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LULULululemon Athletica

Consumer discretionary · Apparel · Nasdaq

lululemon athletica inc. is principally a designer, distributor, and retailer of technical athletic apparel, footwear, and accessories. 10-K, Item 1

LULU quote by TradingView
Employees
39,000
Headquarters
Vancouver, A1
CEO
Calvin McDonald
Next results
around Dec 10, 2026
Compare with peers → Embed
FY2025 at a glance

Sales up 4.9%, free cash flow down to $921.7M

XBRL, from each 10-K
RevenueStatements ↓
$11.1B
from $10.6B in FY2024
FY2016FY2025
Net incomeStatements ↓
$1.6B
from $1.8B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$921.7M
from $1.6B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$13.26
from $14.64 in FY2024
FY2016FY2025
Operating marginStatements ↓
19.9%
from 23.7% in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (41, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)12.15Sales (ttm)11.1BNet income (ttm)1.4BSales growth+4.9%EPS growth-9.4%Sales Q/Q-4.3%
Free cash flow1.4BGross margin56.1%Oper. margin17.8%Net margin12.8%FCF margin12.2%ROE29.6%
ROA16.7%R&D / sales-Dividend-Debt/Eq0.00Curr. ratio2.19Cash1.4B
Op. cash flow (ttm)2.0BEBITDA2.7BEBITDA margin24.4%Net debt-1.4BQuick ratio1.25Interest covern/m
ROIC32.5%Tax rate29.5%Stock pay / sales0.6%Shares out.105.6MShares Y/Y-3.9%Book / share45.37
Cash / share13.16Sales / share105.06Asset turnover1.31Inventory turns2.83Days sales out.6Sales 3Y CAGR+11.0%
Sales 5Y CAGR+20.3%EPS 3Y CAGR+25.6%EPS 5Y CAGR+24.1%Employees39,000Sales / employee284K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow fell 42%$1.6B → $921.7M · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth slowed to +4.9%+10.1% → +4.9% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin narrowed to 19.9%23.7% → 19.9% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

LULU against Consumer discretionary peers

Ten years, side by side → · All 47 →
GrowthProfitBalanceCleanInsiders
LULUPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 47 companies, the better end on the right. Hover a dot for the company.

Sales growth
+4.9%26th of 47 · median +5.4%
Net margin
12.8%16th of 47 · median 10.8%
Return on equity
29.6%19th of 34 · median 32.5%
Free cash flow margin
12.2%16th of 45 · median 9.4%
Debt / equity (less is better)
0.001st of 28 · median 0.73
LULU and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
LULU Lululemon Athletica$11.1B +4.9%56.1%12.8%29.6%12.2%0.00
CMG Chipotle Mexican Grill$12.7B +5.4%-10.8%56.1%11.9%0.00
HLT Hilton Worldwide$12.7B +7.7%-13.4%-15.2%-
EBAY eBay Inc.$12.4B +7.9%72.2%16.9%47.6%19.5%1.53
NCLH Norwegian Cruise Line Holdings$10.2B +3.7%41.4%8.2%26.5%-5.6%4.79
NVR NVR, Inc.$9.3B -1.9%-11.2%30.5%8.8%-
Where each dollar goes

From $6.3B of sales to $975.3M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $3.6BRevenue to Cost of revenue: $2.6BGross profit to Operating profit: $1.3BGross profit to Operating expenses: $2.3BOperating profit to Net profit: $975.3MOperating profit to Tax: $358.0M Revenue: $6.3B Revenue$6.3B +42% Y/Y Gross profit: $3.6B · 58% margin Gross profit$3.6B58% margin +46% Y/Y Cost of revenue: $2.6B · 42% of revenue Cost of revenue$2.6B42% of revenue Operating profit: $1.3B · 21% margin Operating profit$1.3B21% margin +63% Y/Y Operating expenses: $2.3B · 36% of revenue Operating expenses$2.3B36% of revenue Net profit: $975.3M · 16% margin Net profit$975.3M16% margin +66% Y/Y Tax: $358.0M · 6% of revenue Tax$358.0M6% of revenue

Swipe sideways for the whole flow →

From $8.1B of sales to $854.8M of profit

FY2022, from the 10-K income statement and revenue by product
Women's product to Revenue: $5.3BMen's product to Revenue: $2.0BOther categories to Revenue: $894.1MRevenue to Gross profit: $4.5BRevenue to Cost of revenue: $3.6BGross profit to Operating profit: $1.3BGross profit to Operating expenses: $3.2BOperating profit to Net profit: $854.8MOperating profit to Tax & other: $473.6M Women's product: $5.3B · 65% Women's product$5.3B65% Men's product: $2.0B · 24% Men's product$2.0B24% Other categories: $894.1M · 11% Other categories$894.1M11% Revenue: $8.1B Revenue$8.1B +30% Y/Y Gross profit: $4.5B · 55% margin Gross profit$4.5B55% margin +24% Y/Y Cost of revenue: $3.6B · 45% of revenue Cost of revenue$3.6B45% of revenue Operating profit: $1.3B · 16% margin Operating profit$1.3B16% margin +0% Y/Y Operating expenses: $3.2B · 39% of revenue Operating expenses$3.2B39% of revenue Net profit: $854.8M · 11% margin Net profit$854.8M11% margin −12% Y/Y Tax & other: $473.6M · 6% of revenue Tax & other$473.6M6% of revenue

Swipe sideways for the whole flow →

From $9.6B of sales to $1.6B of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $5.6BRevenue to Cost of revenue: $4.0BGross profit to Operating profit: $2.1BGross profit to Operating expenses: $3.5BOperating profit to Net profit: $1.6BOperating profit to Tax & other: $582.5M Revenue: $9.6B Revenue$9.6B +19% Y/Y Gross profit: $5.6B · 58% margin Gross profit$5.6B58% margin +25% Y/Y Cost of revenue: $4.0B · 42% of revenue Cost of revenue$4.0B42% of revenue Operating profit: $2.1B · 22% margin Operating profit$2.1B22% margin +61% Y/Y Operating expenses: $3.5B · 36% of revenue Operating expenses$3.5B36% of revenue Net profit: $1.6B · 16% margin Net profit$1.6B16% margin +81% Y/Y Tax & other: $582.5M · 6% of revenue Tax & other$582.5M6% of revenue

Swipe sideways for the whole flow →

From $10.6B of sales to $1.8B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $6.3BRevenue to Cost of revenue: $4.3BGross profit to Operating profit: $2.5BGross profit to Operating expenses: $3.8BOperating profit to Net profit: $1.8BOperating profit to Tax & other: $691.1M Revenue: $10.6B Revenue$10.6B +10% Y/Y Gross profit: $6.3B · 59% margin Gross profit$6.3B59% margin +12% Y/Y Cost of revenue: $4.3B · 41% of revenue Cost of revenue$4.3B41% of revenue Operating profit: $2.5B · 24% margin Operating profit$2.5B24% margin +17% Y/Y Operating expenses: $3.8B · 36% of revenue Operating expenses$3.8B36% of revenue Net profit: $1.8B · 17% margin Net profit$1.8B17% margin +17% Y/Y Tax & other: $691.1M · 7% of revenue Tax & other$691.1M7% of revenue

Swipe sideways for the whole flow →

From $11.1B of sales to $1.6B of profit

FY2025, from the 10-K income statement and revenue by product
Women's apparel to Revenue: $7.0BMen's apparel to Revenue: $2.7BAccessories and other categories to Revenue: $1.4BRevenue to Gross profit: $6.3BRevenue to Cost of revenue: $4.8BGross profit to Operating profit: $2.2BGross profit to Operating expenses: $4.1BOperating profit to Net profit: $1.6BOperating profit to Tax & other: $631.4M Women's apparel: $7.0B · 63% Women's apparel$7.0B63% Men's apparel: $2.7B · 24% Men's apparel$2.7B24% Accessories and other categories: $1.4B · 13% Accessories and other c…$1.4B13% Revenue: $11.1B Revenue$11.1B +5% Y/Y Gross profit: $6.3B · 57% margin Gross profit$6.3B57% margin +0% Y/Y Cost of revenue: $4.8B · 43% of revenue Cost of revenue$4.8B43% of revenue Operating profit: $2.2B · 20% margin Operating profit$2.2B20% margin −12% Y/Y Operating expenses: $4.1B · 37% of revenue Operating expenses$4.1B37% of revenue Net profit: $1.6B · 14% margin Net profit$1.6B14% margin −13% Y/Y Tax & other: $631.4M · 6% of revenue Tax & other$631.4M6% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

4 of 4
  • ✓
    Net margin above the peer median12.8% vs 10.8%
  • ✓
    Gross margin up over 5 years56.0% → 56.6%
  • ✓
    Return on equity above 15%29.6%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 12.9% → 14.2%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is over 100× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.00 on the latest balance sheet (peer median 0.73)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 2.19
  • ✓
    More cash than debtNet cash $1.4B
Debt / equity at each year end, FY2016 to FY2025: 0.00 → 0.00

Cash and shareholders

3 of 3
  • ✓
    Free cash flow positive in every one of 10 years$921.7M last year
  • ✓
    Share count down over 5 years−9.0%
  • ✓
    Cash from operations above net income$1.6B vs $1.6B
Free cash flow, FY2016 to FY2025: 236.9M → 921.7M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 11.1B Net income 1.6B
FY2016 revenue 2.3B · SalesRevenueNet, 0001397187-18-000013 FY2016 net income 303.4M · NetIncomeLoss, 0001397187-19-000011 2.3B FY2016 FY2017 revenue 2.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001397187-20-000012 FY2017 net income 258.7M · NetIncomeLoss, 0001397187-20-000012 2.6B FY2017 FY2018 revenue 3.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001397187-21-000009 FY2018 net income 483.8M · NetIncomeLoss, 0001397187-21-000009 3.3B FY2018 FY2019 revenue 4.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001397187-22-000014 FY2019 net income 645.6M · NetIncomeLoss, 0001397187-22-000014 4.0B FY2019 FY2020 revenue 4.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001397187-23-000012 FY2020 net income 588.9M · NetIncomeLoss, 0001397187-23-000012 4.4B FY2020 FY2021 revenue 6.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001397187-24-000010 FY2021 net income 975.3M · NetIncomeLoss, 0001397187-24-000010 6.3B FY2021 FY2022 revenue 8.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001397187-25-000013 FY2022 net income 854.8M · NetIncomeLoss, 0001397187-25-000013 8.1B FY2022 FY2023 revenue 9.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001397187-26-000020 FY2023 net income 1.6B · NetIncomeLoss, 0001397187-26-000020 9.6B FY2023 FY2024 revenue 10.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001397187-26-000020 FY2024 net income 1.8B · NetIncomeLoss, 0001397187-26-000020 10.6B FY2024 FY2025 revenue 11.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001397187-26-000020 FY2025 net income 1.6B · NetIncomeLoss, 0001397187-26-000020 11.1B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

LULU's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue11.1B
FY2016: 2.3BFY2017: 2.6BFY2018: 3.3BFY2019: 4.0BFY2020: 4.4BFY2021: 6.3BFY2022: 8.1BFY2023: 9.6BFY2024: 10.6BFY2025: 11.1B FY2017FY2019FY2021FY2023FY2025
Net income1.6B
FY2016: 303.4MFY2017: 258.7MFY2018: 483.8MFY2019: 645.6MFY2020: 588.9MFY2021: 975.3MFY2022: 854.8MFY2023: 1.6BFY2024: 1.8BFY2025: 1.6B FY2017FY2019FY2021FY2023FY2025
Free cash flow921.7M
FY2016: 236.9MFY2017: 331.5MFY2018: 517.0MFY2019: 386.3MFY2020: 574.1MFY2021: 994.6MFY2022: 327.8MFY2023: 1.6BFY2024: 1.6BFY2025: 921.7M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)13.26
FY2016: 2.21FY2017: 1.90FY2018: 3.61FY2019: 4.93FY2020: 4.50FY2021: 7.49FY2022: 6.68FY2023: 12.20FY2024: 14.64FY2025: 13.26 FY2017FY2019FY2021FY2023FY2025
Diluted shares119.1M
FY2016: 137.3MFY2017: 136.2MFY2018: 134.0MFY2019: 131.0MFY2020: 130.9MFY2021: 130.3MFY2022: 128.0MFY2023: 127.1MFY2024: 123.9MFY2025: 119.1M FY2017FY2019FY2021FY2023FY2025

The segments changed

10-K filed 2026-03-17

Compared with the 10-K of Mar 27, 2025: new segment China Mainland; no longer reported: China Mainlands.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Feb 1, 2026
RevenueSharevs year before
Americas 7.8B70.7% -1.0%
China Mainland 1.8B15.8% +28.9%
Other Country 1.5B13.5% +15.6%

10-K 0001397187-26-000020, segment and revenue notes (XBRL).

Revenue by product or service

year to Feb 1, 2026
RevenueSharevs year before
Women's apparel 7.0B63.0% +4.5%
Men's apparel 2.7B24.0% +4.1%
Accessories and other categories 1.4B13.0% +7.9%

10-K 0001397187-26-000020, segment and revenue notes (XBRL).

Revenue by region

year to Feb 1, 2026
RevenueSharevs year before
Americas 7.8B70.7% -1.0%
United States 6.3B57.0% -2.4%
People's Republic of China 2.0B17.6% +26.8%
China Mainland 1.8B15.8% +28.9%
Canada 1.4B12.8% +0.8%
Other geographic areas 1.3B11.7% +16.4%
Hong Kong SAR, Taiwan, and Macau SAR 199.1M1.8% +10.5%
Mexico 95.5M0.9% +187%

10-K 0001397187-26-000020, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue2.3B2.6B3.3B4.0B4.4B6.3B8.1B9.6B10.6B11.1B
Cost of revenue1.1B1.3B1.5B1.8B1.9B2.6B3.6B4.0B4.3B4.8B
Gross profit1.2B1.4B1.8B2.2B2.5B3.6B4.5B5.6B6.3B6.3B
SG&A778.5M904.3M1.1B1.3B1.6B2.2B2.8B3.4B3.8B4.1B
Operating income421.2M456.0M705.8M889.1M820.0M1.3B1.3B2.1B2.5B2.2B
Interest expense5.2M8K1.4M325K110K12K116K234K478K1.0M
Pretax income422.7M460.0M715.2M897.4M819.4M1.3B1.3B2.2B2.6B2.2B
Income tax119.3M201.3M231.4M251.8M230.4M358.5M477.8M625.5M761.5M659.8M
Net income303.4M258.7M483.8M645.6M588.9M975.3M854.8M1.6B1.8B1.6B
EPS (diluted)2.211.903.614.934.507.496.6812.2014.6413.26
Diluted shares137.3M136.2M134.0M131.0M130.9M130.3M128.0M127.1M123.9M119.1M
Depreciation & amortization87.7M108.2M122.5M161.9M185.5M224.2M291.8M379.4M446.5M496.2M
EBITDA508.8M564.2M828.3M1.1B1.0B1.6B1.6B2.5B3.0B2.7B
Gross margin51.2%52.8%55.2%55.9%56.0%57.7%55.4%58.3%59.2%56.6%
Operating margin18.0%17.2%21.5%22.3%18.6%21.3%16.4%22.2%23.7%19.9%
Net margin12.9%9.8%14.7%16.2%13.4%15.6%10.5%16.1%17.1%14.2%
Revenue growth-+13.0%+24.1%+21.0%+10.6%+42.1%+29.6%+18.6%+10.1%+4.9%
EPS growth--14.0%+90.0%+36.6%-8.7%+66.4%-10.8%+82.6%+20.0%-9.4%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash734.8M990.5M881.3M1.1B1.2B1.3B1.2B2.2B2.0B1.8B
Receivables9.2M19.2M35.8M40.2M62.4M77.0M132.9M124.8M120.2M190.7M
Inventory298.4M329.6M404.8M518.5M647.2M966.5M1.4B1.3B1.4B1.7B
Current assets1.2B1.4B1.4B1.8B2.1B2.6B3.2B4.1B4.0B4.3B
Property & equipment423.5M473.6M567.2M671.7M745.7M927.7M1.3B1.5B1.8B2.0B
Goodwill24.2M24.6M24.2M24.2M386.9M386.9M24.1M24.1M159.5M184.9M
Total assets1.7B2.0B2.1B3.3B4.2B4.9B5.6B7.1B7.6B8.5B
Accounts payable24.8M24.6M95.5M80.0M172.2M289.7M172.7M348.4M271.4M331.4M
Current liabilities242.0M292.6M500.5M620.4M883.2M1.4B1.5B1.6B1.8B1.9B
Total debt---000000-
Total liabilities297.6M401.5M638.7M1.3B1.6B2.2B2.5B2.9B3.3B3.5B
Shareholders' equity1.4B1.6B1.4B2.0B2.6B2.7B3.1B4.2B4.3B5.0B
Retained earnings1.3B1.5B1.3B1.8B2.3B2.5B2.9B3.9B4.1B4.5B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow386.4M489.3M742.8M669.3M803.3M1.4B966.5M2.3B2.3B1.6B
Capital spending149.5M157.9M225.8M283.0M229.2M394.5M638.7M651.9M689.2M680.8M
Free cash flow236.9M331.5M517.0M386.3M574.1M994.6M327.8M1.6B1.6B921.7M
Stock-based pay (added back)16.8M17.6M28.6M45.6M50.8M69.1M78.1M93.6M90.0M62.2M
Buybacks29.3M100.3M598.3M173.4M63.7M812.6M444.0M558.7M1.6B1.2B
Acquisitions--00452.6M000154.1M0
Investing cash flow-149.5M-173.4M-242.8M-278.4M-695.5M-427.9M-569.9M-654.1M-798.2M-662.1M
Financing cash flow-26.6M-97.9M-590.2M-177.2M-80.8M-845.0M-467.5M-548.8M-1.7B-1.2B

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)16.8M17.6M28.6M45.6M50.8M69.1M78.1M93.6M90.0M62.2M
Stock-based pay / revenue0.7%0.7%0.9%1.1%1.2%1.1%1.0%1.0%0.9%0.6%
Operating lease cost---176.4M193.5M215.5M245.8M282.9M338.8M406.0M
Right-of-use assets--0689.7M734.8M803.5M969.4M1.3B1.4B1.6B
Operating lease liabilities--650.0M740.0M798.7M881.1M1.1B1.4B1.6B1.8B

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on LULU in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/LULU/export.csv") into a cell.