lululemon athletica inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data lululemon athletica inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,344	2,649	3,288	3,979	4,402	6,257	8,111	9,619	10,588	11,103
Cost of revenue	1,145	1,250	1,472	1,756	1,938	2,648	3,618	4,010	4,317	4,818
Gross profit	1,200	1,399	1,816	2,223	2,464	3,609	4,492	5,609	6,271	6,284
Selling, general and administrative	778	904	1,110	1,334	1,609	2,225	2,757	3,397	3,762	4,067
Operating income	421	456	706	889	820	1,333	1,328	2,133	2,506	2,211
Other non-operating income	1.58	4	9.41	8.28	-0.64	0.51	4.16	43.1	70.4	28.4
Pre-tax income	423	460	715	897	819	1,334	1,333	2,176	2,576	2,239
Income tax	119	201	231	252	230	359	478	626	761	660
Net income	303	259	484	646	589	975	855	1,550	1,815	1,579
EBITDA	509	564	828	1,051	1,005	1,558	1,620	2,512	2,952	2,707
EPS, basic	2.21	1.90	3.63	4.95	4.52	7.52	6.70	12.23	14.67	13.27
EPS, diluted	2.21	1.90	3.61	4.93	4.50	7.49	6.68	12.20	14.64	13.26
Shares, basic (weighted)	137	136	133	130	130	130	128	127	124	119
Shares, diluted (weighted)	137	136	134	131	131	130	128	127	124	119

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	735	991	881	1,094	1,151	1,260	1,155	2,244	1,984	1,807
Receivables	9.2	19.2	35.8	40.2	62.4	77	133	125	120	191
Inventory	298	330	405	519	647	966	1,447	1,324	1,442	1,701
Other current assets	39.1	48.1	57.9	4.24	25.6	32.6	80	46.7	26.9	35.9
Total current assets	1,163	1,436	1,429	1,808	2,124	2,615	3,159	4,061	3,980	4,263
Property, plant and equipment	423	474	567	672	746	928	1,270	1,546	1,781	2,034
Lease right-of-use assets			0	690	735	804	969	1,266	1,416	1,630
Goodwill	24.2	24.6	24.2	24.2	387	387	24.1	24.1	160	185
Intangible assets	0.32	0.07	0	0.24	80.1	71.3	22	0	11.7	6.28
Other non-current assets	20.5	31.4	37.4	56.2	107	132	156	187	238	315
Total assets	1,658	1,998	2,085	3,281	4,185	4,942	5,607	7,092	7,603	8,457
Accounts payable	24.8	24.6	95.5	80	172	290	173	348	271	331
Accrued liabilities				113	227	331	399	349	559	663
Deferred revenue		2.45	8.05	12.7
Short-term debt				0	0	0	0	0	0
Total current liabilities	242	293	500	620	883	1,405	1,492	1,631	1,840	1,888
Lease liabilities			0	611	633	692	862	1,154	1,301	1,500
Other non-current liabilities	48.3	59.3	81.9	5.6	8.98	13.6	20	29.2	40.8	55.4
Total liabilities	298	402	639	1,329	1,627	2,202	2,458	2,860	3,279	3,495
Paid-in capital	267	284	315	356	389	423	475	575	638	669
Retained earnings	1,294	1,455	1,347	1,821	2,346	2,513	2,926	3,920	4,110	4,523
Other comprehensive income	-202	-143	-217	-225	-177	-196	-253	-264	-424	-231
Shareholders' equity	1,360	1,597	1,446	1,952	2,559	2,740	3,149	4,232	4,324	4,962
Total equity	1,360	1,597	1,446	1,952	2,559	2,740	3,149	4,232	4,324	4,962
Total liabilities and equity	1,658	1,998	2,085	3,281	4,185	4,942	5,607	7,092	7,603	8,457
Shares outstanding	127	126	122	124	125	123	122	121	116	111

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	303	259	484	646	589	975	855	1,550	1,815	1,579
Depreciation and amortization	87.7	108	122	162	185	224	292	379	447	496
Stock-based compensation	16.8	17.6	28.6	45.6	50.8	69.1	78.1	93.6	90	62.2
Deferred income tax	-18.2	0.72	19	24.4	34.1	-6.87	9.4	-26.7	58.4	-49.1
Change in receivables							-59	6.58	1.63	-65.8
Change in inventory	-5.4	-21.2	-85.9	-118	-96.5	-324	-573	66.6	-156	-189
Change in payables	14.1	-1.55	72	-14.8	82.7	118	-107	177	-57	45.9
Cash from operations	386	489	743	669	803	1,389	966	2,296	2,273	1,602
Capital expenditures	-150	-158	-226	-283	-229	-395	-639	-652	-689	-681
Acquisitions			0	0	-453	0	0	0	-154	0
Cash from investing	-150	-173	-243	-278	-696	-428	-570	-654	-798	-662
Share buybacks	-29.3	-100	-598	-173	-63.7	-813	-444	-559	-1,637	-1,178
Cash from financing	-26.6	-97.9	-590	-177	-80.8	-845	-467	-549	-1,653	-1,209
Exchange rate effect	23.1	37.6	-19	-1.55	30	-6.88	-34	-4.1	-81.7	91.2
Net change in cash	233	256	-109	212	57	109	-105	1,089	-260	-177
Free cash flow	237	331	517	386	574	995	328	1,644	1,583	922
Interest paid	5.18	0.01	1.39	0.33	0.11	0.01	0.12	0.23	0.48	1.03
Income taxes paid	132	138	177	305	261	245	502	824	579	1,015

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 2, 2026; growth uses fiscal years. Valuation uses the share price of $101.30 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	56.1%	Gross profit / revenue.
Operating margin	17.8%	Operating income / revenue.
EBITDA margin	22.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	18.1%	Pre-tax income / revenue.
Net margin	12.8%	Net income / revenue.
FCF margin	12.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.9%	Cash from operations / revenue.
Effective tax rate	29.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	29.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	16.7%	Net income / average total assets.
Return on invested capital (ROIC)	41.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	38.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.7%	Capital expenditures / revenue.
D&A / revenue	4.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	20.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	20.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-11.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	18.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	21.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-8.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	18.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	21.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-13.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	22.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	21.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-9.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	25.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	24.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-29.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	18.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-41.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	41.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	9.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	14.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	16.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	11.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.19x	Current assets / current liabilities.
Quick ratio	0.87x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.77x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	43.5%	Total liabilities / total assets.
Working capital	$2.14B	Current assets - current liabilities.
Goodwill and intangibles / assets	2.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$4.60B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.31x	Revenue / average total assets.
Fixed asset turnover	5.42x	Revenue / average property, plant and equipment.
Inventory turnover	2.85x	Cost of revenue / average inventory.
Days inventory	128 days	365 x average inventory / cost of revenue.
Receivables turnover	64.8x	Revenue / average receivables.
Days sales outstanding	6 days	365 x average receivables / revenue.
Days payables	26 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	108 days	Days inventory + days sales outstanding - days payables.
FCF conversion	95.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	31.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$12.56	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$98.25	Revenue / diluted weighted shares.
FCF per share	$11.99	Free cash flow / diluted weighted shares.
Operating cash flow per share	$17.55	Cash from operations / diluted weighted shares.
Book value per share	$44.96	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$43.19	Tangible book value / shares outstanding.
Cash per share	$13.04	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	85.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$10.98B	Share price x shares outstanding.
Enterprise value	$9.60B	Market cap + total debt - cash - short-term investments.
P/E	7.75x	Market cap / net income. Only when net income is positive.
P/S	0.99x	Market cap / revenue.
P/B	2.29x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.39x	Market cap / tangible book value, when positive.
P/FCF	8.11x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.54x	Market cap / cash from operations, when positive.
EV/Sales	0.86x	Enterprise value / revenue.
EV/EBIT	4.85x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.81x	Enterprise value / EBITDA, when both are positive.
EV/FCF	7.08x	Enterprise value / free cash flow, when both are positive.
FCF yield	12.3%	Free cash flow / market cap.
Earnings yield	12.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	10.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.30x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was lululemon athletica inc.'s revenue in fiscal 2025?

lululemon athletica inc. reported revenue of $11.10B for fiscal 2025, 4.9% higher than the year before.

Was lululemon athletica inc. profitable in fiscal 2025?

Yes. Net income was $1.58B, a net margin of 14.2%.

How much free cash flow did lululemon athletica inc. generate in fiscal 2025?

Cash from operations of $1.60B minus capital expenditures of $680.8M left free cash flow of $921.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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