Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

lululemon athletica inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

	Feb 1, 2026	Feb 2, 2025	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021
Accounts payable	331,421)	271,406)	348,441)	172,732)	289,728)	172,246)
Accrued operating expenses	167,052)	166,745)	126,380)	169,429)	116,822)	71,648)
Accrued duty	99,353)	45,400)	25,817)	21,046)	27,182)	17,404)
Accrued digital marketing	71,240)	45,392)	20,835)	—)	—)	—)
Sales return allowances	70,611)	73,892)	61,634)	55,528)	41,690)	32,560)
Accrued credit card affiliate liabilities	64,837)	—)	—)	—)	—)	—)
Forward currency contract liabilities	36,476)	74,638)	2,872)	25,625)	18,985)	18,766)
Accrued capital expenditures	34,860)	36,690)	31,936)	19,365)	9,616)	8,653)
Accrued freight	34,455)	53,121)	41,241)	57,692)	71,390)	25,687)
Sales tax collected	25,353)	16,967)	3,088)	20,183)	13,540)	15,246)
Accrued rent	20,691)	17,962)	12,522)	12,223)	11,254)	8,559)
Other	38,054)	28,656)	22,230)	18,132)	20,321)	28,344)
Accrued liabilities and other	662,982)	559,463)	348,555)	399,223)	330,800)	226,867)
Accrued compensation and related expenses	187,887)	204,543)	326,110)	248,167)	204,921)	130,171)
Current operating lease liabilities	298,724)	275,154)	249,270)	207,972)	188,996)	166,091)
Current income taxes payable	43,948)	183,126)	12,098)	174,221)	133,852)	8,357)
Unredeemed gift card liability	316,632)	308,352)	306,479)	251,478)	208,195)	155,848)
Other current liabilities	45,954)	37,586)	40,308)	38,405)	48,842)	23,598)
Current liabilities	1,887,548)	1,839,630)	1,631,261)	1,492,198)	1,405,334)	883,178)
Non-current operating lease liabilities	1,499,717)	1,300,637)	1,154,012)	862,362)	692,056)	632,590)
Non-current income taxes payable	—)	—)	15,864)	28,555)	38,074)	43,150)
Deferred income tax liabilities	52,278)	98,188)	29,522)	55,084)	53,352)	58,755)
Other non-current liabilities	55,360)	40,790)	29,201)	20,040)	13,616)	8,976)
Non-current liabilities	1,607,355)	1,439,615)	1,228,599)	966,041)	797,098)	743,471)
Total liabilities	3,494,903)	3,279,245)	2,859,860)	2,458,239)	2,202,432)	1,626,649)
Undesignated preferred stock, $0.01 par value; none issued and outstanding	—)	—)	—)	—)	—)	—)
Exchangeable stock, no par value	—)	—)	—)	—)	—)	—)
Special voting stock, $0.000005 par value	—)	—)	—)	—)	—)	—)
Common stock, $0.005 par value	557)	581)	606)	611)	616)	626)
Additional paid-in capital	669,392)	638,190)	575,369)	474,645)	422,507)	388,667)
Retained earnings	4,522,581)	4,109,717)	3,920,362)	2,926,127)	2,512,840)	2,346,428)
Accumulated other comprehensive loss	(230,690)	(424,441)	(264,256)	(252,584)	(195,917)	(177,155)
Stockholders’ equity	4,961,840)	4,324,047)	4,232,081)	3,148,799)	2,740,046)	2,558,566)
Total liabilities and stockholders’ equity	8,456,743)	7,603,292)	7,091,941)	5,607,038)	4,942,478)	4,185,215)

Based on: 10-K (reporting date: 2026-02-01), 10-K (reporting date: 2025-02-02), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31).

Total liabilities exhibited a consistent upward trend from 2021 through 2026, increasing from US$1,626,649 thousand to US$3,494,903 thousand. This growth was mirrored by a substantial increase in total stockholders’ equity, rising from US$2,558,566 thousand in 2021 to US$4,961,840 thousand in 2026. Consequently, the overall size of the company, as measured by total liabilities and stockholders’ equity, experienced significant expansion over the analyzed period.

Current Liabilities: Current liabilities demonstrated a marked increase between 2021 and 2025, growing from US$883,178 thousand to US$1,839,630 thousand. While growth slowed in 2026, current liabilities remained elevated at US$1,887,548 thousand. A significant contributor to this increase was the unredeemed gift card liability, which rose steadily from US$155,848 thousand to US$316,632 thousand. Accrued compensation and related expenses also showed substantial growth initially, peaking in 2024 before declining slightly in 2025 and 2026. Current operating lease liabilities also increased consistently throughout the period.
Non-Current Liabilities: Non-current liabilities also increased consistently throughout the period, from US$743,471 thousand in 2021 to US$1,607,355 thousand in 2026. The most significant driver of this growth was non-current operating lease liabilities, which more than doubled from US$632,590 thousand to US$1,499,717 thousand. Deferred income tax liabilities experienced fluctuations, peaking in 2025 before decreasing in 2026.
Specific Accrued Liabilities: Several accrued liability accounts exhibited notable changes. Accrued operating expenses increased significantly between 2021 and 2023, then decreased in 2024, before rising again in 2025 and 2026. Accrued duty showed a similar pattern, with increases followed by a substantial rise in 2025 and 2026. Accrued freight fluctuated, peaking in 2022 before declining, and then increasing again in 2025. The emergence of accrued digital marketing expenses in 2024, and their subsequent growth, indicates increasing investment in this area.
Stockholders’ Equity Components: Within stockholders’ equity, retained earnings constituted the largest component and experienced consistent growth, increasing from US$2,346,428 thousand to US$4,522,581 thousand. Additional paid-in capital also increased steadily, though at a slower rate. Accumulated other comprehensive loss remained negative throughout the period, and its magnitude increased significantly in 2025 before decreasing in 2026. Common stock remained relatively stable.

Overall, the financial position of the company strengthened considerably between 2021 and 2026, as evidenced by the growth in both liabilities and stockholders’ equity. The increasing reliance on operating leases and the growth in accrued liabilities warrant continued monitoring. The substantial increase in retained earnings suggests strong profitability and effective capital management.

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lululemon athletica inc. (NASDAQ:LULU)

Balance Sheet: Liabilities and Stockholders’ Equity