Earned & PaidLululemon
Lululemon spent $618M on advertising and marketing in fiscal 2026, up 14.2% on the year before. That's 5.6% of revenue.
Marketing spend by year
Bars: advertising and marketing expense, $B (10-K). Line: spend as a share of revenue.
What they told investors
“We are increasing our marketing investment in the back half of the year to drive improved brand heat, guest acquisition, traffic and overall top line performance.”Meghan Frank · 2026 Q2 · transcript
“On brand, we are moving forward with our increased marketing investments in the back half of the year.”Meghan Frank · 2026 Q2 · transcript
“I would say given the challenges we've seen with -- from both the brand heat and product perspective, we do feel strongly that we need to continue to keep our investment level in marketing.”management · 2026 Q2 · transcript
“We anticipated our plan would take some time to gain traction as we bring in new innovations, elevate our store and digital experience, and increase and redirect our marketing spend.”Meghan Frank · 2026 Q2 · transcript
“In addition, based on recent trends, we are increasing our marketing spend to drive brand heat.”Meghan Frank · 2026 Q1 · transcript
“The team is focused on building brand awareness and distinction through our mindful performance position and community activations.”Andre Maestrini · 2026 Q1 · transcript
What the 10-K says about marketing
- investing in brand “Our operations in the Americas are core to our business and we aim to maintain and grow our net revenue in this market through ongoing product innovation by increasing new style penetration, as well as improving our localized assortment by store and by market. We continue to…” 10-K, Mar 17, 2026
- investing in brand “We have experienced net revenue growth in China Mainland and believe that as we continue to expand our operations and build our brand awareness, net revenue will continue to increase in this market. We continue to invest in brand building in our China Mainland segment, and our…” 10-K, Mar 17, 2026
- investing in brand “We have experienced net revenue growth in APAC and EMEA and intend to continue to invest in these markets to build brand awareness, including leveraging global ambassadors. Where we identify growth opportunities, we plan to open new retail locations, including new EMEA and APAC…” 10-K, Mar 17, 2026
- investing in brand “E-commerce : We believe e-commerce is convenient for our guests and also allows us to reach and serve guests in markets beyond where our physical retail locations are based. We believe this channel is effective in building brand awareness, especially in new markets. We serve our…” 10-K, Mar 17, 2026
- investing in brand “Other channels : We also use certain other distribution channels, generally with the goal of building brand awareness and providing broader access to our products. These other channels include:” 10-K, Mar 17, 2026
Say vs do
Lululemon has made 2 statements about its marketing budget for a year that isn't filed yet; the verdict comes with that 10-K.
What they said
“We anticipated our plan would take some time to gain traction as we bring in new innovations, elevate our store and digital experience, and increase and redirect our marketing spend.”
Meghan Frank on the 2026 Q2 earnings call, Sep 9, 2026 · transcript
Too early to check FY2027 isn't filed yet.
“In addition, based on recent trends, we are increasing our marketing spend to drive brand heat.”
Meghan Frank on the 2026 Q1 earnings call, Jun 4, 2026 · transcript
Too early to check FY2027 isn't filed yet.
“On brand, we are moving forward with our increased marketing investments in the back half of the year.”
Meghan Frank on the 2026 Q2 earnings call, Sep 9, 2026 · transcript
Can't tell from annual filings It's about part of a year; filings report full years.
“We are increasing our marketing investment in the back half of the year to drive improved brand heat, guest acquisition, traffic and overall top line performance.”
Meghan Frank on the 2026 Q2 earnings call, Sep 9, 2026 · transcript
Can't tell from annual filings It's about part of a year; filings report full years.
What they did
| Year | Marketing spend | Change | Share of revenue |
|---|---|---|---|
| FY2026 | $618M | +14.2% | 5.6% |
| FY2025 | $541M | +25.8% | 5.1% |
| FY2024 | $430M | +30.7% | 4.5% |
| FY2023 | $329M | +10.8% | 4.0% |
| FY2022 | $297M | +37.5% | 4.8% |
Against its peers. Compared with the 4 other Apparel advertisers we track (Nike, Levi Strauss, Ralph Lauren, Under Armour): last year +14.2% (median +1.5%).
In interviews, its leaders made 44 statements about marketing: 2 argued for investing in brand and 0 for cutting.
How we check: a statement gets a verdict only when it's clearly about the size of the whole company's marketing budget over a full fiscal year; we compare it with the advertising and marketing expense in that year's 10-K. Statements about one quarter, one brand or channel, or the mix between brand and performance can't be checked against annual filings.
What they say about media
The marketing channels it talks about using for itself on earnings calls and in its 10-Ks and 10-Qs, since 2019; counts are statements, not spending.
- Experiential & events “This featured both in-store and online moments, with the highlight being a live stream event simultaneously broadcast across 5 platforms.” Andre Maestrini on the earnings call · Sep 9, 2026 · source
- Sponsorships & athletes · Creative campaigns “One recent example is our YouTube series featuring some of our elite athletes.” Meghan Frank on the earnings call · Sep 9, 2026 · source
- Influencers & creators “We are investing more heavily in mid-funnel creator and social content to build relevance, engagement and product consideration.” Meghan Frank on the earnings call · Sep 9, 2026 · source
- Measurement “Can you talk about like how that return on that advertising spend, how you're considering that going into that period?” Adrienne Yih-Tennant on the earnings call · Sep 9, 2026 · source
- CRM, loyalty & first-party data “These include the updates we've recently rolled out to our membership program and our new partnership with the Amex Platinum Card.” Meghan Frank on the earnings call · Dec 12, 2025 · source