lululemon athletica inc. (NASDAQ:LULU)

Total assets

The total assets have shown a consistent upward trend over the observed periods. Starting from approximately 3.28 billion US dollars in early 2020, the figure increased steadily each year, reaching about 7.60 billion US dollars by early 2025. This reflects a significant asset growth, with a notable acceleration in the most recent years, indicating possible investments or acquisitions. The year-over-year increases suggest a robust expansion in the company's asset base.

Adjusted total assets

Adjusted total assets follow a pattern very similar to that of total assets, with values slightly lower but closely aligned throughout the periods. Beginning at around 3.25 billion US dollars in early 2020 and progressing to approximately 7.59 billion US dollars in early 2025, the adjusted total assets also demonstrate continuous growth. This parallel movement suggests that whatever adjustments were made do not substantially alter the overall asset growth trend, affirming the sustained increase in total resources held by the company after adjustments.

Current Liabilities

The current liabilities have exhibited a consistent upward trend over the observed periods. Starting at approximately $620 million, they have nearly tripled to about $1.84 billion by the latest period. This rising trajectory suggests increasing short-term obligations, which may be attributed to growth in operations or increased reliance on short-term financing.

Adjusted Current Liabilities

Adjusted current liabilities, which likely exclude certain items to provide a refined view of short-term obligations, also increased steadily from $500 million to approximately $1.53 billion. This trend mirrors the general increase seen in total current liabilities but at a slightly lower scale, indicating that a portion of the liabilities considered in the total current liabilities may be excluded in the adjustment.

Overall Analysis

Both measures of liabilities show significant growth, indicating expanding short-term financial responsibilities. The gap between total and adjusted current liabilities remains substantial but relatively stable, suggesting consistent adjustments applied across years. The continuous rise in liabilities warrants careful assessment of liquidity and working capital management to ensure that the company maintains sufficient short-term financial health while managing growth.

The analysis of the annual liabilities data reveals a clear upward trend over the reported periods, indicating an increasing level of financial commitments for the company.

Total Liabilities

Total liabilities increased steadily from US$1,329,136 thousand in early 2020 to US$3,279,245 thousand projected for early 2025. This represents more than a doubling over the six-year span, reflecting a consistent rise in the company's obligations.

Adjusted Total Liabilities

Adjusted total liabilities follow a similar trajectory, rising from US$1,165,291 thousand in 2020 to US$2,872,705 thousand projected by 2025. The adjusted figures are consistently lower than the total liabilities, suggesting some adjustments for accounting or operational factors, but the growth pattern remains in line with the total liabilities trend.

The continuous increase in both total and adjusted liabilities implies that the company is progressively leveraging more debt or incurring greater obligations. This could indicate expansion efforts, increased investment, or changes in financing strategies. No periods of decline or stabilization are observed; the liabilities show robust growth each year.

The analysis focuses on the trends observed in stockholders’ equity and adjusted stockholders’ equity over a six-year period.

Stockholders' equity (US$ in thousands)

Over the six fiscal years, stockholders’ equity demonstrated a consistent upward trajectory. Starting at approximately 1,952 million in early 2020, it rose to about 4,324 million by early 2025. The increases show a notable acceleration, particularly between 2023 and 2024, where the equity grew by over 1 billion dollars, indicating enhanced retention of earnings or equity financing activities.

Adjusted stockholders’ equity (US$ in thousands)

Adjusted stockholders’ equity also followed a positive trend in line with the reported equity. Beginning at 2,085 million in early 2020, it increased steadily to reach about 4,713 million by early 2025. The adjusted figures remain consistently higher than the reported stockholders’ equity each year, reflecting adjustments that perhaps account for items excluded from the standard equity measurement. The growth pattern mirrors the general equity growth, with a particularly sharp increase between 2023 and 2024.

Overall, the company exhibited strong financial growth through the accumulation of equity, with both standard and adjusted measures reinforcing the stability and potential capital strengthening over the reviewed period. The accelerated growth in the later years suggests improved profitability, capital injections, or other favorable equity-impacting events contributing to the company’s equity base expansion.

The financial data exhibits a consistent upward trend in the company’s equity and capital metrics over the periods analyzed. Both stockholders’ equity and total reported capital have shown steady growth, indicating an expanding base of owner financing and retained earnings.

Stockholders’ equity and Total reported capital

From February 2020 to February 2025, stockholders’ equity increased from approximately 1.95 billion US dollars to about 4.32 billion US dollars. This represents more than a doubling in equity, signifying strong capital accumulation and reinvestment.

Total reported capital follows the same pattern and values as stockholders’ equity throughout, reflecting a similar composition without significant long-term debt impact.

Adjusted total debt

Adjusted total debt shows a marked growth trend, starting at roughly 740 million US dollars in February 2020 and reaching about 1.58 billion US dollars by February 2025. This near doubling over five years implies increased leverage, possibly to finance expansion or operational activities.

Adjusted stockholders’ equity

Adjusted stockholders’ equity closely mirrors the ascending pattern of reported equity but with slightly higher values, increasing from approximately 2.08 billion US dollars to 4.71 billion US dollars. The higher adjusted figure could suggest adjustments for items like unrealized gains or other comprehensive income, indicating a stronger equity base than reported.

Adjusted total capital

Adjusted total capital, which combines adjusted debt and equity, demonstrates substantial expansion from around 2.82 billion US dollars to 6.29 billion US dollars. This growth surpasses the increase in reported capital, highlighting an increased role of debt in the overall capitalization structure.

Overall, the data indicates a healthy growth trajectory with rising equity capital complemented by a significant increase in debt levels. The expanding adjusted total capital suggests the company is leveraging additional financing to support growth initiatives or investments. The simultaneous increase in equity and debt reflects balanced capital management aimed at sustaining long-term financial stability and operational capacity.

The financial data indicates a consistent upward trend in both net revenue and adjusted net revenue over the periods examined.

Net Revenue

The net revenue increased steadily from US$3,979,296 thousand in the period ending February 2, 2020, to US$10,588,126 thousand in the period ending February 2, 2025. This represents a significant growth over the six-year period, more than doubling the initial amount. The year-over-year increases suggest robust sales performance and expansion capabilities.

Adjusted Net Revenue

Adjusted net revenue follows a similar positive trajectory, beginning at US$4,000,297 thousand in early 2020 and reaching US$10,589,999 thousand by early 2025. The slight premium over reported net revenue in each period indicates consistent adjustments that marginally increase the reported figures, possibly reflecting revenue recognition policies or certain accounting adjustments.

Trends and Insights

Both metrics show strong and sustained growth, indicating effective business strategies and market demand for the company's products or services. The close alignment between net revenue and adjusted net revenue suggests the adjustments have a minimal impact on the overall revenue trend.

The financial data reveal a dynamic performance trend over the analyzed periods with respect to net income and adjusted net income.

Net Income

The net income exhibits fluctuations with an initial decrease from 645,596 thousand US dollars in early 2020 to 588,913 thousand US dollars in early 2021. Subsequently, a significant increase is observed in early 2022, reaching 975,322 thousand US dollars. This figure declines again to 854,800 thousand US dollars in early 2023, followed by substantial growth in the following years, culminating in 1,810,616 thousand US dollars in early 2025, the highest value recorded in the period analyzed.

Adjusted Net Income

Adjusted net income follows a somewhat similar pattern with values starting at 683,218 thousand US dollars in early 2020, rising moderately to 705,899 thousand US dollars in early 2021. It then peaks at 1,002,040 thousand US dollars in early 2022 before decreasing to 850,816 thousand US dollars in early 2023. After this decline, adjusted net income increases markedly each year, reaching 1,714,683 thousand US dollars by early 2025. This continuous upward trend from 2023 onward indicates improved operational adjustments or non-recurring items management.

Overall, the company's profitability as reflected by both net income metrics demonstrates resilience with notable year-over-year growth in the later stages of the timeline. The adjusted net income consistently exceeds net income each year, suggesting ongoing adjustments that positively affect the profitability outlook when non-recurring or exceptional items are accounted for. The sharp rise in the most recent years points toward enhanced financial performance or strategic improvements.