lululemon athletica (LULU) Q4 FY2025 earnings: revenue $3.6 billion, up 0.8% on the year

lululemon athletica Inc. (LULU) reported revenue of $3.6 billion for Q4 FY2025, the quarter ended 1 February 2026, up 0.8% on the same quarter a year earlier. Net income was $587 million, down 21.6% on the year, and diluted earnings per share $5.01. The figures are the company's own, from the 10-K it filed with the SEC on 17 March 2026.

Revenue

$3.6 billion

+0.8% on the year · +41.9% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

22.3%

28.9% a year earlier

Q1 FY2024Q4 FY2025

Net income

$587 million

-21.6% on the year · +91.3% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$5.01

-18.4% on the year · +93.4% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 6 new.

Fourth-quarter revenue rose 1%: Net revenue was $3.6 billion, up 1% in dollars and flat in constant dollars.
Fourth-quarter operating income fell 22%: Income from operations was $812.3 million, down 22%, and operating margin was 22.3%, down 660 basis points. Diluted EPS was $5.01 against $6.14.
Full-year operating margin down 380 basis points: Income from operations was $2.2 billion, down 12%, and operating margin was 19.9%, down 380 basis points.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	3,641	2,566	3,611	+41.9%	+0.8%
Cost of revenue	1,643	1,140	1,430	+44.1%	+14.9%
Gross profit	1,998	1,426	2,182	+40.1%	-8.4%
Gross margin	54.9%	55.6%	60.4%
Selling, general and administrative	1,184	988	1,138	+19.8%	+4.0%
Operating income	812	436	1,042	+86.4%	-22.1%
Operating margin	22.3%	17.0%	28.9%
Pre-tax income	813	442	1,058	+84.1%	-23.1%
Income tax	226	135	309	+67.8%	-26.8%
Effective tax rate	27.8%	30.5%	29.2%
Net income	587	307	748	+91.3%	-21.6%
Net margin	16.1%	12.0%	20.7%
Diluted EPS	$5.01	$2.59	$6.14	+93.4%	-18.4%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,143	250	1,401	+357.4%	-18.4%
Capital expenditure	183	167	235	+9.4%	-22.0%
Free cash flow	960	82.4	1,166	+1,064.0%	-17.7%
Free cash flow margin	26.4%	3.2%	32.3%
Cash from investing	-173	-169	-223
Cash from financing	-270	-194	-324
Depreciation and amortisation	135	127	134	+5.5%	+0.7%
Share-based compensation	24.4	16.6	18.5	+47.3%	+31.8%
Buybacks	272	191	335	+42.4%	-19.0%
Diluted shares, weighted	117m	119m	122m	-1.1%	-3.9%
Shares outstanding at period end	111m	113m	116m	-1.2%	-4.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	4,962	4,502	4,324	+10.2%	+14.7%
Debt	0.0	0.0	0.0
Operating lease liabilities	1,500	1,445	1,301	+3.8%	+15.3%
Other liabilities	1,995	2,008	1,979	-0.6%	+0.8%
Total liabilities and equity	8,457	7,955	7,603	+6.3%	+11.2%
Fixed assets	2,034	1,952	1,781	+4.2%	+14.2%
Goodwill	185	175	160	+5.5%	+15.9%
Intangible assets	6.3	7.7	11.7	-18.3%	-46.2%
Cash and equivalents	1,807	1,036	1,984	+74.5%	-8.9%
Receivables	191	250	120	-23.8%	+58.7%
Inventory	1,701	1,998	1,442	-14.9%	+17.9%
Other assets	2,533	2,536	2,105	-0.1%	+20.3%
Total assets	8,457	7,955	7,603	+6.3%	+11.2%

Questions

What was lululemon athletica's revenue in Q4 FY2025?

lululemon athletica (LULU) reported revenue of $3.6 billion for Q4 FY2025, the quarter ended 1 February 2026, up 0.8% on the same quarter a year earlier.

How much did lululemon athletica earn in Q4 FY2025?

Net income for Q4 FY2025 was $587 million, down 21.6% on the year, and diluted earnings per share $5.01.

When did lululemon athletica report Q4 FY2025 results?

lululemon athletica filed its 10-K for the year that ended with the quarter on 17 March 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,450	2,129	1,613	1,868	1,857	2,772	2,001	2,209	2,204	3,205	2,209	2,371	2,397	3,611	2,371	2,525	2,566	3,641	2,472	2,416
Cost of revenue	621	893	743	813	818	1,244	850	911	948	1,302	934	959	995	1,430	988	1,048	1,140	1,643	1,133	954
Gross profit	829	1,236	870	1,055	1,039	1,528	1,151	1,299	1,257	1,903	1,275	1,412	1,402	2,182	1,383	1,477	1,426	1,998	1,339	1,462
Gross margin	57%	58%	54%	56%	56%	55%	58%	59%	57%	59%	58%	60%	58%	60%	58%	58%	56%	55%	54%	61%
SG&A	545	642	608	662	684	803	748	817	843	990	842	872	910	1,138	943	952	988	1,184	1,060	1,006
Operating income	258	591	260	401	352	314	401	479	338	914	433	540	491	1,042	439	524	436	812	277	454
Operating margin	18%	28%	16%	21%	19%	11%	20%	22%	15%	29%	20%	23%	20%	29%	19%	21%	17%	22%	11%	19%
Pre-tax income	258	591	260	401	353	318	409	487	348	932	456	558	504	1,058	450	534	442	813	286	467
Tax rate	27%	26%	27%	28%	28%	62%	29%	30%	29%	28%	30%	30%	30%	29%	30%	30%	31%	28%	32%	30%
Net income	188	435	190	290	255	120	290	342	249	669	321	393	352	748	315	371	307	587	195	329
Net margin	13%	20%	12%	15%	14%	4%	15%	15%	11%	21%	15%	17%	15%	21%	13%	15%	12%	16%	8%	14%
Diluted EPS	$1.44	$3.35	$1.48	$2.26	$2.00	$0.94	$2.28	$2.68	$1.96	$5.29	$2.54	$3.15	$2.87	$6.14	$2.60	$3.10	$2.59	$5.01	$1.69	$2.92
Operating cash flow	158	731	-243	97.6	65.8	1,046	45.5	477	390	1,384	128	443	301	1,401	-119	329	250	1,143	214	375
Capital expenditure	122	128	111	145	176	207	137	146	163	207	131	145	178	235	152	178	167	183	127	150
Free cash flow	35.9	603	-355	-47.1	-110	839	-91.4	331	227	1,178	-3.2	298	122	1,166	-271	151	82.4	960	87.1	225
Buybacks	236	321	233	125	17.0	69.0	98.5	194	213	54.0	299	589	413	335	434	281	191	272	362	333
Shares outstanding	124m	123m	123m	122m	122m	122m	122m	122m	121m	121m	120m	119m	117m	116m	115m	114m	113m	111m	109m	107m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 1 February 2026, filed 17 March 2026: the filing.