As of the most recent quarter ending 2025-11-02 (Q3'26), LULU reported an operating income of USD 436M, representing a year-over-year decline of 11.16%. This marks a notable decrease compared to the previous quarter, both in absolute value and growth rate. Over the period from Q4'23 to Q3'26, LULU's operating income has shown seasonal spikes, with significant peaks in Q4'24 (USD 914M, +190.65% YoY) and Q4'25 (USD 1.04B, +14.04% YoY), reflecting strong fourth-quarter performance. However, the overall trend indicates increasing volatility, with recent quarters experiencing slowing growth and even negative year-over-year changes, particularly in Q2'26 and Q3'26. This suggests that while LULU has achieved substantial gains in select periods, sustaining consistent growth in operating income may be a challenge moving forward.