.8M	625.5M	761.5M	659.8M
Net income	303.4M	258.7M	483.8M	645.6M	588.9M	975.3M	854.8M	1.6B	1.8B	1.6B
Net margin	12.9%	9.76%	14.7%	16.2%	13.4%	15.6%	10.5%	16.1%	17.1%	14.2%
EBITDA	508.8M	641.3M	828.3M	1.1B	1.1B	1.6B	2.4B	2.7B	3B	2.7B
EPS	2.21	1.9	3.63	4.95	4.52	7.52	6.7	12.2	14.7	13.3
Diluted EPS	2.21	1.9	3.61	4.93	4.5	7.49	6.68	12.2	14.6	13.3

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	2.2B	3.2B	2.2B	2.4B	2.4B	3.6B	2.4B	2.5B	2.6B	3.6B	2.5B	2.4B
Cost of revenue	947.6M	1.3B	933.8M	958.9M	995.1M	1.4B	987.5M	1B	1.1B	1.6B	1.1B	953.8M
Gross profit	1.3B	1.9B	1.3B	1.4B	1.4B	2.2B	1.4B	1.5B	1.4B	2B	1.3B	1.5B
Gross margin	57%	59.4%	57.7%	59.6%	58.5%	60.4%	58.3%	58.5%	55.6%	54.9%	54.2%	60.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	842.8M	989.5M	842.4M	872M	909.8M	1.1B	942.9M	951.7M	988.3M	1.2B	1.1B	1B
Operating expenses	842.8M	989.5M	842.4M	872M	909.8M	1.1B	942.9M	951.7M	988.3M	1.2B	1.1B	1B
Operating income	412.6M	913.9M	432.6M	540.2M	490.7M	1B	438.6M	523.8M	435.9M	812.3M	276.9M	453.7M
Operating margin	18.7%	28.5%	19.6%	22.8%	20.5%	28.9%	18.5%	20.7%	17%	22.3%	11.2%	18.8%
Non-operating income, net	-64.7M	17.8M	23.3M	18M	13.7M	15.4M	11.8M	9.7M	5.9M	975K	9.1M	13.7M
Pretax income	348M	931.7M	455.9M	558.2M	504.4M	1.1B	450.4M	533.6M	441.7M	813.3M	286.1M	467.4M
Income tax	99.2M	262.3M	134.5M	165.3M	152.5M	309.1M	135.8M	162.6M	134.9M	226.4M	91M	138.1M
Net income	248.7M	669.5M	321.4M	392.9M	351.9M	748.4M	314.6M	370.9M	306.8M	586.9M	195M	329.2M
Net margin	11.3%	20.9%	14.6%	16.6%	14.7%	20.7%	13.3%	14.7%	12%	16.1%	7.89%	13.6%
EBITDA	585.1M	1B	528.4M	643.8M	604.3M	1.2B	553.2M	643.5M	563.3M	946.8M	412.3M	596M
EPS	1.97	—	2.55	3.15	2.87	6.15	2.61	3.1	2.59	5.01	1.69	2.92
Diluted EPS	1.96	—	2.54	3.15	2.87	6.14	2.6	3.1	2.59	5.01	1.69	2.92

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	9.3B	10.6B	19.7B	31.2B	42.8B	43.3B	39.2B	57.5B	51.3B	20.8B	11.1B
Enterprise value	8.5B	9.6B	18.8B	30.9B	42.5B	42.9B	39.1B	56.7B	50.8B	20.8B	12B
Shares outstanding	137.1M	136M	133.4M	130.4M	130.3M	129.8M	127.7M	126.7M	123.7M	119M	119M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	30.5	41.1	40.8	48.4	72.7	44.4	45.8	37.1	28.2	13.1	8.3
P/S	3.95	4.01	6	7.84	9.73	6.92	4.83	5.98	4.84	1.87	1.01
P/B	6.81	6.66	13.6	16	16.7	15.8	12.4	13.6	11.9	4.18	2.35
EV/EBITDA	16.7	15	22.7	29.4	39.9	26.2	16.2	21.3	17.2	7.67	5.02
EV/Sales	3.63	3.64	5.73	7.76	9.65	6.86	4.82	5.89	4.8	1.87	1.08
Earnings yield	3.28%	2.43%	2.45%	2.07%	1.38%	2.25%	2.18%	2.7%	3.54%	7.61%	12%
FCF yield	2.56%	3.12%	2.62%	1.24%	1.34%	2.3%	0.84%	2.86%	3.09%	4.44%	10.3%
PEG	—	—	—	—	—	—	—	—	—	—	-1.43

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	51.2%	52.8%	55.2%	55.9%	56%	57.7%	55.4%	58.3%	59.2%	56.6%	60.5%
Operating margin	18%	18.7%	21.5%	22.3%	19.3%	22%	21.3%	22.9%	23.7%	19.9%	13.2%
Net margin	12.9%	9.76%	14.7%	16.2%	13.4%	15.6%	10.5%	16.1%	17.1%	14.2%	12.8%
ROE	22.3%	16.2%	33.5%	33.1%	23%	35.6%	27.1%	36.6%	42%	31.8%	30.9%
ROA	18.3%	12.9%	23.2%	19.7%	14.1%	19.7%	15.2%	21.9%	23.9%	18.7%	14.4%
ROIC	48.4%	45.9%	84.6%	40%	27.7%	42.6%	36.1%	46.4%	45.1%	31.5%	25.2%
Return on tangible assets	18.9%	13.3%	23.8%	20%	18.1%	24.2%	15.5%	22%	25%	19.6%	17.5%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	4.8	4.91	2.86	2.91	2.41	1.86	2.12	2.49	2.16	2.26	2.19
Quick ratio	3.57	3.78	2.05	2.08	1.67	1.17	1.15	1.68	1.38	1.36	1.24
Debt / equity	—	—	0	0.38	0.31	0.32	0.34	0.33	0.36	0.36	0.45
Debt / assets	—	—	0	0.23	0.19	0.18	0.19	0.2	0.21	0.21	0.25
Net debt / EBITDA	—	—	-1.06	-0.34	-0.33	-0.23	-0.03	-0.32	-0.14	-0	0.3
Effective tax rate	28.2%	43.8%	32.4%	28.1%	28.1%	26.9%	35.9%	28.8%	29.6%	29.5%	29.4%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	17.1	19.5	24.6	30.5	33.8	48.2	63.5	75.9	85.6	93.3	95.6
EPS (basic)	2.21	1.9	3.63	4.95	4.52	7.52	6.7	12.2	14.7	13.3	13.3
EPS (diluted)	2.21	1.9	3.61	4.93	4.5	7.49	6.68	12.2	14.6	13.3	12.2
Book value per share	9.92	11.7	10.8	15	19.6	21.1	24.7	33.4	34.9	41.7	42.9
FCF per share	1.73	2.44	3.87	2.96	4.41	7.66	2.57	13	12.8	7.75	12
Cash per share	5.36	7.28	6.61	8.39	8.83	9.71	9.05	17.7	16	15.2	12.6
Capex per share	1.09	1.16	1.69	2.17	1.76	3.04	5	5.14	5.57	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	6.38%	5.96%	6.87%	7.11%	5.21%	6.31%	7.87%	6.78%	6.51%	—	—
Capex / operating cash flow	35.6%	33.7%	31.1%	35.8%	27%	32.6%	102.4%	27.6%	32%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	$2.2B	$3.2B	$2.2B	$2.4B	$2.4B	$3.6B	$2.4B	$2.5B	$2.6B	$3.6B	$2.5B	$2.4B
YoY change	+18.7%	+15.6%	+10.4%	+7.33%	+8.73%	+12.7%	+7.32%	+6.5%	+7.06%	+0.81%	+4.26%	-4.34%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	734.8M	990.5M	881.3M	1.1B	1.2B	1.3B	1.2B	2.2B	2B	1.8B
Receivables	9.2M	19.2M	35.8M	40.2M	62.4M	77M	132.9M	124.8M	120.2M	190.7M
Inventory	298.4M	329.6M	404.8M	518.5M	647.2M	966.5M	1.4B	1.3B	1.4B	1.7B
Total current assets	1.2B	1.4B	1.4B	1.8B	2.1B	2.6B	3.2B	4.1B	4B	4.3B
Property, plant & equipment	403.3M	449.2M	544.2M	1.3B	1.4B	1.7B	2.2B	2.8B	3.2B	3.6B
Goodwill & intangibles	49.1M	49.4M	48.5M	48.8M	933.9M	916.4M	92.2M	48.2M	342.4M	382.4M
Total assets	1.7B	2B	2.1B	3.3B	4.2B	4.9B	5.6B	7.1B	7.6B	8.5B
Accounts payable	24.8M	24.6M	95.5M	80M	172.2M	289.7M	172.7M	348.4M	271.4M	331.4M
Short-term debt	—	—	—	128.5M	166.1M	189M	208M	249.3M	275.2M	298.7M
Total current liabilities	242M	292.6M	500.5M	620.4M	883.2M	1.4B	1.5B	1.6B	1.8B	1.9B
Long-term debt	—	—	0	611.5M	632.6M	692.1M	862.4M	1.2B	1.3B	1.5B
Total liabilities	297.6M	401.5M	638.7M	1.3B	1.6B	2.2B	2.5B	2.9B	3.3B	3.5B
Shareholders' equity	1.4B	1.6B	1.4B	2B	2.6B	2.7B	3.1B	4.2B	4.3B	5B
Total debt	—	—	0	740M	798.7M	881.1M	1.1B	1.4B	1.6B	1.8B
Net debt	—	—	-881.3M	-353.5M	-351.8M	-378.8M	-84.5M	-840.7M	-408.5M	-8.8M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Cash & short-term investments	1.1B	2.2B	1.9B	1.6B	1.2B	2B	1.3B	1.2B	1B	1.8B	1.5B	1.4B
Receivables	107M	124.8M	126.3M	126.1M	143.4M	120.2M	141.2M	139.3M	250.3M	190.7M	165M	171.2M
Inventory	1.7B	1.3B	1.3B	1.4B	1.8B	1.4B	1.7B	1.7B	2B	1.7B	1.7B	1.7B
Total current assets	3.4B	4.1B	3.8B	3.6B	3.6B	4B	3.6B	3.5B	3.9B	4.3B	4B	3.9B
Property, plant & equipment	2.4B	2.8B	2.8B	2.9B	3B	3.2B	3.4B	3.5B	3.5B	3.6B	4B	4B
Goodwill & intangibles	47.8M	48.2M	48M	47.9M	356.4M	342.4M	356M	364.4M	366M	382.4M	378.7M	376.7M
Total assets	6B	7.1B	6.8B	6.7B	7.1B	7.6B	7.4B	7.5B	8B	8.5B	8.5B	8.5B
Accounts payable	309.3M	348.4M	261.6M	317.3M	386M	271.4M	304M	373.3M	352.2M	331.4M	294.3M	346.7M
Short-term debt	217.1M	249.3M	254.4M	278.1M	290.4M	275.2M	281.8M	297.9M	317.5M	298.7M	357.2M	366.6M
Total current liabilities	1.4B	1.6B	1.4B	1.5B	1.8B	1.8B	1.6B	1.6B	1.8B	1.9B	1.8B	1.8B
Long-term debt	951M	1.2B	1.1B	1.2B	1.2B	1.3B	1.4B	1.5B	1.4B	1.5B	1.8B	1.8B
Total liabilities	2.5B	2.9B	2.6B	2.7B	3.1B	3.3B	3.1B	3.1B	3.5B	3.5B	3.7B	3.7B
Shareholders' equity	3.5B	4.2B	4.2B	4B	4B	4.3B	4.3B	4.4B	4.5B	5B	4.8B	4.8B
Total debt	1.2B	1.4B	1.4B	1.5B	1.5B	1.6B	1.7B	1.8B	1.8B	1.8B	2.1B	2.1B
Net debt	77M	-840.7M	-498.6M	-151.2M	325.7M	-408.5M	381.5M	606.9M	726.9M	-8.8M	621.3M	751.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	303.4M	258.7M	483.8M	645.6M	588.9M	975.3M	854.8M	1.6B	1.8B	1.6B
Depreciation & amortization	87.7M	108.2M	122.5M	161.9M	185.5M	224.2M	291.8M	379.4M	446.5M	496.2M
Stock-based compensation	16.8M	17.6M	28.6M	45.6M	50.8M	69.1M	78.1M	93.6M	90M	62.2M
Change in working capital	33.7M	102.1M	81.7M	-75.1M	2.4M	-33.2M	-580.7M	395.1M	-216.3M	-210.2M
Operating cash flow	419.5M	469M	726.5M	790.2M	848.8M	1.2B	623.6M	2.4B	2.2B	1.6B
Capital expenditure	-149.5M	-157.9M	-225.8M	-283M	-229.2M	-394.5M	-638.7M	-651.9M	-689.2M	—
Investing cash flow	-149.5M	-173.4M	-242.8M	-278.4M	-695.5M	-427.9M	-617.7M	-652.5M	-848.4M	-8.5M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-29.3M	-100.3M	-598.3M	-173.4M	-96.1M	-812.6M	-444M	-558.7M	-1.6B	-1.2B
Financing cash flow	-33.5M	-103.5M	-607.9M	-195.3M	-128.4M	-813.4M	-444M	-558.7M	-1.7B	-1.2B
Net change in cash	236.4M	192.1M	-124.2M	316.5M	24.8M	-29.7M	-438.1M	1.2B	-364.6M	376.9M
Free cash flow	236.9M	331.5M	517M	386.3M	574.1M	994.6M	327.8M	1.6B	1.6B	921.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Net income	248.7M	669.5M	321.4M	392.9M	351.9M	748.4M	314.6M	370.9M	306.8M	586.9M	195M	329.2M
Depreciation & amortization	98M	103.3M	95.8M	103.6M	113.6M	133.6M	114.5M	119.7M	127.5M	134.5M	135.3M	142.3M
Stock-based compensation	24.6M	23.4M	25.8M	21.6M	24.2M	18.5M	23.1M	-1.8M	16.6M	24.4M	29.2M	21.1M
Change in working capital	-7.4M	594.5M	-361.1M	-23.3M	-305.7M	324.4M	-229.4M	-59.9M	-344.2M	423.3M	-6.9M	-18.7M
Operating cash flow	363.8M	1.4B	81.8M	494.7M	183.9M	1.2B	222.8M	328.7M	249.9M	1.1B	214.4M	374.8M
Capital expenditure	-162.9M	-206.5M	-130.7M	-145.1M	-178.5M	-235M	-152.3M	—	—	—	—	—
Investing cash flow	-162.9M	-206.5M	-131.5M	-145.1M	-178.5M	-258.1M	-106.8M	0	-487K	-4.8M	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-212.6M	-54M	-299.5M	-589.5M	-412.6M	-335.4M	-434.4M	-281.2M	-190.9M	-271.8M	-361.8M	-333.3M
Financing cash flow	-212.6M	-54M	-299.5M	-589.5M	-412.6M	-335.4M	-468.2M	-282.1M	-194.2M	-272.5M	-378.5M	-333.7M
Net change in cash	-11.7M	1.1B	-349.2M	-239.8M	-407.2M	631.5M	-352.2M	46.6M	55.2M	865.6M	-164.1M	41.1M
Free cash flow	227M	1.2B	-3.2M	298.1M	122.2M	1.2B	-271.2M	150.8M	82.4M	959.7M	87.1M	225.2M

lululemon athletica inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement