lululemon athletica inc. stock research
FY2026 Q1
lululemon athletica (LULU) Gross Margin & Quarterly History
Explore lululemon athletica inc. (LULU) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended May 3, 2026 · FY2026 Q1
Revenue decreased compared to the prior quarter, while gross profit and cost of revenue also declined, resulting in a slightly lower gross margin. Versus the same quarter last year, revenue was higher, but gross profit was lower and cost of revenue increased, leading to a weakened gross margin.
- The gross margin weakened both sequentially and year-over-year, driven by a proportionally larger increase in cost of revenue relative to revenue when compared to the prior year. The strongest observable driver is the shift in the relationship between cost of revenue and revenue.
- Compared to the immediately preceding quarter, revenue, gross profit, and cost of revenue were all lower, with gross margin slightly lower. Compared to the same quarter one year earlier, revenue was higher, but gross profit was lower and cost of revenue was higher, resulting in a lower gross margin.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
54.2%
Gross profit
$1.3B
Revenue
$2.5B
Cost of revenue
$1.1B
Quarter-over-quarter change
-0.7 pts
Year-over-year change
-4.2 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Aug 3, 2025 | $2.5B | $1.5B | $1.0B | 58.5% |
| Nov 2, 2025 | $2.6B | $1.4B | $1.1B | 55.6% |
| Feb 1, 2026 | $3.6B | $2.0B | $1.6B | 54.9% |
| May 3, 2026 | $2.5B | $1.3B | $1.1B | 54.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Feb 1, 2026
-0.7 pts
Year-over-year change
May 4, 2025
-4.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin weakened both sequentially and year-over-year, driven by a proportionally larger increase in cost of revenue relative to revenue when compared to the prior year. The strongest observable driver is the shift in the relationship between cost of revenue and revenue.
Compared to the immediately preceding quarter, revenue, gross profit, and cost of revenue were all lower, with gross margin slightly lower. Compared to the same quarter one year earlier, revenue was higher, but gross profit was lower and cost of revenue was higher, resulting in a lower gross margin.
Monitor the trajectory of cost of revenue relative to revenue, as its increase outpaced revenue growth year-over-year.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| lululemon athletica inc. (LULU) | 54.2% |