Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
lululemon athletica inc., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03).
- Gross Profit Margin
- The gross profit margin demonstrated a general upward trend over the analyzed periods. Starting at 55.5% in early May 2020, the margin gradually increased with minor fluctuations, reaching a peak of 59.34% in August 2025 before slightly declining to 59.1% by the following quarter. This suggests improving efficiency in cost management relative to revenue over time.
- Operating Profit Margin
- The operating profit margin showed some variability but ultimately depicted an increasing trend. Initially recorded at 20.6% in May 2020, the margin experienced a decline near early 2023 to approximately 16.38% but rebounded significantly thereafter. By mid-2025, it peaked at around 23.67%, indicating enhanced operational profitability despite some mid-period challenges.
- Net Profit Margin
- Net profit margin followed a pattern somewhat similar to the operating margin. Beginning at 15.01% in May 2020, it gradually declined to approximately 10.54% in early 2023. However, from that point, there was a consistent recovery, with the net margin rising to above 17% by late 2024, before experiencing a slight decrease to 16.38% by August 2025. This reflects fluctuations in overall profitability with strong recovery phases.
- Return on Equity (ROE)
- The return on equity exhibited notable growth and volatility. Starting at a high of 31.46% in May 2020, the ratio decreased to a low of approximately 23% by early 2021. Subsequently, ROE increased substantially, reaching above 43% by late 2024. Although some decline was observed by mid-2025 to around 40.7%, the overall trajectory indicates strengthened shareholder returns over the period.
- Return on Assets (ROA)
- Return on assets displayed a rising trend with some interruptions. From 18.04% in May 2020, the ROA temporarily dropped to just above 14% early in 2021 but then climbed steadily, peaking at roughly 24.5% in late 2024. Thereafter, a modest decline occurred, with the ratio settling at 23.74% by August 2025. The trend points to improved efficiency in asset utilization over time.
Return on Sales
Return on Investment
Gross Profit Margin
lululemon athletica inc., gross profit margin calculation (quarterly data)
| Aug 3, 2025 | May 4, 2025 | Feb 2, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | Jan 31, 2021 | Nov 1, 2020 | Aug 2, 2020 | May 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Gross profit | 1,477,202) | 1,383,126) | 2,181,952) | 1,401,606) | 1,412,185) | 1,275,068) | 1,903,425) | 1,256,664) | 1,298,511) | 1,150,805) | 1,527,619) | 1,038,852) | 1,055,476) | 870,393) | 1,236,172) | 829,393) | 842,686) | 700,314) | 1,012,734) | 627,354) | 489,501) | 334,402) | |||||||
| Net revenue | 2,525,219) | 2,370,660) | 3,611,497) | 2,396,660) | 2,371,078) | 2,208,891) | 3,205,103) | 2,204,218) | 2,209,165) | 2,000,792) | 2,771,838) | 1,856,889) | 1,868,328) | 1,613,463) | 2,129,113) | 1,450,421) | 1,450,618) | 1,226,465) | 1,729,549) | 1,117,426) | 902,942) | 651,962) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Gross profit margin1 | 59.10% | 59.34% | 59.22% | 58.85% | 58.54% | 58.34% | 58.31% | 56.97% | 56.75% | 56.16% | 55.39% | 56.25% | 56.53% | 56.88% | 57.68% | 57.80% | 57.62% | 56.87% | 55.98% | 55.58% | 55.31% | 55.50% | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Nike Inc. | — | 41.94% | 42.73% | 43.82% | 44.60% | 44.84% | 44.56% | 44.30% | 43.96% | 43.52% | 43.52% | 43.85% | 44.59% | 45.38% | 45.98% | 46.20% | 45.96% | 45.28% | 44.82% | 43.26% | 42.91% | 43.15% | |||||||
Based on: 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03).
1 Q2 2026 Calculation
Gross profit margin = 100
× (Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025
+ Gross profitQ3 2025)
÷ (Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025
+ Net revenueQ3 2025)
= 100 × (1,477,202 + 1,383,126 + 2,181,952 + 1,401,606)
÷ (2,525,219 + 2,370,660 + 3,611,497 + 2,396,660)
= 59.10%
2 Click competitor name to see calculations.
The financial data indicates a generally positive trend in the company’s quarterly performance over the periods analyzed. A progressive increase is evident in net revenue, gross profit, and gross profit margin, reflecting strengthening financial health and profitability.
- Net Revenue
- The net revenue shows a consistent upward trajectory from approximately $652 million in early May 2020 to a peak exceeding $3.6 billion by February 2025. The growth pattern is steady with periodic accelerations, particularly notable from late 2021 onwards, suggesting expanding sales and market presence. Seasonal fluctuations appear less significant in this growth context, indicating robust demand.
- Gross Profit
- Gross profit follows a similar ascending trend, starting near $334 million in May 2020 and rising to over $2.18 billion by February 2025. The growth pace is aligned with net revenue, maintaining proportional increases which signify effective cost management in production or procurement alongside revenue growth. This relationship implies that the company is likely managing its cost of goods sold efficiently as it scales.
- Gross Profit Margin
- The gross profit margin demonstrates a gradual improvement over the observed quarters. Beginning at approximately 55.5% in May 2020, it increases steadily to exceed 59% by February 2025. This upward trend in margin suggests enhanced pricing power, cost control, or a beneficial shift in product mix contributing to higher profitability per dollar of sales. The margin stability with slight progressive gains indicates consistent operational efficiency and favorable market conditions.
Overall, the company exhibits robust financial growth with increasing revenues supported by expanding gross profits and improving margins. This combination underlines a strong competitive position, effective cost management, and capacity to sustain profitability improvements over time.
Operating Profit Margin
lululemon athletica inc., operating profit margin calculation (quarterly data)
| Aug 3, 2025 | May 4, 2025 | Feb 2, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | Jan 31, 2021 | Nov 1, 2020 | Aug 2, 2020 | May 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Income from operations | 523,814) | 438,625) | 1,042,168) | 490,661) | 540,226) | 432,642) | 913,890) | 338,115) | 479,257) | 401,414) | 314,426) | 352,427) | 401,208) | 260,347) | 590,556) | 257,947) | 291,031) | 193,821) | 457,906) | 204,920) | 124,409) | 32,751) | |||||||
| Net revenue | 2,525,219) | 2,370,660) | 3,611,497) | 2,396,660) | 2,371,078) | 2,208,891) | 3,205,103) | 2,204,218) | 2,209,165) | 2,000,792) | 2,771,838) | 1,856,889) | 1,868,328) | 1,613,463) | 2,129,113) | 1,450,421) | 1,450,618) | 1,226,465) | 1,729,549) | 1,117,426) | 902,942) | 651,962) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Operating profit margin1 | 22.88% | 23.36% | 23.67% | 23.35% | 22.27% | 22.02% | 22.17% | 16.69% | 17.51% | 17.29% | 16.38% | 21.49% | 21.38% | 21.07% | 21.31% | 20.50% | 20.78% | 19.71% | 18.63% | 19.13% | 19.37% | 20.60% | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Nike Inc. | — | 7.36% | 7.99% | 10.30% | 11.18% | 11.83% | 12.29% | 11.61% | 11.76% | 11.32% | 11.55% | 12.17% | 12.99% | 13.25% | 14.29% | 15.21% | 15.48% | 15.79% | 15.58% | 10.87% | 9.67% | 8.94% | |||||||
Based on: 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03).
1 Q2 2026 Calculation
Operating profit margin = 100
× (Income from operationsQ2 2026
+ Income from operationsQ1 2026
+ Income from operationsQ4 2025
+ Income from operationsQ3 2025)
÷ (Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025
+ Net revenueQ3 2025)
= 100 × (523,814 + 438,625 + 1,042,168 + 490,661)
÷ (2,525,219 + 2,370,660 + 3,611,497 + 2,396,660)
= 22.88%
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends in the company’s operational and revenue performance over the observed periods.
- Net Revenue
- The net revenue generally exhibits an upward trajectory over time, with some fluctuations. Starting at approximately $652 million, it increased significantly to peak at over $3.6 billion by early 2025. This reflects strong growth, particularly visible in the later quarters where revenues consistently exceed the $2 billion mark. Temporary dips are observed in isolated quarters but are followed by robust recoveries and continued expansion.
- Income from Operations
- Income from operations shows a similar growth pattern but presents more volatility compared to net revenue. Early periods show moderate income levels, rising to a peak close to $914 million in early 2024. However, several quarters demonstrate marked decreases, indicating potential episodic challenges despite overall growth. The significant income peaks correspond with quarters of high net revenue, suggesting effective operational leverage during these periods.
- Operating Profit Margin
- The operating profit margin remained relatively stable with modest fluctuations throughout the timeline. Initially, margins were in the range of approximately 18% to 21%, with occasional small declines. Notably, there is a clear upward movement in margin from mid-2023 onwards, reaching peaks above 23% by 2025. This improvement points to enhanced operational efficiency or cost management despite varying revenue levels.
Overall, the data indicates sustained growth in both revenue and operating income, with improved profitability margins in recent periods. The company appears to have effectively expanded its top line while increasingly controlling operating costs, resulting in higher profitability ratios towards the end of the observed timeframe. The observed volatility in operational income suggests periods of fluctuating expenses or business challenges, but these do not detract from the overall positive growth trend.
Net Profit Margin
lululemon athletica inc., net profit margin calculation (quarterly data)
| Aug 3, 2025 | May 4, 2025 | Feb 2, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | Jan 31, 2021 | Nov 1, 2020 | Aug 2, 2020 | May 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Net income | 370,905) | 314,572) | 748,403) | 351,870) | 392,922) | 321,421) | 669,468) | 248,714) | 341,603) | 290,405) | 119,811) | 255,470) | 289,521) | 189,998) | 434,504) | 187,788) | 208,074) | 144,956) | 329,837) | 143,643) | 86,801) | 28,632) | |||||||
| Net revenue | 2,525,219) | 2,370,660) | 3,611,497) | 2,396,660) | 2,371,078) | 2,208,891) | 3,205,103) | 2,204,218) | 2,209,165) | 2,000,792) | 2,771,838) | 1,856,889) | 1,868,328) | 1,613,463) | 2,129,113) | 1,450,421) | 1,450,618) | 1,226,465) | 1,729,549) | 1,117,426) | 902,942) | 651,962) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| Net profit margin1 | 16.38% | 16.82% | 17.14% | 17.05% | 16.34% | 16.09% | 16.12% | 10.89% | 11.40% | 11.24% | 10.54% | 15.66% | 15.60% | 15.36% | 15.59% | 14.87% | 14.96% | 14.17% | 13.38% | 13.69% | 13.94% | 15.01% | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||||||
| Nike Inc. | — | 6.23% | 6.95% | 9.43% | 9.98% | 10.60% | 11.10% | 10.14% | 10.28% | 9.82% | 9.90% | 10.82% | 11.47% | 11.96% | 12.94% | 13.06% | 13.32% | 13.17% | 12.86% | 8.90% | 7.39% | 7.20% | |||||||
Based on: 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03).
1 Q2 2026 Calculation
Net profit margin = 100
× (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ (Net revenueQ2 2026
+ Net revenueQ1 2026
+ Net revenueQ4 2025
+ Net revenueQ3 2025)
= 100 × (370,905 + 314,572 + 748,403 + 351,870)
÷ (2,525,219 + 2,370,660 + 3,611,497 + 2,396,660)
= 16.38%
2 Click competitor name to see calculations.
- Net Income Trends
- Net income exhibits notable volatility over the observed period. Initial quarters show moderate income values, starting at approximately 28.6 million USD and generally increasing through mid-2021, peaking notably at over 434 million USD in early 2022. This is followed by fluctuations with income dipping below 120 million USD in early 2023 but subsequently recovering and achieving a pronounced peak of approximately 748 million USD by early 2025. The trend suggests periods of strong profitability interspersed with contractions, indicating sensitivity to external or internal influences.
- Net Revenue Trends
- Net revenue demonstrates a general upward trajectory across the timeline. Starting from about 652 million USD, the revenue consistently increased with intermittent plateaus and surges, reaching over 3.2 billion USD in early 2024. While some quarters show marginal declines or slower growth, the overall pattern is one of expansion, reflecting sustained top-line growth. This growth trend supports the scaling of operations and enhanced market penetration.
- Net Profit Margin Trends
- The net profit margin presents a relatively stable pattern with moderate fluctuations. Values range mostly between 13% and 17%, with a notable dip to approximately 10.5% in early 2023. From mid-2023 onward, margins improved steadily, peaking at 17.14% in early 2025. This suggests improved operational efficiency or cost management in recent periods, even as revenue and net income levels varied significantly.
- Overall Insights
- The data reveals a company experiencing strong revenue growth alongside variable profitability. The disparity between net income and revenue growth in some periods indicates margin pressures or varying cost structures. However, the recent increase in profit margins alongside rising revenues and net income points to enhanced financial health and efficiency. The fluctuations may reflect cyclical demand, market conditions, or investment cycles impacting earnings. Sustained revenue growth coupled with margin improvements is a positive financial indicator.
Return on Equity (ROE)
lululemon athletica inc., ROE calculation (quarterly data)
| Aug 3, 2025 | May 4, 2025 | Feb 2, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | Jan 31, 2021 | Nov 1, 2020 | Aug 2, 2020 | May 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Net income | 370,905) | 314,572) | 748,403) | 351,870) | 392,922) | 321,421) | 669,468) | 248,714) | 341,603) | 290,405) | 119,811) | 255,470) | 289,521) | 189,998) | 434,504) | 187,788) | 208,074) | 144,956) | 329,837) | 143,643) | 86,801) | 28,632) | |||||||
| Stockholders’ equity | 4,387,279) | 4,289,570) | 4,324,047) | 3,985,732) | 4,031,645) | 4,219,808) | 4,232,081) | 3,525,849) | 3,533,482) | 3,320,076) | 3,148,799) | 3,039,204) | 2,857,798) | 2,668,050) | 2,740,046) | 2,658,455) | 2,671,166) | 2,639,855) | 2,558,566) | 2,162,953) | 2,001,102) | 1,835,787) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| ROE1 | 40.70% | 42.14% | 41.97% | 43.55% | 40.49% | 37.47% | 36.63% | 28.38% | 28.51% | 28.77% | 27.15% | 38.48% | 38.55% | 38.24% | 35.60% | 32.75% | 30.94% | 26.71% | 23.02% | 25.76% | 26.96% | 31.46% | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||||||
| Nike Inc. | — | 21.50% | 24.36% | 32.18% | 34.81% | 38.02% | 39.50% | 36.77% | 37.46% | 36.16% | 36.20% | 37.70% | 36.89% | 35.65% | 39.57% | 41.30% | 41.34% | 42.41% | 44.86% | 28.73% | 26.56% | 29.16% | |||||||
Based on: 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03).
1 Q2 2026 Calculation
ROE = 100
× (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ Stockholders’ equity
= 100 × (370,905 + 314,572 + 748,403 + 351,870)
÷ 4,387,279 = 40.70%
2 Click competitor name to see calculations.
The financial data examined demonstrates notable dynamics in net income, stockholders’ equity, and return on equity (ROE) over multiple quarterly periods.
- Net Income
- Net income exhibits significant volatility with marked fluctuations across the quarters. Initial figures start at approximately $28.6 million and increase substantially to a peak exceeding $669 million in early 2024. Despite some declines in intermediate periods, notably in early 2023 and mid-2025, the overarching trend is upward, reflecting periods of robust profitability growth interspersed with corrections. This pattern suggests episodic strong operational performance and possibly the impact of seasonal or market-specific factors influencing earnings.
- Stockholders’ Equity
- Stockholders’ equity shows a consistent and steady increase throughout the time frame. Beginning at roughly $1.8 billion, equity rises gradually to approximately $4.4 billion by mid-2025. This progression indicates continuous value accumulation for shareholders and implies retained earnings or capital infusions are reinforcing the company’s financial base. The steady equity growth contrasts with the more variable net income, highlighting potentially conservative dividend policies or reinvestment strategies supporting long-term financial stability.
- Return on Equity (ROE)
- ROE percentages demonstrate an overall positive trend, indicating improving efficiency in generating profits from shareholders’ investments. Values start around 31.5%, slightly fluctuate but generally move upward, reaching mid-40% levels in mid-to-late 2024 before a modest decline towards 40.7% by mid-2025. These levels denote strong profitability relative to equity and suggest effective management of resources with consistent earnings relative to the equity base. The temporary dips in ROE coincide with lower net income intervals, reinforcing the sensitivity of this ratio to earnings variability.
In summary, the company displays a solid financial trajectory characterized by escalating equity and a high, though variable, profitability profile. Net income’s pronounced fluctuations indicate episodic earnings performance, whereas steady growth in equity and ROE improvements reflect underlying financial strength and effective capital utilization over the observed periods.
Return on Assets (ROA)
lululemon athletica inc., ROA calculation (quarterly data)
| Aug 3, 2025 | May 4, 2025 | Feb 2, 2025 | Oct 27, 2024 | Jul 28, 2024 | Apr 28, 2024 | Jan 28, 2024 | Oct 29, 2023 | Jul 30, 2023 | Apr 30, 2023 | Jan 29, 2023 | Oct 30, 2022 | Jul 31, 2022 | May 1, 2022 | Jan 30, 2022 | Oct 31, 2021 | Aug 1, 2021 | May 2, 2021 | Jan 31, 2021 | Nov 1, 2020 | Aug 2, 2020 | May 3, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||
| Net income | 370,905) | 314,572) | 748,403) | 351,870) | 392,922) | 321,421) | 669,468) | 248,714) | 341,603) | 290,405) | 119,811) | 255,470) | 289,521) | 189,998) | 434,504) | 187,788) | 208,074) | 144,956) | 329,837) | 143,643) | 86,801) | 28,632) | |||||||
| Total assets | 7,523,439) | 7,430,543) | 7,603,292) | 7,083,669) | 6,744,135) | 6,828,495) | 7,091,941) | 6,022,264) | 5,992,458) | 5,571,544) | 5,607,038) | 5,309,436) | 4,920,711) | 4,697,212) | 4,942,478) | 4,572,007) | 4,405,098) | 4,329,831) | 4,185,215) | 3,627,920) | 3,494,027) | 3,201,786) | |||||||
| Profitability Ratio | |||||||||||||||||||||||||||||
| ROA1 | 23.74% | 24.33% | 23.87% | 24.50% | 24.21% | 23.16% | 21.86% | 16.61% | 16.81% | 17.14% | 15.25% | 22.03% | 22.39% | 21.72% | 19.73% | 19.04% | 18.76% | 16.29% | 14.07% | 15.36% | 15.44% | 18.04% | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||||||
| Nike Inc. | — | 7.75% | 8.80% | 11.93% | 12.87% | 14.00% | 14.96% | 14.00% | 14.24% | 13.73% | 13.51% | 14.31% | 14.21% | 13.73% | 14.99% | 15.45% | 15.85% | 16.04% | 15.17% | 9.47% | 8.11% | 8.09% | |||||||
Based on: 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03).
1 Q2 2026 Calculation
ROA = 100
× (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ Total assets
= 100 × (370,905 + 314,572 + 748,403 + 351,870)
÷ 7,523,439 = 23.74%
2 Click competitor name to see calculations.
The financial data indicates a fluctuating yet generally positive trajectory in net income over the observed periods. Initially, net income starts at a modest level and experiences substantial growth reaching peaks at various quarters, notably showing a remarkable increase in some mid to later periods. However, there are intermittent declines which suggest periods of reduced profitability or increased expenses.
Total assets demonstrate a consistent upward trend, reflecting ongoing expansion or accumulation of company resources. There are no significant declines, indicating sustained investment and asset growth across all periods evaluated.
The Return on Assets (ROA) metric, which measures profitability relative to total assets, shows some variability but generally trends upwards over time. Early quarters record moderate ROA values, which improve steadily with certain periods showing marked increases, suggesting enhanced efficiency in asset utilization to generate income.
- Net Income
- Exhibits a substantial increase overall, with some volatility. Key growth periods are interspersed with intervals of decline, revealing variable earnings performance possibly due to market conditions or operational factors.
- Total Assets
- Displays a steady and continuous increase throughout the timeframe, indicating ongoing asset accumulation and potential company growth strategies in place.
- Return on Assets (ROA)
- Improves over the observed periods from mid-teens to the mid-twenties percentages, highlighting enhanced profitability relative to asset base and suggesting improved operational effectiveness and asset management over time.
Overall, the company shows positive development in both profitability and asset base, with ROA reflecting efficient use of resources despite fluctuations in net income. The trends suggest effective growth management and improved financial performance in most periods reviewed.