Lululemon Athletica Inc. (LULU) financials

NASDAQ · Consumer Cyclical · Apparel - Retail · 39,000 employees · CEO Heidi O'Neill

Price: $107.24 -2.35%
Market cap: $12.4B
Enterprise value: $13.2B
Last report: Q2 '26 filed 2026-09-03
Next report: 2026-12-10 EPS est. $0.97

Revenue (TTM)$11.1B+1.7% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)17.8%-5.1 pp vs a year agoOperating income $1.97B

Net income (TTM)$1.42B-20.6% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$1.35B+15.9% vs a year agoCapex $628M

Diluted EPS (TTM)$12.17-17.3% vs a year agoSum of the last 4 quarters

Net cash-$751M-23.8% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $12.4B
Revenue: $11.1B
Revenue growth: -6%
Profit margin: 12.8%
P/E: 8.8×
P/S: 1.1×
EV / EBITDA: 5.1×
Free cash flow: $1.35B
Net income: $1.42B
Revenue estimate: $10.5B
Earnings: 2026-12-10
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-09-03): revenue missed by 1.7%, EPS beat by 63.1%Revenue $2.42B vs $2.46B expected (-1.7%); EPS $2.92 vs $1.79 (+63.1%).
Revenue growth slowing: -4.3% year on yearQ2 '26 revenue $2.42B, against an average of 4.7% over the four quarters before.
Operating margin 17.8% (TTM), -5.1 pp on a year agoOperating income grew -21.1% while revenue grew 1.7%.
Capex 5.7% of revenue (a year ago 6.8%)$628M invested in the last 4 quarters (-15.6% on a year earlier). Free cash flow $1.35B = 95.5% of net income.
Returned $1.17B to shareholders = 86.4% of free cash flowBuybacks $1.17B (a year earlier $1.46B), dividends $0, stock-based pay $45.7M (TTM).
Diluted share count down 5.6% in a year113M diluted shares in Q2 '26, 120M a year earlier.
Net debt $751MCash + short-term investments $1.39B, debt incl. leases $2.14B; a year ago net debt $607M.

Last quarter: Q2 '26

Quarter ended 2026-08-02. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$2.42B	$2.53B	-4.3%
Gross margin	60.5%	58.5%	+2.0 pp
Operating income	$454M	$524M	-13.4%
Operating margin	18.8%	20.7%	-2.0 pp
Net income	$329M	$371M	-11.2%
Diluted EPS	$2.92	$3.10	-5.8%
Operating cash flow	$375M	$329M	+14.0%
Capex	$150M	$178M	-15.9%
Free cash flow	$225M	$151M	+49.3%
R&D	$0	$0	–
Stock-based compensation	$0	-$1.84M	+100.0%

Reported vs consensus

2026-09-03

	Actual	Consensus	vs consensus
Revenue	$2.42B	$2.46B	-1.7%
EPS (as estimated)	$2.92	$1.79	+63.1%

From the report of 2026-09-03 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Women's Product	$1.49B	-3.8%	61.6%	$7B	+2.0%
Men's Product	$621M	-0.5%	25.7%	$2.7B	+2.4%
Other Segments	$306M	-13.4%	12.7%	$1.39B	-1.0%

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
United States	$1.3B	-8.0%	45.3%	$6.17B	-5.1%
CHINA	$866M	+3.9%	30.1%	$3.97B	–
CANADA	$286M	-11.0%	9.9%	$1.38B	-3.2%
Outside Of North America	$340M	+4.3%	11.8%	$1.35B	+11.3%
Hong Kong SAR, Taiwan, and Macau SAR	$51.4M	+7.9%	1.8%	$210M	–
MEXICO	$28.9M	+31.8%	1.0%	$108M	+45.0%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q2 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Americas Segment	–	–	$594M	-4.0%	–	–	$2.35B
China Mainland Segment	–	–	$151M	-0.8%	–	–	$749M
Other Country Segment	–	–	$75M	-7.7%	–	–	$336M
Corporate (unallocated)	–	–	-$367M	-11.4%	–	–	-$1.46B

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $1.98B
Capex: -$628M
Buybacks: -$1.17B
Dividends: $0
Acquisitions: $0
Net debt issued: $0
Stock-based compensation: $45.7M
Free cash flow: $1.35B
Returned to shareholders / FCF: 86.4%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	8.8×	34.1×	13.5× – 45.2×
EV / EBITDA	5.1×	18.7×	7.8× – 26.9×
EV / Sales	1.2×	4.9×	1.9× – 6.9×
Price / FCF	9.2×	50.7×	23.1× – 117.8×
Price / Book	2.5×	11.7×	4.3× – 15.8×
FCF yield	10.9%	2.7%	0.8% – 4.3%
Return on invested capital	19.7%	24.9%	19.7% – 29.2%
Return on equity	29.7%	34.6%	27.1% – 42.0%

Analysts

Consensus target $97.67 (-8.9%)
range $70.00 – $115.00 · rating Hold

Strong buy0

Buy27

Hold37

Sell7

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2027	$10.5B	-5.7%	$9.59	-27.6%	11.2×	19
FY2028	$10.3B	-1.5%	$8.40	-12.4%	12.8×	21
FY2029	$10.5B	+2.0%	$8.54	+1.6%	12.6×	13
FY2030	$11.2B	+6.6%	$8.77	+2.6%	12.2×	6

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 213 figures Lululemon Athletica Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$347M	$373M	-7.1%	$331M	$271M	+22.1%
Accrued Income Taxes, Current	$67.4M	$26.7M	+151.9%	$43.9M	$183M	-76.0%
Accrued Liabilities, Current	$585M	$424M	+38.0%	$663M	$559M	+18.5%
Accrued Marketing Costs, Current	$27.9M	–	–	$71.2M	$45.4M	+56.9%
Accrued Rent, Current	$17.3M	$28.1M	-38.3%	$20.7M	$18M	+15.2%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$2.02B	$1.66B	+22.0%	$1.86B	$1.46B	+27.5%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$268M	-$331M	+19.0%	-$231M	-$424M	+45.6%
Additional Paid in Capital, Common Stock	$695M	$632M	+9.9%	$669M	$638M	+4.9%
Advertising Expense	–	–	–	$618M	$541M	+14.0%
Amortization of Intangible Assets	$1.89M	$1.73M	+9.4%	$6.96M	$2.74M	+154.5%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	-100K	+100.0%	128K	64.2K	+98.9%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$21.1M	-$1.84M	+1,243.7%	$62.2M	$90M	-30.9%
Assets	$8.48B	$7.52B	+12.8%	$8.46B	$7.6B	+11.2%
Assets, Current	$3.95B	$3.53B	+11.8%	$4.26B	$3.98B	+7.1%
Buildings and Improvements, Gross	$28.3M	$28.6M	-1.1%	$32.2M2017-01-29	$30.9M	+4.2%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	–	–	–	$15.7M2024-09-10	–	–
Capitalized Computer Software, Accumulated Amortization	$322M2026-02-01	$224M	+43.8%	$322M	$224M	+43.8%
Capitalized Computer Software, Gross	$1.67B	$1.42B	+17.9%	$67.9M2023-01-29	$35.8M	+89.7%
Capitalized Computer Software, Net	$192M2026-02-01	$162M	+18.7%	$192M	$162M	+18.7%
Capitalized Contract Cost, Net, Noncurrent	$217M	$176M	+22.8%	–	–	–
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$1.39B	$1.16B	+20.2%	$1.81B	$1.98B	-8.9%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$125M	-$169M	+26.2%	-$177M	-$260M	+31.8%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	400M	400M	0.0%	400M	400M	0.0%
Common Stock, Shares, Issued	107M	114M	-6.4%	111M	116M	-4.1%
Common Stock, Shares, Outstanding	107M	114M	-6.4%	111M	116M	-4.1%
Common Stock, Value, Issued	$533K	$570K	-6.5%	$557K	$581K	-4.1%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$278M	$376M	-26.1%	$1.77B	$1.65B	+7.2%
Construction in Progress, Gross	$170M	$290M	-41.4%	–	–	–
Contract with Customer, Refund Liability, Current	$52M	$4.9M	+961.3%	$70.6M	$73.9M	-4.4%
Cost of Goods and Services Sold	$954M	$1.05B	-9.0%	$4.82B	$4.32B	+11.6%
Current Federal Tax Expense (Benefit)	–	–	–	$177M	$86.9M	+104.2%
Current Foreign Tax Expense (Benefit)	–	–	–	$495M	$584M	-15.3%
Current Income Tax Expense (Benefit)	–	–	–	$709M	$703M	+0.8%
Current State and Local Tax Expense (Benefit)	–	–	–	$36.8M	$32M	+15.0%
Deferred Compensation Liability, Current	$123M	$149M	-17.6%	$188M	$205M	-8.1%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$41.4M	$61.4M	-167.5%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$2.09M	-$17.1M	+112.3%
Deferred Income Tax Assets, Net	$24.5M	$21.4M	+14.6%	$24M	$17.1M	+40.7%
Deferred Income Tax Expense (Benefit)	–	–	–	-$49.1M	$58.4M	-184.0%
Deferred Income Tax Liabilities, Net	$57M	$62.4M	-8.7%	$52.3M	$98.2M	-46.8%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$9.73M	$14M	-169.3%
Deferred Tax Assets, Gross	$594M2026-02-01	$488M	+21.8%	$594M	$488M	+21.8%
Deferred Tax Assets, in Process Research and Development	$77.9M2026-02-01	$71.6M	+8.8%	$77.9M	$71.6M	+8.8%
Deferred Tax Assets, Inventory	$32.6M2026-02-01	$33.8M	-3.5%	$32.6M	$33.8M	-3.5%
Deferred Tax Assets, Net of Valuation Allowance	$577M2026-02-01	$480M	+20.1%	$577M	$480M	+20.1%
Deferred Tax Assets, Operating Loss Carryforwards	$2.27M2026-02-01	$2.17M	+4.3%	$2.27M	$2.17M	+4.3%
Deferred Tax Assets, Other	$30.7M2026-02-01	$26M	+17.9%	$30.7M	$26M	+17.9%
Deferred Tax Assets, Tax Credit Carryforwards, Foreign	$15.3M2026-02-01	$5.77M	+164.9%	$15.3M	$5.77M	+164.9%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$14.7M2026-02-01	$20.9M	-29.4%	$14.7M	$20.9M	-29.4%
Deferred Tax Assets, Valuation Allowance	$17.5M2026-02-01	$7.9M	+121.7%	$17.5M	$7.9M	+121.7%
Deferred Tax Liabilities, Gross	$605M2026-02-01	$561M	+7.8%	$605M	$561M	+7.8%
Deferred Tax Liabilities, Net	$28.2M2026-02-01	$81.1M	-65.2%	$28.2M	$81.1M	-65.2%
Deferred Tax Liabilities, Other	$4.16M2026-02-01	$4.44M	-6.4%	$4.16M	$4.44M	-6.4%
Deferred Tax Liabilities, Property, Plant and Equipment	$205M2026-02-01	$181M	+13.5%	$205M	$181M	+13.5%
Deferred Tax Liabilities, Undistributed Foreign Earnings	$80.7M2026-02-01	$107M	-24.6%	$80.7M	$107M	-24.6%
Defined Contribution Plan, Cost	$6.2M	$6M	+3.3%	$23.7M	$22.2M	+6.8%
Depreciation	–	–	–	$490M	$443M	+10.5%
Depreciation, Depletion and Amortization	$142M	$120M	+18.9%	$496M	$447M	+11.1%
Derivative Asset	$6.28M	$714K	+778.9%	$31M	$76.8M	-59.7%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-08-02, 10-Q 2026-05-03, 10-K 2026-02-01, 10-Q 2025-11-02, 10-Q 2025-08-03, 10-Q 2025-05-04, 10-K 2025-02-02, 10-Q 2024-10-27, 10-Q 2024-07-28

Data as of 2026-11-02