At a glance
Lululemon Athletica Inc. is worth $11.39B, about 8 times its fiscal 2026 earnings. Revenue grew 4.9% to $11.10B in fiscal 2026, with 14.2% kept as profit; over 5 years it has grown 20.3% a year. It pays no dividend; it spent $4.63B buying back its shares over FY2022–FY2026. The stock returned −36.8% over the past year with dividends reinvested and −25.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 47.3% in the 2020 crash (S&P 500: 33.7%) and 36.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 17 months after the lows.
The business in plain English
lululemon athletica designs and sells technical athletic apparel, footwear and accessories under the lululemon brand. Its pants, shorts, tops and jackets are made for yoga, running, training and life on the move. The company runs a "vertical" retail model, meaning it designs, distributes and sells its own products, and it calls its customers "guests." Selling directly brings their feedback into new designs. In the fiscal year ended February 1, 2026, revenue was $11.1 billion: women's products made up 63%, men's 24%, and accessories and other categories 13%.
As of February 1, 2026, it ran 811 company-operated stores, mainly on streets, in lifestyle centers and in malls, and sold online through its websites, app and third-party marketplaces. Other channels include 58 outlets that sell older stock at discounts, wholesale sales to fitness studios and campus retailers, a "Like New" resale program, and 45 locations run by licensed partners, mostly in the Middle East.
The company operates in 30 countries and reports three segments. The Americas, where it opened its first store in Vancouver, Canada, in 1998, produced 71% of revenue, though sales there slipped 1.0%. China Mainland produced 16% and grew 28.9%. Rest of World, which combines Asia Pacific with Europe and the Middle East, produced 13% and grew 15.6%. The United States accounted for 57% of revenue.
Price history
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LULU -36.8% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Women's apparel | $7.00B | 63% |
| Men's apparel | $2.66B | 24% |
| Accessories and other categories | $1.44B | 13% |
By business segment
| Americas | $7.85B | 70.7% |
| China Mainland Segment | $1.75B | 15.8% |
| Rest of World | $1.50B | 13.5% |
By geography
| United States | $6.33B | 57% |
| China Mainland | $1.75B | 15.8% |
| Canada | $1.42B | 12.8% |
| Other geographic areas | $1.30B | 11.7% |
| Hong Kong SAR, Taiwan, and Macau SAR | $199.1M | 1.8% |
| Mexico | $95.5M | 0.9% |
Latest results
- In Q2 FY2027 (ended Aug 2, 2026), revenue was $2.42B, down 4.3% from a year earlier, and net income was $329.2M (-11.2%).
- For fiscal 2026, revenue was $11.10B (+4.9% year over year; +20.3% a year from FY2021 to FY2026) with a 14.2% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +20.3% good |
|---|---|
| Operating margin | 19.9% good |
| Free cash flow margin | 8.3% watch |
| Return on equity (FY2026) | 31.8% good |
| Return on assets (FY2026) | 18.7% good |
| Net cash (cash minus debt) | $1.39B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $4.40B | $588.9M | $574.1M |
| FY2022 | $6.26B | $975.3M | $994.6M |
| FY2023 | $8.11B | $854.8M | $327.8M |
| FY2024 | $9.62B | $1.55B | $1.64B |
| FY2025 | $10.59B | $1.81B | $1.58B |
| FY2026 | $11.10B | $1.58B | $921.7M |
Valuation snapshot
| Market value | $11.39B |
|---|---|
| P/E ratio | 8.1 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Lululemon Athletica’s market value went from $8.27B at the end of 2016 to $11.39B on Nov 2, 2026, up 38%; since the end of 2025 it is down 51%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $11.39B | -51.2% |
| 2025 | $23.31B | -47.7% |
| 2024 | $44.61B | -27.9% |
| 2023 | $61.90B | +57.9% |
| 2022 | $39.21B | -19.3% |
| 2021 | $48.58B | +11.5% |
| 2020 | $43.55B | +52.4% |
| 2019 | $28.57B | +91.6% |
| 2018 | $14.91B | +51.1% |
| 2017 | $9.87B | +19.3% |
| 2016 | $8.27B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LULU price data to Nov 2, 2026 | -48.1% | -36.8% | -35.6% | -25.3% | +6.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -48.1% |
| 2025 | -45.7% |
| 2024 | -25.2% |
| 2023 | +59.6% |
| 2022 | -18.2% |
| 2021 | +12.5% |
| 2020 | +50.2% |
| 2019 | +90.5% |
| 2018 | +54.7% |
| 2017 | +20.9% |
| 2016 | +23.9% |
| 2015 | -6.0% |
| 2014 | -5.5% |
| 2013 | -22.6% |
| 2012 | +63.4% |
| 2011 | +36.4% |
| 2010 | +127.3% |
| 2009 | +279.6% |
| 2008 | -83.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 90.2% over that stretch · deepest drop along the way 92.3%, back to its old high 21 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 34.4% over that stretch · deepest drop along the way 47.3%, back to its old high 2.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.8% over that stretch · deepest drop along the way 36.4%, back to its old high 16.8 months after the low |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 2 open-market purchases ($995K) and 1 sales ($100K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 15, 2026 | Charles V Bergh Director | buy | $500K |
| Apr 1, 2026 | Andre Maestrini Pres, CCO & Interim Co-CEO | buy | $495K |
| Apr 8, 2026 | Nicole Neuburger Chief Brand Officer | sell | $100K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.22% | Mar 31, 2026 |
| BlackRock, Inc. | 5.8% | Sep 30, 2026 |
| G1 Execution Services, LLC | 5.7% | Sep 30, 2025 |
| FMR LLC | 3.6% | Sep 30, 2025 |
ETFs with the most weight in LULU
| FCTE SMI 3Fourteen Full-Cycle Trend ETF | 4.88% |
| CNAV Mohr Company Nav ETF | 2.49% |
| RTH VanEck Retail ETF | 1.76% |
| QQXT First Trust Nasdaq-100 Ex-Technology Sector Index Fund | 1.56% |
| BRNY Burney U.S. Factor Rotation ETF | 1.45% |
| CGMM Capital Group U.S. Small and Mid Cap ETF | 1.25% |
| FBCG Fidelity Blue Chip Growth ETF | 0.97% |
| QQQE Direxion NASDAQ-100 Equal Weighted Index Shares | 0.89% |
What could go wrong
- Cheaper look-alike "dupes" erode the premium. lululemon holds few patents on its fabrics and methods, so rivals can copy them. If lower-priced imitations spread, including through social media trends, shoppers may see less reason to pay lululemon's higher prices.
- Brand damage from bad publicity or recalls. The lululemon name drives the business. Product quality problems, a recall, or bad publicity about the company or people tied to it, amplified on social media, could weaken demand.
- Tariffs and reliance on a few suppliers. A relatively small number of international vendors make a significant share of its products. US tariff changes, including ending duty-free entry for low-value imports (the de minimis exemption), have raised costs and could squeeze margins.
- Growth depends more on markets abroad. Americas sales fell 1.0% in the fiscal year ended February 1, 2026, while China Mainland and other regions grew. Overseas growth brings currency swings, political tensions and markets where the brand is less known.
- Turnover in senior leadership. The company says its success depends on senior management. Filings between April and October 2026 reported several executive or board changes, and an April 2026 filing listed an interim co-CEO.
- Misreading what shoppers want next. Athletic fashion can shift quickly, and lululemon must spot trends and launch new products on time. Misjudging styles or demand could mean lower sales, lower margins and excess inventory.
Recent events
- Executive or board change; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change; Bylaws or fiscal year changed
- Quarterly results released
- Other company announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Major agreement signed; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
lululemon pays no dividend, so the shares provide no regular income; any return must come from the share price. The company instead buys back its own stock. It spent about $4.6 billion on buybacks over the five fiscal years ended February 1, 2026, and its share count fell 15.3% from September 2021 to August 2026. In the last of those fiscal years, buybacks of $1.18 billion exceeded free cash flow (cash left after running and investing in the business) of $922 million.
The stock has swung sharply in downturns. It fell 92.3% around the 2008 financial crisis and did not regain its peak until December 2010. It dropped 47.3% in the 2020 COVID crash but recovered in about two months, and fell 36.4% in 2022, taking about 17 months to recover. As of October 28, 2026, it was down 49.4% year to date. Single stocks carry more risk than diversified funds that spread money across many companies.
Questions investors ask
How does lululemon make money?
lululemon makes money by designing and selling its own technical athletic apparel, footwear and accessories. It sells through 811 company-operated stores, its websites and app, online marketplaces, outlets, wholesale partners and licensed stores. In the fiscal year ended February 1, 2026, revenue was $11.1 billion. Women's products brought in 63%, men's 24% and accessories and other categories 13%. Gross margin, the share of sales left after product costs, was 56.6%.
Does lululemon pay a dividend?
No. lululemon paid no dividends over the five fiscal years ended February 1, 2026, so the shares offer no regular income. The company returns cash by buying back its own stock instead, spending about $4.6 billion over those five years. Its share count fell 15.3% from September 2021 to August 2026. Buybacks can raise each remaining share's slice of profits, but unlike a dividend they put no cash in an investor's pocket unless the shares are sold.
Is lululemon still growing?
Its sales grew in the fiscal year ended February 1, 2026, but shrank in the quarter ended August 2, 2026. Full-year revenue rose 4.9% to $11.1 billion, though net income fell 13%. China Mainland sales jumped 28.9% and Rest of World 15.6%, while the Americas, 71% of revenue, slipped 1.0%. In the August quarter, revenue fell 4.3% and net income 11.2% from a year earlier. Over the five years to February 1, 2026, revenue grew about 20% a year.
How important is China to lululemon?
Increasingly important. China Mainland is lululemon's fastest-growing segment and its second largest. In the fiscal year ended February 1, 2026, it brought in $1.75 billion, or 16% of revenue, up 28.9% from the year before. The company had 172 stores there, up from 151, and expects China Mainland to get the most new company-operated stores in the fiscal year ending January 31, 2027. That growth also adds exposure to trade tensions and currency swings.
What is lululemon's P/E ratio?
lululemon's price-to-earnings (P/E) ratio was 7.9 as of October 28, 2026, based on earnings of $13.26 per share for the fiscal year ended February 1, 2026. The P/E shows how many dollars investors pay for each dollar of yearly profit. A low P/E can mean a stock is cheap, or that investors expect profits to shrink. lululemon's net income fell 13% that year, and its market value was about $11.1 billion as of October 28.