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Lululemon Athletica (LULU) stock

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NASDAQ: LULU Nasdaq Apparel, Accessories & Luxury Goods Next results ~December 10, 2026

B Fundamentals grade

Lululemon Athletica is a US-listed company in the apparel, accessories & luxury goods industry. Its financial year ends in January.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$240

Cash-flow model

Base case. Range ~$180–$310 across our lower- and higher-growth cases (-0.2%–9.8% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 119% above it.

Price used: $107.83, November 2, 2026

Lululemon Athletica valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Lululemon Athletica files

Where Lululemon Athletica stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $11.1bn, up 1.7% on a year earlier, slower than 4.2% a quarter earlier. That puts it 771 of 931 for growth among all the companies we cover. Free-cash-flow margin rose to 12.2% from 10.7% a year earlier. Operating margin narrowed to 17.8% from 22.9%. The diluted share count is down 4.3% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $250 a share, against a share price of $98.66.

Source: 10-Q filed September 3, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 10, 2026 (estimated)

Lululemon Athletica's trailing-twelve-month revenue grew 1.7% year on year, with a free-cash-flow margin of 12.2%. Where it stands out: operating margin of 17.8% ranks 2 of 26 apparel, accessories & luxury goods companies we cover. Where it lags: change in growth rate of -2.5pp ranks 25 of 29 apparel, accessories & luxury goods companies we cover.

Our discounted-cash-flow model values the business at ~$240 per share in the base case (~$180–$310 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 15.9% while net income fell 20.6%: a 37pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $107.83 is 119% below our value per share of $240.
  • Shrinking share count. Diluted shares fell 4.3% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $1.4bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Margins narrowing. Operating margin is down 5.0 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 46% and a beta of 1.2 against the S&P 500.
  • Growth easing. The growth rate is 2.5 points lower than a quarter earlier.
  • Gross margin slipping. Gross margin is down 3.0 points on a year ago.
  • Below peers: change in growth rate. Change in growth rate of -2.5pp ranks 25 of 29 apparel, accessories & luxury goods companies we cover (median +0.0pp).
  • Heavily shorted. 15.4% of the shares available to trade are sold short (3.4 days of average volume to cover).

Latest results: FY2027 Q2

Filed September 3, 2026
Earnings per share
$2.92 against an average estimate of $1.79: beat by 63.3%
Revenue
$2.42bn, down 4.3% on a year earlier
Share reaction
-16.2% in the first session after the results on September 3, 2026, against +0.7% for the S&P 500
Guidance given
net revenue $2.29bn to $2.32bn (third quarter of 2026); diluted earnings per share $0.93 to $0.98 (third quarter of 2026)
Next report
September 3, 2026; average EPS estimate $1.03

Lululemon Athletica's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.6%
  • 1 week+4.8%
  • 1 month+14.2%
  • This year-48.1%
  • 1 year-36.8%
  • 5 years-76.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$11.1B
Operating margin
17.8%
Net margin
12.8%
EPS (TTM, diluted)
$12.22

Growth

Revenue growth
+1.7%
Change in growth rate
−2.5 pts
Share count change
−4.3%

Cash

Free cash flow (TTM)
$1.4B
FCF margin
12.2%
Stock pay % of revenue
0.8%

Earnings

Last results
September 3, 2026
Next results (est.)
December 10, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Leadership
  3. Leadership
  4. Results
  5. Guidance
  6. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Lululemon Athletica valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 12.3% a year for five years.That is slower than the 12.1% a year revenue growth Lululemon Athletica has delivered.

  • Priced in-12.3%
  • Last 12 months1.7%
  • 3 years a year7.9%
  • 5 years a year12.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($106.24, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$240
Price used
$106.24close November 3, 2026
Implied change
▲ +122%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Lululemon Athletica's free cash flow after stock-based pay with after-tax interest added back ($1.4B, FY2027 Q2 TTM), growing -3.6% and 2.6% in the next two years (forecasts, guidance and its record), then back to 4.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$180–~$310 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Lululemon Athletica's free cash flow after stock-based pay ( $1.4B, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Lululemon Athletica as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.96 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$240 ~$180–$310 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$120 ~$100–$160 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$410 ~$290–$600 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$250 ~$210–$290 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$250 ~$120–$410 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Lululemon Athletica with Apparel, Accessories & Luxury Goods in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −8%
  • Last year's free-cash-flow margin change, if it persists ▲ +13%
  • Discount rate 1 point higher ▼ −13%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $200$266$355$471$623$819
8.5% $156$204$268$351$459$599
10% $129$167$216$280$362$468

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$62.07$66.82$79.08$146.12$239.39$328.68$315.91$310.85$478.03$414.20$174.50$107.83
Market value$8.7bn$9.2bn$10.8bn$19.6bn$31.3bn$43.0bn$41.2bn$39.8bn$60.7bn$51.3bn$20.8bn$12.5bn
+ Net debt (− = net cash)−$501m−$735m−$991m−$881m−$1.1bn−$1.2bn−$1.3bn−$1.2bn−$2.2bn−$2.0bn−$1.8bn−$1.4bn
Enterprise value$8.2bn$8.4bn$9.8bn$18.7bn$30.3bn$41.9bn$39.9bn$38.6bn$58.5bn$49.3bn$19.0bn$11.1bn
Multiples
Price / sales 4.2x3.9x4.1x6.0x7.9x9.8x6.6x4.9x6.3x4.8x1.9x1.1x
Price / earnings 32.8x30.2x41.6x40.5x48.6x73.0x42.2x46.6x39.2x28.3x13.2x8.8x
Price / free cash flow 56.7x38.7x32.5x37.9x81.2x74.9x41.4x121.4x36.9x32.4x22.5x9.2x
EV / EBITDA 18.6x16.6x17.3x22.6x28.8x41.6x25.6x23.8x23.3x16.7x7.0x4.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

86 /100

Strong moat

How hard Lululemon Athletica's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 30.3% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 56.3%, moving by 2.0 percentage points (standard deviation) across 10 years.

  • Durability 16 / 20

    Operating margin has been a median 20.3%; its worst year was 16.6%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 11.0% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 11.3% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (90 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $9.64 −27% $10.5bn −6%
Next $8.62 −11% $10.3bn −1%

Next year's EPS estimate has moved −25.0% in 90 days, across 26 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −13.3% on 90 days ago. In the last 30 days, 0 analysts raised Lululemon Athletica's forecast and 1 cut it.

Consensus EPS forecast Lululemon Athletica, last 90 days
$8.00 $9.00 $10.00 $11.00 $12.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $11.12 Current fiscal year, 60 days ago: $11.06 Current fiscal year, 30 days ago: $9.76 Current fiscal year, 7 days ago: $9.66 Current fiscal year, Now: $9.64 $9.64 Next fiscal year, 90 days ago: $11.48 Next fiscal year, 60 days ago: $11.43 Next fiscal year, 30 days ago: $8.64 Next fiscal year, 7 days ago: $8.65 Next fiscal year, Now: $8.62 $8.62

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $11.12$11.48
60 days ago $11.06$11.43
30 days ago $9.76$8.64
7 days ago $9.66$8.65
Now $9.64$8.62

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $1.79 $2.92 +63.3%
Apr 2026 $1.67 $1.69 +1.0%
Jan 2026 $4.78 $5.01 +4.8%
Oct 2025 $2.21 $2.59 +17.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 3, 2026
  • net revenue 2026 $10.35bn to $10.5bn
    “For 2026, the Company now expects net revenue to be in the range of $10.350 billion to $10.500 billion, representing a decline of 5% to 7%.” source
  • net revenue third quarter of 2026 $2.29bn to $2.32bn
    “For the third quarter of 2026, the Company expects net revenue to be in the range of $2.290 billion to $2.320 billion, representing a decline of 10% to 11%.” source
  • Diluted earnings per share 2026 $9.48 to $9.73
    “Diluted earnings per share are now expected to be in the range of $9.48 to $9.73 for the year.” source
  • Diluted earnings per share third quarter of 2026 $0.93 to $0.98
    “Diluted earnings per share are expected to be in the range of $0.93 to $0.98 for the quarter.” source
  • tax rate 2026 about 30%
    “This assumes a tax rate of approximately 30%.” source
  • tax rate third quarter of 2026 about 30%
    “This assumes a tax rate of approximately 30%.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Lululemon Athletica's revenue by -3.6% next year and +2.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-6.2%, weight 57%) , management guidance (-6.6%, weight 18%) and the company's own record (+4.8%, weight 25%) . How the weights are set.

Analyst recommendations

36 analysts, Oct 2026
Buy13%
Hold2981%
Sell617%

Monthly trend

  1. Oct 202629536
  2. Sep 202629435
  3. Aug 202629334
  4. Jul 202629334

Counts of recommendations published by analysts covering Lululemon Athletica, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.4%
of tradable shares
Days to cover
3.43
at average volume
Short interest, 1 month
+18%
to October 15, 2026
Held by institutions
80%
of shares
Held by insiders
4.6%
of shares
Employees
39,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −36.8%

$170.54 on October 31, 2025 to $107.83

ThenNowEffect
Revenue (last 12 months) $10.9bn $11.1bn +1.7%
Net margin 16.4% 12.8% −22.0%
P/E multiple 11.6x 8.8x −23.8%
Share count 121m 116m +4.5%

Biggest factor: p/e multiple.

Last 3 years −73.6%

$407.93 on November 3, 2023 to $107.83

ThenNowEffect
Revenue (last 12 months) $8.8bn $11.1bn +25.5%
Net margin 11.4% 12.8% +12.2%
P/E multiple 51.7x 8.8x −82.9%
Share count 128m 116m +10.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LULU+13%−18%+60%−25%−46%−48%
Industry peers (median)+19%−37%+0%−6%−9%+14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LULU42%33%83%50%42%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LULU−23%−36%−15%−54%−62%−57%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 82% from December 29, 2023 to October 7, 2026. Getting back needed a 457% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$91.88 – $215.88
From 52-week high
−50.1%
vs 50-day average
+4.9%
vs 200-day average
−19.1%
Volatility (1 year)
46%
Beta vs S&P 500
1.17

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±10.9%
After a week
5 up, 7 down
typical move ±11.9%
After a month
5 up, 7 down
typical move ±13.3%
Results releasedNext dayS&P 500 next day5 days21 days
September 3, 2026 −16.2% +0.7% −17.6% −22.4%
June 4, 2026 −9.4% −2.2% −3.3% −8.7%
March 17, 2026 +3.4% −1.1% +0.7% +1.9%
December 11, 2025 +9.2% −0.8% +14.7% +12.9%
September 4, 2025 −15.5% +0.5% −16.5% −11.6%
June 5, 2025 −20.9% +0.5% −26.3% −28.8%
March 27, 2025 −13.2% −2.3% −24.3% −20.5%
December 5, 2024 +16.7% 0.0% +13.7% +15.0%
August 29, 2024 +0.2% +1.0% −1.9% +4.8%
June 5, 2024 +5.3% +1.2% +1.0% −4.2%
March 21, 2024 −14.0% +0.1% −16.7% −22.9%
December 7, 2023 +6.3% +1.2% +6.2% +5.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Lululemon Athletica’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 0.88× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Lululemon Athletica in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Lululemon Athletica
$9B $10B $11B $12B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $9.2B Revenue (TTM), FY24 Q4: $9.6B Revenue (TTM), FY25 Q1: $9.8B Revenue (TTM), FY25 Q2: $10B Revenue (TTM), FY25 Q3: $10.2B Revenue (TTM), FY25 Q4: $10.6B Revenue (TTM), FY26 Q1: $10.7B Revenue (TTM), FY26 Q2: $10.9B Revenue (TTM), FY26 Q3: $11.1B Revenue (TTM), FY26 Q4: $11.1B Revenue (TTM), FY27 Q1: $11.2B Revenue (TTM), FY27 Q2: $11.1B $11.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $9.2B
FY24 Q4 $9.6B
FY25 Q1 $9.8B
FY25 Q2 $10B
FY25 Q3 $10.2B
FY25 Q4 $10.6B
FY26 Q1 $10.7B
FY26 Q2 $10.9B
FY26 Q3 $11.1B
FY26 Q4 $11.1B
FY27 Q1 $11.2B
FY27 Q2 $11.1B
Revenue growth, TTM YoY Lululemon Athletica
0% 10% 20% 30% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: 23.0% Revenue growth, TTM YoY, FY24 Q4: 18.6% Revenue growth, TTM YoY, FY25 Q1: 15.6% Revenue growth, TTM YoY, FY25 Q2: 13.0% Revenue growth, TTM YoY, FY25 Q3: 10.8% Revenue growth, TTM YoY, FY25 Q4: 10.1% Revenue growth, TTM YoY, FY26 Q1: 9.4% Revenue growth, TTM YoY, FY26 Q2: 9.2% Revenue growth, TTM YoY, FY26 Q3: 8.8% Revenue growth, TTM YoY, FY26 Q4: 4.9% Revenue growth, TTM YoY, FY27 Q1: 4.2% Revenue growth, TTM YoY, FY27 Q2: 1.7% 1.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 23.0%
FY24 Q4 18.6%
FY25 Q1 15.6%
FY25 Q2 13.0%
FY25 Q3 10.8%
FY25 Q4 10.1%
FY26 Q1 9.4%
FY26 Q2 9.2%
FY26 Q3 8.8%
FY26 Q4 4.9%
FY27 Q1 4.2%
FY27 Q2 1.7%
Operating margin (TTM) Lululemon Athletica
16% 18% 20% 22% 24% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 16.7% Operating margin (TTM), FY24 Q4: 22.2% Operating margin (TTM), FY25 Q1: 22.0% Operating margin (TTM), FY25 Q2: 22.3% Operating margin (TTM), FY25 Q3: 23.3% Operating margin (TTM), FY25 Q4: 23.7% Operating margin (TTM), FY26 Q1: 23.4% Operating margin (TTM), FY26 Q2: 22.9% Operating margin (TTM), FY26 Q3: 22.0% Operating margin (TTM), FY26 Q4: 19.9% Operating margin (TTM), FY27 Q1: 18.3% Operating margin (TTM), FY27 Q2: 17.8% 17.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 16.7%
FY24 Q4 22.2%
FY25 Q1 22.0%
FY25 Q2 22.3%
FY25 Q3 23.3%
FY25 Q4 23.7%
FY26 Q1 23.4%
FY26 Q2 22.9%
FY26 Q3 22.0%
FY26 Q4 19.9%
FY27 Q1 18.3%
FY27 Q2 17.8%
FCF margin (TTM) Lululemon Athletica
5% 10% 15% 20% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 14.2% FCF margin (TTM), FY24 Q4: 17.1% FCF margin (TTM), FY25 Q1: 17.6% FCF margin (TTM), FY25 Q2: 17.0% FCF margin (TTM), FY25 Q3: 15.7% FCF margin (TTM), FY25 Q4: 15.0% FCF margin (TTM), FY26 Q1: 12.2% FCF margin (TTM), FY26 Q2: 10.7% FCF margin (TTM), FY26 Q3: 10.2% FCF margin (TTM), FY26 Q4: 8.3% FCF margin (TTM), FY27 Q1: 11.4% FCF margin (TTM), FY27 Q2: 12.2% 12.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 14.2%
FY24 Q4 17.1%
FY25 Q1 17.6%
FY25 Q2 17.0%
FY25 Q3 15.7%
FY25 Q4 15.0%
FY26 Q1 12.2%
FY26 Q2 10.7%
FY26 Q3 10.2%
FY26 Q4 8.3%
FY27 Q1 11.4%
FY27 Q2 12.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Lululemon Athletica took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $11.1B
  2. Cost of revenue $4.8B · 43.4%
  3. Gross profit $6.3B · 56.6%
  4. Selling, general and admin $4.1B · 36.6%
  5. Operating income $2.2B · 19.9%
  6. Income tax $660M · 5.9%
  7. Net income $1.6B · 14.2%

Shares of revenue. Source: Lululemon Athletica's 10-K for FY2026, as filed with the SEC.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Jan 2010 2011 Jan 2011 2012 Jan 2012 2013 Feb 2013 2014 Feb 2014 2015 Feb 2015 2016 Jan 2016 2017 Jan 2017 2018 Jan 2018 2019 Feb 2019 2020 Feb 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Jan 2024 2025 Feb 2025 2026 Feb 2026 LTM Aug 2026
Income
Revenue 0.5 0.7 1.0 1.4 1.6 1.8 2.1 2.3 2.6 3.3 4.0 4.4 6.3 8.1 9.6 10.6 11.1 11.1
Gross profit 0.2 0.4 0.6 0.8 0.8 0.9 1.0 1.2 1.4 1.8 2.2 2.5 3.6 4.5 5.6 6.3 6.3 6.2
EBITDA 0.1 0.2 0.3 0.4 0.4 0.4 0.4 0.5 0.6 0.8 1.1 1.0 1.6 1.6 2.5 3.0 2.7 2.5
Operating income 0.1 0.2 0.3 0.4 0.4 0.4 0.4 0.4 0.5 0.7 0.9 0.8 1.3 1.3 2.1 2.5 2.2 2.0
Net income 0.1 0.1 0.2 0.3 0.3 0.2 0.3 0.3 0.3 0.5 0.6 0.6 1.0 0.9 1.6 1.8 1.6 1.4
Diluted EPS $0.41 $0.85 $1.27 $1.85 $1.91 $1.66 $1.89 $2.21 $1.90 $3.61 $4.93 $4.50 $7.49 $6.68 $12.20 $14.64 $13.26 $12.22
Growth (year on year)
Revenue +28.1% +57.1% +40.6% +36.9% +16.1% +12.9% +14.7% +13.8% +13.0% +24.1% +21.0% +10.6% +42.1% +29.6% +18.6% +10.1% +4.9% +1.7%
EBITDA +48.3% +90.9% +54.7% +32.2% +5.0% −1.4% +1.9% +15.0% +10.9% +46.8% +26.9% −4.3% +54.9% +4.0% +55.0% +17.5% −8.3% −15.4%
Operating income +53.0% +108.4% +59.1% +31.2% +4.0% −3.9% −1.9% +14.1% +8.3% +54.8% +26.0% −7.8% +62.6% −0.4% +60.5% +17.5% −11.8% −20.7%
Net income +48.1% +109.1% +51.1% +47.0% +3.3% −14.5% +11.3% +14.0% −14.7% +87.0% +33.4% −8.8% +65.6% −12.4% +81.4% +17.1% −13.0% −20.6%
Diluted EPS +49.1% +107.3% +49.4% +45.7% +3.2% −13.1% +13.9% +16.9% −14.0% +90.0% +36.6% −8.7% +66.4% −10.8% +82.6% +20.0% −9.4% −17.0%
Margins
Gross margin 49.3% 55.5% 56.9% 55.7% 52.8% 50.9% 48.4% 51.2% 52.8% 55.2% 55.9% 56.0% 57.7% 55.4% 58.3% 59.2% 56.6% 56.1%
EBITDA margin 23.7% 28.8% 31.7% 30.6% 27.7% 24.2% 21.5% 21.7% 21.3% 25.2% 26.4% 22.8% 24.9% 20.0% 26.1% 27.9% 24.4% 22.7%
Operating margin 19.1% 25.3% 28.7% 27.5% 24.6% 20.9% 17.9% 18.0% 17.2% 21.5% 22.3% 18.6% 21.3% 16.4% 22.2% 23.7% 19.9% 17.8%
Net margin 12.9% 17.1% 18.4% 19.7% 17.6% 13.3% 12.9% 12.9% 9.8% 14.7% 16.2% 13.4% 15.6% 10.5% 16.1% 17.1% 14.2% 12.8%
Free-cash-flow margin 22.6% 21.0% 8.7% 13.6% 10.8% 10.8% 7.5% 10.1% 12.5% 15.7% 9.7% 13.0% 15.9% 4.0% 17.1% 15.0% 8.3% 12.2%
Cash flow
Cash from operations 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.4 0.5 0.7 0.7 0.8 1.4 1.0 2.3 2.3 1.6 2.0
Capital spending 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.2 0.4 0.6 0.7 0.7 0.7 0.6
Free cash flow 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.5 0.4 0.6 1.0 0.3 1.6 1.6 0.9 1.4
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.2 0.3 0.5 0.3 0.5 0.9 0.2 1.6 1.5 0.9 1.3
Balance sheet
Cash 0.2 0.3 0.4 0.6 0.7 0.7 0.5 0.7 1.0 0.9 1.1 1.2 1.3 1.2 2.2 2.0 1.8 1.4
Total debt — — — — — — — — — — — — — — — — — 0.0
Net debt (negative = net cash) −0.2 −0.3 −0.4 −0.6 −0.7 −0.7 −0.5 −0.7 −1.0 −0.9 −1.1 −1.2 −1.3 −1.2 −2.2 −2.0 −1.8 −1.4
Diluted shares 142m 144m 145m 146m 146m 144m 141m 137m 136m 134m 131m 131m 130m 128m 127m 124m 119m 116m
Returned to shareholders
Buybacks — — — 0.0 0.0 0.1 0.3 0.0 0.1 0.6 0.2 0.1 0.8 0.4 0.6 1.6 1.2 1.2
Total returned — — — 0.0 0.0 0.1 0.3 0.0 0.1 0.6 0.2 0.1 0.8 0.4 0.6 1.6 1.2 1.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · August 2, 2026
What it owns · $8.5bn
Short-term assets $3.9bnLonger-term assets $4.5bn
What it owes, and who funded it · $8.5bn
Short-term liabilities $1.8bnLonger-term liabilities $1.9bnShareholders' equity $4.8bn
  • Short-term assets cover short-term liabilities $3.9bn of assets due within a year against $1.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.9bn short-term assets against $1.9bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Lululemon Athletica's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$1.2B
Returned to shareholders
85%
of free cash flow
Buybacks, last 3 fiscal years
$3.4B
Diluted share count
−4.3%
year over year
Total shareholder yield
10.1%
dividends 0.0% + buybacks 10.1% of market value
Sales & admin spending
38.2%
of revenue

Competitors: side by side with peers

Closest by revenue in apparel, accessories & luxury goods
Last 12 months unless stated LULU VFC PVH RL TPR LEVI Median
Revenue, last 12 months $11.1bn $9.4bn $8.9bn $8.4bn $8.0bn $6.7bn $1.5bn
Revenue growth, last 12 months 1.7% −1.4% 1.6% 14.7% 14.2% 6.6% 1.6%
Revenue growth, 3-year average 7.9% −4.4% −0.8% 9.0% 6.3% 2.9% −1.5%
Revenue growth, latest quarter −4.3% −3.8% −3.2% 14.0% 8.9% 4.3% 1.1%
Gross margin 56.1% 55.9% 58.8% 70.3% 77.8% 62.8% 52.5%
Operating margin 17.8% 6.8% 4.1% 14.9% 23.9% 11.3% 4.4%
Operating margin, 3-year average 21.0% 2.5% 5.7% 13.5% 15.6% 8.6% 2.5%
Net margin 12.8% 3.9% −1.9% 11.8% 19.1% 8.8% 3.9%
Cash from operations / revenue 17.9% 8.8% 9.8% 15.8% 24.7% 12.8% 9.2%
Free-cash-flow margin 12.2% 7.3% 8.0% 12.9% 22.6% 9.6% 7.5%
Free-cash-flow margin, 3-year average 13.3% 5.7% 7.6% 12.4% 18.5% 8.7% 5.8%
Stock pay / revenue 0.8% 0.8% 0.5% 1.4% 1.3% 1.1% 0.9%
Change in share count −4.3% 1.1% −11.6% −2.3% −5.5% −1.8% 0.0%

Median of all 29 companies we cover in apparel, accessories & luxury goods. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

29 apparel, accessories & luxury goods companies
Measure Company Peer median Rank
Revenue growth Growth 1.7% 1.6% 14 of 29
Change in growth rate Growth -2.5pp +0.0pp 25 of 29
Gross margin Profitability 56.1% 52.5% 12 of 27
Operating margin Profitability 17.8% 4.5% 2 of 26
Net margin Profitability 12.8% 3.9% 3 of 29
Free-cash-flow margin Cash generation 12.2% 7.6% 7 of 28
Stock pay as % of revenue Cash generation 0.8% 1.0% 11 of 26
Change in share count Balance sheet -4.3% 0.0% 6 of 25

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to February 1, 2026
Products and services
Line of business Revenue Share YoY
Womens Apparel $7B 63.0% ▲ 4.5%
Mens Apparel $2.7B 24.0% ▲ 4.1%
Accessories and Other Categories $1.4B 13.0% ▲ 7.9%
Geography
Region Revenue Share YoY
Americas $7.8B 70.7% ▼ 1.0%
United States $6.3B 80.6% ▼ 2.4%
Canada $1.4B 18.1% ▲ 0.8%
Mexico $95.5M 1.2% ▲ 186.7%
China $2B 17.6% ▲ 26.8%
China Mainland $1.8B 89.8% ▲ 28.9%
Hong Kong SAR Taiwan and Macau SAR $199M 10.2% ▲ 10.5%
Rest of World $1.3B 11.7% ▲ 16.4%

From Lululemon Athletica's 10-K filed March 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$9.5B
Institutions reporting
845
Shares held vs prior quarter
▼ 2.3%
Positions opened / closed
106 / 218

Top buyers and sellers, Q2 2026: 388 institutions bought and 555 sold ; the biggest buyer was Fil Ltd (+2.0M shares) and the biggest seller FMR LLC (−3.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1B 8.9M 10.7% ▼ 6.9%
Vanguard Capital Management LLC $780M 6.8M 8.2% ▼ 1.5%
Vanguard Portfolio Management LLC $576M 5.0M 6.1% ▼ 2.4%
State Street Corp $516M 4.5M 5.4% ▼ 0.1%
Federated Hermes, Inc. $414M 3.6M 4.4% ▲ 20.7%
Geode Capital Management, LLC $338M 3.0M 3.6% ▼ 4.2%
Invesco Ltd. $266M 2.3M 2.8% ▲ 28.4%
Fil Ltd $231M 2.0M 2.4% ▲ 24723.6%
Flossbach Von Storch Se $207M 1.8M 2.2% ▼ 2.2%
Morgan Stanley $185M 1.6M 1.9% ▼ 11.5%
Goldman Sachs Group Inc $150M 1.3M 1.6% ▲ 88.4%
Jane Street Group, LLC $123M 1.1M 1.3% ▲ 11.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Lululemon Athletica's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $2M 3 trades by 2 insiders, last 12 months Insider sales History → $3.4M 4 trades by 3 insiders · 0% under pre-set plans
Net ▼ $1.4M net selling
Insider Date Trade Shares Price Value
Bergh Charles V Director June 15, 2026 Buy 4,275 $117.05 $500,384
Neuburger Nicole Chief Brand Officer April 8, 2026 Sell 622 $161.00 $100,142
Maestrini Andre Pres, CCO & Interim Co-CEO April 1, 2026 Buy 3,275 $151.02 $494,591
Bergh Charles V Director March 20, 2026 Buy 6,090 $164.20 $999,978
Frank Meghan Chief Financial Officer December 30, 2025 Sell 2,658 $211.37 $561,821
Burgoyne Celeste Pres Americas & Global Guest December 16, 2025 Sell 11,605 $204.08 $2.4M
Burgoyne Celeste Pres Americas & Global Guest December 16, 2025 Sell 1,906 $203.48 $387,833

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 37 trades and filings

In the last 12 months, 2 members of Congress disclosed 2 purchases and 1 sale of Lululemon Athletica shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded March 13, 2026, filed April 7, 2026
  • Dan Newhouse(R-WA 4):Purchase, $1,001 - $15,000, traded December 11, 2025, filed January 15, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded November 12, 2025, filed December 15, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 10, 2026 estimated from the company's past filing pattern, not announced

  • September 3, 2026
  • June 4, 2026
  • March 17, 2026
  • December 11, 2025
  • September 4, 2025
  • June 5, 2025

Recent SEC filings

Data status

When each part of this page on Lululemon Athletica was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Lululemon Athletica in brief

What does Lululemon Athletica do?
Lululemon Athletica is a US-listed company in the apparel, accessories & luxury goods industry. Its financial year ends in January.
What is Lululemon Athletica's stock ticker?
Lululemon Athletica trades under the ticker LULU on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Lululemon Athletica's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Lululemon Athletica reported revenue of $11.1B, 1.7% higher than a year earlier, according to its SEC filings.
What is Lululemon Athletica's free cash flow?
Lululemon Athletica's free-cash-flow margin is 12.2% of revenue over the trailing twelve months, ranking 7 of the 28 apparel, accessories & luxury goods companies we cover.
What is Lululemon Athletica's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Lululemon Athletica's free cash flow after stock-based pay gives ~$240 per share in the base case, and ~$180–$310 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Lululemon Athletica's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Lululemon Athletica buying back stock, and does it pay a dividend?
Lululemon Athletica spent $1.2B on share repurchases over the trailing twelve months, and its diluted share count fell 4.3% over the year.
What is Lululemon Athletica's market cap?
On November 2, 2026, Lululemon Athletica's market capitalisation was about $12.5B, with a price-to-earnings ratio of 8.8 and net debt of -$1.4B. Market figures come from third-party market data and may be delayed.
Who are Lululemon Athletica's competitors?
In our Apparel, Accessories & Luxury Goods peer group, the companies closest to Lululemon Athletica are VF Corporation, PVH Corp., Ralph Lauren Corporation, Tapestry, Inc. and Levi Strauss & Co. The side-by-side comparison below sets their revenue, margins and growth against Lululemon Athletica's.
Are insiders buying or selling Lululemon Athletica stock?
Over the last 12 months, Lululemon Athletica's directors and officers reported 3 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Lululemon Athletica's next earnings date?
Around December 10, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Lululemon Athletica announces its own schedule.