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How lululemon athletica (LULU) makes money

lululemon athletica (LULU) made $2.4B of revenue in the second quarter fiscal 2027 (Q2 FY27), -4% from a year earlier. Women's apparel brought in $1.5B (62%); Men's apparel brought in $621M (26%); Accessories and other categories brought in $306M (13%). Of every dollar of revenue, 61¢ was left as gross profit, 19¢ was left as operating profit, 14¢ was left as net earnings.

Drawing the Sankey…

lululemon athletica revenue by segment, Q2 FY27lululemon athletica revenue by segment, Q2 FY27Women's apparel$1.5BMen's apparel$621MAccessories and other categories$306M
lululemon athletica: revenue by line, Q1 FY26 to Q2 FY27lululemon athletica: revenue by line, Q1 FY26 to Q2 FY27Women's apparelMen's apparelAccessories and other…Women's apparel: $1.5B latest$1.5BMen's apparel: $621M latest$621MAccessories and other categories: $306M latest$306MQ1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27Q2 FY27
Women's apparel went from 65% of revenue in Q1 FY26 to 62% in Q2 FY27, the largest shift in the mix.
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: where each dollar of revenue goeslululemon athletica: where each dollar of revenue goesCost of revenue39¢Gross profit61¢Operating expenses42¢Operating profit19¢Income tax6¢Net earnings14¢Operating cash flow16¢Free cash flow9¢

Revenue by segment, Q2 FY27

SegmentRevenueShareQ/QY/Y
Women's apparel$1.5B61.6%-7%-4%
Men's apparel$621M25.7%+7%-0.5%
Accessories and other categories$306M12.7%+7%-13%

Where each dollar of revenue goes

LineQ2 FY27% of revenue
Revenue$2.4B100.0%
Cost of revenue$954M39.5%
Gross profit$1.5B60.5%
Operating expenses$1.0B41.7%
Operating profit$454M18.8%
Income tax$138M5.7%
Net earnings$329M13.6%
Operating cash flow$375M15.5%
Free cash flow$225M9.3%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q2 FY27$2.4B-4%
Q1 FY27$2.5B+4%
Q4 FY26$3.6B+0.8%
Q3 FY26$2.6B+7%
Q2 FY26$2.5B+6%
Q1 FY26$2.4B+7%
Q4 FY25$3.6B+13%

From lululemon athletica's 10-Q filed Sep 3, 2026 (on EDGAR).

Questions

How does lululemon athletica make money?

lululemon athletica (LULU) made $2.4B of revenue in the second quarter fiscal 2027 (Q2 FY27), -4% from a year earlier. Women's apparel brought in $1.5B (62%); Men's apparel brought in $621M (26%); Accessories and other categories brought in $306M (13%). Of every dollar of revenue, 61¢ was left as gross profit, 19¢ was left as operating profit, 14¢ was left as net earnings.

What is lululemon athletica's biggest business?

Women's apparel: $1.5B in the second quarter fiscal 2027, 62% of revenue, -4% from a year earlier.

What is lululemon athletica's profit margin?

Net earnings were $329M, 13.6% of revenue, in the second quarter fiscal 2027; the operating margin was 18.8%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.