Lululemon Financials
This page shows Lululemon (LULU) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Lululemon has an operating margin of 23.7%, meaning the company retains $24 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 22.2% the prior year.
Lululemon's revenue grew 10.1% year-over-year to $10.6B, a solid pace of expansion. This earns a growth score of 57/100.
Lululemon carries a low D/E ratio of 0.73, meaning only $0.73 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 84/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.28, Lululemon holds $2.28 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 71/100.
Lululemon converts 15.0% of revenue into free cash flow ($1.6B). This strong cash generation earns a score of 75/100.
Lululemon earns a strong 42.3% return on equity (ROE), meaning it generates $42 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 36.7% the prior year.
Lululemon scores 7.57, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($20.7B) relative to total liabilities ($3.1B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Lululemon passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Lululemon generates $1.25 in operating cash flow ($2.3B OCF vs $1.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Lululemon generated $10.6B in revenue in fiscal year 2025. This represents an increase of 10.1% from the prior year.
Lululemon's EBITDA was $3.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 17.5% from the prior year.
Lululemon generated $1.6B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 3.7% from the prior year.
Lululemon reported $1.8B in net income in fiscal year 2025. This represents an increase of 17.1% from the prior year.
Lululemon earned $14.64 per diluted share (EPS) in fiscal year 2025. This represents an increase of 20.0% from the prior year.
Lululemon held $1.3B in cash against $0 in long-term debt as of fiscal year 2025.
Lululemon had 116M shares outstanding in fiscal year 2025. This represents a decrease of 4.4% from the prior year.
Lululemon's gross margin was 59.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.9 percentage points from the prior year.
Lululemon's operating margin was 23.7% in fiscal year 2025, reflecting core business profitability. This is up 1.5 percentage points from the prior year.
Lululemon's net profit margin was 17.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.0 percentage points from the prior year.
Lululemon's ROE was 42.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 5.6 percentage points from the prior year.
Lululemon spent $1.6B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 193.0% from the prior year.
Lululemon invested $689.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 5.7% from the prior year.
LULU Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.6B+1.6% | $2.5B+6.5% | $2.4B-1.1% | $2.4B+1.1% | $2.4B+7.3% | $2.2B-31.1% | $3.2B+45.4% | $2.2B |
| Cost of Revenue | $1.1B+8.8% | $1.0B+6.1% | $987.5M-0.8% | $995.1M+3.8% | $958.9M+2.7% | $933.8M-28.3% | $1.3B+37.4% | $947.6M |
| Gross Profit | $1.4B-3.5% | $1.5B+6.8% | $1.4B-1.3% | $1.4B-0.7% | $1.4B+10.8% | $1.3B-33.0% | $1.9B+51.5% | $1.3B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $988.3M+3.8% | $951.7M+0.9% | $942.9M+3.6% | $909.8M+4.3% | $872.0M+3.5% | $842.4M-14.9% | $989.5M+17.4% | $842.8M |
| Operating Income | $435.9M-16.8% | $523.8M+19.4% | $438.6M-10.6% | $490.7M-9.2% | $540.2M+24.9% | $432.6M-52.7% | $913.9M+170.3% | $338.1M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $134.9M-17.1% | $162.6M+19.7% | $135.8M-10.9% | $152.5M-7.7% | $165.3M+22.9% | $134.5M-48.7% | $262.3M+164.3% | $99.2M |
| Net Income | $306.8M-17.3% | $370.9M+17.9% | $314.6M-10.6% | $351.9M-10.4% | $392.9M+22.2% | $321.4M-52.0% | $669.5M+169.2% | $248.7M |
| EPS (Diluted) | $2.59-16.5% | $3.10+19.2% | $2.60-9.4% | $2.87-8.9% | $3.15+24.0% | $2.54-51.9% | $5.28+169.4% | $1.96 |
LULU Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.0B+5.7% | $7.5B+1.3% | $7.4B+4.9% | $7.1B+5.0% | $6.7B-1.2% | $6.8B-3.7% | $7.1B+17.8% | $6.0B |
| Current Assets | $3.9B+11.2% | $3.5B-1.5% | $3.6B-0.6% | $3.6B+0.9% | $3.6B-5.2% | $3.8B-7.2% | $4.1B+20.7% | $3.4B |
| Cash & Equivalents | $1.0B-10.4% | $1.2B-12.8% | $1.3B+11.5% | $1.2B-26.2% | $1.6B-15.3% | $1.9B-15.3% | $2.2B+105.7% | $1.1B |
| Inventory | $2.0B+16.0% | $1.7B+4.3% | $1.7B-8.3% | $1.8B+26.0% | $1.4B+6.2% | $1.3B+1.6% | $1.3B-20.4% | $1.7B |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $175.3M+1.4% | $172.9M+3.3% | $167.4M+1.8% | $164.5M+587.4% | $23.9M-0.3% | $24.0M-0.4% | $24.1M+0.7% | $23.9M |
| Total Liabilities | $3.5B+10.1% | $3.1B-0.2% | $3.1B+1.4% | $3.1B+14.2% | $2.7B+4.0% | $2.6B-8.8% | $2.9B+14.6% | $2.5B |
| Current Liabilities | $1.8B+18.3% | $1.6B-1.0% | $1.6B-12.8% | $1.8B+22.8% | $1.5B+6.1% | $1.4B-15.2% | $1.6B+12.6% | $1.4B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $4.5B+2.6% | $4.4B+2.3% | $4.3B+7.6% | $4.0B-1.1% | $4.0B-4.5% | $4.2B-0.3% | $4.2B+20.0% | $3.5B |
| Retained Earnings | $4.2B+2.9% | $4.1B+2.3% | $4.0B+8.1% | $3.7B-1.5% | $3.8B-4.9% | $3.9B+0.6% | $3.9B+18.6% | $3.3B |
LULU Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $249.9M-24.0% | $328.7M+376.3% | -$119.0M-139.6% | $300.7M-32.2% | $443.1M+247.5% | $127.5M-90.8% | $1.4B+255.0% | $389.9M |
| Capital Expenditures | $167.4M-5.9% | $177.9M+16.8% | $152.3M-14.7% | $178.5M+23.0% | $145.1M+11.0% | $130.7M-36.7% | $206.5M+26.8% | $162.9M |
| Free Cash Flow | $82.4M-45.3% | $150.8M+155.6% | -$271.2M-322.0% | $122.2M-59.0% | $298.1M+9541.1% | -$3.2M-100.3% | $1.2B+418.9% | $227.0M |
| Investing Cash Flow | -$169.1M+20.7% | -$213.1M-99.5% | -$106.8M+65.4% | -$308.6M-128.4% | -$135.1M-2.7% | -$131.5M+37.0% | -$208.8M-29.2% | -$161.7M |
| Financing Cash Flow | -$194.2M+29.9% | -$276.8M+40.8% | -$468.0M-13.6% | -$412.0M+29.9% | -$587.9M-78.9% | -$328.6M-759.3% | -$38.2M+81.3% | -$204.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $190.9M-32.1% | $281.2M-35.3% | $434.4M+5.3% | $412.6M-30.0% | $589.5M+96.8% | $299.5M+454.5% | $54.0M-74.6% | $212.6M |
LULU Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.6%-2.9pp | 58.5%+0.2pp | 58.3%-0.1pp | 58.5%-1.1pp | 59.6%+1.8pp | 57.7%-1.7pp | 59.4%+2.4pp | 57.0% |
| Operating Margin | 17.0%-3.8pp | 20.7%+2.2pp | 18.5%-2.0pp | 20.5%-2.3pp | 22.8%+3.2pp | 19.6%-8.9pp | 28.5%+13.2pp | 15.3% |
| Net Margin | 12.0%-2.7pp | 14.7%+1.4pp | 13.3%-1.4pp | 14.7%-1.9pp | 16.6%+2.0pp | 14.5%-6.3pp | 20.9%+9.6pp | 11.3% |
| Return on Equity | 6.8%-1.6pp | 8.5%+1.1pp | 7.3%-1.5pp | 8.8%-0.9pp | 9.8%+2.1pp | 7.6%-8.2pp | 15.8%+8.8pp | 7.0% |
| Return on Assets | 3.9%-1.1pp | 4.9%+0.7pp | 4.2%-0.7pp | 5.0%-0.9pp | 5.8%+1.1pp | 4.7%-4.7pp | 9.4%+5.3pp | 4.1% |
| Current Ratio | 2.13-0.1 | 2.27-0.0 | 2.28+0.3 | 2.00-0.4 | 2.43-0.3 | 2.72+0.2 | 2.49+0.2 | 2.32 |
| Debt-to-Equity | 0.77+0.1 | 0.71-0.0 | 0.73-0.0 | 0.78+0.1 | 0.67+0.1 | 0.62-0.1 | 0.68-0.0 | 0.71 |
| FCF Margin | 3.2%-2.8pp | 6.0%+17.4pp | -11.4%-16.5pp | 5.1%-7.5pp | 12.6%+12.7pp | -0.1%-36.9pp | 36.7%+26.4pp | 10.3% |
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Frequently Asked Questions
What is Lululemon's annual revenue?
Lululemon (LULU) reported $10.6B in total revenue for fiscal year 2025. This represents a 10.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Lululemon's revenue growing?
Lululemon (LULU) revenue grew by 10.1% year-over-year, from $9.6B to $10.6B in fiscal year 2025.
Is Lululemon profitable?
Yes, Lululemon (LULU) reported a net income of $1.8B in fiscal year 2025, with a net profit margin of 17.1%.
What is Lululemon's earnings per share (EPS)?
Lululemon (LULU) reported diluted earnings per share of $14.64 for fiscal year 2025. This represents a 20.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Lululemon's EBITDA?
Lululemon (LULU) had EBITDA of $3.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Lululemon's gross margin?
Lululemon (LULU) had a gross margin of 59.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Lululemon's operating margin?
Lululemon (LULU) had an operating margin of 23.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Lululemon's net profit margin?
Lululemon (LULU) had a net profit margin of 17.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Lululemon's return on equity (ROE)?
Lululemon (LULU) has a return on equity of 42.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Lululemon's free cash flow?
Lululemon (LULU) generated $1.6B in free cash flow during fiscal year 2025. This represents a -3.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Lululemon's operating cash flow?
Lululemon (LULU) generated $2.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Lululemon's total assets?
Lululemon (LULU) had $7.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Lululemon's capital expenditures?
Lululemon (LULU) invested $689.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Does Lululemon buy back shares?
Yes, Lululemon (LULU) spent $1.6B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Lululemon have outstanding?
Lululemon (LULU) had 116M shares outstanding as of fiscal year 2025.
What is Lululemon's current ratio?
Lululemon (LULU) had a current ratio of 2.28 as of fiscal year 2025, which is generally considered healthy.
What is Lululemon's debt-to-equity ratio?
Lululemon (LULU) had a debt-to-equity ratio of 0.73 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Lululemon's return on assets (ROA)?
Lululemon (LULU) had a return on assets of 24.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Lululemon's Altman Z-Score?
Lululemon (LULU) has an Altman Z-Score of 7.57, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Lululemon's Piotroski F-Score?
Lululemon (LULU) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Lululemon's earnings high quality?
Lululemon (LULU) has an earnings quality ratio of 1.25x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Lululemon?
Lululemon (LULU) scores 81 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.