Lululemon Athletica Inc.

Lululemon Athletica Inc. Earnings Recaps

LULU Consumer Discretionary 1 recap
Q3 2025 Dec 12, 2025

Lululemon reported a mixed performance in Q3 2025, with a 2% revenue decline in the U.S. but a robust 33% increase internationally, primarily driven by unprecedented growth in the China Mainland market.

Key takeaways
  • U.S. total revenue declined 2%, with a 3% drop in the U.S. market and a 1% decline in Canada.
  • International revenue surged 33%, led by a 46% increase in China Mainland.
  • The company maintains a strong financial position with $1 billion in cash and no debt.
  • Leadership transition announced as CEO Calvin McDonald will step down on January 31, 2026, with Meghan Frank and Andre Maestrini appointed as co-CEOs.
  • Q4 revenue growth is expected to decline due to calendar shifts affecting sales trends.
Full recap