lululemon athletica inc.
For the period ended Feb 1, 2026. Filed Mar 17, 2026.
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FY2026 · Filed Mar 17, 2026
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Net Revenue
Note 3. Net Revenue
Disaggregated net revenue
In addition to the disaggregation of net revenue by reportable segment in Note 24. Segmented Information, the following table disaggregates the Company's net revenue by geographic area.
Prior to the acquisition of the Mexico operations on September 10, 2024, wholesale sales to the third party under the license and supply arrangement by lululemon athletica canada inc. were disclosed as net revenue recognized within Canada.
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| (In thousands) | |||
| United States | $6,328,380 | $6,483,183 | $6,346,392 |
| Canada | 1,423,178 | 1,411,673 | 1,285,255 |
| Mexico | 95,486 | 33,300 | — |
| Americas | 7,847,044 | 7,928,156 | 7,631,647 |
| China Mainland | 1,754,799 | 1,361,337 | 963,760 |
| Hong Kong SAR, Taiwan, and Macau SAR | 199,079 | 180,092 | 170,533 |
| People's Republic of China | 1,953,878 | 1,541,429 | 1,134,293 |
| Other geographic areas | 1,301,678 | 1,118,541 | 853,338 |
| $11,102,600 | $10,588,126 | $9,619,278 | |
The following disaggregates the Company's net revenue by category. Accessories and other categories is primarily composed of accessories, footwear, and lululemon Studio.
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| (In thousands) | |||
| Women's apparel | $6,995,365 | $6,692,630 | $6,147,372 |
| Men's apparel | 2,663,986 | 2,558,380 | 2,252,753 |
| Accessories and other categories | 1,443,249 | 1,337,116 | 1,219,153 |
| $11,102,600 | $10,588,126 | $9,619,278 | |
The following disaggregates the Company's net revenue by channel.
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| (In thousands) | |||
| Company-operated stores | $5,049,744 | $5,007,872 | $4,410,956 |
| E-commerce | 4,918,697 | 4,570,446 | 4,311,110 |
| Other channels | 1,134,159 | 1,009,808 | 897,212 |
| $11,102,600 | $10,588,126 | $9,619,278 | |
Gift card net revenue
During 2025, 2024, and 2023, the Company recognized net revenue of $179.2 million, $180.9 million, and $151.4 million, respectively, that was included in the opening balance of the unredeemed gift card liability at the beginning of each year. For 2025, 2024, and 2023, net revenue recognized on unredeemed gift card balances was $37.8 million, $36.2 million, and $28.5 million, respectively.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.