Lululemon Athletica Inc.

LULU · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003
Valuation
Market cap	$20,470	$50,443	$60,323	$39,638	$40,845	$42,496	$30,952	$18,892	$10,225	$8,639	$8,025	$8,564	$6,489	$9,622	$9,040	$4,867	$1,992	$456	$2,259	–	–	–	–
Enterprise value	$20,461	$50,034	$59,482	$39,553	$40,466	$42,144	$30,598	$18,011	$9,240	$7,905	$7,524	$7,900	$5,791	$9,032	$8,635	$4,554	$1,832	$399	$2,206	–	–	–	–
P/E (TTM) at period end	12.96×	27.80×	38.91×	46.37×	41.88×	72.16×	47.94×	39.05×	39.53×	28.48×	30.16×	35.83×	23.21×	35.56×	49.11×	39.94×	34.17×	11.59×	73.23×	–	–	–	–
P/S (TTM) at period end	1.84×	4.76×	6.27×	4.89×	6.53×	9.65×	7.78×	5.75×	3.86×	3.69×	3.89×	4.77×	4.08×	7.02×	9.03×	6.84×	4.40×	1.29×	8.22×	–	–	–	–
P/B at period end	4.13×	11.67×	14.25×	12.59×	14.91×	16.61×	15.85×	13.07×	6.40×	6.35×	7.81×	7.86×	5.92×	10.84×	15.03×	12.47×	8.54×	2.95×	20.16×	–	–	–	–
EV / EBITDA (TTM)	7.56×	16.95×	23.68×	24.41×	25.98×	41.92×	29.11×	21.74×	16.38×	15.53×	17.00×	18.19×	13.15×	21.53×	27.22×	22.22×	17.06×	5.52×	36.87×	–	–	–	–
EV / Sales (TTM)	1.84×	4.73×	6.18×	4.88×	6.47×	9.57×	7.69×	5.48×	3.49×	3.37×	3.65×	4.40×	3.64×	6.59×	8.63×	6.40×	4.05×	1.13×	8.03×	–	–	–	–
Returns
Return on equity	31.8%	42.0%	36.6%	27.1%	35.6%	23.0%	33.1%	33.5%	16.2%	22.3%	25.9%	21.9%	25.5%	30.5%	30.6%	31.2%	25.0%	25.4%	27.5%	20.5%	5.0%	–	76.1%
Return on invested capital	31.5%	45.1%	44.8%	27.8%	41.3%	26.7%	40.0%	84.6%	41.8%	48.4%	50.7%	55.2%	69.2%	90.2%	93.2%	154.2%	79.1%	40.7%	52.9%	35.3%	5.8%	–	–
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	2.26×	2.16×	2.49×	2.12×	1.86×	2.41×	2.91×	2.86×	4.91×	4.80×	4.07×	5.95×	8.14×	5.90×	5.10×	4.56×	3.69×	2.58×	2.71×	1.55×	2.22×	–	–
Debt / equity	0.06×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Effective tax rate	29.5%	29.6%	28.8%	35.9%	26.9%	28.1%	28.1%	32.4%	43.8%	28.2%	27.8%	37.6%	29.6%	28.8%	36.1%	33.3%	32.8%	29.4%	38.9%	52.3%	62.6%	–	–
Share count
Diluted shares outstanding	119	124	127	128	130	131	131	134	136	137	141	144	146	146	145	144	142	142	139	131	90	90	68

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003
Revenue and gross profit
Revenue	$11,094	$11,103	$10,588	$9,619	$8,111	$6,257	$4,402	$3,979	$3,288	$2,649	$2,344	$2,061	$1,797	$1,591	$1,370	$1,001	$712	$453	$353	$275	$149	$84	$41	$18
Cost of revenue	($4,869)	($4,818)	($4,317)	($4,010)	($3,618)	($2,648)	($1,938)	($1,756)	($1,472)	($1,250)	($1,145)	($1,063)	($883)	($751)	($608)	($431)	($317)	($230)	($174)	($128)	($73)	($41)	–	–
Gross profit	$6,224	$6,284	$6,271	$5,609	$4,492	$3,609	$2,464	$2,223	$1,816	$1,399	$1,200	$997	$914	$840	$763	$569	$395	$223	$179	$146	$76	$43	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($4,238)	($4,067)	($3,762)	($3,397)	($2,757)	($2,225)	($1,609)	($1,334)	($1,110)	($904)	($778)	($628)	($538)	($449)	($386)	($282)	($215)	($136)	($118)	($93)	($52)	($39)	–	–
Total operating expenses	($4,246)	($4,074)	($3,765)	($3,477)	($3,164)	($2,275)	($1,644)	($1,334)	($1,110)	($943)	($778)	($628)	($538)	($449)	($386)	($282)	($215)	($137)	($123)	($95)	($60)	($39)	–	–
Total costs and expenses	($9,115)	($8,892)	($8,082)	($7,487)	($6,782)	($4,923)	($3,582)	($3,090)	($2,582)	($2,193)	($1,923)	($1,691)	($1,421)	($1,200)	($994)	($714)	($531)	($366)	($297)	($223)	($133)	($80)	–	($17)
Operating income	$1,979	$2,211	$2,506	$2,133	$1,328	$1,333	$820	$889	$706	$456	$421	$369	$376	$391	$376	$287	$180	$87	$57	$52	$16	$4	$41	$1
Earnings
EBITDA	$2,518	$2,707	$2,952	$2,512	$1,620	$1,558	$1,005	$1,051	$828	$564	$509	$442	$434	$440	$419	$317	$205	$107	$72	$60	$21	$6	–	–
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	$0
Interest expense	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$2,008	$2,239	$2,576	$2,176	$1,333	$1,334	$819	$897	$715	$460	$423	$368	$383	$397	$381	$289	$183	$87	$57	$53	$17	$4	–	$1
Income tax expense	($590)	($660)	($761)	($626)	($478)	($359)	($230)	($252)	($231)	($201)	($119)	($102)	($144)	($118)	($110)	($104)	($61)	($28)	($17)	($20)	($9)	($2)	–	–
Net income	$1,418	$1,579	$1,815	$1,550	$855	$975	$589	$646	$484	$259	$303	$266	$239	$280	$271	$184	$122	$58	$39	$31	$8	$1	($1)	$0
Per share
Diluted EPS (GAAP)	$12.17	$13.26	$14.64	$12.20	$6.68	$7.49	$4.50	$4.93	$3.61	$1.90	$2.21	$1.89	$1.66	$1.91	$1.85	$1.27	$0.85	$0.41	$0.275	$0.23	$0.06	$0.015	($0.0158)	$0.005
Basic EPS (GAAP)	$12.17	$13.27	$14.67	$12.23	$6.70	$7.52	$4.52	$4.95	$3.63	$1.90	$2.21	$1.90	$1.66	$1.93	$1.88	$1.29	$0.86	$0.41	$0.285	$0.23	$0.06	$0.015	($0.0158)	$0.005
Basic shares outstanding	116	119	124	127	128	130	130	130	133	136	137	140	144	145	144	143	142	141	137	133	130	90	90	68
Margins
Gross margin	56.1%	56.6%	59.2%	58.3%	55.4%	57.7%	56.0%	55.9%	55.2%	52.8%	51.2%	48.4%	50.9%	52.8%	55.7%	56.9%	55.5%	49.3%	50.7%	53.3%	51.0%	51.1%	–	–
Operating margin	17.8%	19.9%	23.7%	22.2%	16.4%	21.3%	18.6%	22.3%	21.5%	17.2%	18.0%	17.9%	20.9%	24.6%	27.5%	28.7%	25.3%	19.1%	16.0%	18.8%	10.9%	4.4%	100.0%	4.2%
Net margin	12.8%	14.2%	17.1%	16.1%	10.5%	15.6%	13.4%	16.2%	14.7%	9.8%	12.9%	12.9%	13.3%	17.6%	19.7%	18.4%	17.1%	12.9%	11.1%	11.2%	5.1%	1.7%	(3.5%)	1.8%

Analyst consensus

Hold71 analysts

Bearish · 7 · Hold · 37 · Bullish · 27

Earnings history

	EPS	Estimate
Q3 2024	$2.87	$2.68	Beat
Q4 2024	$6.14	$5.85	Beat
Q1 2025	$2.60	$2.58	Beat
Q2 2025	$3.10	$2.91	Beat
Q3 2025	$2.59	$2.22	Beat
Q4 2025	$5.01	$4.76	Beat
Q1 2026	$1.69	$1.67	Beat
Q2 2026	$2.92	$1.79	Beat

Peers

Company overview

IPO dateJul 27, 2007

CEOHeidi O'Neill

Employees39,000

SectorConsumer Cyclical

IndustryApparel - Retail

CountryCA

ExchangeNASDAQ Global Select

Websitecorporate.lululemon.com

Lululemon Athletica Inc., alongside its subsidiaries, specializes in the design, global distribution, and retail of athletic apparel and accessories for both women and men. Its business operations are structured into two main divisions: company-owned retail establishments and direct-to-consumer sales. The firm's offerings encompass a range of clothing such as pants, shorts, tops, and jackets, all crafted for promoting a healthy lifestyle and facilitating athletic endeavors. These activities span yoga, running, training, and other physically demanding pursuits. Beyond apparel, Lululemon also supplies fitness-related accessories and a selection of footwear. Customers can acquire Lululemon products through numerous channels. These include a global network of corporate-managed stores, outlet locations, and seasonal warehouse sales. The company also sells through an interactive digital workout platform and via wholesale partnerships with entities like yoga studios, health clubs, and fitness centers. Further sales occur through temporary pop-up shops, as well as various licensing and supply agreements. A significant portion of sales is conducted directly with consumers through dedicated mobile applications and its primary e-commerce website, lululemon.com. By January 30, 2022, Lululemon boasted 574 stores operating under its brand name across numerous international markets. These markets span the United States, Canada, the People's Republic of China, Australia, the United Kingdom, Japan, New Zealand, Germany, South Korea, Singapore, France, Malaysia, Sweden, Ireland, the Netherlands, Norway, and Switzerland. Founded in 1998, Lululemon Athletica Inc. maintains its corporate base in Vancouver, Canada.

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