A SAVED ANSWER / LULULEMON
Research cutoff · Sep 4, 2026
Revenue fell. A tariff refund
cushioned the margin decline.
Start with the quarter against last year, then separate the reported result from the effect of a one-off refund.
Quarter at a glance USD millions, except margins · rounded| Lululemon · consolidated | Q2 FY2025Ended Aug 3, 2025 | Q2 FY2026Ended Aug 2, 2026 |
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| Revenue | 2,525.2 | 2,415.6 |
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| GAAP operating income | 523.8 | 453.7 |
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| GAAP operating margin | 20.7% | 18.8% |
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What needs a closer look: This quarter includes a $134.5m tariff refund. Excluding that refund alone, analyst-calculated operating income is $319.2m and margin is 13.2%. This is a separate calculation, not company-reported adjusted earnings.
Where these numbers came from
Saved Lululemon report: company-reported revenue FACT-084/094 and operating income FACT-086/096; calculated margins FACT-091/101. Refund-only calculations: FACT-147/149. Monetary values convert USD thousands to millions. The ledger retains source URLs and passage references.
Historical snapshot; no live earnings feed. Results, analyst calculations and management guidance have different status. Validation does not independently audit source truth.
A SAVED ANSWER / FINANCIAL DATA PREPARATION
Research cutoffs · Sep 3–4, 2026
A quarter you can use.
Exceptions you can still see.
Here is what happens to saved report observations when periods, units and signs are made explicit.
Before → after Selected rows from 17 inputs and 12 outputs| Saved observation | Prepared result | What stays explicit |
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Lululemon revenueH1: 4,887,234 − Q1: 2,471,603
USD thousands · FY2026 | Q2: 2,415.631USD millions | 13 weeks ended Aug 2, 2026.Reconciles to reported Q2. |
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| Lululemon cash capex−680,802 USD thousands · FY2025 | 680.802USD millions · positive outflow | Consolidated parent.Year ended Feb 1, 2026. |
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| Azure revenueMore than $75bn · FY2025 | >75,000USD millions · lower bound | Not an exact revenue figure.Year ended Jun 30, 2025. |
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| Azure operating marginNot disclosed in the saved report | MissingBlank numeric value in CSV | No estimate or zero filled in. |
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Keep the boundary: This starts with saved, extracted report observations, not raw filing extraction. H1 − Q1 applies to the compatible cumulative measures shown, not EPS, margins or balance-sheet snapshots. The Q2 GAAP reconstruction retains the tariff refund.
See transformations, sources & unresolved exceptions
Preview rows: OUT-005 (quarter revenue), OUT-002 (capex), OUT-010 (Azure threshold), OUT-012 (missing margin). Each output retains input IDs, formula, source package and original fact references. Comparable units do not establish comparable businesses.
A SAVED ANSWER / AWS, AZURE & GOOGLE CLOUD
Research cutoff · Sep 3, 2026
The next questions matter
more than a league table.
Use the disclosures to choose where to dig deeper. Keep different business scopes, fiscal years and missing figures in view.
What each business discloses USD millions · margins rounded| Business / period end | Revenue | Operating margin |
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| AWS segmentCY2025 · Dec 31, 2025 | 128,725 | 35.4% |
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| Google Cloud segmentCY2025 · Dec 31, 2025 | 58,705 | 23.7% |
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| Azure disclosureFY2025 · Jun 30, 2025 | >75,000Lower bound | Not disclosedStandalone Azure |
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Before comparing: Google Cloud includes Workspace. Azure is not Intelligent Cloud, its year ends six months earlier, and its revenue is a lower bound. These are different scopes, not a like-for-like ranking. Parent capex is not cloud-only investment.
Next research questionHow much do product mix and reporting boundaries explain the apparent differences in segment economics?
Where these numbers came from
Saved cloud report: AWS revenue FACT-059 and calculated margin FACT-062; Google Cloud revenue FACT-065 and calculated margin FACT-068; Azure threshold FACT-078. The 2021–2025 report retains issuer/SEC references and unavailable measures. No calendarization or missing-value estimation was performed here.