Companies /Consumer Cyclical

Lululemon Athletica Inc

NASDAQ: LULU Apparel Retail
$100.44
▼ $21.33 (−17.52%) today
Markets open · 11:57am ET

Q1 2026 Earnings

Reported Jun 5, 2025, 4:10pm ET · SEC source
$2.60
Beat +0.38%
EPS · est. $2.59
$2.4B
Beat +0.05%
Revenue · est. $2.4B
−14.5%
Trailing market
LULU vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−9%0+9%+18%Jun 5Jun 6report 4:10pm ETearnings+1.1%−6.8%
−9%0+9%+18%Jun 5Jun 6earnings+1.1%−6.8%
LULU −6.8%S&P 500 +1.1%
−9%0+9%+18%Jun 5Jun 6report 4:10pm ETearnings+1.2%−6.8%
−9%0+9%+18%Jun 5Jun 6earnings+1.2%−6.8%
LULU −6.8%NASDAQ +1.2%
0+20%Jun 4Jun 13report 4:10pm ETearnings+0.8%−7.2%
0+20%Jun 4Jun 13earnings+0.8%−7.2%
LULU −7.2%S&P 500 +0.8%
0+20%Jun 4Jun 13report 4:10pm ETearnings+0.8%−7.2%
0+20%Jun 4Jun 13earnings+0.8%−7.2%
LULU −7.2%NASDAQ +0.8%
−19.80%
Day of report
−2.35%
Next session
−9.86%
One week
−10.08%
30 days

S&P 500 over the same 30 days: +4.45%.

Did LULU Beat Earnings? Q1 2026 Results

Lululemon opened fiscal 2026 on a quietly resilient note, posting first-quarter results that edged past Wall Street's expectations even as margin pressure and tariff uncertainty kept enthusiasm measured. The athleisure retailer reported revenue of $2.37 billion, a 7.3% year-over-year gain that fractionally cleared the $2.37 billion consensus, while diluted EPS of $2.60 beat the $2.59 estimate by 0.38%, though net income dipped slightly to $314.57 million as a higher effective tax rate and faster-growing SG&A expenses weighed on the bottom line. The standout driver was international momentum, with China Mainland revenue climbing 21% and overall international sales rising 19%, offsetting a 2% comparable-sales decline in the Americas. CEO Calvin McDonald struck an offensive tone despite the choppy macro backdrop, and the company maintained its full-year revenue outlook of $11.15 billion to $11.30 billion while updating EPS guidance to $14.58 to $14.78, though management was careful to note that potential tariff impacts remain excluded from those figures, a caveat that has kept some analysts cautious even as the brand's underlying health looks intact.

Key Takeaways
  • Revenue growth of 7% year-over-year (8% constant dollar)
  • International revenue surged 19% (20% constant dollar), led by China Mainland at 21% growth
  • Gross margin expanded 60 basis points to 58.3%
  • Product innovations, newness, and brand activations drove guest response globally
  • Comparable sales increased 1% overall; international comparable sales up 6%

“In the first quarter, we achieved growth across channels, categories, and markets, including the U.S., reflecting the continued strength and agility of our business model. Additionally, guests responded well to the product innovations, newness, and brand activations we delivered around the world. As we navigate the dynamic macroenvironment, we intend to leverage our strong financial position and competitive advantages to play offense, while we continue to invest in the growth opportunities in front of us.”

Lululemon CEO, on the earnings call

Forward Guidance & Outlook

For Q2 2025, lululemon expects net revenue of $2.535 billion to $2.560 billion (7%-8% growth) and diluted EPS of $2.85 to $2.90, assuming a 30% tax rate. For full-year fiscal 2025, the company continues to expect net revenue of $11.150 billion to $11.300 billion (5%-7% growth, or 7%-8% excluding the 53rd week of fiscal 2024), with diluted EPS now expected to be $14.58 to $14.78. Guidance does not reflect potential future share repurchases and does not incorporate future unknown impacts including tariffs and macroeconomic trends.

LULU YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$0$700.0M$1.4B$2.1B$2.2B$2.4BRevenue$1.3B$1.4BGross Profit$432.7M$438.6MOperating Income$321.4M$314.6MNet Income
$0$700.0M$1.4B$2.1BRevenueGross ProfitOperating IncomeNet Income

Figures from SEC filings and company reports. Not investment advice.