Company profile
SEC EDGAR ↗- Industry
- Apparel & Other Finishd Prods of Fabrics & Similar Matl
- Listed
- Nasdaq: LULU
- Incorporated
- DE
- Headquarters
- Vancouver, A1
- Fiscal year end
- Feb 2
Financials
FY2026- Revenue
- $11.1B
- Net income
- $1.58B
- Total assets
- $8.46B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2026 | $11.1B | $1.58B | $8.46B |
| FY2025 | $10.6B | $1.81B | $7.60B |
| FY2024 | $9.62B | $1.55B | $7.09B |
| FY2023 | $8.11B | $854.8M | $5.61B |
| FY2022 | $6.26B | $975.3M | $4.94B |
| FY2021 | $4.40B | $588.9M | $4.19B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
One verified Decision Case on Lululemon, and the casebook each one belongs to.
| Fork date | Decision type | What Lululemon chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 2020 | Adjacency Expansion | Acquire Mirror | signed a five-year partnership with Peloton and planned to stop selling Mirror hardware by end of 2023 (2023-09) | Read the story → | Adjacency Expansion Casebook → |
Run one of these yourself
The decisions Lululemon faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →People & ControlThe RefusalWhat does your doctrine refuse, and can you pay for it in a bad year?See the pack →Moat & CompetitionThe Moat AnatomyWhat would it actually cost a challenger to take your customer?See the pack →
The analyses
The Adjacency Expansion · Growth & Portfolio
Lululemon Spent $500M to Learn Its Moat Doesn't Fit on a Wall
Lululemon bought Mirror for $500 million in 2020 and wrote off roughly $443 million by early 2023. The lesson isn't that hardware is hard. It's that a community moat built on fabric and stores does not transfer to a screen.
8 min
The Culture Doctrine · People & Control
Lululemon Sold a Feeling. Now the Feeling Won't Let It Listen.
Lululemon's manifesto-and-Landmark culture built a $10.6 billion brand. The same doctrine now suppresses the bad news it most needs to hear - and as US sales stall, rivals are eating a fifth of its share.
8 min
The Culture Doctrine · People & Control
Lululemon Replaced the $300 Million Celebrity Contract With Your 6 a.m. Yoga Instructor
The legend says Lululemon grew on zero paid ads. False - it ran PPC and paid social all along. What it actually skipped was the nine-figure celebrity contract — Nike signed Kevin Durant to a reported 10-year, $300 million deal — and it replaced that one line item with a yoga instructor who taught your 6 a.m. class.
8 min
The Moat Anatomy · Moat & Competition
Lululemon Sells Without a Wholesale Middleman and Keeps a 59.2% Gross Margin
Everyone credits the fabric or the yoga community. Both are copyable. The real moat is a direct-to-consumer system with no wholesale middleman — and it throws off a 59.2% gross margin on $10.6 billion that funded challengers still can't match at scale.
8 min
Tools to try
- Ansoff move finderFramework: Ansoff Matrix
- Business model canvas builderFramework: Business Model Canvas
- Change readiness checkFramework: Kotter's 8-Step Change Model
- Five Forces scorerFramework: Porter's Five Forces
- SMART goal builderFramework: SMART Goals
- SWOT builderFramework: SWOT Analysis
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The defining moves in business, and what they teach, as they publish.