lululemon athletica (LULU) Q2 FY2026 earnings: revenue $2.4 billion, down 4.3% on the year

lululemon athletica Inc. (LULU) reported revenue of $2.4 billion for Q2 FY2026, the quarter ended 2 August 2026, down 4.3% on the same quarter a year earlier. Net income was $329 million, down 11.2% on the year, and diluted earnings per share $2.92. The figures are the company's own, from the 10-Q it filed with the SEC on 3 September 2026.

Revenue

$2.4 billion

-4.3% on the year · -2.3% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

18.8%

20.7% a year earlier

Q3 FY2024Q2 FY2026

Net income

$329 million

-11.2% on the year · +68.8% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$2.92

-5.8% on the year · +72.8% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 2 lowered, 3 new, 1 kept.

Revenue and comparable sales declined: Net revenue was $2.4 billion, down 4% (5% in constant dollars). Comparable sales fell 9%, or 10% in constant dollars, across the company.
Operating income fell 13%: Income from operations fell 13% to $453.7 million, and operating margin was 18.8%, down 190 basis points.
Americas down, international up: Americas net revenue fell 8%, while international net revenue rose 4%, or 2% in constant dollars.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	2,416	2,472	2,525	-2.3%	-4.3%
Cost of revenue	954	1,133	1,048	-15.8%	-9.0%
Gross profit	1,462	1,339	1,477	+9.2%	-1.0%
Gross margin	60.5%	54.2%	58.5%
Selling, general and administrative	1,006	1,060	952	-5.1%	+5.7%
Operating income	454	277	524	+63.8%	-13.4%
Operating margin	18.8%	11.2%	20.7%
Pre-tax income	467	286	534	+63.4%	-12.4%
Income tax	138	91.0	163	+51.7%	-15.1%
Effective tax rate	29.6%	31.8%	30.5%
Net income	329	195	371	+68.8%	-11.2%
Net margin	13.6%	7.9%	14.7%
Diluted EPS	$2.92	$1.69	$3.10	+72.8%	-5.8%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	375	214	329	+74.8%	+14.0%
Capital expenditure	150	127	178	+17.5%	-15.9%
Free cash flow	225	87.1	151	+158.6%	+49.3%
Free cash flow margin	9.3%	3.5%	6.0%
Cash from investing	-143	-139	-213
Cash from financing	-334	-379	-277
Depreciation and amortisation	142	135	120	+5.2%	+18.9%
Share-based compensation	21.1	29.2	n/a	-27.7%
Buybacks	333	362	281	-7.9%	+18.5%
Diluted shares, weighted	113m	115m	120m	-2.2%	-5.6%
Shares outstanding at period end	107m	109m	114m	-2.5%	-6.4%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	4,791	4,826	4,387	-0.7%	+9.2%
Debt	0.0	0.0	0.0
Operating lease liabilities	1,774	1,779	1,465	-0.2%	+21.1%
Other liabilities	1,919	1,927	1,671	-0.4%	+14.8%
Total liabilities and equity	8,485	8,531	7,523	-0.5%	+12.8%
Fixed assets	2,046	2,046	1,917	+0.0%	+6.7%
Goodwill	186	185	173	+0.5%	+7.5%
Intangible assets	2.5	4.4	9.3	-42.5%	-72.8%
Cash and equivalents	1,390	1,515	1,156	-8.3%	+20.2%
Receivables	171	165	139	+3.8%	+22.9%
Inventory	1,711	1,687	1,723	+1.4%	-0.6%
Other assets	2,977	2,930	2,406	+1.6%	+23.7%
Total assets	8,485	8,531	7,523	-0.5%	+12.8%

Questions

What was lululemon athletica's revenue in Q2 FY2026?

lululemon athletica (LULU) reported revenue of $2.4 billion for Q2 FY2026, the quarter ended 2 August 2026, down 4.3% on the same quarter a year earlier.

How much did lululemon athletica earn in Q2 FY2026?

Net income for Q2 FY2026 was $329 million, down 11.2% on the year, and diluted earnings per share $2.92.

When did lululemon athletica report Q2 FY2026 results?

lululemon athletica filed its 10-Q for the quarter ended 2 August 2026 with the SEC on 3 September 2026.

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-Q for the period ended 2 August 2026, filed 3 September 2026: the filing.