lululemon athletica inc. (LULU) SEC Filings & Earnings Calls
EquiReason read 46 lululemon athletica inc. SEC filings in the last 12 months. Latest: 8-K on 2026-10-22 — Appointment of Tara Poseley to the board of directors, increasing board size from 12 to 13, in connection with a cooperation agreement with founder Chip Wilson..
Source: SEC EDGAR filings · figures as of 2026-08-02 · read by EquiReason
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Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
22 Oct 20268-K · 5.02, 7.01Appointment of Tara Poseley to the board of directors, increasing board size from 12 to 13, in connection with a cooperation agreement with founder Chip Wilson.open
Risks flagged
Cooperation agreement with founder suggests ongoing activist pressure; potential for further board changes or strategic shifts.
“Appointment in accordance with cooperation agreement with Dennis J. 'Chip' Wilson dated May 26, 2026.”
7 Oct 20268-K · 5.02, 7.01lululemon announced departure of Chief Brand & Product Activation Officer and Chief Supply Chain Officer, and appointed new President & Chief Product Officer and COO, with expanded CFO role.open
Risks flagged
Loss of two senior officers may disrupt brand and supply chain continuity.
“Chief Brand & Product Activation Officer and Chief Supply Chain Officer departing Nov 6, 2026.”
14 Sep 20268-K · 5.02, 5.03lululemon athletica appointed Heidi O'Neill as CEO and board member, replacing interim co-CEOs. Bylaws amended for governance updates.open
Risks flagged
CEO change may introduce execution risk, but appointment of permanent CEO could stabilize leadership.
“CEO transition from interim to permanent; no other material changes.”
3 Sep 2026SC 13D/AFounder Dennis Wilson's entity LIPO entered a prepaid variable share forward transaction on 1,274,318 shares (1.2% of outstanding) with Goldman Sachs for liquidity; no change in investment thesis stated.open
Risks flagged
Insider share monetization via derivative
“LIPO has entered into a prepaid variable share forward transaction with Goldman Sachs with respect to shares of the Issuer's common stock beneficially owned by LIPO” · word for word
3 Sep 20268-K · 2.02Revenue decreased 4% to $2.4B, comparable sales down 9%, diluted EPS $2.92 vs $3.10. Guidance cut: FY26 revenue $10.35-10.50B (decline 5-7%), EPS $9.48-9.73. Tariff refunds boosted gross margin 560bps.earningsopen
Figures in the filing · each found in the filing text
| Net revenue · Q2-2026 | $2.40B | -4% y/y |
| Comparable sales · Q2-2026 | -9.0% | |
| Diluted EPS · Q2-2026 | $2.92 | -6% y/y |
| Gross margin · Q2-2026 | 60.5% | |
| Operating margin · Q2-2026 | 18.8% | |
| Income from operations · Q2-2026 | $454M | -13% y/y |
| Cash and cash equivalents · Q2-2026 | $1.40B | |
| Inventories · Q2-2026 | $1.70B | -1% y/y |
| Store count · Q2-2026 | 825 | |
| Americas comparable sales · Americas · Q2-2026 | -12.0% |
Guidance
Q3 FY26 revenue $2.290-2.320B (decline 10-11%), EPS $0.93-0.98; FY26 revenue $10.350-10.500B (decline 5-7%), EPS $9.48-9.73; tax rate ~30%
Full year guidance cut significantly; Q3 also weak; tariff refunds provide one-time boost but underlying trends negative
Risks flagged
Revenue and comparable sales declining across all regions, especially Americas
“Revenue -4%, comparable sales -9%, Americas comparable sales -12%”
Guidance cut for full year revenue and EPS, indicating continued weakness
“FY26 revenue guidance lowered to $10.35-10.50B (decline 5-7%), EPS $9.48-9.73”
Tariff refunds are one-time; underlying margin pressure remains
“Operating margin declined 190bps excluding tariff refund benefit”
3 Sep 202610-QLululemon reported Q2 2026 results with net revenue down 4% and EPS down 6% YoY, driven by a 12% decline in Americas comparable sales, partially offset by IEEPA tariff refunds.earningsopen
Figures in the filing · each found in the filing text
| Gross Margin · Q2-2026 | 60.5% | |
| Diluted Earnings Per Share · Q2-2026 | $2.92 | -6% y/y |
| Comparable Sales · Q2-2026 | -9.0% | |
| Net Income · Q2-2026 | $329M | -11% y/y |
| Operating Margin · Q2-2026 | 18.8% | |
| Company-Operated Stores · 2026-08-02 | 825 | |
| Free Cash Flow · H1-2026 | $312M | |
| Operating Cash Flow · H1-2026 | $589M | +181% y/y |
Risks flagged
Americas demand weakness
“Net revenue in the Americas decreased 8%, and comparable sales in the Americas decreased 12%. We experienced reduced traffic and lower conversion rates, as well as a decrease in average order value in the Americas.” · word for word
Tariff uncertainty and litigation
“There remains significant uncertainty regarding the duration and scope of newly initiated tariffs... our U.S. operating entity was named as a defendant in purported consumer class actions relating to alleged tariff-related pricing actions.” · word for word
CEO transition and proxy contest disruption
“Our CEO transition may not align with expectations of employees, vendor partners, or other external stakeholders, and could negatively affect our operations, strategic initiatives, employee engagement, and retention.” · word for word
SG&A cost inflation
“Selling, general and administrative expenses increased 5.7% to $1.0 billion, and as a percentage of net revenue increased 400 basis points to 41.7%.”
3 Sep 2026SC 13D/AFounder Dennis Wilson's entity LIPO entered a prepaid variable share forward transaction on 1,274,318 shares (1.2% of outstanding) with Goldman Sachs for liquidity; no change in investment thesis stated.open
Risks flagged
Insider share monetization via derivative
“LIPO has entered into a prepaid variable share forward transaction with Goldman Sachs with respect to shares of the Issuer's common stock beneficially owned by LIPO” · word for word
13 Aug 20268-K · 8.01Ranju Das ceased as Chief AI & Technology Officer of lululemon. Transition plans are in place. No reason given; likely a routine departure.open
Risks flagged
Loss of key technology leadership could slow AI/tech initiatives, but transition plans mitigate immediate disruption.
“Ranju Das ceased to serve as Chief AI & Technology Officer; transition plans in place.” · word for word
3 Aug 2026SC 13D/ADennis J. Wilson and related entities filed Amendment No. 24 to Schedule 13D, reporting a minor sale of shares by Low Tide Properties Ltd. for liquidity purposes, with no change in investment thesis; group still holds 8.4% of LULU.open
Figures in the filing · each found in the filing text
| Beneficial ownership percentage · 2026-08-03 | 8.4% |
3 Aug 2026SC 13D/ADennis J. Wilson and related entities filed Amendment No. 24 to Schedule 13D, reporting a minor sale of shares by Low Tide Properties Ltd. for liquidity purposes, with no change in investment thesis; group still holds 8.4% of LULU.open
Figures in the filing · each found in the filing text
| Beneficial ownership percentage · 2026-08-03 | 8.4% |
20 Jul 2026SC 13D/AFounder Dennis Wilson's entity Low Tide sold 164,146 shares for financial flexibility; aggregate beneficial ownership remains 8.6%.open
Figures in the filing · each found in the filing text
| Beneficial ownership percentage · 2026-07-17 | 8.6% |
20 Jul 2026SC 13D/AFounder Dennis Wilson's entity Low Tide sold 164,146 shares for financial flexibility; aggregate beneficial ownership remains 8.6%.open
Figures in the filing · each found in the filing text
| Beneficial ownership percentage · 2026-07-17 | 8.6% |
26 Jun 20268-K · 5.02, 5.07Reported the departure of a director or principal officer (CEO/CFO change); submitted matters to a vote of security holdersopen
Risks flagged
Cooperation agreement with founder Chip Wilson may indicate governance tension, but appointments are independent and standard.
“Appointments made pursuant to cooperation agreement with Dennis J. 'Chip' Wilson and related entities.”
4 Jun 20268-K · 2.02Net revenue $2.50B (+4% y/y); Comparable sales 1; Gross margin 54.2; Guidance: FY2026 revenue guidance $11.0-11.15B (decline 1-0%); Q2 revenue guidance $2.45-2.475B (decline 3-2%)earningsopen
Figures in the filing · each found in the filing text
| Net revenue · Q1-2026 | $2.50B | +4% y/y |
| Comparable sales · Q1-2026 | 1.0% | |
| Gross margin · Q1-2026 | 54.2% | |
| Operating margin · Q1-2026 | 11.2% | |
| Diluted EPS · Q1-2026 | $1.69 | -35% y/y |
| Store count · Q1-2026 | 816 | |
| Cash and cash equivalents · Q1-2026 | $1.50B | |
| Inventories · Q1-2026 | $1.70B | +2% y/y |
Guidance
FY2026 revenue guidance $11.0-11.15B (decline 1-0%); Q2 revenue guidance $2.45-2.475B (decline 3-2%)
FY2026 revenue guidance cut to decline 1-0% from prior expectations; Q2 revenue guided down 3-2%; margin pressure from tariffs and cost headwinds.
Risks flagged
North America demand weakness and margin compression
“Americas revenue -3%, comparable sales -5%; gross margin -410 bps; operating margin -730 bps”
Tariff and macroeconomic headwinds impacting outlook
“Guidance does not reflect potential IEEPA tariff refunds; management cites tariffs and macroeconomic trends as risks”
4 Jun 202610-QNumber of company-operated stores 816open
Figures in the filing · each found in the filing text
| Number of company-operated stores · May 3, 2026 | 816 |
Risks flagged
Tariff and trade policy volatility
“Changes to U.S. tariff and customs policy, including the elimination of the de minimis exemption, have and may further materially increase product costs and negatively affect margins.” · word for word
Consumer demand weakness
“In 2025, we experienced lower store traffic in the Americas, partially reflective of inflationary pressures and economic uncertainty weighing on discretionary spending.” · word for word
CEO transition and leadership uncertainty
“Our former Chief Executive Officer "CEO" stepped down effective January 31, 2026, and we appointed interim co-CEOs to lead during the transition period.” · word for word
Geopolitical supply chain risk (Taiwan fabric sourcing)
“Approximately 34% of the fabric used in our products originated from Taiwan ... Our concentration of fabric sourcing in Taiwan exposes us to geopolitical risks, including the possibility of military conflict, trade restrictions, or disruptions affecting that region.” · word for word
28 May 2026SC 13D/AFounder group enters cooperation agreement with lululemon, securing board seats and governance changes.open
Figures in the filing · each found in the filing text
| Beneficial Ownership Percentage · 2026-05-26 | 8.7% |
Risks flagged
Founder Influence and Governance Changes
“Founder group secures board appointments and declassification proposal, potentially increasing founder influence.”
28 May 2026SC 13D/AFounder group enters cooperation agreement with lululemon, securing board seats and governance changes.open
Figures in the filing · each found in the filing text
| Beneficial Ownership Percentage · 2026-05-26 | 8.7% |
Risks flagged
Founder Influence and Governance Changes
“Founder group secures board appointments and declassification proposal, potentially increasing founder influence.”
27 May 20268-K · 1.01, 7.01lululemon entered a cooperation agreement with founder Chip Wilson, appointing two independent directors and agreeing to declassify the board; no financial terms disclosed.open
Risks flagged
Activist pressure resolved via cooperation agreement, but ongoing governance changes may distract management.
“Cooperation Agreement with Wilson group includes standstill and board declassification.”
20 May 2026SC 13D/AFounder Chip Wilson maintains 8.7% stake and publicly disclosed ongoing negotiations with lululemon's board, supporting eight key terms for a potential resolution.open
Figures in the filing · each found in the filing text
| Beneficial ownership percentage (Dennis J. Wilson) · 2026-05-18 | 8.7% |
20 May 2026SC 13D/AFounder Chip Wilson maintains 8.7% stake and publicly disclosed ongoing negotiations with lululemon's board, supporting eight key terms for a potential resolution.open
Figures in the filing · each found in the filing text
| Beneficial ownership percentage (Dennis J. Wilson) · 2026-05-18 | 8.7% |
8 May 2026SC 13D/AFounder Chip Wilson (8.6% owner) filed an amended Schedule 13D and issued an open letter to shareholders criticizing value destruction and nominating directors.open
Risks flagged
Founder activist campaign
“The May 6 Open Letter also expressed Mr. Wilson's belief that the Nominees ... would bring fresh perspectives to help restore confidence and stop the current pattern of value destruction at the Issuer, if elected to the Board.” · word for word
8 May 2026SC 13D/AFounder Chip Wilson (8.6% owner) filed an amended Schedule 13D and issued an open letter to shareholders criticizing value destruction and nominating directors.open
Risks flagged
Founder activist campaign
“The May 6 Open Letter also expressed Mr. Wilson's belief that the Nominees ... would bring fresh perspectives to help restore confidence and stop the current pattern of value destruction at the Issuer, if elected to the Board.” · word for word
1 May 2026SC 13D/AFounder Chip Wilson files Amendment No. 19 to Schedule 13D, escalating his activist campaign against lululemon's board with an open letter and revised proxy to elect his nominees.open
Figures in the filing · each found in the filing text
| Beneficial Ownership · 2026-04-29 | 8.6% |
Risks flagged
Governance Dispute Risk
“The Reporting Persons filed a revised definitive proxy statement and accompanying GOLD proxy card with the SEC to reflect the Issuer's changes to its slate of director nominees for the Annual Meeting.” · word for word
1 May 2026SC 13D/AFounder Chip Wilson files Amendment No. 19 to Schedule 13D, escalating his activist campaign against lululemon's board with an open letter and revised proxy to elect his nominees.open
Figures in the filing · each found in the filing text
| Beneficial Ownership · 2026-04-29 | 8.6% |
Risks flagged
Governance Dispute Risk
“The Reporting Persons filed a revised definitive proxy statement and accompanying GOLD proxy card with the SEC to reflect the Issuer's changes to its slate of director nominees for the Annual Meeting.” · word for word
28 Apr 20268-K · 5.02, 7.01Reported the departure of a director or principal officer (CEO/CFO change); issued a Regulation FD disclosure (forward guidance or material update)open
Risks flagged
No material financial risk from this board appointment
“Routine board appointment with no financial impact disclosed.”
22 Apr 20268-K · 5.02, 7.01Reported the departure of a director or principal officer (CEO/CFO change); issued a Regulation FD disclosure (forward guidance or material update)open
Risks flagged
Leadership transition risk; new CEO starts in September 2026
“CEO appointment effective Sept 8, 2026; interim co-CEOs in place until then”
14 Apr 2026SC 13D/AFounder Dennis J. Wilson and group filed a definitive proxy to elect three director nominees and declassify the board at lululemon.open
Figures in the filing · each found in the filing text
| Beneficial Ownership Percentage (Dennis J. Wilson) · 2026-04-10 | 8.6% | |
| Beneficial Ownership Percentage (Anamered Investments Inc.) · 2026-04-10 | 4.1% |
14 Apr 2026SC 13D/AFounder Dennis J. Wilson and group filed a definitive proxy to elect three director nominees and declassify the board at lululemon.open
Figures in the filing · each found in the filing text
| Beneficial Ownership Percentage (Dennis J. Wilson) · 2026-04-10 | 8.6% | |
| Beneficial Ownership Percentage (Anamered Investments Inc.) · 2026-04-10 | 4.1% |
19 Mar 2026SC 13D/AFounder Chip Wilson publicly questions lululemon's strategy and governance, calling for board refreshment, while maintaining his 8.4% stake.open
Figures in the filing · each found in the filing text
| Beneficial Ownership Percentage · 2026-03-17 | 8.4% |
Risks flagged
Founder activism / governance pressure
“The March 18th Press Release also expresses Mr. Wilson's views that, while incremental Board refreshment is a step in the right direction, governance issues remain at the Issuer, and coupled with the Issuer's outlook for fiscal year 2026 indicating no meaningful change in trajectory, underscore the continuing need for substantial refreshment at the Board lev” · word for word
19 Mar 2026SC 13D/AFounder Chip Wilson publicly questions lululemon's strategy and governance, calling for board refreshment, while maintaining his 8.4% stake.open
Figures in the filing · each found in the filing text
| Beneficial Ownership Percentage · 2026-03-17 | 8.4% |
Risks flagged
Founder activism / governance pressure
“The March 18th Press Release also expresses Mr. Wilson's views that, while incremental Board refreshment is a step in the right direction, governance issues remain at the Issuer, and coupled with the Issuer's outlook for fiscal year 2026 indicating no meaningful change in trajectory, underscore the continuing need for substantial refreshment at the Board lev” · word for word
17 Mar 20268-K · 2.02Net revenue $3.60B (+1% y/y); Diluted EPS $5.01 (-18% y/y); Comparable sales 3; Guidance: Q1 FY2026 revenue $2.400B-$2.430B (1-3% growth); FY2026 revenue $11.35B-$11.50B (2-4% growth); Q1 EPS $1.63-$1.68; FY2026 EPS $12.10-$12.30earningsopen
Figures in the filing · each found in the filing text
| Net revenue · Q4-2025 | $3.60B | +1% y/y |
| Diluted EPS · Q4-2025 | $5.01 | -18% y/y |
| Comparable sales · Q4-2025 | 3.0% | |
| Gross margin · Q4-2025 | 54.9% | |
| Operating margin · Q4-2025 | 22.3% | |
| Company-operated stores · Q4-2025 | 811 | |
| Cash and cash equivalents · FY2025 | $1.80B | |
| Inventories · FY2025 | $1.70B | +18% y/y |
| Full year net revenue · FY2025 | $11.10B | +5% y/y |
| Full year diluted EPS · FY2025 | $13.26 | -9% y/y |
Guidance
Q1 FY2026 revenue $2.400B-$2.430B (1-3% growth); FY2026 revenue $11.35B-$11.50B (2-4% growth); Q1 EPS $1.63-$1.68; FY2026 EPS $12.10-$12.30
Guidance implies modest revenue growth but continued margin pressure; management tone positive on international and product launches.
Risks flagged
Americas revenue decline and significant margin compression signal competitive and promotional pressure in core market.
“Americas net revenue decreased 4%; gross margin -550 bps; operating margin -660 bps.”
Inventory growth (+18%) outpaces revenue growth, indicating potential overstock or demand mismatch.
“Inventories increased 18% to $1.7 billion vs revenue growth of 5%.”
17 Mar 202610-KRisks named: Activist shareholder disruption, Intellectual property imitationopen
Risks flagged
Activist shareholder disruption
“Responding to the proxy contest and any related actions by Mr. Wilson or other stockholders may disrupt our business, cause us to incur substantial costs, and divert the attention of our board of directors, management, and employees from the pursuit of our business strategies.” · word for word
Intellectual property imitation
“Our fabrics and manufacturing technology generally are not patented and can be imitated by our competitors.” · word for word
16 Mar 2026SC 13D/AFounder Chip Wilson files amended Schedule 13D, publicly calling for board refreshment and questioning board independence in a press release.open
Risks flagged
Founder Activism Risk
“The March 12th Press Release contains a letter addressed to potential CEO candidates of the Issuer and sets forth Mr. Wilson's views regarding the need for meaningful Board refreshment to support visionary leadership and the success of the Issuer's next CEO.” · word for word
16 Mar 2026SC 13D/AFounder Chip Wilson files amended Schedule 13D, publicly calling for board refreshment and questioning board independence in a press release.open
Risks flagged
Founder Activism Risk
“The March 12th Press Release contains a letter addressed to potential CEO candidates of the Issuer and sets forth Mr. Wilson's views regarding the need for meaningful Board refreshment to support visionary leadership and the success of the Issuer's next CEO.” · word for word
12 Jan 20268-K · 7.01Guidance: Q4 revenue toward high end of $3.500B-$3.585B; EPS toward high end of $4.66-$4.76open
Guidance
Q4 revenue toward high end of $3.500B-$3.585B; EPS toward high end of $4.66-$4.76
Updated Q4 guidance to high end of prior ranges after strong holiday performance.
Risks flagged
U.S. business improvement still a focus; tariff and macroeconomic risks mentioned.
“We remain focused on executing our action plan to drive improvement in our U.S. business” · word for word
29 Dec 20258-K · 8.01Disclosed a material event under other events (litigation, recall, contract loss, or major announcement); filed financial statements and exhibits with this reportopen
Risks flagged
Potential governance changes or proxy fight; uncertainty around board composition.
“Activist investor Dennis J. Wilson nominating candidates and proposing board declassification.”
11 Dec 20258-K · 2.02, 5.02, 8.01Net revenue $2.60B (+7% y/y); Comparable sales 1; Gross margin 55.6earningsopen
Figures in the filing · each found in the filing text
| Net revenue · Q3-2025 | $2.60B | +7% y/y |
| Comparable sales · Q3-2025 | 1.0% | |
| Gross margin · Q3-2025 | 55.6% | |
| Operating margin · Q3-2025 | 17.0% | |
| Diluted EPS · Q3-2025 | $2.59 | -10% y/y |
| Company-operated stores · Q3-2025 | 796 |
Risks flagged
CEO departure creates leadership uncertainty during turnaround
“CEO Calvin McDonald stepping down; interim co-CEOs appointed; search for permanent CEO underway”
Americas revenue decline and margin compression signal competitive pressure
“Americas net revenue -2%; gross margin -290bps; operating margin -350bps”
11 Dec 202510-QCEO announced stepping down effective Jan 31, 2026, with interim co-CEOs appointed; one senior executive also resigned.open
Figures in the filing · each found in the filing text
| Company-operated stores - United States · Americas · 2025-11-02 | 378 | |
| Company-operated stores - Canada · Americas · 2025-11-02 | 72 | |
| Company-operated stores - China Mainland · APAC · 2025-11-02 | 165 | |
| Total company-operated stores · 2025-11-02 | 796 | |
| Total third-party retail locations · 2025-11-02 | 43 |
Risks flagged
Tariff cost pressure
“we expect the tariff and de minimis changes to adversely affect product costs, gross profit, and income from operations.” · word for word
Consumer demand weakness
“In 2025, we experienced lower store traffic in the Americas, partially reflective of inflationary pressures and economic uncertainty weighing on discretionary spending.” · word for word
Leadership transition risk
“In December 2025, we announced that our Chief Executive Officer will step down effective January 31, 2026, and appointed interim co-Chief Executive Officers to lead during a transition period while we conduct a search for a permanent Chief Executive Officer.” · word for word
Supply chain concentration risk
“Approximately 40% of our products were manufactured in Vietnam, 17% in Cambodia, 11% in Sri Lanka, 11% in Indonesia, and 7% in Bangladesh... Approximately 35% of the fabric used in our products originated from Taiwan, 28% from China Mainland, 11% from South Korea” · word for word
lululemon athletica inc. — questions
- What did lululemon athletica inc. file recently?
- 46 SEC filings in the last 12 months. Latest: 8-K on 2026-10-22 — Appointment of Tara Poseley to the board of directors, increasing board size from 12 to 13, in connection with a cooperation agreement with founder Chip Wilson.
Every figure on this page comes from lululemon athletica inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.