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lululemon athletica (LULU) Q4 FY26 earnings results (fourth quarter fiscal 2026)
10-K filed Mar 17, 2026
lululemon athletica (LULU) reported revenue of $3.6B for the fourth quarter fiscal 2026 (Q4 FY26), +0.8% from a year earlier and +42% from the quarter before. Operating margin was 22.3%, net earnings $587M (16.1% of revenue).
lululemon athletica, Q4 FY26: revenue $3.6B (+0.8% year over year), operating margin 22.3%, net earnings $587M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q4 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.6B | +42% | +0.8% |
| Gross profit | $2.0B | +40% | -8% |
| Operating profit | $812M | +86% | -22% |
| Net earnings | $587M | +91% | -22% |
| Operating cash flow | $1.1B | +357% | -18% |
| Free cash flow | $960M | 12× | -18% |
What changed
Revenue was $3.6B in Q4 FY26, up 1% year over year and up 42% from the previous quarter. Women's apparel was the largest line at 62% of revenue.
Gross margin was 54.9%, down 5.5 points from Q4 FY25. Operating profit was $0.81B, a 22.3% margin (down 6.5 points year over year). Operating profit fell $0.23B even though revenue rose $0.03B versus Q4 FY25, so costs grew faster than sales. Operating expenses grew 4% against revenue growth of 1%. Net earnings were $0.59B, down 22% year over year. The effective tax rate was 27.8%.
Operating cash flow was $1.1B (down 18% year over year), 195% of net earnings. Non-cash charges added back $0.13B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.40B. Capital expenditures of $0.18B left free cash flow of $1.0B.
Questions
What was lululemon athletica's revenue in the fourth quarter fiscal 2026?
lululemon athletica (LULU) reported revenue of $3.6B for the fourth quarter fiscal 2026 (Q4 FY26), +0.8% from a year earlier and +42% from the quarter before.
Was lululemon athletica profitable in the fourth quarter fiscal 2026?
Operating profit was $812M (22.3% of revenue) and net earnings $587M.