Company file · LULU

Lululemon Athletica

China Mainland was Lululemon Athletica's fastest-growing segment in FY2025, up 28.9%

Revenue rose 4.9% to $11.1B in FY2025, from $10.6B in FY2024. Net income fell 13.0% to $1.6B. Americas was the largest segment, at 71% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Mar 17, 2026) · Latest quarter: 10-Q for the quarter ended Aug 2, 2026 (filed Sep 3, 2026) · Data pulled Nov 11, 2026

Key facts

In fiscal 2025, which ended Feb 1, 2026, Lululemon Athletica (Nasdaq: LULU) took in $11.1B of revenue (up 4.9% on fiscal 2024); net income was $1.6B (down 13.0%). The most recent quarter, ended Aug 2, 2026, brought revenue of $2.4B, down 4.3% year over year, with net income of $329M. Americas was the biggest single line by segment: 71% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Mar 17, 2026) and 10-Q for the quarter ended Aug 2, 2026 (filed Sep 3, 2026).

Revenue$11.1BFY2025 · +4.9% vs FY2024

Net income$1.6BFY2025 · −13.0% vs FY2024

Operating cash flow$1.6BFY2025 · −29.5% vs FY2024

Cash & equivalents$1.4Bat Aug 2, 2026 · −23.1% vs FY2025 end

Diluted shares119MFY2025 avg · −3.9% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Mar 17, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Jun 4, 2026 · 10-Q filed Sep 3, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Americas$7.8B71%−1.0%
China Mainland$1.8B16%+28.9%
Other Country$1.5B14%+15.6%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Americas (71%), China Mainland (16%) and Other Country (14%), as shares of total revenue. Total revenue was $11.1B.

By segment: three-year mixShare of the total each fiscal year

FY2023

79%10%11%

FY2024

75%13%12%

FY2025

71%16%14%

AmericasChina MainlandOther Country

Source: 10-K FY2025

By product or service, FY2025

Women's Apparel$7.0B63%+4.5%

Men's Apparel$2.7B24%+4.1%

Accessories and Other Categories$1.4B13%+7.9%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 FY2026 (May to Jul 2026) compared with Q2 FY2025 (May to Jul 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 FY2026Q2 FY2025

Company

Revenue

$2.4B Q2 FY2026

$2.5B Q2 FY2025

4.3% decrease

Net income

$329M Q2 FY2026

$371M Q2 FY2025

11.2% decrease

Source: Lululemon Athletica 10-Q for the quarter ended Aug 2, 2026, filed Sep 3, 2026

By segment

Americas

$1.6B Q2 FY2026

$1.8B Q2 FY2025

8.0% decrease

China Mainland

$407M Q2 FY2026

$393M Q2 FY2025

3.6% increase

Other Country

$392M Q2 FY2026

$374M Q2 FY2025

4.7% increase

Source: Lululemon Athletica 10-Q for the quarter ended Aug 2, 2026, filed Sep 3, 2026

Cash & equivalents $1.4B at Aug 2, 2026, vs $1.8B at FY2025 end.
Operating cash flow, first 6 months of fiscal 2026: $589M vs $210M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 4.9% in FY2025 to $11.1B, from $10.6B a year earlier. 10-K, FY2025
Diluted shares fell 3.9% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
China Mainland revenue grew 28.9% in FY2025 to $1.8B. 10-K, FY2025

The bear case

Net income fell 13.0% in FY2025 to $1.6B, from $1.8B. 10-K, FY2025
Operating cash flow fell 29.5% in FY2025 to $1.6B. 10-K, FY2025
Revenue in the quarter ended Aug 2, 2026 was $2.4B, down 4.3% on a year earlier. 10-Q, quarter ended Aug 2, 2026
Net income in the quarter ended Aug 2, 2026 was $329M, down 11.2% on a year earlier. 10-Q, quarter ended Aug 2, 2026

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Lululemon Athletica is in the apparel, accessories & luxury goods industry, part of the consumer discretionary sector. The SEC files it under Apparel & Other Finishd Prods Of Fabrics & Similar Matl.

Lululemon Athletica reports 3 segments: Americas, China Mainland and Other Country.

Its fiscal year ends in January; the latest, FY2025, ended Feb 1, 2026.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the apparel, accessories & luxury goods industry. They are not a summary of Lululemon Athletica’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Consumer spendingShoppers cut back on non-essentials when budgets are tight.
CompetitionRivals, online sellers and changing tastes pressure prices and traffic.
CostsWages, freight and product costs can squeeze margins.
Supply chain and tariffsImported goods make it sensitive to trade policy and shipping disruptions.
Brand and reputationProduct problems or public criticism can hurt demand.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$9.6B	$10.6B	$11.1B
Net income	$1.6B	$1.8B	$1.6B
Operating cash flow	$2.3B	$2.3B	$1.6B
Cash & equivalents (year end)	$2.2B	$2.0B	$1.8B
Diluted shares	127M	124M	119M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash, cash equivalents and restricted cash, the only cash total tagged in its filings.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Lululemon Athletica names its fiscal year by the calendar year in which it starts, so FY2025 is the year that ended Feb 1, 2026.

What we left out

Total debt: the company's filing data doesn't carry a consistent debt total for the years shown, so it isn't shown.

Recent filings

Form	Filed	Period
10-Q	Sep 3, 2026	Aug 2, 2026
10-Q	Jun 4, 2026	May 3, 2026
10-K	Mar 17, 2026	Feb 1, 2026

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Lululemon Athletica

How does Lululemon Athletica make money?

In fiscal 2025, revenue totaled $11.1B. By segment in FY2025: Americas (71%), China Mainland (16%) and Other Country (14%), as shares of total revenue. Total revenue was $11.1B. Source: 10-K for fiscal 2025, filed Mar 17, 2026.

What was Lululemon Athletica's revenue in fiscal 2025?

Revenue came to $11.1B in the year ended Feb 1, 2026. Going back two years, it was $9.6B in fiscal 2023 and $10.6B in fiscal 2024, so the latest year was up 4.9%. Source: 10-K for fiscal 2025, filed Mar 17, 2026.

Is Lululemon Athletica profitable?

Yes, by US accounting rules (GAAP): net income was $1.6B in fiscal 2025, down 13.0% from $1.8B a year earlier. For the quarter ended Aug 2, 2026, net income was $329M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Mar 17, 2026.

What did Lululemon Athletica report in its latest quarterly filing?

The 10-Q for the quarter ended Aug 2, 2026 shows revenue of $2.4B, against $2.5B in the same quarter a year before (down 4.3%), and net income of $329M, against $371M (down 11.2%). Source: 10-Q for the quarter ended Aug 2, 2026, filed Sep 3, 2026.

What are the main risks Lululemon Athletica faces?

Lululemon Athletica's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Mar 17, 2026. Risks that are common among companies in the apparel, accessories & luxury goods industry include Consumer spending; competition; costs; supply chain and tariffs; brand and reputation. The first: Shoppers cut back on non-essentials when budgets are tight. Source: 10-K, Item 1A Risk Factors.

Where do these Lululemon Athletica numbers come from?

Two filings Lululemon Athletica made with the SEC: its fiscal 2025 10-K, filed Mar 17, 2026, and its 10-Q for the quarter ended Aug 2, 2026, filed Sep 3, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Lululemon Athletica

Citadel Advisors: 1,074,188 shares, reported value $122.7M at Jun 30, 2026 (+83.8% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Renaissance Technologies: 377,844 shares, reported value $43.1M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 13, 2026.
Millennium Management: 188,625 shares, reported value $21.5M at Jun 30, 2026 (+41.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Bridgewater Associates: 28,890 shares, reported value $3.3M at Jun 30, 2026 (+420.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 13,677 shares, reported value $1.6M at Jun 30, 2026 (−83.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in LULU: The editor holds no position in Lululemon Athletica (LULU). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell LULU from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold LULU, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Lululemon AthleticaLULU	FY2025	$11.1B	+4.9%	$1.6B
NikeNKE	FY2026	$46.4B	+0.2%	$3.1B
Ralph LaurenRL	FY2026	$8.1B	+14.6%	$941M
TapestryTPR	FY2026	$8.0B	+14.2%	$1.5B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.