Lululemon Athletica (LULU) Research

Forward Estimates

EPS Estimates

Current Qtr

$1.79

$1.66$1.87

vs $3.10-42.3%

15 analysts

Next Qtr

$2.52

$2.14$2.74

vs $2.59-2.6%

14 analysts

Current Yr

$11.16

$10.00$12.25

vs $13.26-15.8%

19 analysts

Next Yr

$11.77

$8.00$14.05

vs $11.16+5.4%

22 analysts

Revenue Estimates

Current Qtr

$2.46B

$2.42B$2.49B

vs $2.53B-2.5%

20 analysts

Next Qtr

$2.54B

$2.45B$2.59B

vs $2.57B-0.9%

20 analysts

Current Yr

$11.13B

$10.77B$11.55B

vs $11.10B+0.2%

30 analysts

Next Yr

$11.50B

$10.71B$12.27B

vs $11.13B+3.4%

30 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for LULU on EDGAR.

LULU filing events and research context
Filed	Item	Context
Mar 17, 2026	business	Lululemon athletica inc. designs, distributes, and retails technical athletic apparel, footwear, and accessories. In fiscal 2025, women’s products generated 63% of net revenue, followed by men’s (24%) and accessories (13%). Operating an omni-channel model, the company’s largest market is the Americas, representing 71% of 2025 net revenue ($7.85 billion, a 1.0% year-over-year decline). Growth is primarily driven by China Mainland, which grew 28.9% to $1.75 billion (16% of revenue), and the Rest of World segment, which grew 15.6% to $1.50 billion (13% of revenue). As of February 1, 2026, Lululemon operated 811 company-operated stores globally, though sales per square foot decreased to $1,426 from $1,574 in 2024. The company relies on an outsourced manufacturing model with 51 vendors; Vietnam is the primary manufacturing hub (40% of products), while Taiwan (34%) and China Mainland (29%) lead fabric sourcing. Lululemon faces intense competition from established and new athletic brands and experiences significant seasonality, with the fourth quarter generating approximately 37% of its 2025 operating profit.
Mar 17, 2026	mda	Lululemon reported 5% net revenue growth in 2025 to $11.1 billion, driven by a 22% surge in international markets, specifically a 29% increase in China Mainland. Conversely, the Americas segment struggled, with a 1% revenue decline and a 3% drop in comparable sales, reflecting lower conversion rates and reduced store traffic. While accessories and other categories grew 8%, core product demand in North America softened. Profitability faced significant headwinds, as operating margin contracted 380 basis points to 19.9% and diluted earnings per share fell 9%. These declines were primarily attributed to increased U.S. import tariffs and the elimination of the de minimis exemption, which collectively reduced gross profit by approximately $275 million. Management expects these cost pressures to persist through 2026. To address North American weakness, the company is executing a strategic plan centered on three pillars: product creation, including the reinvigoration of key franchises like Scuba and ABC; product activation, focusing on enhanced digital and in-store experiences; and enterprise efficiency to mitigate margin erosion. Despite these challenges, the company remains committed to capital returns, having repurchased $1.2 billion in shares in 2025 and recently increasing its repurchase authorization by $1.0 billion.
Mar 17, 2026	risk_factors	Lululemon faces significant headwinds primarily driven by shifting trade policies and weakening demand in the Americas. The company’s financial performance is currently pressured by the implementation of new U.S. import tariffs and the elimination of the de minimis exemption, which collectively reduced 2025 gross profit by approximately $275 million. Management expects these incremental costs to continue adversely affecting gross and operating margins throughout 2026, as current mitigation efforts—including selective price increases and supply chain adjustments—are unlikely to fully offset the impact. Operationally, the company is contending with declining revenue trends in North America, characterized by lower store traffic, conversion rates, and average order values. While international regions, particularly China Mainland, have delivered strong growth, the company’s overall profitability is sensitive to macroeconomic volatility, including geopolitical instability and foreign currency fluctuations. To address these challenges, Lululemon has launched a strategic action plan focused on product creation, such as reinvigorating core franchises like Scuba and ABC, and enhancing enterprise efficiency. However, the company remains exposed to risks regarding the recoverability of previously paid tariffs and the ongoing uncertainty surrounding U.S. trade actions, which could materially alter future financial expectations.

Filed

Item

Context

Mar 17, 2026

business

Lululemon athletica inc. designs, distributes, and retails technical athletic apparel, footwear, and accessories. In fiscal 2025, women’s products generated 63% of net revenue, followed by men’s (24%) and accessories (13%). Operating an omni-channel model, the company’s largest market is the Americas, representing 71% of 2025 net revenue ($7.85 billion, a 1.0% year-over-year decline). Growth is primarily driven by China Mainland, which grew 28.9% to $1.75 billion (16% of revenue), and the Rest of World segment, which grew 15.6% to $1.50 billion (13% of revenue). As of February 1, 2026, Lululemon operated 811 company-operated stores globally, though sales per square foot decreased to $1,426 from $1,574 in 2024. The company relies on an outsourced manufacturing model with 51 vendors; Vietnam is the primary manufacturing hub (40% of products), while Taiwan (34%) and China Mainland (29%) lead fabric sourcing. Lululemon faces intense competition from established and new athletic brands and experiences significant seasonality, with the fourth quarter generating approximately 37% of its 2025 operating profit.

Mar 17, 2026

mda

Lululemon reported 5% net revenue growth in 2025 to $11.1 billion, driven by a 22% surge in international markets, specifically a 29% increase in China Mainland. Conversely, the Americas segment struggled, with a 1% revenue decline and a 3% drop in comparable sales, reflecting lower conversion rates and reduced store traffic. While accessories and other categories grew 8%, core product demand in North America softened. Profitability faced significant headwinds, as operating margin contracted 380 basis points to 19.9% and diluted earnings per share fell 9%. These declines were primarily attributed to increased U.S. import tariffs and the elimination of the de minimis exemption, which collectively reduced gross profit by approximately $275 million. Management expects these cost pressures to persist through 2026. To address North American weakness, the company is executing a strategic plan centered on three pillars: product creation, including the reinvigoration of key franchises like Scuba and ABC; product activation, focusing on enhanced digital and in-store experiences; and enterprise efficiency to mitigate margin erosion. Despite these challenges, the company remains committed to capital returns, having repurchased $1.2 billion in shares in 2025 and recently increasing its repurchase authorization by $1.0 billion.

Mar 17, 2026

risk_factors

Lululemon faces significant headwinds primarily driven by shifting trade policies and weakening demand in the Americas. The company’s financial performance is currently pressured by the implementation of new U.S. import tariffs and the elimination of the de minimis exemption, which collectively reduced 2025 gross profit by approximately $275 million. Management expects these incremental costs to continue adversely affecting gross and operating margins throughout 2026, as current mitigation efforts—including selective price increases and supply chain adjustments—are unlikely to fully offset the impact. Operationally, the company is contending with declining revenue trends in North America, characterized by lower store traffic, conversion rates, and average order values. While international regions, particularly China Mainland, have delivered strong growth, the company’s overall profitability is sensitive to macroeconomic volatility, including geopolitical instability and foreign currency fluctuations. To address these challenges, Lululemon has launched a strategic action plan focused on product creation, such as reinvigorating core franchises like Scuba and ABC, and enhancing enterprise efficiency. However, the company remains exposed to risks regarding the recoverability of previously paid tariffs and the ongoing uncertainty surrounding U.S. trade actions, which could materially alter future financial expectations.

Forward Estimates

LULU filing events and research context

Keep researching LULU

Related tickers

Related explainers

Forward Estimates