Every 10-Q that Lululemon (LULU) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow LULU and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full LULU filings page.
lululemon athletica inc. (LULU) reported weaker results for the quarter and first two quarters ended August 2, 2026, despite a sizable one-time tariff refund benefit. Second-quarter net revenue fell 4% to $2.42 billion and global comparable sales declined 9% (10% on a constant dollar basis), driven mainly by reduced traffic, lower conversion, and lower average order value in the Americas.
Net income for the quarter decreased 11% to $329.2 million, and diluted EPS declined to $2.92 from $3.10, even though results included $134.5 million of IEEPA tariff refunds and $4.1 million of interest, worth $0.86 per share net of tax. Gross margin rose 200 bps to 60.5%, but SG&A grew 5.7% in the quarter (9.1% year-to-date), including $24.8 million of proxy‑contest professional fees, lifting SG&A to 41.7% of revenue and compressing operating margin to 18.8%.
Regionally, Americas revenue declined 8% in Q2, while China Mainland and Rest of World grew 4% and 5% in the quarter and 16% and 9% year‑to‑date, respectively, supported by 41 net new stores globally since Q2 2025. lululemon ended the quarter with $1.39 billion in cash, no borrowings on its $600 million revolver, and strong operating cash flow of $589.3 million in the first two quarters, even as trade-policy changes, higher tariffs (apart from IEEPA refunds), and shifting consumer demand weighed on growth.
lululemon athletica reported Q3 2025 net revenue of $2.6 billion, up 7% year over year, as strong growth in China Mainland and Rest of World offset softer results in the Americas. Global comparable sales rose 1%, with Americas comps down 5%, China Mainland up 24% (25% in constant dollars), and Rest of World up 9%. Gross margin declined 290 basis points to 55.6% and operating margin fell to 17.0%, reflecting higher product costs, tariffs, and increased operating expenses. Diluted earnings per share decreased to $2.59 from $2.87.
New U.S. tariffs and the removal of the de minimis exemption are having a significant adverse effect; management estimates they will reduce 2025 income from operations by approximately $210 million, net of mitigation, including about $60 million of impact year to date. China Mainland net revenue grew 46% in the quarter, while Americas net revenue decreased 2%. The company repurchased 3.5 million shares for $906.6 million in the first three quarters, leaving $0.7 billion authorized. After quarter-end, lululemon announced that CEO Calvin McDonald will step down effective January 31, 2026, with the current CFO and president appointed interim co‑CEOs under an executive chair while a permanent successor is sought.
lululemon athletica inc. reported a mixed quarter with net revenue rising 7% to $2.5 billion (6% constant dollars) and comparable sales up 1% overall. Americas comparable sales declined 4% while China Mainland and Rest of World grew 17% and 12%, respectively. Gross profit increased 5% to $1.5 billion but gross margin fell 110 basis points to 58.5%, and income from operations decreased 3% to $523.8 million.
Liquidity remained strong with $1.2 billion in cash and an unused $400.0 million Americas revolving credit facility (only $6.8 million in letters of credit outstanding). Inventory rose 21% to $1.7 billion. Stock-based compensation expense was $21.1 million YTD with $144.2 million unrecognized cost. The company reported a net derivative liability of $4.2 million, and remains in compliance with credit covenants. Legal matters include consolidated stockholder derivative litigation.