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Sentiment · FY2026 Q1
Q4 revenue rose 1%, or 6% excluding the 53rd week comparison, with EPS of $5.01 declining 19% as gross margin contracted 550 basis points driven by tariffs and elevated markdowns. North America revenue was flat ex-53rd week with U.S. down 1%, while China mainland grew 28%. Management introduced FY2026 EPS guidance of $12.10-$12.30, pointing to continued margin pressure from the tariff environment.
Demand | Margin | Product Launch | Competitive Dynamics | Geographic Expansion | Revenue Growth | Trade Tariffs | Cost Pressure | |
|---|---|---|---|---|---|---|---|---|
| 2024Q3 | 6 | 3 | 3 | 2 | 1 | 1 | 1 | 2 |
| 2024Q4 | 6 | 4 | 1 | 2 | 4 | 1 | 1 | 2 |
| 2025Q1 | 5 | 3 | 3 | 3 | 4 | 3 | 1 | |
| 2025Q2 | 5 | 2 | 3 | 3 | 1 | 2 | 3 | |
| 2025Q3 | 4 | 3 | 3 | 5 | 1 | 1 | 1 | 1 |
| 2025Q4 | 4 | 6 | 5 | 3 | 1 | 2 | 1 |
| '24Q3 | '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | |
|---|---|---|---|---|---|---|
| Demand | 6 | 6 | 5 | 5 | 4 | 4 |
| Margin | 3 | 4 | 3 | 2 | 3 | 6 |
| Product Launch | 3 | 1 | 3 | 3 | 3 | 5 |
| Competitive Dynamics | 2 | 2 | 3 | 5 | 3 | |
| Geographic Expansion | 1 | 4 | 3 | 1 | 1 | 1 |
| Revenue Growth | 1 | 1 | 4 | 2 | 1 | 2 |
| Trade Tariffs | 1 | 1 | 3 | 3 | 1 | |
| Cost Pressure | 2 | 2 | 1 | 1 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $3.61B | +12.7% | $6.14 | +16.1% | 60.4% | 28.9% | 20.7% | $1.17B |
| FY2025 Q1 | $2.37B | +7.3% | $2.60 | +2.4% | 58.3% | 18.5% | 13.3% | $-271M |
| FY2025 Q2 | $2.53B | +6.5% | $3.10 | -1.6% | 58.5% | 20.7% | 14.7% | $151M |
| FY2025 Q3 | $2.57B | +7.1% | $2.59 | -9.8% | 55.6% | 17.0% | 12.0% | $82M |
| FY2025 Q4 | $3.64B | +0.8% | $4.97 | -19.1% | 54.9% | 22.1% | 16.1% | $960M |
| FY2026 Q1 | $2.47B | +4.3% | $1.69 | -35.0% | 54.2% | 11.2% | 7.9% | $87M |
| Year | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2022 | $8.11B | +29.6% | $6.68 | -10.9% | 55.4% | 16.4% | 10.5% | $328M |
| FY2023 | $9.62B | +18.6% | $12.21 | +82.8% | 58.3% | 22.2% | 16.1% | $1.64B |
| FY2024 | $10.59B | +10.1% | $14.70 | +20.4% | 59.2% | 23.7% | 17.1% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Matt Boss | JPMorgan | 11 (0%) |
| Brooke Roach | Goldman Sachs | 9 (0%) |
| Michael Binetti | Evercore ISI | 7 (0%) |
| Janine Stichter | BTIG | 7 (0%) |
| Jay Sole | UBS | 6 (0%) |
| Lorraine Hutchinson | Bank of America | 6 (0%) |
| Paul Lejuez | Citigroup | 6 (0%) |
| Dana Telsey | Telsey Advisory Group | 5 (0%) |
| Alex Straton | Morgan Stanley | 4 (0%) |
| Brian Nagel | Oppenheimer | 4 (25%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 | 11 (0%) |
| Goldman Sachs | 1 | 9 (0%) |
| Evercore ISI | 1 | 7 (0%) |
| BTIG | 1 |
| $1.58B |
| FY2025 | $11.10B | +4.9% | $13.26 | -9.8% | 56.6% | 19.8% | 14.2% | $922M |
| 7 (0%) |
| Citigroup | 1 | 6 (0%) |
| UBS | 1 | 6 (0%) |
| Bank of America | 1 | 6 (0%) |
| Telsey Advisory Group | 1 | 5 (0%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
LULU Lululemon Athletica | 6 | +0.8% | |
| ROST Ross Stores | 8 | +12.2% | |
| TJX TJX Companies | 9 | +8.5% |