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lululemon athletica cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$225M in Q2 FY27 · $1.4B over twelve months

Operating cash flow$375M
Capital spending−$150M
Free cash flow+$225M
Cash / net income1.1×
Cash conversion cycle138 days

Analysis

In Q2 FY27, lululemon athletica generated $375M of operating cash flow and spent $150M on capital projects, leaving free cash flow of $225M.

Over the twelve months to Aug 2, 2026, operating cash flow was $2.0B; the largest uses were buybacks ($1.2B), capital spending ($628M), taxes on employees’ shares ($13.2M); besides operations, cash came from other investing ($3.7M), shares issued ($2.9M); the cash balance rose by $234M.

Operating cash flow was $375M against net income of $329M — 1.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$142M, payables +$59.4M, employee-related liabilities −$47.4M.

Its cash conversion cycle was 138 days (receivables 6 + inventory 162 − payables 31).

Free cash flow

lululemon athletica: free cash flow by quarterlululemon athletica: free cash flow by quarter$122MQ3 FY25$1.2BQ4 FY25−$271MQ1 FY26$151MQ2 FY26$82.4MQ3 FY26$960MQ4 FY26$87.1MQ1 FY27$225MQ2 FY27
Operating cash flow less capital spending.
lululemon athletica: operating cash flow against capital spendinglululemon athletica: operating cash flow against capital spendingOperating cash flowCapital spending$301M$178MQ3 FY25$1.4B$235MQ4 FY25−$119M$152MQ1 FY26$329M$178MQ2 FY26$250M$167MQ3 FY26$1.1B$183MQ4 FY26$214M$127MQ1 FY27$375M$150MQ2 FY27
Latest (Q2 FY27): Operating cash flow $375M, Capital spending $150M.

Capital allocation, year by year

lululemon athletica: where the cash came from (up) and went (down), by fiscal yearlululemon athletica: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $1.4BFY22: Shares issued $18.2MFY22: Capital spending −$395MFY22: Buybacks −$813M$1.4BFY22FY23: Operating cash flow $966MFY23: Shares issued $11.7MFY23: Capital spending −$639MFY23: Buybacks −$444M$978MFY23FY24: Operating cash flow $2.3BFY24: Shares issued $42.4MFY24: Capital spending −$652MFY24: Buybacks −$559M$2.3BFY24FY25: Operating cash flow $2.3BFY25: Shares issued $19.8MFY25: Capital spending −$689MFY25: Acquisitions −$154MFY25: Buybacks −$1.6B$2.3BFY25FY26: Operating cash flow $1.6BFY26: Shares issued $8.4MFY26: Capital spending −$681MFY26: Buybacks −$1.2B$1.6BFY26
Over these 5 years operating cash flow totalled $8.5B; the largest uses were buybacks ($4.6B) and capital spending ($3.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.4B
Debtnone
Net cash$1.4B

lululemon athletica funds itself: free cash flow was $1.4B over the last twelve months, with $1.4B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

lululemon athletica: sources (+) and uses (−) of cash, Q2 FY27lululemon athletica: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$375MBuybacks−$333MCapital spending−$150MCash drawn (+) / kept (−)$125MExchange rates−$23.2MOther investing$6.7MTaxes on employees’ shares−$350KOther financing−$1K
lululemon athletica: sources (+) and uses (−) of cash, TTM to Q2 FY27lululemon athletica: sources (+) and uses (−) of cash, 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 profit to cash

lululemon athletica: net income to operating cash flow, Q2 FY27lululemon athletica: net income to operating cash flow, Q2 FY27Net income$329MDepreciation & amortization$142MStock-based pay$21.1MReceivables−$6.3MInventory−$38.0MPayables$59.4MAccrued liabilities−$4.5MEmployee-related liabilities−$47.4MDeferred revenue−$17.2MPrepaid and other assets$10.1MOther liabilities−$16.5MIncome taxes payable$17.0MOperating cash flow$375M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY27616231138
Q1 FY27713625117
Q4 FY2661021989
Q3 FY26714829126
Q2 FY26514729122
Q1 FY26514327121
Q4 FY2541112392
Q3 FY25514832121

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$375M−$150M—−$333M—$125M$225M
Q1 FY27$214M−$127M—−$362M—$292M$87.1M
Q4 FY26$1.1B−$183M—−$272M$2.8M−$771M$960M
Q3 FY26$250M−$167M—−$191M$71K$120M$82.4M
Q2 FY26$329M−$178M—−$281M$5.3M$169M$151M
Q1 FY26−$119M−$152M—−$434M$221K$659M−$271M
Q4 FY25$1.4B−$235M−$23.1M−$335M$12.5M−$796M$1.2B
Q3 FY25$301M−$178M—−$413M$1.5M$422M$122M

lululemon athletica: income statement and cash flow

lululemon athletica, Q2 FY27: revenue $2.4B (-4% year over year), operating margin 18.8%. The chart follows the revenue to costs, profit and cash.

lululemon athletica: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.