Lululemon Athletica (LULU) financial statements

Consumer Cyclical · Apparel Retail · Market cap $11.1B

Lululemon Athletica reported revenue of $11.1B in fiscal 2026, up 18.9% a year over 9 years.

Net income was $1.6B and the operating margin 19.9%, against 18.0% in 2017.

Free cash flow was $922M, and the company returned $1.2B in net buybacks.

The diluted share count fell 13% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions.

0510152017201820192020202120222023202420252026RevenueFree cash flow
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Income statement

Fiscal years, from Lululemon Athletica's 10-K filings with the SEC.

Fiscal year2017201820192020202120222023202420252026
Revenue$2.3B$2.6B$3.3B$4.0B$4.4B$6.3B$8.1B$9.6B$10.6B$11.1B
Cost of revenue$1.1B$1.3B$1.5B$1.8B$1.9B$2.6B$3.6B$4.0B$4.3B$4.8B
Gross profit$1.2B$1.4B$1.8B$2.2B$2.5B$3.6B$4.5B$5.6B$6.3B$6.3B
Selling, general and admin$778M$904M$1.1B$1.3B$1.6B$2.2B$2.8B$3.4B$3.8B$4.1B
Operating income$421M$456M$706M$889M$820M$1.3B$1.3B$2.1B$2.5B$2.2B
Pre-tax income$423M$460M$715M$897M$819M$1.3B$1.3B$2.2B$2.6B$2.2B
Income tax$119M$201M$231M$252M$230M$359M$478M$626M$761M$660M
Net income$303M$259M$484M$646M$589M$975M$855M$1.6B$1.8B$1.6B
EPS (diluted)$2.21$1.90$3.61$4.93$4.50$7.49$6.68$12.20$14.64$13.26
Diluted shares137M136M134M131M131M130M128M127M124M119M
Gross margin51.2%52.8%55.2%55.9%56.0%57.7%55.4%58.3%59.2%56.6%
Operating margin18.0%17.2%21.5%22.3%18.6%21.3%16.4%22.2%23.7%19.9%
Net margin12.9%9.8%14.7%16.2%13.4%15.6%10.5%16.1%17.1%14.2%

Balance sheet

Fiscal years, from Lululemon Athletica's 10-K filings with the SEC.

Fiscal year2017201820192020202120222023202420252026
Cash and short-term investments$735M$991M$881M$1.1B$1.2B$1.3B$1.2B$2.2B$2.0B$1.8B
Receivables$9M$19M$36M$40M$62M$77M$133M$125M$120M$191M
Inventory$298M$330M$405M$519M$647M$966M$1.4B$1.3B$1.4B$1.7B
Total current assets$1.2B$1.4B$1.4B$1.8B$2.1B$2.6B$3.2B$4.1B$4.0B$4.3B
Property, plant and equipment$423M$474M$567M$672M$746M$928M$1.3B$1.5B$1.8B$2.0B
Goodwill$24M$25M$24M$24M$387M$387M$24M$24M$160M$185M
Total assets$1.7B$2.0B$2.1B$3.3B$4.2B$4.9B$5.6B$7.1B$7.6B$8.5B
Total current liabilities$242M$293M$500M$620M$883M$1.4B$1.5B$1.6B$1.8B$1.9B
Total liabilities$298M$402M$639M$1.3B$1.6B$2.2B$2.5B$2.9B$3.3B$3.5B
Shareholders' equity$1.4B$1.6B$1.4B$2.0B$2.6B$2.7B$3.1B$4.2B$4.3B$5.0B
Net debt-$735M-$991M-$881M-$1.1B-$1.2B-$1.3B-$1.2B-$2.2B-$2.0B-$1.8B

Cash flow

Fiscal years, from Lululemon Athletica's 10-K filings with the SEC.

Fiscal year2017201820192020202120222023202420252026
Operating cash flow$386M$489M$743M$669M$803M$1.4B$966M$2.3B$2.3B$1.6B
Capital spending$150M$158M$226M$283M$229M$395M$639M$652M$689M$681M
Free cash flow$237M$331M$517M$386M$574M$995M$328M$1.6B$1.6B$922M
Stock-based compensation$17M$18M$29M$46M$51M$69M$78M$94M$90M$62M
Share buybacks (net)-$29M-$100M-$598M-$173M-$64M-$813M-$444M-$559M-$1.6B-$1.2B
Free cash flow margin10.1%12.5%15.7%9.7%13.0%15.9%4.0%17.1%15.0%8.3%
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Questions

What was Lululemon Athletica's revenue in 2026?

$11.1B in fiscal 2026, from its 10-K filing.

How much free cash flow does Lululemon Athletica generate?

$922M in fiscal 2026 (operating cash flow minus capital spending).

From Lululemon Athletica's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.