Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2008
- Price to Sales (P/S) since 2008
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lululemon athletica inc., consolidated cash flow statement
US$ in thousands
Based on: 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), 10-K (reporting date: 2020-02-02).
The financial data reveals several key trends and fluctuations across fiscal years, illustrating the company’s operational performance, investment activities, and capital management strategies.
- Net Income
- Net income demonstrated variability, with a dip from 645,596 thousand USD in 2020 to 588,913 thousand USD in 2021, followed by a significant rise to 975,322 thousand USD in 2022. Although there was a decline in 2023 to 854,800 thousand USD, a substantial increase occurred in 2024 and 2025, reaching 1,550,190 thousand USD and 1,814,616 thousand USD respectively.
- Depreciation and Amortization
- Depreciation and amortization expenses steadily increased each year, from 161,933 thousand USD in 2020 to 446,524 thousand USD in 2025, reflecting growing capital investment or asset base.
- Significant Non-Recurring Items
- In 2023, notable non-recurring charges were observed such as impairment of goodwill and restructuring costs at 407,913 thousand USD, and a studio obsolescence provision of 62,928 thousand USD. These were reduced in 2024. A gain on asset disposal was recorded as a negative 10,180 thousand USD in 2023, indicating a loss.
- Stock-Based Compensation Expense
- This expense showed a general upward trend from 45,593 thousand USD in 2020 to 93,560 thousand USD in 2024, which slightly decreased to 90,011 thousand USD in 2025, suggesting increased employee compensation through equity.
- Changes in Operating Assets and Liabilities
- Fluctuations in working capital management were significant, with a major outflow in 2023 (-659,920 thousand USD) followed by a strong recovery in 2024 (199,223 thousand USD). Variability here reflects changing operational dynamics and possibly inventory and receivables management challenges.
- Net Cash Provided by Operating Activities
- Operating cash flow rose sharply from 669,316 thousand USD in 2020 to a peak of 2,296,164 thousand USD in 2024, stabilizing near that level at 2,272,713 thousand USD in 2025, indicating enhanced cash generation capacity over time.
- Investing Activities
- Capital expenditures increased markedly, with property and equipment purchases rising from 283,048 thousand USD in 2020 to 689,232 thousand USD in 2025, signaling significant investment in fixed assets. The data also highlights a large acquisition outflow in 2021 (-452,581 thousand USD) and again in 2025 (-154,146 thousand USD), reflecting strategic growth through acquisitions.
- Financing Activities
- Cash outflows related to financing activities grew notably over the period, primarily due to share repurchases escalating from 173,399 thousand USD in 2020 to 1,638,879 thousand USD in 2025. Proceeds from stock-based compensation settlement were consistent but minor in comparison. The sizeable increase in repurchase activity suggests an aggressive capital return strategy.
- Cash and Cash Equivalents
- The company’s liquidity position displayed overall growth, with ending cash balances increasing from 1,093,505 thousand USD in 2020 to a peak of 2,243,971 thousand USD in 2024 before a slight decline to 1,984,336 thousand USD in 2025. Notably, cash increased substantially in 2024 despite large investing and financing outflows, supported by strong operating cash flows.
- Working Capital Components
- Inventories showed extreme volatility, with large negative values (indicating decreases in inventory) in the early years followed by a positive spike in 2024 and then turning negative again in 2025, highlighting possible inventory management adjustments or changes in sales trends. Accounts payable and accrued liabilities similarly fluctuated, reflecting dynamic supplier and operational cash management.
- Other Observations
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- Deferred income taxes
- Displayed inconsistency including negative values in some years, indicating fluctuating tax positions.
- Unredeemed gift card liability
- Consistently increased except in 2025 where notable reduction occurred, possibly related to changes in revenue recognition policies or gift card program modifications.
- Effect of foreign currency exchange on cash
- Generally negative or small in magnitude, but showing some volatility that could impact cash balances.
Overall, the company demonstrated strong growth in profitability and operating cash flow, accompanied by increased capital expenditure and aggressive share repurchase programs. Operational challenges reflected in working capital volatility and high non-recurring expenses in certain years may warrant attention.