lululemon athletica
LULU · NasdaqApparel & Other Finishd Prods of Fabrics & Similar Matl · Fiscal year ends Jan 31
lululemon athletica reported revenue of $11.1B in the fiscal year ended Feb 2026, up 4.9% from the year before. Operating income was $2.2B, an operating margin of 19.9%, and net income was $1.6B. Operating cash flow of $1.6B less capital expenditure of $681M left free cash flow of $922M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Revenue | $6.3B | $8.1B | $9.6B | $10.6B | $11.1B |
| Cost of revenue | $2.6B | $3.6B | $4B | $4.3B | $4.8B |
| Gross profit | $3.6B | $4.5B | $5.6B | $6.3B | $6.3B |
| Selling, general & admin | $2.2B | $2.8B | $3.4B | $3.8B | $4.1B |
| Operating income | $1.3B | $1.3B | $2.1B | $2.5B | $2.2B |
| Pre-tax income | $1.3B | $1.3B | $2.2B | $2.6B | $2.2B |
| Income tax | $359M | $478M | $626M | $761M | $660M |
| Net income | $975M | $855M | $1.6B | $1.8B | $1.6B |
| Diluted EPS | 7.49 | 6.68 | 12.20 | 14.64 | 13.26 |
| Diluted shares | 130M | 128M | 127M | 124M | 119M |
Balance sheet
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.3B | $1.2B | $2.2B | $2B | $1.8B |
| Receivables | $77M | $133M | $125M | $120M | $191M |
| Inventory | $966M | $1.4B | $1.3B | $1.4B | $1.7B |
| Current assets | $2.6B | $3.2B | $4.1B | $4B | $4.3B |
| Net PP&E | $928M | $1.3B | $1.5B | $1.8B | $2B |
| Goodwill | $387M | $24M | $24M | $160M | $185M |
| Total assets | $4.9B | $5.6B | $7.1B | $7.6B | $8.5B |
| Payables | $290M | $173M | $348M | $271M | $331M |
| Current liabilities | $1.4B | $1.5B | $1.6B | $1.8B | $1.9B |
| Short-term debt | $0 | $0 | $0 | $0 | – |
| Total liabilities | $2.2B | $2.5B | $2.9B | $3.3B | $3.5B |
| Shareholders' equity | $2.7B | $3.1B | $4.2B | $4.3B | $5B |
Cash flow
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $1.4B | $966M | $2.3B | $2.3B | $1.6B |
| Capital expenditure | $395M | $639M | $652M | $689M | $681M |
| Free cash flow | $995M | $328M | $1.6B | $1.6B | $922M |
| Depreciation & amortisation | $224M | $292M | $379M | $447M | $496M |
| Stock-based compensation | $69M | $78M | $94M | $90M | $62M |
| Acquisitions | $0 | $0 | $0 | $154M | $0 |
| Share buybacks | $813M | $444M | $559M | $1.6B | $1.2B |
Key ratios
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Feb 2025 | Feb 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 29.6% | 18.6% | 10.1% | 4.9% |
| Operating income growth (YoY) | – | −0.4% | 60.5% | 17.5% | −11.8% |
| EPS growth (YoY) | – | −10.8% | 82.6% | 20.0% | −9.4% |
| Gross margin | 57.7% | 55.4% | 58.3% | 59.2% | 56.6% |
| Operating margin | 21.3% | 16.4% | 22.2% | 23.7% | 19.9% |
| Net margin | 15.6% | 10.5% | 16.1% | 17.1% | 14.2% |
| Return on equityBlank when equity is negative | 35.6% | 27.1% | 36.6% | 42.0% | 31.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 37.7% | 32.3% | 39.1% | 43.5% | 33.7% |
| Free cash flow margin | 15.9% | 4.0% | 17.1% | 15.0% | 8.3% |
| Cash conversion (CFO ÷ net income) | 1.42x | 1.13x | 1.48x | 1.25x | 1.01x |
| Receivable days | 4 | 6 | 5 | 4 | 6 |
| Inventory days | 133 | 146 | 120 | 122 | 129 |
| Payable days | 40 | 17 | 32 | 23 | 25 |
| Current ratio | 1.86x | 2.12x | 2.49x | 2.16x | 2.26x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.