LULU

MKT CAP:$17B

Lululemon Athletica Inc.

Market Cap

$17B

Consumer Cyclical·Apparel - Retail·🇨🇦 Canada·NASDAQ

Consumer Cyc.·Apparel - Retail·🇨🇦·NASDAQ

Stock Price

$141.66-$69.15 (-32.80%)

Apr 23, 2026

Company Details

lululemon athletica inc., together with its subsidiaries, designs, distributes, and retails athletic apparel and accessories for women and men. It operates in two segments, Company-Operated Stores and Direct to Consumer. The company offers ...

CEO

Meghan C. Frank

IPO Date

Jul 27, 2007

Website

shop.lululemon.com

Key Metrics TTM

Revenue

$11.1B

+4.9% YoY

Net Income

$1.6B

EPS (Diluted)

$13.26

Free Cash Flow

$922M

Revenue / Share

$93.25

Gross Margin

56.6%

Operating Margin

19.8%

Net Margin

14.2%

FCF Margin

8.3%

P/S

1.5x

P/E

10.7x

Earnings Reports

FY 2025

Mar 17, 2026

$11.1B+4.9%EPS $13.26

Q4 2025

Mar 17, 2026

$3.6B+0.8%EPS $4.97

Q3 2025

Dec 11, 2025

$2.6B+7.1%EPS $2.59

Q2 2025

Sep 4, 2025

$2.5B+6.5%EPS $3.10

Q1 2025

Jun 5, 2025

$2.4B+7.3%EPS $2.60

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$1.6B	$870M	$260M
Q2 22	$1.9B	$1.1B	$401M
Q3 22	$1.9B	$1.0B	$352M
Q4 22	$2.8B	$1.5B	$314M
Q1 23	$2.0B	$1.2B	$401M
Q2 23	$2.2B	$1.3B	$479M
Q3 23	$2.2B	$1.3B	$338M
Q4 23	$3.2B	$1.9B	$914M
Q1 24	$2.2B	$1.3B	$433M
Q2 24	$2.4B	$1.4B	$540M
Q3 24	$2.4B	$1.4B	$491M
Q4 24	$3.6B	$2.2B	$1.0B
Q1 25	$2.4B	$1.4B	$439M
Q2 25	$2.5B	$1.5B	$524M
Q3 25	$2.6B	$1.4B	$436M
Q4 25	$3.6B	$2.0B	$803M

Valuation

Quarter	P/S	P/E
Q1 22	6.9x	45.1x
Q2 22	5.6x	35.9x
Q3 22	5.6x	35.9x
Q4 22	4.7x	45.0x
Q1 23	5.8x	51.2x
Q2 23	5.4x	47.5x
Q3 23	5.4x	49.4x
Q4 23	6.3x	39.2x
Q1 24	4.6x	28.7x
Q2 24	3.2x	19.5x
Q3 24	3.7x	21.6x
Q4 24	4.7x	27.3x
Q1 25	3.1x	18.4x
Q2 25	2.1x	13.0x
Q3 25	1.8x	11.3x
Q4 25	1.9x	13.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$243M	-$355M
Q2 22	$98M	-$47M
Q3 22	$66M	-$110M
Q4 22	$1.0B	$839M
Q1 23	$46M	-$91M
Q2 23	$477M	$331M
Q3 23	$390M	$227M
Q4 23	$1.4B	$1.2B
Q1 24	$128M	-$3M
Q2 24	$443M	$298M
Q3 24	$301M	$122M
Q4 24	$1.4B	$1.2B
Q1 25	-$119M	-$271M
Q2 25	$329M	$151M
Q3 25	$250M	$82M
Q4 25	$1.1B	$960M

Capital Expenditures

Quarter	CapEx
Q1 22	$111M
Q2 22	$145M
Q3 22	$176M
Q4 22	$207M
Q1 23	$137M
Q2 23	$146M
Q3 23	$163M
Q4 23	$207M
Q1 24	$131M
Q2 24	$145M
Q3 24	$178M
Q4 24	$235M
Q1 25	$152M
Q2 25	$178M
Q3 25	$167M
Q4 25	$183M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+31.6%	+31.0%
Q2 22	+28.8%	+26.5%
Q3 22	+28.0%	+26.2%
Q4 22	+30.2%	+59.7%
Q1 23	+24.0%	+18.2%
Q2 23	+18.2%	+17.9%
Q3 23	+18.7%	+24.0%
Q4 23	+15.6%	-6.8%
Q1 24	+10.4%	+11.1%
Q2 24	+7.3%	+5.8%
Q3 24	+8.7%	+2.1%
Q4 24	+12.7%	+12.1%
Q1 25	+7.3%	+8.8%
Q2 25	+6.5%	+9.3%
Q3 25	+7.1%	+11.8%
Q4 25	+0.8%	+10.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$18M	1.1%
Q2 22	$21M	1.1%
Q3 22	$20M	1.1%
Q4 22	$19M	0.7%
Q1 23	$21M	1.1%
Q2 23	$24M	1.1%
Q3 23	$25M	1.1%
Q4 23	$23M	0.7%
Q1 24	$26M	1.2%
Q2 24	$22M	0.9%
Q3 24	$24M	1.0%
Q4 24	$19M	0.5%
Q1 25	$23M	1.0%
Q2 25	-$2M	-0.1%
Q3 25	$17M	0.6%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q1 22	$608M
Q2 22	$662M
Q3 22	$684M
Q4 22	$803M
Q1 23	$748M
Q2 23	$817M
Q3 23	$843M
Q4 23	$990M
Q1 24	$842M
Q2 24	$872M
Q3 24	$910M
Q4 24	$1.1B
Q1 25	$943M
Q2 25	$952M
Q3 25	$988M
Q4 25	$1.2B

Revenue Segments

Quarter	Men's Product	Other Segments	Women's Product
Q1 22	$375M	$165M	$1.1B
Q2 22	$461M	$201M	$1.2B
Q3 22	$441M	$211M	$1.2B
Q4 22	$680M	$317M	$1.8B
Q1 23	$438M	$254M	$1.3B
Q2 23	$531M	$282M	$1.4B
Q3 23	$505M	$265M	$1.4B
Q4 23	$779M	$418M	$2.0B
Q1 24	$506M	$268M	$1.4B
Q2 24	$588M	$307M	$1.5B
Q3 24	$551M	$290M	$1.6B
Q4 24	$914M	$472M	$2.2B
Q1 25	$545M	$291M	$1.5B
Q2 25	$625M	$353M	$1.5B
Q3 25	$596M	$325M	$1.6B
Q4 25	$898M	$475M	$2.3B

Revenue by Geography

Quarter	Canada	Outside Of North America	United States	People's Republic of China	Mexico
Q1 22	$245M	$270M	$1.1B	—	—
Q2 22	$269M	$321M	$1.3B	—	—
Q3 22	$272M	$317M	$1.3B	—	—
Q4 22	$378M	-$297M	$2.0B	$682M	—
Q1 23	$253M	$183M	$1.3B	$183M	—
Q2 23	$295M	$212M	$1.4B	$278M	—
Q3 23	$309M	$205M	$1.4B	$267M	—
Q4 23	$428M	$253M	$2.2B	$407M	—
Q1 24	$282M	$241M	$1.3B	$346M	—
Q2 24	$319M	$273M	$1.4B	$356M	—
Q3 24	$335M	$267M	$1.4B	$359M	$11M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$649M	$0	$649M
Q2 22	$499M	$0	$499M
Q3 22	$353M	$0	$353M
Q4 22	$1.2B	$0	$1.2B
Q1 23	$951M	$0	$951M
Q2 23	$1.1B	$0	$1.1B
Q3 23	$1.1B	$0	$1.1B
Q4 23	$2.2B	$0	$2.2B
Q1 24	$1.9B	$0	$1.9B
Q2 24	$1.6B	$0	$1.6B
Q3 24	$1.2B	$0	$1.2B
Q4 24	$2.0B	$0	$2.0B
Q1 25	$1.3B	$0	$1.3B
Q2 25	$1.2B	$0	$1.2B
Q3 25	$1.0B	$0	$1.0B
Q4 25	$1.8B	$0	$1.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	129M	-0.7%	-1.9%
Q2 22	128M	-0.5%	-2.0%
Q3 22	128M	-0.1%	-1.8%
Q4 22	128M	-0.0%	-1.3%
Q1 23	128M	-0.1%	-0.7%
Q2 23	127M	-0.3%	-0.5%
Q3 23	127M	-0.4%	-0.8%
Q4 23	127M	-0.1%	-1.0%
Q1 24	126M	-0.2%	-1.0%
Q2 24	125M	-1.2%	-1.9%
Q3 24	123M	-1.6%	-3.1%
Q4 24	122M	-0.7%	-3.7%
Q1 25	121M	-0.9%	-4.3%
Q2 25	120M	-1.0%	-4.1%
Q3 25	119M	-0.9%	-3.5%
Q4 25	119M	+0.4%	-2.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$55.6K	29K
Q2 22	$64.4K	29K
Q3 22	$64.0K	29K
Q4 22	$81.5K	34K
Q1 23	$58.8K	34K
Q2 23	$65.0K	34K
Q3 23	$64.8K	34K
Q4 23	$84.3K	38K
Q1 24	$58.1K	38K
Q2 24	$62.4K	38K
Q3 24	$63.1K	38K
Q4 24	$92.6K	39K
Q1 25	$60.8K	39K
Q2 25	$64.7K	39K
Q3 25	$65.8K	39K
Q4 25	$93.4K	39K

Revenue / Employee