Lululemon Financials
Lululemon (LULU) reported $11.1B in revenue for fiscal year 2025, up 4.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Growth is being absorbed by higher operating costs, weakening cash conversion while buybacks continue to reshape the balance sheet.
In FY2025, sales growth no longer translated into the same operating efficiency: operating margin fell to19.9% from23.7% . Free-cash-flow margin also fell to8.3% from15.0% , linking the margin squeeze to weaker cash retention rather than an accounting-only effect.
Inventory rose to
Free cash flow of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Lululemon's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Lululemon has an operating margin of 19.9%, meaning the company retains $20 of operating profit per $100 of revenue. This strong profitability earns a score of 88/100, reflecting efficient cost management and pricing power. This is down from 23.7% the prior year.
Lululemon's revenue grew a modest 4.9% year-over-year to $11.1B. This slow but positive growth earns a score of 58/100.
Lululemon has a moderate D/E ratio of 0.70. This balance of debt and equity financing earns a leverage score of 53/100.
Lululemon's current ratio of 2.26 indicates adequate short-term liquidity, earning a score of 64/100. The company can meet its near-term obligations, though with limited headroom.
Lululemon converts 8.3% of revenue into free cash flow ($921.7M). This strong cash generation earns a score of 73/100.
Lululemon earns a strong 31.8% return on equity (ROE), meaning it generates $32 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 97/100. This is down from 42.0% the prior year.
Lululemon scores 5.58, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Lululemon passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Lululemon generates $1.01 in operating cash flow ($1.6B OCF vs $1.6B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Lululemon generated $11.1B in revenue in fiscal year 2025. This represents an increase of 4.9% from the prior year.
Lululemon's EBITDA was $2.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 8.3% from the prior year.
Lululemon reported $1.6B in net income in fiscal year 2025. This represents a decrease of 13.0% from the prior year.
Lululemon earned $13.26 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 9.4% from the prior year.
Cash & Balance Sheet
Lululemon generated $921.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 41.8% from the prior year.
Lululemon held $1.8B in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Lululemon's gross margin was 56.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.6 percentage points from the prior year.
Lululemon's operating margin was 19.9% in fiscal year 2025, reflecting core business profitability. This is down 3.8 percentage points from the prior year.
Lululemon's net profit margin was 14.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.9 percentage points from the prior year.
Lululemon's ROE was 31.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 10.1 percentage points from the prior year.
Capital Allocation
Lululemon spent $1.2B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 28.0% from the prior year.
Lululemon invested $680.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 1.2% from the prior year.
Not reported for fiscal year 2025.
LULU Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.1B | $11.1B+4.9% | $10.6B+10.1% | $9.6B+18.6% | $8.1B+29.6% | $6.3B+42.1% | $4.4B+10.6% | $4.0B+21.0% | $3.3B+24.1% | $2.6B+13.0% | $2.3B+13.8% | $2.1B+14.7% | $1.8B+12.9% | $1.6B+16.1% | $1.4B+36.9% | $1.0B |
| Cost of Revenue | $4.8B | $4.8B+11.6% | $4.3B+7.7% | $4.0B+10.8% | $3.6B+36.6% | $2.6B+36.6% | $1.9B+10.4% | $1.8B+19.3% | $1.5B+17.7% | $1.3B+9.2% | $1.1B+7.7% | $1.1B+20.4% | $883.0M+17.6% | $751.1M+23.6% | $607.5M+40.8% | $431.5M |
| Gross Profit | $6.3B | $6.3B+0.2% | $6.3B+11.8% | $5.6B+24.9% | $4.5B+24.5% | $3.6B+46.5% | $2.5B+10.8% | $2.2B+22.4% | $1.8B+29.8% | $1.4B+16.6% | $1.2B+20.3% | $997.2M+9.1% | $914.2M+8.8% | $840.1M+10.1% | $762.8M+34.0% | $569.4M |
| SG&A Expenses | $4.1B | $4.1B+8.1% | $3.8B+10.7% | $3.4B+23.2% | $2.8B+23.9% | $2.2B+38.3% | $1.6B+20.6% | $1.3B+20.2% | $1.1B+22.8% | $904.3M+16.2% | $778.5M+23.9% | $628.1M+16.7% | $538.1M+19.9% | $448.7M+16.1% | $386.4M+36.8% | $282.4M |
| Operating Income | $2.2B | $2.2B-11.8% | $2.5B+17.5% | $2.1B+60.5% | $1.3B-0.4% | $1.3B+62.6% | $820.0M-7.8% | $889.1M+26.0% | $705.8M+54.8% | $456.0M+8.3% | $421.2M+14.1% | $369.1M-1.9% | $376.0M-3.9% | $391.4M+4.0% | $376.4M+31.2% | $287.0M |
| Income Tax | $659.8M | $659.8M-13.4% | $761.5M+21.7% | $625.5M+30.9% | $477.8M+33.3% | $358.5M+55.6% | $230.4M-8.5% | $251.8M+8.8% | $231.4M+15.0% | $201.3M+68.7% | $119.3M+16.5% | $102.4M-28.9% | $144.1M+22.6% | $117.6M+6.9% | $110.0M+5.2% | $104.5M |
| Net Income | $1.6B | $1.6B-13.0% | $1.8B+17.1% | $1.6B+81.4% | $854.8M-12.4% | $975.3M+65.6% | $588.9M-8.8% | $645.6M+33.4% | $483.8M+87.0% | $258.7M-14.7% | $303.4M+14.0% | $266.0M+11.3% | $239.0M-14.5% | $279.5M+3.3% | $270.6M+47.0% | $184.1M |
| EPS (Diluted) | — | $13.26-9.4% | $14.64+20.0% | $12.20+82.6% | $6.68-10.8% | $7.49+66.4% | $4.50-8.7% | $4.93+36.6% | $3.61+90.0% | $1.90-14.0% | $2.21+16.9% | $1.89+13.9% | $1.66-13.1% | $1.91+3.2% | $1.85+45.7% | $1.27 |
Not reported in any period shown, so not listed: R&D Expenses, Interest Expense.
TTM is the trailing twelve months, Q2 FY2026 through Q1 FY2027, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
LULU Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.5B+11.2% | $7.6B+7.2% | $7.1B+26.5% | $5.6B+13.4% | $4.9B+18.1% | $4.2B+27.5% | $3.3B+57.4% | $2.1B+4.3% | $2.0B+20.6% | $1.7B+26.1% | $1.3B+1.4% | $1.3B+3.5% | $1.3B+19.2% | $1.1B+43.1% | $734.6M |
| Current Assets | $4.3B+7.1% | $4.0B-2.0% | $4.1B+28.5% | $3.2B+20.8% | $2.6B+23.1% | $2.1B+17.5% | $1.8B+26.5% | $1.4B-0.5% | $1.4B+23.5% | $1.2B+26.8% | $917.0M-3.6% | $951.0M+0.6% | $945.5M+20.1% | $787.1M+49.3% | $527.1M |
| Cash & Equivalents | $1.8B-8.9% | $2.0B-11.6% | $2.2B+94.3% | $1.2B-8.3% | $1.3B+9.5% | $1.2B+5.2% | $1.1B+24.1% | $881.3M-11.0% | $990.5M+34.8% | $734.8M+46.5% | $501.5M-24.5% | $664.5M-4.9% | $698.6M+18.4% | $590.2M+44.1% | $409.4M |
| Inventory | $1.7B+17.9% | $1.4B+9.0% | $1.3B-8.6% | $1.4B+49.8% | $966.5M+49.3% | $647.2M+24.8% | $518.5M+28.1% | $404.8M+22.8% | $329.6M+10.4% | $298.4M+5.1% | $284.0M+36.5% | $208.1M+10.2% | $188.8M+21.6% | $155.2M+49.1% | $104.1M |
| Goodwill | $184.9M+15.9% | $159.5M+562.4% | $24.1M-0.3% | $24.1M-93.8% | $386.9M0.0% | $386.9M+1499.9% | $24.2M-0.2% | $24.2M-1.5% | $24.6M+1.5% | $24.2M+1.7% | $23.8M-2.4% | $24.4M-3.4% | $25.3M-3.0% | $26.1M-1.0% | $26.3M |
| Total Liabilities | $3.5B+6.6% | $3.3B+14.7% | $2.9B+16.3% | $2.5B+11.6% | $2.2B+35.4% | $1.6B+22.4% | $1.3B+108.1% | $638.7M+59.1% | $401.5M+34.9% | $297.6M+3.8% | $286.6M+38.7% | $206.6M+32.7% | $155.7M-4.9% | $163.8M+27.5% | $128.5M |
| Current Liabilities | $1.9B+2.6% | $1.8B+12.8% | $1.6B+9.3% | $1.5B+6.2% | $1.4B+59.1% | $883.2M+42.4% | $620.4M+24.0% | $500.5M+71.0% | $292.6M+20.9% | $242.0M+7.3% | $225.5M+41.0% | $159.9M+37.6% | $116.2M-12.9% | $133.4M+28.9% | $103.4M |
| Total Equity | $5.0B+14.7% | $4.3B+2.2% | $4.2B+34.4% | $3.1B+14.9% | $2.7B+7.1% | $2.6B+31.1% | $2.0B+35.0% | $1.4B-9.5% | $1.6B+17.4% | $1.4B+32.4% | $1.0B-5.7% | $1.1B-0.6% | $1.1B+23.6% | $887.3M+47.5% | $601.4M |
| Retained Earnings | $4.5B+10.0% | $4.1B+4.8% | $3.9B+34.0% | $2.9B+16.4% | $2.5B+7.1% | $2.3B+28.9% | $1.8B+35.2% | $1.3B-7.4% | $1.5B+12.4% | $1.3B+26.9% | $1.0B-0.1% | $1.0B+10.5% | $923.8M+43.4% | $644.3M+72.4% | $373.7M |
Not reported in any period shown, so not listed: Accounts Receivable, Long-Term Debt.
LULU Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.9B | $1.6B-29.5% | $2.3B-1.0% | $2.3B+137.6% | $966.5M-30.4% | $1.4B+72.9% | $803.3M+20.0% | $669.3M-9.9% | $742.8M+51.8% | $489.3M+26.6% | $386.4M+29.9% | $297.5M-5.4% | $314.4M+13.0% | $278.3M-0.6% | $280.1M+37.6% | $203.6M |
| Capital Expenditures | $655.9M | $680.8M-1.2% | $689.2M+5.7% | $651.9M+2.1% | $638.7M+61.9% | $394.5M+72.1% | $229.2M-19.0% | $283.0M+25.3% | $225.8M+43.0% | $157.9M+5.6% | $149.5M+4.2% | $143.5M+19.8% | $119.7M+12.5% | $106.4M+14.1% | $93.2M-20.1% | $116.7M |
| Free Cash Flow | $1.3B | $921.7M-41.8% | $1.6B-3.7% | $1.6B+401.6% | $327.8M-67.0% | $994.6M+73.2% | $574.1M+48.6% | $386.3M-25.3% | $517.0M+56.0% | $331.5M+39.9% | $236.9M+53.8% | $154.1M-20.9% | $194.7M+13.3% | $171.9M-8.0% | $186.9M+114.9% | $87.0M |
| Investing Cash Flow | -$694.1M | -$662.1M+17.0% | -$798.2M-22.0% | -$654.1M-14.8% | -$569.9M-33.2% | -$427.9M+38.5% | -$695.5M-149.8% | -$278.4M-14.7% | -$242.8M-40.0% | -$173.4M-16.0% | -$149.5M-4.2% | -$143.5M-19.8% | -$119.7M-12.5% | -$106.4M-14.1% | -$93.2M+23.8% | -$122.3M |
| Financing Cash Flow | -$1.1B | -$1.2B+26.9% | -$1.7B-201.1% | -$548.8M-17.4% | -$467.5M+44.7% | -$845.0M-945.9% | -$80.8M+54.4% | -$177.2M+70.0% | -$590.2M-503.1% | -$97.9M-267.8% | -$26.6M+90.2% | -$272.5M-82.8% | -$149.1M-1773.7% | $8.9M+262.2% | -$5.5M-135.7% | $15.4M |
| Share Buybacks | $1.1B | $1.2B-28.0% | $1.6B+193.0% | $558.7M+25.8% | $444.0M-45.4% | $812.6M+1176.4% | $63.7M-63.3% | $173.4M-71.0% | $598.3M+496.8% | $100.3M+241.9% | $29.3M-89.3% | $274.2M+86.0% | $147.4M | $0 | $0 | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q2 FY2026 through Q1 FY2027, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
LULU Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 56.6%-2.6pp | 59.2%+0.9pp | 58.3%+2.9pp | 55.4%-2.3pp | 57.7%+1.7pp | 56.0%+0.1pp | 55.9%+0.6pp | 55.2%+2.4pp | 52.8%+1.6pp | 51.2%+2.8pp | 48.4%-2.5pp | 50.9%-1.9pp | 52.8%-2.9pp | 55.7%-1.2pp | 56.9% |
| Operating Margin | 19.9%-3.8pp | 23.7%+1.5pp | 22.2%+5.8pp | 16.4%-4.9pp | 21.3%+2.7pp | 18.6%-3.7pp | 22.3%+0.9pp | 21.5%+4.3pp | 17.2%-0.8pp | 18.0%+0.1pp | 17.9%-3.0pp | 20.9%-3.7pp | 24.6%-2.9pp | 27.5%-1.2pp | 28.7% |
| Net Margin | 14.2%-2.9pp | 17.1%+1.0pp | 16.1%+5.6pp | 10.5%-5.1pp | 15.6%+2.2pp | 13.4%-2.8pp | 16.2%+1.5pp | 14.7%+5.0pp | 9.8%-3.2pp | 12.9%0.0pp | 12.9%-0.4pp | 13.3%-4.3pp | 17.6%-2.2pp | 19.7%+1.3pp | 18.4% |
| Return on Equity | 31.8%-10.1pp | 42.0%+5.3pp | 36.6%+9.5pp | 27.2%-8.4pp | 35.6%+12.6pp | 23.0%-10.1pp | 33.1%-0.4pp | 33.5%+17.3pp | 16.2%-6.1pp | 22.3%-3.6pp | 25.9%+4.0pp | 21.9%-3.6pp | 25.5%-5.0pp | 30.5%-0.1pp | 30.6% |
| Return on Assets | 18.7%-5.2pp | 23.9%+2.0pp | 21.9%+6.6pp | 15.3%-4.5pp | 19.7%+5.7pp | 14.1%-5.6pp | 19.7%-3.5pp | 23.2%+10.3pp | 12.9%-5.4pp | 18.3%-2.0pp | 20.3%+1.8pp | 18.4%-3.9pp | 22.3%-3.4pp | 25.7%+0.7pp | 25.1% |
| Current Ratio | 2.26+0.1x | 2.16-0.3x | 2.49+0.4x | 2.12+0.3x | 1.86-0.5x | 2.41-0.5x | 2.91+0.1x | 2.86-2.1x | 4.91+0.1x | 4.80+0.7x | 4.07-1.9x | 5.95-2.2x | 8.14+2.2x | 5.90+0.8x | 5.10 |
| Debt-to-Equity | 0.70-0.1x | 0.76+0.1x | 0.68-0.1x | 0.780.0x | 0.80+0.2x | 0.640.0x | 0.68+0.2x | 0.44+0.2x | 0.250.0x | 0.22-0.1x | 0.28+0.1x | 0.190.0x | 0.140.0x | 0.180.0x | 0.21 |
| FCF Margin | 8.3%-6.7pp | 15.0%-2.1pp | 17.1%+13.1pp | 4.0%-11.9pp | 15.9%+2.9pp | 13.0%+3.3pp | 9.7%-6.0pp | 15.7%+3.2pp | 12.5%+2.4pp | 10.1%+2.6pp | 7.5%-3.3pp | 10.8%0.0pp | 10.8%-2.8pp | 13.6%+4.9pp | 8.7% |
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Where Lululemon Ranks
Frequently Asked Questions
What is Lululemon's annual revenue?
Lululemon (LULU) reported $11.1B in total revenue for fiscal year 2025. This represents a 4.9% 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 4.9% year-over-year, from $10.6B to $11.1B in fiscal year 2025.
Is Lululemon profitable?
Yes, Lululemon (LULU) reported a net income of $1.6B in fiscal year 2025, with a net profit margin of 14.2%.
What is Lululemon's EBITDA?
Lululemon (LULU) had EBITDA of $2.7B 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 56.6% 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 19.9% 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 14.2% 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 31.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Lululemon's free cash flow?
Lululemon (LULU) generated $921.7M in free cash flow during fiscal year 2025. This represents a -41.8% 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 $1.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Lululemon's total assets?
Lululemon (LULU) had $8.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Lululemon's capital expenditures?
Lululemon (LULU) invested $680.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Lululemon's current ratio?
Lululemon (LULU) had a current ratio of 2.26 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 0.70 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 18.7% 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 5.58, 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 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 1.01x, 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 72 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.