lululemon athletica inc.LULU

lululemon athletica inc. Earnings Per Share Disclosure

10-KFiled Mar 17, 20262 min read
Earnings Per Share
The details of the computation of basic and diluted earnings per share are as follows: 
 202520242023
(In thousands, except per share amounts)
Net income$1,579,183 $1,814,616 $1,550,190 
Basic weighted-average number of shares outstanding118,981 123,735 126,726 
Assumed conversion of dilutive stock options and awards87 200 334 
Diluted weighted-average number of shares outstanding119,068 123,935 127,060 
Basic earnings per share$13.27 $14.67 $12.23 
Diluted earnings per share$13.26 $14.64 $12.20 
The Company's calculation of weighted-average shares includes the common stock of the Company as well as the exchangeable shares. Exchangeable shares are the economic equivalent of common shares in all material respects. All classes of stock have in effect the same economic rights and share equally in undistributed net income. For 2025, 2024, and 2023, 127.7 thousand, 64.2 thousand, and 62.7 thousand stock options and awards, respectively, were anti-dilutive to earnings per share and therefore have been excluded from the computation of diluted earnings per share.
On March 23, 2022, the Company's board of directors approved a stock repurchase program authorizing up to $1.0 billion of common shares, which was fully utilized during the first quarter of 2024.
Subsequently, the board of directors approved a new repurchase program authorizing up to $4.0 billion in aggregate, including $1.0 billion initially authorized on November 29, 2023, and additional $1.0 billion increases on May 29, 2024, December 3, 2024, and December 3, 2025. This program does not have an expiration date or require a minimum number of shares to be repurchased. Repurchases may be made on the open market at prevailing prices or through privately negotiated transactions, including under plans pursuant to Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934. The timing and amount of repurchases will depend on market conditions, trading eligibility, and other factors. As of February 1, 2026, the remaining authorized amount available under the program, excluding commissions and excise taxes, was $1.4 billion.
During 2025, 2024, and 2023, 5.0 million, 5.1 million, and 1.5 million shares, respectively, were repurchased under the programs at a total cost including commissions and excise taxes of $1.2 billion, $1.6 billion, and $558.7 million, respectively.
Subsequent to February 1, 2026, and up to March 11, 2026, 0.9 million shares were repurchased at a total cost including commissions and excise taxes of $159.6 million.

Historical Timeline

Fiscal YearFiled
2026Mar 17, 2026Showing above
2025Mar 27, 2025
2024Mar 21, 2024
2023Mar 28, 2023
2022Mar 29, 2022
2021Mar 30, 2021
2020Mar 26, 2020
2019Mar 27, 2019
2018Mar 27, 2018
2017Mar 29, 2017
2016Mar 30, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

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