Filing Flows › lululemon athletica (LULU) › Q2 FY27 › vs Q2 FY26
lululemon athletica (LULU) Q2 FY27 vs Q2 FY26 (year over year)
lululemon athletica's revenue fell $110M (-4%) from $2.5B in Q2 FY26 to $2.4B in Q2 FY27. The biggest changes: Women's apparel −$59.1M (-4%); Accessories and other categories −$47.3M (-13%); Men's apparel −$3.2M (-0.5%). Gross margin 60.5% against 58.5% (+2.0 pts).
lululemon athletica, Q2 FY27: revenue $2.4B (-4% year over year), operating margin 18.8%, net earnings $329M, operating cash flow $375M. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q2 FY27 | Q2 FY26 | Change | |
|---|---|---|---|
| Gross margin | 60.5% | 58.5% | +2.0 pts |
| Operating margin | 18.8% | 20.7% | -2.0 pts |
| Net margin | 13.6% | 14.7% | -1.1 pts |
| Free cash flow margin | 9.3% | 6.0% | +3.4 pts |
Every line
| Line | Q2 FY27 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| Women's apparel | $1.5B | $1.5B | −$59.1M | -4% |
| Men's apparel | $621M | $625M | −$3.2M | -0.5% |
| Accessories and other categories | $306M | $353M | −$47.3M | -13% |
| Revenue | $2.4B | $2.5B | −$110M | -4% |
| Gross profit | $1.5B | $1.5B | −$15.3M | -1% |
| Cost of revenue | $954M | $1.0B | −$94.3M | -9% |
| Other income, net | $13.7M | $9.7M | $4.0M | +41% |
| Operating profit | $454M | $524M | −$70.2M | -13% |
| Operating expenses | $1.0B | $953M | $54.8M | +6% |
| Pre-tax earnings | $467M | $534M | −$66.2M | -12% |
| Net earnings | $329M | $371M | −$41.7M | -11% |
| Income tax | $138M | $163M | −$24.5M | -15% |
| Depreciation & amortization | $142M | $120M | $22.6M | +19% |
| Share-based compensation | $21.1M | $0 | $21.1M | — |
| Working capital & other | $118M | $162M | −$44.1M | -27% |
| Operating cash flow | $375M | $329M | $46.2M | +14% |
| Free cash flow (OCF − capex) | $225M | $151M | $74.4M | +49% |
| Capital expenditures | $150M | $178M | −$28.2M | -16% |
Questions
How much did lululemon athletica's revenue grow year over year in Q2 FY27?
lululemon athletica's revenue fell $110M (-4%) from $2.5B in Q2 FY26 to $2.4B in Q2 FY27.
What drove lululemon athletica's revenue change in Q2 FY27?
Women's apparel −$59.1M (-4%); Accessories and other categories −$47.3M (-13%); Men's apparel −$3.2M (-0.5%).