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lululemon athletica (LULU) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Sep 3, 2026 · lululemon athletica (LULU) Q2 FY27 earnings results →

Q2 FY27 Revenue down 4% year over year to $2.4B · 14¢ of every $1 of revenue kept as net profit · operating margin 18.8%

lululemon athletica made $2.4B in Q2 FY27 (-4% Y/Y): Women's apparel $1.5B, Men's apparel $621M, Accessories and other categories $306M. Operating margin 18.8%, net earnings $329M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 3, 2026.

Revenue$2.4B
Year over year-4%
Operating margin18.8%
Net earnings$329M
Operating cash flow$375M

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lululemon athletica Q2 FY27 revenue breakdown: Sankey diagram of revenue (Women's apparel, Men's apparel, Accessories and other categories), costs, profit and cash flow
lululemon athletica Q2 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.4B in Q2 FY27, down 4% year over year and down 2% from the previous quarter. Women's apparel was the largest line at 62% of revenue. Women's apparel lost $0.06B year over year (down 4%), 54% of the total change.

Gross margin was 60.5%, up 2.0 points from Q2 FY26. Operating profit was $0.45B, a 18.8% margin (down 2.0 points year over year). Operating expenses grew 6% against a revenue fall of 4%. Net earnings were $0.33B, down 11% year over year. The effective tax rate was 29.6%.

Operating cash flow was $0.37B (up 14% year over year), 114% of net earnings. Non-cash charges added back $0.14B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.12B. Capital expenditures of $0.15B left free cash flow of $0.23B.

Quarterly history

lululemon athletica revenue by quarterlululemon athletica revenue by quarter$3.6BQ4 FY25$2.4BQ1 FY26$2.5BQ2 FY26$2.6BQ3 FY26$3.6BQ4 FY26$2.5BQ1 FY27$2.4BQ2 FY27
lululemon athletica net earnings by quarterlululemon athletica net earnings by quarter$748MQ4 FY25$315MQ1 FY26$371MQ2 FY26$307MQ3 FY26$587MQ4 FY26$195MQ1 FY27$329MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QSep 3, 2026$2.4B-4%18.8%$329M$375M
Q1 FY2710-QJun 4, 2026$2.5B+4%11.2%$195M$214M
Q4 FY2610-KMar 17, 2026$3.6B+0.8%22.3%$587M$1.1B
Q3 FY2610-QDec 11, 2025$2.6B+7%17.0%$307M$250M
Q2 FY2610-QSep 4, 2025$2.5B+6%20.7%$371M$329M
Q1 FY2610-QJun 5, 2025$2.4B+7%18.5%$315M−$119M
Q4 FY2510-KMar 27, 2025$3.6B+13%28.9%$748M$1.4B

Charts

lululemon athletica: revenue growth, year over year and quarter over quarterlululemon athletica: revenue growth, year over year and quarter over quarterY/YQ/Q+13%Q4 FY25+7%-34%Q1 FY26+6%+7%Q2 FY26+7%+2%Q3 FY26+1%+42%Q4 FY26+4%-32%Q1 FY27-4%-2%Q2 FY27
Latest (Q2 FY27): Y/Y -4%, Q/Q -2%.
lululemon athletica: where the cash came from (+) and went (−), TTM to Q2 FY27lululemon athletica: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$2.0BBuybacks−$1.2BCapital spending−$628MCash drawn (+) / kept (−)−$234MExchange rates$51.9MTaxes on employees’ shares−$13.2MOther financing−$7.9MOther investing$3.7MShares issued$2.9M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
lululemon athletica: profit against cash, quarter by quarterlululemon athletica: profit against cash, quarter by quarterNet incomeOperating cash flow$352M$301MQ3 FY25$748M$1.4BQ4 FY25$315M−$119MQ1 FY26$371M$329MQ2 FY26$307M$250MQ3 FY26$587M$1.1BQ4 FY26$195M$214MQ1 FY27$329M$375MQ2 FY27
Latest (Q2 FY27): Net income $329M, Operating cash flow $375M.
lululemon athletica: diluted shares by fiscal yearlululemon athletica: diluted shares by fiscal year131MFY21130MFY22128MFY23127MFY24124MFY25119MFY26
-9.0% since FY21: buybacks shrank the count.
lululemon athletica in its industry: growth against margin (10 companies, SIC 2300)lululemon athletica in its industry: growth against margin (10 companies, SIC 2300)revenue growth, year over year →↑ operating marginmedian +2%median 7%LEVIUAACOLMCRIGIIIFIGSSGCJRSHPMNTLULU (-4%, 19%)
Apparel & Other Finishd Prods of Fabrics & Similar Matl; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About lululemon athletica

lululemon athletica inc. is principally a designer, distributor, and retailer of technical athletic apparel, footwear, and accessories. Our vision is to create transformative products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all. Since our inception, we have fostered a distinctive corporate culture; we promote a set of core values in our business which include taking personal responsibility, acting with courage, valuing connection and inclusion, and choosing to have fun. These core values attract passionate and motivated employees who are driven to achieve personal and professional goals, and share our purpose "to elevate human potential by helping people feel their best."

In its own words, from its 10-K, filed Mar 17, 2026.

lululemon athletica against its Apparel & Other Finishd Prods of Fabrics & Similar Matl peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -4% against the peers' median +2%. Operating margin: 18.8% against the peers' median 7.4%.

CompanyQuarterRevenueY/YOp. margin
LULU lululemon athleticaQ2 FY27$2.4B-4%18.8%
LEVI Levi StraussQ3 FY26$1.6B+4%13.8%
UAA Under ArmourQ2 FY27$1.2B-7%1.2%
COLM Columbia SportswearQ3 2026$963M+2%11.4%
CRI Carter'sQ3 2026$752M-0.7%7.4%
GIII G III Apparel GroupQ2 FY27$554M-10%2.0%
FIGS FigsQ3 2026$191M+26%11.6%
SGC Superior Group of CompaniesQ2 2026$148M+3%0.8%
JRSH Jerash Holdings (US)Q1 FY27$50.2M+27%5.2%

Source: lululemon athletica 10-Q on SEC EDGAR · CIK 1397187 · Apparel & Other Finishd Prods of Fabrics & Similar Matl

Guidance and outlook

lululemon athletica Revenue: guidance against what was reportedlululemon athletica Revenue: guidance against what was reportedguided rangereported (above / within / below)Q2 FY26$2.5BQ3 FY26$2.6BFY26$11.1BQ4 FY26$3.6BQ1 FY27$2.5BFY27Q2 FY27$2.4BQ3 FY27
Met or beat 7 of 9 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns LULU and who is buying

Largest holders of LULU (13F)Largest holders of LULU (13F)Vanguard Group$2.8BBlackRock$1.0BVanguard Capital Management LLC$780MVanguard Portfolio Management LLC$576MState Street$516MFederated Hermes$414MGeode Capital Management, LLC$338MInvesco$266MPeakShares LLC$252MFIL$231M
Funds' net buying of LULU by quarter (13F)Funds' net buying of LULU by quarter (13F)−$2.9B2024-09$151M2024-12$760M2025-03−$2.2B2025-06−$1.9B2025-09$656M2025-12−$539M2026-03−$376M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on LULU

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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中文版：Lululemon（露露乐檬，LULU）财报

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