Lululemon: growth far beyond its economy.

1. It outgrew its own economy many times over. Revenue rose from $2.1 billion in fiscal 2016 to $11.1 billion in fiscal 2026: 5.4 times as much. Canada's economy, counted the same way in money terms, grew about 58%. Whatever drove it, the economy around it does not account for growth of that size.
2. Ahead of almost everyone like it. From 2016 to 2025, its revenue grew 374% in US dollars; the median among 181 large manufacturers grew 49%. It outgrew 94% of them.
3. Leaders came and went. Lululemon filed 34 leadership changes since 2016, more than 83% of large manufacturers (the median is 20). The day after each, its shares moved a median 0.4 points against its sector. The news was rarely news.
4. One decision on record. Stratrix has verified one of Lululemon's big decisions, each with what happened next. The hardest year after: "Lululemon Spent $500M to Learn Its Moat Doesn't Fit on a Wall", with its shares 33 points behind the S&P 500 over the next three years.
5. Profitable every year. Lululemon made money in each of its last eleven fiscal years, from $0.3 billion (fiscal 2018) to $1.8 billion (fiscal 2025).

Financial results

As reported in its annual filings. Losses in red.

Stratrix Decision Cases

• 2020Lululemon Spent $500M to Learn Its Moat Doesn't Fit on a WallReversed · shares −33 pts vs the S&P 500 over 3 years