Compare · Consumer Discretionary
Lululemon vs. Nike: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
Lululemon
1 · What it sells
Lululemon designs athletic clothing, shoes and accessories, with $11.1 billion of revenue in FY2025, the year ended Feb 1, 2026, and 63.0% of it from women's products.
Sources and detail on the Lululemon page2 · Who pays it
In FY2025, shoppers in Lululemon's own stores paid 45.5% of its revenue, online shoppers 44.3%, and other channels such as outlets, wholesale and licensees 10.2%.
Sources and detail on the Lululemon page3 · What it keeps from $100
Of every $100 that came in during FY2025, Lululemon kept $14.2 as net income, and its income from operations was $2.21 billion, or 19.9% of revenue.
Sources and detail on the Lululemon page4 · Where the operating profit comes from
In FY2025 the Americas earned $2.56 billion of segment income from operations, China Mainland $701.1 million and Rest of World $345.9 million, before $1.40 billion of corporate costs.
Sources and detail on the Lululemon page5 · The one thing to watch
Lululemon's comparable sales fell 9% in Q2 FY2026, with the Americas down 12%, and on Sep 3, 2026 the company lowered its FY2026 revenue outlook to $10.35 billion to $10.50 billion.
Sources and detail on the Lululemon page
Nike
1 · What it sells
Nike designs and markets athletic shoes, clothing and sports equipment under the Nike, Jordan and Converse names, with $46.4 billion of revenue in FY2026, the year ended May 31, 2026.
Sources and detail on the Nike page2 · Who pays it
In FY2026, wholesale accounts such as sporting goods stores paid 60.5% of Nike's revenue, shoppers buying directly from Nike and Converse 39.2%, and licensing and other items 0.3%.
Sources and detail on the Nike page3 · What it keeps from $100
Of every $100 that came in during FY2026, Nike kept $6.7 as net income, including a one-time $986 million pre-tax tariff benefit (diluted EPS $2.10, or $1.58 by Nike's count without it); Nike reports no operating income line, and income before taxes, which includes $103 million of net interest and other income, was $3.9 billion.
Sources and detail on the Nike page4 · Where the operating profit comes from
Nike reports segment EBIT (earnings before interest and taxes), not operating profit: in FY2026 North America earned $5.38 billion, including $965 million of the tariff benefit, of the $10.48 billion from its regions and Converse, before central units subtracted $6.63 billion.
Sources and detail on the Nike page5 · The one thing to watch
Nike said on Oct 1, 2026 that it expects FY2027 revenue to fall by high single digits, and Q1 FY2027 revenue fell 4.3%, with Greater China down 22.0%.
Sources and detail on the Nike page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
Lululemon
Where $100 went · FY2025
| Products sold (cost of goods sold) | $43.3 |
|---|---|
| Stores, staff, marketing and head office | $36.6 |
| Income tax | $5.9 |
| Kept as net income | $14.2 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (revenue of $11,102.6 million plus $28.4 million of other income): each line = line ÷ $11,131.0 million × 100.
Nike
Where $100 went · FY2026
| Products sold (cost of sales) | $57.0 |
|---|---|
| Advertising and athlete deals (demand creation) | $10.2 |
| Wages, rent and other overhead | $24.4 |
| Income tax | $1.7 |
| Kept as net income | $6.7 |
| Total | $100 |
Cityfort calculation from FY2026 10-K. Of every $100 that came in during FY2026 (revenue plus net interest and other income): each line = line ÷ $46.5 billion × 100. Cost of sales is after the one-time $986 million pre-tax tariff benefit, which equals $2.13 per $100 of revenue.
Line items differ because each company groups its costs its own way in its filings. Only on Lululemon's receipt: Products sold (cost of goods sold); Stores, staff, marketing and head office. Only on Nike's receipt: Products sold (cost of sales); Advertising and athlete deals (demand creation); Wages, rent and other overhead.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Lululemon
Nike
See the numbers
Net income
Lululemon
Nike
See the numbers
Free cash flow
Lululemon
Nike
See the numbers
Who pays each company
Lululemon
- Shoppers in Lululemon's stores · 45.5% of revenuePeople buying in company-operated stores: 45.5% of FY2025 revenue, or $5.05 billion.
- Online shoppers · 44.3% of revenuePeople buying on Lululemon's websites and apps: 44.3% of FY2025 revenue, or $4.92 billion.
- Other channels · 10.2% of revenueOutlets, temporary stores, wholesale partners, license fees and the Like New program: 10.2% of FY2025 revenue, or $1.13 billion.
Nike
- Wholesale accounts · 60.5% of revenueFootwear, sporting goods and department stores, plus distributors, that resell Nike products: 60.5% of FY2026 revenue, or $28.06 billion.
- Shoppers buying directly · 39.2% of revenuePeople buying in Nike and Converse stores and on their digital platforms: 39.2% of FY2026 revenue, or $18.20 billion.
- Other · 0.3% of revenueLicensing and other items reported apart from those two channels: 0.3% of FY2026 revenue, or $143 million.
Revenue by segment
Lululemon
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Americas | $7.8B | 70.7% |
| China Mainland | $1.8B | 15.8% |
| Rest of World | $1.5B | 13.5% |
Nike
FY2026
| Segment | Revenue | Share |
|---|---|---|
| North America | $20.5B | 44.2% |
| EMEA | $12.6B | 27.1% |
| Asia Pacific & Latin America | $6.2B | 13.5% |
| Greater China | $5.8B | 12.6% |
| Converse | $1.2B | 2.5% |
| Central units | $51M | 0.1% |
Debt and cash
Lululemon
- Debt
- $0M
- Cash and investments
- $1.4B
On Aug 2, 2026.
At Aug 2, 2026 Lululemon had $1,389.7 million of cash and no borrowings.
Nike
- Debt
- $7.9B
- Cash and investments
- $8.4B
On Aug 31, 2026.
At Aug 31, 2026 Nike's cash and short-term investments of $8.4 billion exceeded its debt of $7.9 billion by $475 million.
Sources: Lululemon S5, S8, S1, S28, S2, S3, S4 · Nike S6, S1, S29
Who owns each company
Lululemon
- 2 classes of shares (votes per share: Common stock 1, Exchangeable shares of Lulu Canadian Holding, with paired special voting stock 1).
- Dennis J. "Chip" Wilson and affiliates: 8.6% (as of Sep 1, 2026).
- Vanguard Capital Management: 7.2% (as of Mar 31, 2026).
- BlackRock, Inc.: 5.8% (as of Sep 30, 2026).
- 1 more holders on the Lululemon page.
Nike
- 2 classes of shares (votes per share: Class A common stock 1, Class B common stock 1).
- Swoosh, LLC (Class A): 78.8% (as of Dec 30, 2025).
- Philip Knight, co-founder and Chairman Emeritus (Class A): 9.8% (as of Jun 30, 2026).
- Travis A. Knight 2009 Irrevocable Trust II (Class A): 8.8% (as of Jun 30, 2026).
- 4 more holders on the Nike page.
Sources: Lululemon S16, S5, S17, S19, S20, S18 · Nike S22, S6, S1, S25
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: demand, regulation, customer or supplier concentration, governance, legal cases. Every risk is on each company's page.
Lululemon
- New leadership team (execution)A new CEO started on Sep 8, 2026, a new President and Chief Product Officer and a new COO on Oct 26, 2026, and other senior officers left in 2025 and 2026. Lululemon's 10-Q lists leadership transitions among its risk factors.
Nike
- Weak spots in products and direct sales (competition)Nike's 10-K calls its industry highly competitive and names 11 rivals. Management said Sportswear, just under half of Q1 FY2027 revenue, fell low double digits. Nike Direct revenue fell 8% in Q1 FY2027 and Converse fell 28%. Nike's 10-Q cites higher discounting in Sportswear and Jordan.
- Dividends compared with cash flow (liquidity)In the 12 months to Aug 31, 2026, free cash flow was $2.1 billion and dividends paid were $2.4 billion. In Q1 FY2027, cash from operations was $135 million and dividends paid were $610 million. Q1 FY2027 cash from operations includes receipt of the tariff receivable and the related tax payment. Nike has $2.0 billion of notes due within a year.
Sources: Lululemon S25, S26, S32, S5 · Nike S1, S6, S13, S40
Key facts
- How does Lululemon make money compared with Nike?
- Lululemon's revenue by segment in FY2025: Americas 70.7%, China Mainland 15.8%, Rest of World 13.5%. Nike's revenue by segment in FY2026: North America 44.2%, EMEA 27.1%, Asia Pacific & Latin America 13.5%, Greater China 12.6%, Converse 2.5%, and 1 more.
- Which is bigger by revenue, Lululemon or Nike?
- Lululemon reported $11.1B of revenue in FY2025, and Nike reported $46.4B in FY2026. The two fiscal years end in different months.
- How much net income did Lululemon and Nike report?
- Lululemon reported net income of $1.6B in FY2025, and Nike reported $3.1B in FY2026.
- How much of every $100 did Lululemon and Nike keep as net income?
- Lululemon kept $14.2 of every $100 that came in during FY2025, and Nike kept $6.7 in FY2026 (Cityfort calculation from each company's annual report).
- How much debt and cash do Lululemon and Nike have?
- Lululemon had $0M of debt and $1.4B of cash and investments on Aug 2, 2026. Nike had $7.9B of debt and $8.4B of cash and investments on Aug 31, 2026.
- When do Lululemon's and Nike's fiscal years end?
- Lululemon: Sunday closest to January 31. Nike: May 31.
Sources: Lululemon S3, S1, S5, S8, S28, S2, S4 · Nike S3, S1, S13, S6, S29
Built from each company's page. Lululemon updated Nov 6, 2026; Nike updated Nov 1, 2026.
Sources
Lululemon
- S1Form 10-K, fiscal 2025 (ended Feb 1, 2026), lululemon athletica inc. (SEC EDGAR), Mar 17, 2026
- S2Form 10-K, fiscal 2024 (ended Feb 2, 2025), lululemon athletica inc. (SEC EDGAR), Mar 27, 2025
- S3Form 10-K, fiscal 2023 (ended Jan 28, 2024), lululemon athletica inc. (SEC EDGAR), Mar 21, 2024
- S4Form 10-K, fiscal 2022 (ended Jan 29, 2023), lululemon athletica inc. (SEC EDGAR), Mar 28, 2023
- S5Form 10-Q, Q2 fiscal 2026 (quarter ended Aug 2, 2026), lululemon athletica inc. (SEC EDGAR), Sep 3, 2026
- S8Q2 fiscal 2026 earnings release (8-K Ex. 99.1, Sep 3, 2026), lululemon athletica inc. (SEC EDGAR), Sep 3, 2026
- S162026 proxy statement (DEFC14A, contested annual meeting Jun 25, 2026), lululemon athletica inc. (SEC EDGAR), May 18, 2026
- S17Schedule 13D/A (Amendment No. 25) by Dennis J. Wilson and affiliates (event Sep 1, 2026), Dennis J. Wilson (SEC EDGAR), Sep 3, 2026
- S18Schedule 13G/A (Amendment No. 5) by BlackRock, Inc. (as of Sep 30, 2026), BlackRock, Inc. (SEC EDGAR), Oct 27, 2026
- S19Schedule 13G by Vanguard Capital Management (as of Mar 31, 2026), Vanguard Capital Management (SEC EDGAR), Apr 28, 2026
- S20Schedule 13G/A (Amendment No. 12) by The Vanguard Group (0%, event Mar 13, 2026), The Vanguard Group (SEC EDGAR), Mar 27, 2026
- S25Form 8-K, Items 5.02, 5.03: Heidi O'Neill starts as CEO and joins board; bylaw amendments (Sep 8, 2026), lululemon athletica inc. (SEC EDGAR), Sep 14, 2026
- S26Form 8-K, Item 5.02: new President and Chief Product Officer and COO; two officer departures (Sep 30, 2026), lululemon athletica inc. (SEC EDGAR), Oct 7, 2026
- S28Form 8-K, Items 1.01, 2.03: $600M Second Amended and Restated Credit Agreement (Oct 15, 2025), lululemon athletica inc. (SEC EDGAR), Oct 21, 2025
- S32Form 8-K, Item 8.01: Chief AI & Technology Officer Ranju Das departs (Aug 13, 2026), lululemon athletica inc. (SEC EDGAR), Aug 13, 2026
Nike
- S1Form 10-K for fiscal 2026 (year ended May 31, 2026), NIKE, Inc. (SEC EDGAR), Jul 15, 2026
- S3Form 10-K for fiscal 2024, NIKE, Inc. (SEC EDGAR), Jul 25, 2024
- S6Form 10-Q for the quarter ended Aug 31, 2026 (Q1 fiscal 2027), NIKE, Inc. (SEC EDGAR), Oct 2, 2026
- S13Q1 fiscal 2027 earnings release (Form 8-K, Ex. 99.1), NIKE, Inc. (SEC EDGAR), Oct 1, 2026
- S22Proxy statement for the 2026 annual meeting (DEF 14A), NIKE, Inc. (SEC EDGAR), Jul 15, 2026
- S25Form 8-K: 2026 annual meeting vote results, NIKE, Inc. (SEC EDGAR), Sep 10, 2026
- S29Form 8-K: 364-day credit facility, Mar 6, 2026, NIKE, Inc. (SEC EDGAR), Mar 9, 2026
- S40Q1 fiscal 2027 earnings call transcript, Oct 1, 2026, NIKE, Inc. (company IR), Oct 1, 2026
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