LULU 10-Q report for 2025-08-03

LULU 10-Q report for 2025-08-03 lulu-20250803 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 3, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from              to              Commission file number 001-33608 lululemon athletica inc. (Exact name of registrant as specified in its charter) Delaware 20-3842867 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1818 Cornwall Avenue , Vancouver , British Columbia V6J 1C7 (Address of principal executive offices) Registrant's telephone number, including area code: 604 - 732-6124 Former name, former address and former fiscal year, if changed since last report: N/A Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock, par value $0.005 per share LULU Nasdaq Global Select Market Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes ☑ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes ☑ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one): Large Accelerated Filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐ No ☑ As of August 29, 2025, there were 113,468,082 shares of the registrant's common stock, par value $0.005 per share, outstanding. Exchangeable and Special Voting Shares: As of August 29, 2025, (1) there were outstanding 5,115,961 exchangeable shares of Lulu Canadian Holding, Inc., a wholly-owned subsidiary of the registrant. Exchangeable shares are exchangeable for an equal number of shares of the registrant's common stock; (2) there were outstanding 5,115,961 shares of special voting stock, through which the holders of exchangeable shares of Lulu Canadian Holding, Inc. may exercise their voting rights with respect to the registrant. The special voting stock and the registrant's common stock generally vote together as a single class on all matters on which the common stock is entitled to vote. Table of Contents TABLE OF CONTENTS Page PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited): 3 Consolidated Balance Sheets 3 Consolidated Statements of Operations and Comprehensive Income 4 Consolidated Statements of Stockholders' Equity 5 Consolidated Statements of Cash Flows 7 Index for Notes to the Unaudited Interim Consolidated Financial Statements 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3. Quantitative and Qualitative Disclosures About Market Risk 36 Item 4. Controls and Procedures 37 PART II. OTHER INFORMATION Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51 Item 5. Other Information 51 Item 6. Exhibits 52 Signatures 53 2 Table of Contents PART I FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) lululemon athletica inc. CONSOLIDATED BALANCE SHEETS (Unaudited; Amounts in thousands, except per share amounts) August 3, 2025 February 2, 2025 ASSETS Current assets Cash and cash equivalents $ 1,155,794 $ 1,984,336 Accounts receivable, net 139,258 120,173 Inventories 1,722,570 1,442,081 Prepaid and receivable income taxes 323,227 182,253 Prepaid expenses and other current assets 187,879 251,459 3,528,728 3,980,302 Property and equipment, net 1,917,361 1,780,617 Right-of-use lease assets 1,605,009 1,416,256 Goodwill 172,907 159,518 Intangible assets, net 9,308 11,673 Deferred income tax assets 21,417 17,085 Other non-current a Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3. Quantitative and Qualitative Disclosures About Market Risk 36 Item 4. Controls and Procedures 37 PART II. OTHER INFORMATION Item 1. Legal Proceedings 38 Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51 Item 5. Other Information 51 Item 6. Exhibits 52 Signatures 53 2 Table of Contents PART I FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) lululemon athletica inc. CONSOLIDATED BALANCE SHEETS (Unaudited; Amounts in thousands, except per share amounts) August 3, 2025 February 2, 2025 ASSETS Current assets Cash and cash equivalents $ 1,155,794 $ 1,984,336 Accounts receivable, net 139,258 120,173 Inventories 1,722,570 1,442,081 Prepaid and receivable income taxes 323,227 182,253 Prepaid expenses and other current assets 187,879 251,459 3,528,728 3,980,302 Property and equipment, net 1,917,361 1,780,617 Right-of-use lease assets 1,605,009 1,416,256 Goodwill 172,907 159,518 Intangible assets, net 9,308 11,673 Deferred income tax assets 21,417 17,085 Other non-current assets 268,709 237,841 $ 7,523,439 $ 7,603,292 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 373,333 $ 271,406 Accrued liabilities and other 423,933 559,463 Accrued compensation and related expenses 148,895 204,543 Current lease liabilities 297,919 275,154 Current income taxes payable 26,746 183,126 Unredeemed gift card liability 252,334 308,352 Other current liabilities 34,186 37,586 1,557,346 1,839,630 Non-current lease liabilities 1,464,799 1,300,637 Deferred income tax liabilities 62,400 98,188 Other non-current liabilities 51,615 40,790 3,136,160 3,279,245 Commitments and contingencies Stockholders' equity Undesignated preferred stock, $ 0.01  par value: 5,000  shares authorized; none issued and outstanding — — Exchangeable stock, no par value: 60,000  shares authorized; 5,116 and 5,116 issued and outstanding — — Special voting stock, $ 0.000005  par value: 60,000  shares authorized; 5,116 and 5,116 issued and outstanding — — Common stock, $ 0.005  par value: 400,000  shares authorized; 113,828 and 116,166 issued and outstanding 570 581 Additional paid-in capital 632,375 638,190 Retained earnings 4,085,559 4,109,717 Accumulated other comprehensive loss ( 331,225 ) ( 424,441 ) 4,387,279 4,324,047 $ 7,523,439 $ 7,603,292 See accompanying notes to the unaudited interim consolidated financial statements 3 Table of Contents lululemon athletica inc. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited; Amounts in thousands, except per share amounts) Quarter Ended Two Quarters Ended August 3, 2025 July 28, 2024 August 3, 2025 July 28, 2024 Net revenue $ 2,525,219 $ 2,371,078 $ 4,895,879 $ 4,579,969 Cost of goods sold 1,048,017 958,893 2,035,551 1,892,716 Gross profit 1,477,202 1,412,185 2,860,328 2,687,253 Selling, general and administrative expenses 951,658 871,959 1,894,529 1,714,385 Amortization of intangible assets 1,730 — 3,360 — Income from operations 523,814 540,226 962,439 972,868 Other income (expense), net 9,737 17,994 21,523 41,277 Income before income tax expense 533,551 558,220 983,962 1,014,145 Income tax expense 162,646 165,298 298,485 299,802 Net income $ 370,905 $ 392,922 $ 685,477 $ 714,343 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment $ 4,707 $ ( 25,571 ) $ 174,479 $ ( 69,876 ) Net investment hedge gains (losses) 790 10,834 ( 81,263 ) 24,315 Other comprehensive income (loss), net of tax $ 5,497 $ ( 14,737 ) $ 93,216 $ ( 45,561 ) Comprehensive income $ 376,402 $ 378,185 $ 778,693 $ 668,782 Basic earnings per share $ 3.10 $ 3.15 $ 5.71 $ 5.70 Diluted earnings per share $ 3.10 $ 3.15 $ 5.70 $ 5.69 Basic weighted-average number of shares outstanding 119,600 124,721 120,116 125,358 Diluted weighted-average number of shares outstanding 119,680 124,857 120,262 125,600 See accompanying notes to the unaudited interim consolidated financial statements 4 Table of Contents lululemon athletica inc. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited; Amounts in thousands) Quarter Ended August 3, 2025 Exchangeable Stock Special Voting Stock Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders' Equity Shares Shares Par Value Shares Par Value Balance as of May 4, 2025 5,116 5,116 $ — 114,909 $ 574 $ 632,564 $ 3,993,154 $ ( 336,722 ) $ 4,289,570 Net income 370,905 370,905 Other comprehensive income (loss), net of tax 5,497 5,497 Stock-based compensation expense ( 1,844 ) ( 1,844 ) Common stock issued upon settlement of stock-based compensation 50 —  5,257 5,257 Shares withheld related to net share settlement of stock-based compensation ( 3 ) —  ( 873 ) ( 873 ) Repurchase of common stock, including excise tax ( 1,128 ) ( 4 ) ( 2,729 ) ( 278,500 ) ( 281,233 ) Balance as of August 3, 2025 5,116 5,116 $ — 113,828 $ 570 $ 632,375 $ 4,085,559 $ ( 331,225 ) $ 4,387,279 Quarter Ended July 28, 2024 Exchangeable Stock Special Voting Stock Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders' Equity Shares Shares Par Value Shares Par Value Balance as of April 28, 2024 5,116 5,116 $ — 120,470 $ 602 $ 570,286 $ 3,944,000 $ ( 295,080 ) $ 4,219,808 Net income 392,922 392,922 Other comprehensive income (loss), net of tax ( 14,737 ) ( 14,737 ) Stock-based compensation expense 21,567 21,567 Common stock issued upon settlement of stock-based compensation 24 —  2,370 2,370 Shares withheld related to net share settlement of stock-based compensation ( 2 ) —  ( 829 ) ( 829 ) Repurchase of common stock, including excise tax ( 1,882 ) ( 9 ) ( 4,238 ) ( 585,209 ) ( 589,456 ) Balance as of July 28, 2024 5,116 5,116 $ — 118,610 $ 593 $ 589,156 $ 3,751,713 $ ( 309,817 ) $ 4,031,645 5 Table of Contents Two Quarters Ended August 3, 2025 Exchangeable Stock Special Voting Stock Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders' Equity Shares Shares Par Value Shares Par Value Balance as of February 2, 2025 5,116 5,116 $ — 116,166 $ 581 $ 638,190 $ 4,109,717 $ ( 424,441 ) $ 4,324,047 Net income 685,477 685,477 Other comprehensive income (loss), net of tax 93,216 93,216 Stock-based compensation expense 21,247 21,247 Common stock issued upon settlement of stock-based compensation 245 —  5,478 5,478 Shares withheld related to net share settlement of stock-based compensation ( 92 ) —  ( 26,514 ) ( 26,514 ) Repurchase of common stock, including excise tax ( 2,491 ) ( 11 ) ( 6,026 ) ( 709,635 ) ( 715,672 ) Balance as of August 3, 2025 5,116 5,116 $ — 113,828 $ 570 $ 632,375 $ 4,085,559 $ ( 331,225 ) $ 4,387,279 Two Quarters Ended July 28, 2024 Exchangeable Stock Special Voting Stock Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders' Equity Shares Shares Par Value Shares Par Value Balance as of January 28, 2024 5,116 5,116 $ — 121,106 $ 606 $ 575,369 $ 3,920,362 $ ( 264,256 ) $ 4,232,081 Net income 714,343 714,343 Other comprehensive income (loss), net of tax ( 45,561 ) ( 45,561 ) Stock-based compensation expense 47,325 47,325 Common stock issued upon settlement of stock-based compensation 224 —  5,763 5,763 Shares withheld related to net share settlement of stock-based compensation ( 87 ) —  ( 33,371 ) ( 33,371 ) Repurchase of common stock, including excise tax ( 2,633 ) ( 13 ) ( 5,930 ) ( 882,992 ) ( 888,935 ) Balance as of July 28, 2024 5,116 5,116 $ — 118,610 $ 593 $ 589,156 $ 3,751,713 $ ( 309,817 ) $ 4,031,645 See accompanying notes to the unaudited interim consolidated financial statements 6 Table of Contents lululemon athletica inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; Amounts in thousands) Two Quarters Ended August 3, 2025 July 28, 2024 Cash flows from operating activities Net income $ 685,477 $ 714,343 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 234,244 199,332 Stock-based compensation expense 21,247 47,325 Settlement of derivatives not designated in a hedging relationship ( 11,921 ) ( 12,816 ) Changes in operating assets and liabilities: Accounts receivable ( 15,929 ) ( 2,628 ) Inventories ( 237,903 ) ( 126,076 ) Prepaid and receivable income taxes ( 140,974 ) ( 28,554 ) Prepaid expenses and other current assets 69,037 ( 13,340 ) Other non-current assets ( 33,330 ) ( 48,768 ) Accounts payable 91,154 ( 23,683 ) Accrued liabilities and other ( 131,640 ) 60,123 Accrued compensation and related expenses ( 61,249 ) ( 147,810 ) Current and non-current income taxes payable ( 165,214 ) ( 8,662 ) Unredeemed gift card liability ( 59,616 ) ( 54,226 ) Right-of-use lease assets and current and non-current lease liabilities ( 2,776 ) 18,878 Other current and non-current liabilities ( 30,885 ) ( 2,774 ) Net cash provided by operating activities 209,722 570,664 Cash flows from investing activities Purchase of property and equipment ( 330,161 ) ( 275,767 ) Settlement of net investment hedges 13,451 14,151 Other investing activities ( 3,250 ) ( 5,009 ) Net cash used in investing activities ( 319,960 ) ( 266,625 ) Cash flows from financing activities Proceeds from settlement of stock-based compensation 5,478 5,763 Taxes paid related to net share settlement of stock-based compensation ( 26,514 ) ( 33,371 ) Repurchase of common stock ( 715,672 ) ( 888,935 ) Other financing activities ( 8,115 ) — Net cash used in financing activities ( 744,823 ) ( 916,543 ) Effect of foreign currency exchange rate changes on cash and cash equivalents 26,519 ( 21,355 ) Decrease in cash and cash equivalents ( 828,542 ) ( 633,859 ) Cash and cash equivalents, beginning of period $ 1,984,336 $ 2,243,971 Cash and cash equivalents, end of period $ 1,155,794 $ 1,610,112 See accompanying notes to the unaudited interim consolidated financial statements 7 Table of Contents lululemon athletica inc. INDEX FOR NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS Note 1 Nature of Operations and Basis of Presentation 9 Note 2 Recent Accounting Pronouncements 9 Note 3 Revolving Credit Facilities 10 Note 4 Supply Chain Financing Program 11 Note 5 Stock-Based Compensation and Benefit Plans 11 Note 6 Fair Value Measurement 12 Note 7 Derivative Financial Instruments 13 Note 8 Earnings Per Share 15 Note 9 Supplementary Financial Information 16 Note 10 Segmented Information 17 Note 11 Disaggregated Net Revenue 19 Note 12 Legal Proceedings and Other Contingencies 19 8 Table of Contents lululemon athletica inc. NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS Note 1.  Nature of Operations and Basis of Presentation Nature of operations lululemon athletica inc., a Delaware corporation, ("lululemon" and, together with its subsidiaries unless the context otherwise requires, the "Company") is engaged in the design, distribution, and retail of technical athletic apparel, footwear, and accessories. The Company organizes its operations into four regional markets: Americas, China Mainland, Asia Pacific ("APAC"), and Europe and the Middle East ("EMEA"). It conducts its business through a number of different channels in each market, including company-operated stores, e-commerce, outlets, temporary locations, wholesale, license and supply arrangements, and a re-commerce program. There were 784 and 767 company-operated stores as of August 3, 2025 and February 2, 2025, respectively. Basis of presentation The unaudited interim consolidated financial statements, including the financial position as of August 3, 2025 and the results of operations and cash flows for the periods disclosed, are presented in U.S. dollars and have been prepared by the Company under the rules and regulations of the Securities and Exchange Commission ("SEC"). The financial information is presented in accordance with United States generally accepted accounting principles ("GAAP") for interim financial information and, accordingly, does not include all of the information and footnotes required by GAAP for complete financial statements. The financial information as of February 2, 2025 is derived from the Company's audited consolidated financial statements and related notes for the fiscal year ended February 2, 2025, which are included in Item 8 in the Company's fiscal 2024 Annual Report on Form 10-K filed with the SEC on March 27, 2025. These unaudited interim consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These unaudited interim consolidated financial statements should be read in conjunction with the Company's consolidated financial statements and related notes included in Item 8 in the Company's fiscal 2024 Annual Report on Form 10-K. On September 10, 2024, the Company acquired the lululemon branded retail locations and operations run by a third party in Mexico. The Company had previously granted the third party the right to operate retail locations and to sell lululemon products in Mexico. The results of operations, financial position, and cash flows of the Mexico operations have been included in the Company's consolidated financial statements since the date of acquisition. The Company's fiscal year ends on the Sunday closest to January 31 of the following year, typically resulting in a 52-week year, but occasionally giving rise to an additional week, resulting in a 53-week year. Fiscal 2025 will end on February 1, 2026 and will be a 52-week year. Fiscal 2024 was a 53-week year and ende Item 1A. Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51 Item 5. Other Information 51 Item 6. Exhibits 52 Signatures 53 2 Table of Contents PART I FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) lululemon athletica inc. CONSOLIDATED BALANCE SHEETS (Unaudited; Amounts in thousands, except per share amounts) August 3, 2025 February 2, 2025 ASSETS Current assets Cash and cash equivalents $ 1,155,794 $ 1,984,336 Accounts receivable, net 139,258 120,173 Inventories 1,722,570 1,442,081 Prepaid and receivable income taxes 323,227 182,253 Prepaid expenses and other current assets 187,879 251,459 3,528,728 3,980,302 Property and equipment, net 1,917,361 1,780,617 Right-of-use lease assets 1,605,009 1,416,256 Goodwill 172,907 159,518 Intangible assets, net 9,308 11,673 Deferred income tax assets 21,417 17,085 Other non-current assets 268,709 237,841 $ 7,523,439 $ 7,603,292 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 373,333 $ 271,406 Accrued liabilities and other 423,933 559,463 Accrued compensation and related expenses 148,895 204,543 Current lease liabilities 297,919 275,154 Current income taxes payable 26,746 183,126 Unredeemed gift card liability 252,334 308,352 Other current liabilities 34,186 37,586 1,557,346 1,839,630 Non-current lease liabilities 1,464,799 1,300,637 Deferred income tax liabilities 62,400 98,188 Other non-current liabilities 51,615 40,790 3,136,160 3,279,245 Commitments and contingencies Stockholders' equity Undesignated preferred stock, $ 0.01  par value: 5,000  shares authorized; none issued and outstanding — — Exchangeable stock, no par value: 60,000  shares authorized; 5,116 and 5,116 issued and outstanding — — Special voting stock, $ 0.000005  par value: 60,000  shares authorized; 5,116 and 5,116 issued and outstanding — — Common stock, $ 0.005  par value: 400,000  shares authorized; 113,828 and 116,166 issued and outstanding 570 581 Additional paid-in capital 632,375 638,190 Retained earnings 4,085,559 4,109,717 Accumulated other comprehensive loss ( 331,225 ) ( 424,441 ) 4,387,279 4,324,047 $ 7,523,439 $ 7,603,292 See accompanying notes to the unaudited interim consolidated financial statements 3 Table of Contents lululemon athletica inc. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited; Amounts in thousands, except per share amounts) Quarter Ended Two Quarters Ended August 3, 2025 July 28, 2024 August 3, 2025 July 28, 2024 Net revenue $ 2,525,219 $ 2,371,078 $ 4,895,879 $ 4,579,969 Cost of goods sold 1,048,017 958,893 2,035,551 1,892,716 Gross profit 1,477,202 1,412,185 2,860,328 2,687,253 Selling, general and administrative expenses 951,658 871,959 1,894,529 1,714,385 Amortization of intangible assets 1,730 — 3,360 — Income from operations 523,814 540,226 962,439 972,868 Other income (expense), net 9,737 17,994 21,523 41,277 Income before income tax expense 533,551 558,220 983,962 1,014,145 Income tax expense 162,646 165,298 298,485 299,802 Net income $ 370,905 $ 392,922 $ 685,477 $ 714,343 Other comprehensive income (loss), net of tax: Foreign currency translation adjustment $ 4,707 $ ( 25,571 ) $ 174,479 $ ( 69,876 ) Net investment hedge gains (losses) 790 10,834 ( 81,263 ) 24,315 Other comprehensive income (loss), net of tax $ 5,497 $ ( 14,737 ) $ 93,216 $ ( 45,561 ) Comprehensive income $ 376,402 $ 378,185 $ 778,693 $ 668,782 Basic earnings per share $ 3.10 $ 3.15 $ 5.71 $ 5.70 Diluted earnings per share $ 3.10 $ 3.15 $ 5.70 $ 5.69 Basic weighted-average number of shares outstanding 119,600 124,721 120,116 125,358 Diluted weighted-average number of shares outstanding 119,680 124,857 120,262 125,600 See accompanying notes to the unaudited interim consolidated financial statements 4 Table of Contents lululemon athletica inc. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited; Amounts in thousands) Quarter Ended August 3, 2025 Exchangeable Stock Special Voting Stock Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders' Equity Shares Shares Par Value Shares Par Value Balance as of May 4, 2025 5,116 5,116 $ — 114,909 $ 574 $ 632,564 $ 3,993,154 $ ( 336,722 ) $ 4,289,570 Net income 370,905 370,905 Other comprehensive income (loss), net of tax 5,497 5,497 Stock-based compensation expense ( 1,844 ) ( 1,844 ) Common stock issued upon settlement of stock-based compensation 50 —  5,257 5,257 Shares withheld related to net share settlement of stock-based compensation ( 3 ) —  ( 873 ) ( 873 ) Repurchase of common stock, including excise tax ( 1,128 ) ( 4 ) ( 2,729 ) ( 278,500 ) ( 281,233 ) Balance as of August 3, 2025 5,116 5,116 $ — 113,828 $ 570 $ 632,375 $ 4,085,559 $ ( 331,225 ) $ 4,387,279 Quarter Ended July 28, 2024 Exchangeable Stock Special Voting Stock Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders' Equity Shares Shares Par Value Shares Par Value Balance as of April 28, 2024 5,116 5,116 $ — 120,470 $ 602 $ 570,286 $ 3,944,000 $ ( 295,080 ) $ 4,219,808 Net income 392,922 392,922 Other comprehensive income (loss), net of tax ( 14,737 ) ( 14,737 ) Stock-based compensation expense 21,567 21,567 Common stock issued upon settlement of stock-based compensation 24 —  2,370 2,370 Shares withheld related to net share settlement of stock-based compensation ( 2 ) —  ( 829 ) ( 829 ) Repurchase of common stock, including excise tax ( 1,882 ) ( 9 ) ( 4,238 ) ( 585,209 ) ( 589,456 ) Balance as of July 28, 2024 5,116 5,116 $ — 118,610 $ 593 $ 589,156 $ 3,751,713 $ ( 309,817 ) $ 4,031,645 5 Table of Contents Two Quarters Ended August 3, 2025 Exchangeable Stock Special Voting Stock Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders' Equity Shares Shares Par Value Shares Par Value Balance as of February 2, 2025 5,116 5,116 $ — 116,166 $ 581 $ 638,190 $ 4,109,717 $ ( 424,441 ) $ 4,324,047 Net income 685,477 685,477 Other comprehensive income (loss), net of tax 93,216 93,216 Stock-based compensation expense 21,247 21,247 Common stock issued upon settlement of stock-based compensation 245 —  5,478 5,478 Shares withheld related to net share settlement of stock-based compensation ( 92 ) —  ( 26,514 ) ( 26,514 ) Repurchase of common stock, including excise tax ( 2,491 ) ( 11 ) ( 6,026 ) ( 709,635 ) ( 715,672 ) Balance as of August 3, 2025 5,116 5,116 $ — 113,828 $ 570 $ 632,375 $ 4,085,559 $ ( 331,225 ) $ 4,387,279 Two Quarters Ended July 28, 2024 Exchangeable Stock Special Voting Stock Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders' Equity Shares Shares Par Value Shares Par Value Balance as of January 28, 2024 5,116 5,116 $ — 121,106 $ 606 $ 575,369 $ 3,920,362 $ ( 264,256 ) $ 4,232,081 Net income 714,343 714,343 Other comprehensive income (loss), net of tax ( 45,561 ) ( 45,561 ) Stock-based compensation expense 47,325 47,325 Common stock issued upon settlement of stock-based compensation 224 —  5,763 5,763 Shares withheld related to net share settlement of stock-based compensation ( 87 ) —  ( 33,371 ) ( 33,371 ) Repurchase of common stock, including excise tax ( 2,633 ) ( 13 ) ( 5,930 ) ( 882,992 ) ( 888,935 ) Balance as of July 28, 2024 5,116 5,116 $ — 118,610 $ 593 $ 589,156 $ 3,751,713 $ ( 309,817 ) $ 4,031,645 See accompanying notes to the unaudited interim consolidated financial statements 6 Table of Contents lululemon athletica inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; Amounts in thousands) Two Quarters Ended August 3, 2025 July 28, 2024 Cash flows from operating activities Net income $ 685,477 $ 714,343 Adju Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" of our 2024 Annual Report on Form 10-K filed with the SEC on March 27, 2025. 34 Table of Contents Operating Locations Our company-operated stores by market as of August 3, 2025 and February 2, 2025 are summarized in the table below. Number of company-operated stores by market August 3, 2025 February 2, 2025 United States 377  374  Canada 72  71  Mexico 18  17  Americas 467  462  China Mainland 159  151  Australia 33  33  South Korea 20  20  Hong Kong SAR 10  10  Japan 10  10  Singapore 9  7  New Zealand 8  8  Taiwan 8  8  Malaysia 5  5  Thailand 4  4  Macau SAR 2  2  APAC 109  107  United Kingdom 20  19  Germany 9  9  France 6  6  Ireland 4  4  Spain 3  3  Netherlands 2  2  Sweden 2  2  Italy 1  —  Norway 1  1  Switzerland 1  1  EMEA 49  47  Total company-operated stores 784  767  35 Table of Contents Retail locations operated by third parties by market as of August 3, 2025 and February 2, 2025 are summarized in the table below. Number of retail locations operated by third parties by market August 3, 2025 February 2, 2025 United Arab Emirates 11  10  Saudi Arabia 9  8  Israel 8  7  Kuwait 4  4  Qatar 4  4  Turkey 2  —  Bahrain 1  1  Belgium 1  —  Denmark 1  —  Total locations operated by third parties under license and supply arrangements 41  34  ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Foreign Currency Exchange Risk Translation Risk . The functional currency of our international subsidiaries is generally the applicable local currency. Our consolidated financial statements are presented in U.S. dollars. Therefore, the net revenue, expenses, assets, and liabilities of our international subsidiaries are translated from their functional currencies into U.S. dollars. Fluctuations in the value of the U.S. dollar affect the reported amounts of net revenue, expenses, assets, and liabilities. As a result of the fluctuation in exchange rates compared to the U.S. dollar our revenue was $10.7 million lower in the first two quarters of 2025 in comparison to the first two quarters of 2024. Foreign currency exchange differences which arise on translation of our international subsidiaries' balance sheets into U.S. dollars are recorded as other comprehensive income (loss), net of tax in accumulated other comprehensive income (loss) within stockholders' equity. A significant portion of our net assets are held by our Canadian dollar subsidiary. We enter into forward currency contracts in order to hedge a portion of the foreign currency exposure associated with the translation of our net investment in our Canadian subsidiary. During the first two quarters of 2025, the impact to other comprehensive loss of translation of our Canadian subsidiaries was a reduction in the loss of $57.3 million, inclusive of net investment hedge gains. Transaction Risk . We also have exposure to changes in foreign currency exchange rates associated with transactions which are undertaken by our subsidiaries in currencies other than their functional currency. Such transactions include intercompany transactions and inventory purchases denominated in currencies other than the functional currency of the purchasing entity. We also hold cash and cash equivalents and other monetary assets in currencies that are different to the functional currency of our subsidiaries. As of August 3, 2025, we had certain forward currency contracts outstanding in order to economically hedge the foreign currency revaluation gains and losses recognized by our foreign subsidiaries, including our Canadian and Chinese subsidiaries, on their monetary assets and liabilities denominated in currencies other than their functional currency. We perform a sensitivity analysis to determine the market risk exposure associated with the fair values of our forward currency contracts. The net fair value of outstanding derivatives as of August 3, 2025 was a liability of $4.2 million. As of August 3, 2025, a 10% depreciation in the U.S. dollar against the hedged currencies would have resulted in the net fair value of outstanding derivatives depreciating by $19.0 million. The hypothetical change in the fair value of the forward currency contracts would have been substantially offset by a corresponding but directionally opposite change in the underlying hedged items. The net fair value of our outstanding forward currency contracts declined as of August 3, 2025 compared to February 2, 2025 primarily due to foreign currency exchange rate movement on the derivative financial instruments. In the future, in an effort to reduce foreign currency exchange risks, we may enter into further derivative financial instruments including hedging additional currency pairs. We do not, and do not intend to, engage in the practice of trading derivative securities for profit. Please refer to Note 7. Derivative Financial Instruments included in Item 1 of Part I of this report for further

The provided excerpt is only the Form 10‑Q cover page for GE Vernova Inc. (GEV) for quarter ended 2026‑06‑30, with no financial statements, MD&A, segment results, guidance, backlog, risks, or other performance details included. As-is, it contains almost no trade-relevant incremental information beyond confirming the filing/period and listing details.

This excerpt is only the cover page/header of Sleep Number’s Form 10-Q for the quarter ended April 4, 2026. It contains filing metadata (issuer, ticker, exchange, address) but no financial statements, MD&A, guidance, risks, or operational commentary. As a result, it is not directly actionable for trading beyond confirming the filing exists.

The provided excerpt is only the cover/filing header of SoundHound AI, Inc.’s 10‑Q for the quarter ended 2026‑03‑31. It contains listing/security identifiers (SOUN, SOUNW) but no financial statements, MD&A, guidance, risk updates, liquidity details, or material events. As a result, there is insufficient information to form high-confidence, actionable bullish/bearish theses beyond generic “company filed its 10‑Q” metadata.

The provided excerpt is only the boilerplate cover/filing-status section of Teucrium Commodity Trust’s Form 10‑Q for period ended 2026‑03‑31, with no portfolio holdings, performance, risk, or material updates included. As-is, it contains no actionable investment information beyond confirming the existence of the filing and the issuer/ticker identity (WEAT).

The provided text is only the cover/header portion of Archer Aviation’s Form 10‑Q for the quarter ended 2026‑03‑31 (issuer identity, exchange listing, and securities outstanding). It contains no operating/financial results, guidance, liquidity details, backlog, or risk-factor updates—so it is minimally actionable for trading beyond basic security identifiers and a generic dilution/optionality consideration from warrants.

This excerpt is essentially the cover page of CleanSpark, Inc.’s Form 10-Q for the quarter ended March 31, 2026. It contains identifiers (CIK/file no.), listing venue, and security descriptions (common stock and redeemable warrants with specific exercise terms), but no operating/financial results, guidance, risks, or MD&A detail. Actionability is therefore limited to capital-structure/dilution considerations around the listed warrant.

This excerpt of AST SpaceMobile’s 10‑Q is largely SEC cover-page/boilerplate (registrant info, exchange listing, filing compliance) and contains no financial results, guidance, liquidity, risk-factor updates, or operating metrics. As provided, it does not create a clear tradable catalyst beyond confirming continued reporting/listing status.

This excerpt only includes the cover page of Super Micro Computer, Inc.’s Form 10‑Q for the quarter ended March 31, 2026. It confirms the filing, issuer identity, listing (Nasdaq), and ticker (SMCI), but contains no financial results, guidance, risks, or MD&A content to support a directional investment view.