Lululemon Athletica (LULU) Earnings: Q2 Fiscal 2026 Results and Next Report Date

The quarter ended August 2, 2026 and Lululemon Athletica published the results on September 3, 2026. Revenue and diluted EPS are shown against Q2 fiscal 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Lululemon's fiscal 2026 ends January 31, 2027. Q2 fiscal 2026 is the quarter ended August 2, 2026.
• Q2 fiscal 2026 results include $134.5 million of refunds of tariffs imposed under the International Emergency Economic Powers Act, booked as a reduction of cost of goods sold, plus $4.1 million of interest in other income. Lululemon said they added $0.86 to diluted EPS.
• Lululemon reports in thousands of dollars; figures on this page are rounded to the nearest $0.1 million.

Source: Lululemon Q2 fiscal 2026 results, September 3, 2026. Also in the Form 10-Q for the quarter ended August 2, 2026. Figures as reported; checked against the release on November 10, 2026.

How Lululemon Athletica splits revenue in its own release, under its own labels, for Q2 fiscal 2026 against Q2 fiscal 2025. Indented lines are parts of the line above them.

• Lululemon Athletica's Americas revenue was $1.6 billion in Q2 fiscal 2026, down 8% from $1.8 billion in Q2 fiscal 2025, 67% of total revenue.
• Lululemon Athletica's China Mainland revenue was $407 million in Q2 fiscal 2026, up 4% from $393 million in Q2 fiscal 2025, 17% of total revenue.
• Lululemon Athletica's Rest of World revenue was $392 million in Q2 fiscal 2026, up 5% from $374 million in Q2 fiscal 2025, 16% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q2 fiscal 2026 release, Lululemon Athletica said:

“For the third quarter of 2026, the Company expects net revenue to be in the range of $2.290 billion to $2.320 billion, representing a decline of 10% to 11%.”

“Diluted earnings per share are expected to be in the range of $0.93 to $0.98 for the quarter.”

“For 2026, the Company now expects net revenue to be in the range of $10.350 billion to $10.500 billion, representing a decline of 5% to 7%.”

“Diluted earnings per share are now expected to be in the range of $9.48 to $9.73 for the year.”

Source: Lululemon Q2 fiscal 2026 release, Sep 3, 2026.

This is the company's own guidance as of Sep 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the LULU forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net revenue and diluted EPS, each as first reported in that quarter's release. Lululemon reports no adjusted EPS. The fourth quarter is its largest because of holiday sales in the Americas.

Lululemon Athletica's next report is expected around December 10, 2026, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q2 fiscal 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q2 fiscal 2026 (this page), reported Sep 3, 2026

Lululemon's net revenue fell 4% to $2,415.6 million in Q2 fiscal 2026, from $2,525.2 million, and fell 5% in constant dollars. The Americas, 66.9% of revenue, fell 8%, while China Mainland rose 4% and Rest of World 5%. China Mainland fell 2% in constant dollars. (Lululemon Q2 fiscal 2026 release, Sep 3, 2026; Lululemon Form 10-Q, Q2 fiscal 2026, Sep 3, 2026)

Lululemon's comparable sales fell 9%, or 10% in constant dollars, with Americas comparable sales down 12% and international down 3%. The 10-Q puts the decline down to lower conversion rates, reduced store traffic and a lower average order value, partly offset by higher e-commerce traffic. (Lululemon Q2 fiscal 2026 release, Sep 3, 2026; Lululemon Form 10-Q, Q2 fiscal 2026, Sep 3, 2026)

By product, women's apparel brought in $1,488.2 million, men's apparel $621.4 million and accessories and other categories, mainly accessories, footwear and lululemon Studio, $306.0 million. Accessories and other fell about 13%, from $353.3 million. By channel, company-operated stores were $1,173.7 million, e-commerce $934.6 million and other channels $307.3 million, the only channel that grew. (Lululemon Form 10-Q, Q2 fiscal 2026, Sep 3, 2026)

Within the Americas, United States net revenue fell to $1,302.1 million from $1,415 million and Canada to $285.8 million from $321.3 million. Lululemon opened nine net new company-operated stores in the quarter and ended it with 825. (Lululemon Form 10-Q, Q2 fiscal 2026, Sep 3, 2026; Lululemon Q2 fiscal 2026 release, Sep 3, 2026)

Lululemon reports only GAAP EPS. Q2 fiscal 2026 diluted EPS was $2.92, against $3.10, and Lululemon said $0.86 of it came from refunds of IEEPA tariffs and the associated interest, net of tax. The $134.5 million of refunds raised gross margin by 560 basis points, to a reported 60.5%. Lululemon's 10-K says 40% of its products were made in Vietnam in 2025, 18% in Cambodia and 11% each in Sri Lanka and Indonesia. (Lululemon Q2 fiscal 2026 release, Sep 3, 2026; Lululemon Form 10-K, fiscal 2025, Mar 17, 2026)

Operating margin fell to 18.8% from 20.7% because selling, general and administrative expenses rose to 41.7% of revenue from 37.7%. Head office costs rose $45.8 million, including $13.4 million for proxy contest matters and $14.1 million more for brand and community spending. (Lululemon Q2 fiscal 2026 release, Sep 3, 2026; Lululemon Form 10-Q, Q2 fiscal 2026, Sep 3, 2026)

Buybacks lowered Lululemon's share count. It repurchased 2.7 million shares for $330.0 million in the quarter, and diluted weighted-average shares were 112,919 thousand against 119,680 thousand a year earlier. The effective tax rate was 29.6%, against 30.5%. (Lululemon Q2 fiscal 2026 release, Sep 3, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Lululemon gives a numeric outlook in its release and cut its full-year forecast with these results. For Q3 fiscal 2026 it expects net revenue of $2.290 billion to $2.320 billion, a decline of 10% to 11%, and diluted EPS of $0.93 to $0.98, assuming a tax rate of approximately 30%. (Lululemon Q2 fiscal 2026 release, Sep 3, 2026)

For fiscal 2026 Lululemon now expects net revenue of $10.350 billion to $10.500 billion, a decline of 5% to 7%, and diluted EPS of $9.48 to $9.73. That includes the $0.86 per share from tariff refunds already received but no further refunds and no future share repurchases. Heidi O'Neill took over as CEO on September 8, 2026. (Lululemon Q2 fiscal 2026 release, Sep 3, 2026; Lululemon Form 10-Q, Q2 fiscal 2026, Sep 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Lululemon Athletica, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Lululemon Athletica's own release and filings put weight on for Q2 fiscal 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning LULU is on is LULU a buy or a sell?, what analysts expect next is on the LULU forecast, and what the company does is on the Lululemon Athletica (LULU) stock page.

Every number on this page can be traced to a document Lululemon Athletica published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.