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Lululemon Athletica (LULU) investor relations material
Lululemon Athletica Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary11 Dec, 2025
Executive summary
Q3 FY2025 revenue grew 7% to $2.6 billion, with international markets driving growth and Americas revenue declining; diluted EPS was $2.59, down from $2.87 last year.
CEO Calvin McDonald announced his planned departure, with a transition to co-CEOs and an executive chair, and will remain as advisor through March; CEO succession plan underway.
The company has tripled annual revenue since 2018, expects $11 billion in fiscal 2025, and expanded to over 30 geographies.
Strong product innovation, guest engagement, and a three-pillar action plan (product creation, activation, enterprise efficiency) are underway to drive U.S. business inflection.
12 net new stores opened, bringing the total to 796 company-operated locations.
Financial highlights
Q3 net revenue rose 7% year-over-year to $2.6 billion; comparable sales increased 2%; digital channel revenue grew 13% to $1.1 billion, 42% of total revenue.
Americas revenue declined 2% (comparable sales down 5%), while international revenue surged 33% (China Mainland up 46%, Rest of World up 19%).
Gross profit was $1.43 billion (55.6% margin), down from 58.5% last year, mainly due to tariffs and higher markdowns.
Operating income was $436 million (17% margin), net income $307 million, EPS $2.59 vs. $2.87 last year.
Inventories increased 11% to $2.0 billion; unit inventory up 4%.
Outlook and guidance
FY2025 revenue expected at $10.96–$11.05 billion, up 4% year-over-year (5–6% excluding the 53rd week); FY2025 EPS guidance raised to $12.92–$13.02.
Q4 revenue expected at $3.5–$3.59 billion, down 1–3% year-over-year; Q4 EPS $4.66–$4.76.
China Mainland revenue expected at or above 20–25% growth; rest of world up high teens.
Gross margin for FY2025 to decrease ~270 bps; operating margin to decrease ~390 bps.
Guidance includes a $210 million reduction in operating income due to higher tariffs and removal of de minimis exemption.
When will US action plan impact be visible?
What are the tariff mitigation strategies?
How will inventory growth impact future margins?
What qualities sought in new CEO?
Detail product development speed improvements
Progress on tariff mitigation efforts?
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Next Lululemon Athletica earnings date
Q4 202627 Mar, 2026
Next Lululemon Athletica earnings date
Q4 202627 Mar, 2026
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Frequently asked questions
Fitness superstars
Lululemon Athletica Inc. is a publicly traded company that specializes in athletic apparel and lifestyle products. With a focus on yoga-inspired clothing, Lululemon offers a wide range of athletic wear for men and women, including leggings, tops, shorts, and accessories. LuluLemons products are known for their quality, innovative designs, and performance-oriented features. The company aims to provide customers with functional and stylish activewear that promotes and enables an active lifestyle. In addition to their physical stores, Lululemon also operates an e-commerce platform, allowing customers to shop conveniently online.
A diverse range of products
Lululemon offers a wide range of athletic and lifestyle clothing for men and women. Their product collection includes leggings, shorts, tops, sports bras, jackets, hoodies, and accessories like headbands and bags. Lululemon is known for their attention to detail and the use of high-quality materials, ensuring comfort, flexibility, and breathability in their garments which in turn makes them perfect for customers . They prioritize functionality by incorporating features such as moisture-wicking properties, four-way stretch, and strategic ventilation. Lululemon's designs encompass both classic and trendy styles, offering customers a variety of options to suit their preferences and activities, whether it be yoga, running, gym workouts, or everyday wear. Companies competing with LuluLemon for this very lucrative market include big names like Nike, Adidas, and Under Armour.
Surfing the athleisure wave
Athleisure is a fashion trend that combines athletic and leisurewear, blurring the boundaries between sportswear and casual clothing. Lululemon has been at the forefront of the athleisure movement, offering fashionable and high-quality athletic apparel that can be seamlessly integrated into daily routines. By catering to the increasing demand for versatile and comfortable clothing, Lululemon has capitalized on the trend, establishing itself as a leading brand in the category.
Utilizing both physical and online stores
Lululemon operates a global network of physical stores, offering customers an immersive and personalized shopping experience. Additionally, Lululemon has an online platform where customers can browse and purchase products, with features like detailed product information and easy delivery options. This omni-channel approach allows customers to engage with Lululemon in a way that suits their preferences, whether in-store or online. LuluLemon also partners up with various gyms and similar establishments to sell their products directly to consumers.
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