Lululemon Athletica Inc. · LULU · FY2025 Q3 · Calendar Q4 2025

Lululemon: International Growth Offsets U.S. and Margin Pressure

The supplied analysis supports a mixed but constructive operating picture: international growth, product innovation and membership and digital channels provide growth support, while U.S. demand and margin pressures temper the case for a straightforward earnings-growth narrative.

Reported After market closeNASDAQConsumer Cyclical $10.73B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $2.59 Consensus $2.22
EPS surprise +16.7% Reported versus consensus
Reported revenue $2.57B Consensus $2.48B
Revenue surprise +3.4% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +9.6% Event window
SPY move -1.1% Same window
Abnormal move +10.7% Stock minus SPY
Volume 5.6× Versus trailing sessions
Subsequent drift +3.4% Up to 20 sessions
LULUSPY benchmark

Ask FN2 about LULU FY2025 Q3

Transcript, numbers and history already loaded
Why did LULU rise 9.6% after beating EPS estimates in FY2025 Q3?What changed in LULU's guidance and outlook in FY2025 Q3?Give me the bull and bear case for LULU after FY2025 Q3 earnings.

Free account. Your question opens in FN2 with this report's transcript and numbers attached.

Transcript intelligence

What changed

The current analysis shifts the emphasis toward strong international growth, a defined product-innovation push and continuity through a co-CEO transition. At the same time, tariff and de minimis costs, markdowns and softer U.S. demand remain central constraints.

Guidance delta

Maintained; FY2025 revenue guidance was $10.96-$11.05 billion and EPS guidance was $12.92-$13.02 in the supplied analysis.

Key takeaways

  • International revenue grew 33%, led by 46% growth in China Mainland, while U.S. sales declined modestly.
  • Management is targeting 35% new-style penetration by spring 2026 and highlighted new product launches.
  • Tariffs, de minimis removal and higher markdowns remain pressure points despite maintained guidance.
  • The company is moving to a co-CEO structure supported by an Executive Chair.

Management priorities

  • Increase new-style penetration through the 2026 product pipeline.
  • Continue international and store expansion while completing distribution-center projects.
  • Improve the digital experience and expand the Amex partnership.
  • Manage tariff and markdown pressure while maintaining capital discipline.

Follow LULU with an agent that reads every filing, transcript, and price print. Free to start.

Try FN2 free

Earnings History

Estimate Beat Miss Match
LULU EPS earnings history estimate and actual scatter chart 10 reported fiscal quarters and 2 future estimate-only quarters. Q3 '24 estimate $2.28 Q3 '24 actual $2.53, beat Q4 '24 estimate $5.00 Q4 '24 actual $5.29, beat Q1 '25 estimate $2.38 Q1 '25 actual $2.54, beat Q2 '25 estimate $2.93 Q2 '25 actual $3.15, beat Q1 '26 estimate $2.58 Q1 '26 actual $2.60, beat Q2 '26 estimate $2.91 Q2 '26 actual $3.10, beat Q3 '26 estimate $2.22 Q3 '26 actual $2.59, beat Q4 '26 estimate $4.76 Q4 '26 actual $5.01, beat Q1 '27 estimate $1.67 Q1 '27 actual $1.69, beat Q2 '27 estimate $1.79 Q2 '27 actual $2.92, beat Q3 '27 estimate $2.40 Q4 '27 estimate $4.97
Show less

Analyst Consensus ?

ConsensusHold68 ratings
Bullish2638.2%
Neutral3551.5%
Bearish710.3%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$94.46Current
$70Low
$312.32Average
$542High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 3, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Argus Research Hold HoldMaintainSep 14, 2026
Citigroup Neutral NeutralMaintainSep 9, 2026
Wells Fargo Equal Weight Equal WeightMaintainSep 4, 2026
UBS Neutral NeutralMaintainSep 4, 2026
Truist Securities Sell SellMaintainSep 4, 2026
Show 64 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $94.46. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
BMO CapitalAnalyst unavailable$70$103.19 -25.9%Sep 8, 2026
BernsteinAneesha Sherman$115$121.77 +21.7%Sep 4, 2026
Robert W. BairdAnalyst unavailable$115$121.77 +21.7%Sep 4, 2026
Stifel NicolausAnalyst unavailable$100$121.77 +5.9%Sep 4, 2026
Piper SandlerAnalyst unavailable$80$121.77 -15.3%Sep 4, 2026
See 143 more

Track every rating change on LULU the moment it posts. Free to start.

Start free

Company context

Snapshot as of publication

Lululemon Athletica Inc., alongside its subsidiaries, specializes in the design, global distribution, and retail of athletic apparel and accessories for both women and men. Its business operations are structured into two main divisions: company-owned retail establishments and direct-to-consumer sales. The firm's offerings encompass a range of clothing such as pants, shorts, tops, and jackets, all crafted for promoting a healthy lifestyle and facilitating athletic endeavors. These activities span yoga, running, training, and other physically demanding pursuits. Beyond apparel, Lululemon also supplies fitness-related accessories and a selection of footwear. Customers can acquire Lululemon products through numerous channels. These include a global network of corporate-managed stores, outlet locations, and seasonal warehouse sales.…

Historical context

All LULU earnings
-17.4%FY2026 Q2 · Calendar Q3 2026-8.6%FY2026 Q1 · Calendar Q2 2026-8.6%FY2027 Q1 · Calendar Q2 2026

Consumer Cyclical peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
NKE NIKE, Inc. FY2027 Q1 · Calendar Q4 2026 +10.0% -0.7% Nike’s performance categories grow as resets weigh on FY27 outlook
CCL Carnival Corporation & plc FY2026 Q3 · Calendar Q3 2026 +5.9% +13.4% Carnival posts record Q3 as demand and efficiency offset fuel costs
DRI Darden Restaurants, Inc. FY2027 Q1 · Calendar Q3 2026 0.0% -3.0% Darden reaffirms FY2027 outlook as brands deliver mixed comp growth
AZO AutoZone, Inc. FY2026 Q4 · Calendar Q3 2026 +3.6% +3.3% AutoZone pairs commercial momentum with an aggressive FY2027 expansion plan
LEN-B Lennar Corporation FY2026 Q3 · Calendar Q3 2026 — — Lennar: Efficiency Gains Offset Housing-Market Pressures
LEN Lennar Corporation FY2026 Q3 · Calendar Q3 2026 — -4.1% Lennar Holds Volume Guidance as Margins Improve Despite Housing Headwinds

Latest beats and misses

Who reports next

Beat on EPS

Missed on EPS

Get the LULU recap when the next report posts

One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.

Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-10-03T19:20:43.133150+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-03T19:20:43.130428+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-03. For educational purposes only; not investment advice.