Lululemon Athletica (LTS:0JVT) Operating Income: $2,049 Mil (TTM As of Apr. 2026)

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LTS:0JVT Lululemon Athletica Inc LTS:0JVT
78 GF Score
Price $116.93
GF Value $360.89
Valuation Significantly Undervalued
! 1 Warning Sign
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What is Lululemon Athletica Operating Income?

Lululemon Athletica LTS:0JVT -1.48% 78 Operating Income is $2,049 Mil as of Apr. 2026. GuruFocus rates LTS:0JVT with a GF Score™ of 78/100 and a GF Value™ of $360.89 (Significantly Undervalued). The stock has 1 warning sign investors should review.

Lululemon Athletica's Operating Income for the three months ended in Apr. 2026 was $277 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Apr. 2026 was $2,049 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Lululemon Athletica's Operating Income for the three months ended in Apr. 2026 was $277 Mil. Lululemon Athletica's Revenue for the three months ended in Apr. 2026 was $2,472 Mil. Therefore, Lululemon Athletica's Operating Margin % for the quarter that ended in Apr. 2026 was 11.21%.

Good Sign:

Lululemon Athletica Inc operating margin is expanding. Margin expansion is usually a good sign.

Lululemon Athletica's 5-Year average Growth Rate for Operating Margin % was 1.30% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Lululemon Athletica's annualized ROC % for the quarter that ended in Apr. 2026 was 12.63%. Lululemon Athletica's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 was 25.20%.


Lululemon Athletica  (LTS:0JVT) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Lululemon Athletica's annualized ROC % for the quarter that ended in Apr. 2026 is calculated as:

ROC % (Q: Apr. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Jan. 2026 ) + Invested Capital (Q: Apr. 2026 ))/ count )
=1107.784 * ( 1 - 31.82% )/( (5756.331 + 6201.971)/ 2 )
=755.2871312/5979.151
=12.63 %

where

Invested Capital(Q: Jan. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=8456.743 - 893.21 - ( 1807.202 - max(0, 1887.548 - 4262.701+1807.202))
=5756.331

Invested Capital(Q: Apr. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=8531.441 - 814.741 - ( 1514.729 - max(0, 1794.316 - 3994.575+1514.729))
=6201.971

Note: The Operating Income data used here is four times the quarterly (Apr. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Lululemon Athletica's annualized ROC (Joel Greenblatt) % for the quarter that ended in Apr. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Apr. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Jan. 2026  Q: Apr. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=1107.784/( ( (3663.901 + max(514.206, 0)) + (3994.423 + max(620.567, 0)) )/ 2 )
=1107.784/( ( 4178.107 + 4614.99 )/ 2 )
=1107.784/4396.5485
=25.20 %

where Working Capital is:

Working Capital(Q: Jan. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(190.657 + 1700.753 + 211.62) - (893.21 + 316.632 + 378.982)
=514.206

Working Capital(Q: Apr. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(164.973 + 1687.088 + 205.618) - (814.741 + 296.361 + 326.01)
=620.567

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Apr. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Lululemon Athletica's Operating Margin % for the quarter that ended in Apr. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Apr. 2026 )/Revenue (Q: Apr. 2026 )
=276.946/2471.603
=11.21 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Lululemon Athletica Operating Income Related Terms


Lululemon Athletica Operating Income Historical Data

* Premium members only.

The historical data trend for Lululemon Athletica's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Lululemon Athletica Operating Income Chart

Lululemon Athletica Annual Data
Trend Jan17 Jan18 Jan19 Jan20 Jan21 Jan22 Jan23 Jan24 Jan25 Jan26
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1,374.75 1,726.14 2,207.18 2,505.70 2,210.62

Lululemon Athletica Quarterly Data
Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24 Apr24 Jul24 Oct24 Jan25 Apr25 Jul25 Oct25 Jan26 Apr26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 438.63 523.81 435.89 812.29 276.95
LTS:0JVT
78GF Score
Lululemon Athletica Inc LTS:0JVT
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Lululemon Athletica Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Apr. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $2,049 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of $2,049 Mil mean?
Lululemon Athletica (LTS:0JVT) has a Operating Income of $2,049 Mil as of Apr. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Lululemon Athletica and its competitors.
Is Lululemon Athletica's Operating Income too high?
Lululemon Athletica's current Operating Income is $2,049 Mil. Overall, Lululemon Athletica has a GF Score™ of 78/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Lululemon Athletica's Operating Income compare to GAP and VSXY?
Lululemon Athletica's Operating Income of $2,049 Mil can be compared against companies in the Retail - Cyclical industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Retail - Cyclical company?
A good Operating Income depends on the Retail - Cyclical industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Lululemon Athletica and its competitors. Lululemon Athletica's current Operating Income is $2,049 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Lululemon Athletica stock overvalued right now?
Based on GuruFocus' analysis, Lululemon Athletica (LTS:0JVT) is currently considered Significantly Undervalued. The stock's GF Value™ is $360.89, compared to a current price of $116.93 — trading 67.6% below its estimated fair value. The current Operating Income is $2,049 Mil. Lululemon Athletica's overall GF Score™ is 78/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Lululemon Athletica (LTS:0JVT), the current Operating Income is $2,049 Mil as of Apr. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Lululemon Athletica (LTS:0JVT) Overvalued in 2026?

Based on GuruFocus' analysis, Lululemon Athletica stock appears to be undervalued. The current stock price of $116.93 is trading 67.6% below its estimated GF Value™ of $360.89. GuruFocus considers Lululemon Athletica to be Significantly Undervalued.

Key valuation signals for LTS:0JVT:

  • Operating Income: $2,049 Mil
  • GF Value™: $360.89 vs. price of $116.93 (67.6% below fair value)
  • GF Score™: 78/100 with 1 warning sign

No single metric tells the full story. See the LTS:0JVT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Lululemon Athletica Business Description

Address 1818 Cornwall Avenue, Vancouver, BC, CAN, V6J 1C7
Lululemon Athletica designs, distributes, and markets athletic apparel, footwear, and accessories for women, men, and girls. The company offers pants, shorts, tops, and jackets for both leisure and athletic activities such as yoga and running. Lululemon also sells fitness accessories, such as bags, yoga mats, and equipment. It sells its products through digital channels, a small number of wholesale partners, more than 800 company-owned stores in about two dozen countries in North America, Asia, and Western Europe, and about 45 franchised locations in the Middle East and Europe. The company was founded in 1998 and is based in Vancouver, Canada.
78GF Score

Get the complete analysis for LTS:0JVT

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$116.93
Price
$360.89
GF Value