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lululemon athletica (LULU) FY2025 results: revenue $11.1 billion, up 4.9% on the year

lululemon athletica Inc. (LULU) reported revenue of $11.1 billion for fiscal 2025, the year ended 1 February 2026, up 4.9% on the year before. Net income was $1.6 billion, down 13.0%, and diluted earnings per share $13.26. The figures are the company's own, from the 10-K it filed with the SEC on 17 March 2026.

Revenue
$11.1 billion
+4.9% on the year
FY2018FY2025
Operating margin
19.9%
23.7% a year earlier
FY2018FY2025
Net income
$1.6 billion
-13.0% on the year
FY2018FY2025
Diluted EPS
$13.26
-9.4% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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.
  • International revenue rose 17%: International net revenue rose 17%, or 14% in constant dollars, in the fourth quarter. For the year it rose 22%, or 21% in constant dollars.
  • Inventory value up 18%: Inventories at year-end were $1.7 billion, up 18%, and up 6% on a unit basis.
Read the Q4 FY2025 earnings call summary

From this 10-K

lululemon designs, distributes and sells technical athletic apparel, footwear and accessories under its own brand. The apparel range covers pants, shorts, tops and jackets for a healthy lifestyle and activities such as yoga, running and training, apparel designed for being on the move, and fitness-inspired accessories. During 2025 the women's category was 63% of net revenue, men's 24% and accessories and other 13%, with the women's range described as core to the business and the men's range as a pillar of the growth plan. The company operates in 30 countries, organises itself into four regional markets, Americas, China Mainland, Asia Pacific and Europe and the Middle East, and reports three segments, Americas, China Mainland and Rest of World, the last combining the other two regions. Its fiscal year 2025 ended on 1 February 2026.

lululemon athletica Inc., the 10-K for 2026

lululemon designs, distributes and sells technical athletic apparel, footwear and accessories under its own brand. The apparel range covers pants, shorts, tops and jackets for a healthy lifestyle and activities such as yoga, running and training, apparel designed for being on the move, and fitness-inspired accessories. During 2025 the women's category was 63% of net revenue, men's 24% and accessories and other 13%, with the women's range described as core to the business and the men's range as a pillar of the growth plan. The company operates in 30 countries, organises itself into four regional markets, Americas, China Mainland, Asia Pacific and Europe and the Middle East, and reports three segments, Americas, China Mainland and Rest of World, the last combining the other two regions. Its fiscal year 2025 ended on 1 February 2026.

How it sells

The company runs an omni-channel model: guests can buy online and collect in store, store staff can reach inventory at other locations and have products shipped to a guest or a store, e-commerce orders can be filled from distribution centres or stores, and online purchases can be returned either way. Company-operated stores sit mainly on street locations, in lifestyle centres and in malls, and at 1 February 2026 numbered 476 in the Americas, including 379 in the United States, 172 in China Mainland, 114 in Asia Pacific and 49 in Europe and the Middle East. Sales per square foot were 1,426 dollars in 2025 against 1,574 dollars in 2024. E-commerce runs through its own websites, country and region-specific sites, third-party marketplaces and mobile apps, and the company treats it as a way to reach guests beyond its store footprint and build awareness in new markets.

The other channels

Temporary seasonal stores and pop-ups open for short periods, serving peak shopping in markets without a permanent location or adding capacity where demand is high. Wholesale sells through partners including fitness studios, athletic organisations, corporate sales, university campus retailers and other organisations carrying co-branded products. Outlets, 58 of them at 1 February 2026 and mostly in the Americas, move slower-selling and prior season inventory at discounted prices. The Like New re-commerce programme takes gently used products for merchandise credit, then verifies, quality checks and resells them online as part of what the company calls its circular ecosystem, and it also uses licence and supply arrangements with experienced third parties.

Design and sourcing

The filing states that design and development is led by researchers, scientists, engineers and designers who identify trends from market intelligence, seek input from guests and ambassadors, and work with suppliers to incorporate the latest technical innovation and advanced fabric. Independent inspection and testing companies test fabrics for pilling, shrinkage, abrasion resistance and colourfastness, and proprietary fabrics developed with suppliers are protected through agreements, trademarks and trade secrets. It owns no manufacturing facilities: it works with approximately 51 product vendors, five of which made 47% of its products in 2025 and the largest 15%, with 40% made in Vietnam, 18% in Cambodia, 11% in Sri Lanka, 11% in Indonesia and 7% in Bangladesh. Fabric comes from approximately 65 suppliers, the top five producing 48% in 2025 and the largest 20%, sourced 34% from Taiwan, 29% from China Mainland and 10% each from South Korea and Vietnam, with labels, elastics, buttons, clasps and drawcords from suppliers mostly in Asia Pacific and China Mainland. The company has no long-term contracts with most of its suppliers and competes with other companies for fabrics, raw materials and production capacity.

Distribution, competition and seasons

Finished products are distributed from company facilities in the United States, Canada and Australia, the Groveport, Ohio centre owned and the others leased, while third-party logistics providers handle other markets. The filing states that competition in athletic apparel is based principally on brand image and recognition as well as product quality, innovation, style, distribution and price, and the company rests its case on its premium brand image, technical product innovation, quality, the combination of function and style, its in-store, online and community experiences, and its vertical retail distribution and community-based marketing. The market is highly competitive, with established companies expanding performance product lines and frequent new entrants, and it competes directly with global, regional and country-specific wholesalers and direct sellers of athletic apparel and footwear. The business follows retail apparel seasonality, with net revenue typically largest in the fourth quarter on holiday trading in the Americas while operating expenses spread more evenly, so approximately 37% of full year operating profit came in that quarter of 2025; events such as Lunar New Year and Singles Day can fall in different quarters. In 2025 the company launched Impact Agenda 2030, built on two pillars, People and Planet, with the People pillar covering employee, supply chain and community wellbeing.

From lululemon athletica's annual report on Form 10-K for the year ended 1 February 2026. The filing

Written from the 10-K filed 17 March 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue11,10310,5889,619+4.9%
Cost of revenue4,8184,3174,010+11.6%
Gross profit6,2846,2715,609+0.2%
Gross margin56.6%59.2%58.3%
Selling, general and administrative4,0673,7623,397+8.1%
Operating income2,2112,5062,133-11.8%
Operating margin19.9%23.7%22.2%
Pre-tax income2,2392,5762,176-13.1%
Income tax660761626-13.4%
Effective tax rate29.5%29.6%28.8%
Net income1,5791,8151,550-13.0%
Net margin14.2%17.1%16.1%
Diluted EPS$13.26$14.64$12.20-9.4%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,6022,2732,296-29.5%
Capital expenditure681689652-1.2%
Free cash flow9221,5831,644-41.8%
Free cash flow margin8.3%15.0%17.1%
Cash from investing-662-798-654
Cash from financing-1,209-1,653-549
Depreciation and amortisation496447379+11.1%
Share-based compensation62.290.093.6-30.9%
Buybacks1,1781,637559-28.0%
Diluted shares, weighted119m124m127m-3.9%
Shares outstanding at period end111m116m121m-4.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity4,9624,3244,232+14.7%
Debt0.00.00.0
Operating lease liabilities1,5001,3011,154+15.3%
Other liabilities1,9951,9791,706+0.8%
Total liabilities and equity8,4577,6037,092+11.2%
Fixed assets2,0341,7811,546+14.2%
Goodwill18516024.1+15.9%
Intangible assets6.311.70.0-46.2%
Cash and equivalents1,8071,9842,244-8.9%
Receivables191120125+58.7%
Inventory1,7011,4421,324+17.9%
Other assets2,5332,1051,830+20.3%
Total assets8,4577,6037,092+11.2%

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