GetCoattail Research — The Filing Tape #59. Lululemon is the athletic-apparel maker whose fiscal second quarter, reported September 3, 2026, paired a revenue miss and a cut to full-year guidance with an earnings beat, and whose shares printed a new 52-week low in early October. The filings describe registers moving in opposite directions at once: the tracked superinvestor cohort shrank 86.0% in a single quarter as its largest Q1 position vanished, the full market added 11,029,711 reported shares while losing 83 filers, the founder's reporting group filed its eighteenth amendment, and the borrow closed September at the highest reading in its recorded history.
Start with the narrative. Lululemon reported fiscal second-quarter 2026 results on September 3 for the quarter ended August 2: revenue of $2.42 billion, down about 4.3% year over year and below a $2.46 billion consensus, with diluted earnings of $2.92 a share against a $1.79 consensus — a beat that coverage attributed in part to a tariff-refund benefit. Management cut full-year guidance with the print: revenue to between $10.35 billion and $10.50 billion, from between $11.00 billion and $11.15 billion, and earnings to between $9.48 and $9.73 a share, from between $10.95 and $11.15. The analyst register is cautious: counts published in September and October put the consensus at Hold or Reduce, with average targets roughly between $107 and $112 depending on the source and date. The stock itself, on our own price file — which ends October 2 — closes LULU at $94.46, which is itself the lowest close of the last 252 sessions, down 56.2% from the 252-session closing high of $215.88 set on January 6, 2026, and down 54.5% year to date; MarketBeat reported new 52-week lows on October 2 and again on October 8. AltIndex's meme-stock list, updated October 12, still carried LULU at 38 Reddit mentions, up 245.5%, with bearish sentiment. The next scheduled test of the story is the third-quarter print; the next test of the registers below is the third-quarter 13F season closing in mid-November.
Now the filings. For LULU — the fifty-ninth Filing Tape audit — the tape shows a three-name tracked cohort that lost 86.0% of its shares in one quarter, a broad register that added shares while shedding filers, a 5% register dominated by one founder group's amendment chain and by passive complexes, an insider record that is small in both directions and silent for 90 days, no congressional record at all, and a borrow at a series record.
Lens 1: the superinvestors — three holders, and the cohort fell 86.0%
We track 83 large, mostly long-only managers whose 13F portfolios we collect directly from SEC EDGAR. As of June 30, 2026, 3 held LULU long — no option rows — totalling 159,266 shares worth $18,184,492. The direction count, on the collection's own labels, is one decrease, one new position and one unchanged — and the collection's exit list holds no LULU rows at all, a gap this audit prints rather than smooths over, for the reason that follows. The cohort total moved from 1,135,668 shares at March 31, across 3 filing rows, to 159,266 at June 30, across the same count of 3 rows, a change of -85.98%, a difference of -976,402 shares. The composition changed completely underneath the identical row count: the March file carries Viking Global Investors at 980,568 shares — 86.3% of the first-quarter cohort — and the June file carries no Viking row.
The largest current holder is Francois Rochon - Giverny Capital, with 128,803 shares worth $14,706,727, a 0.49% portfolio weight — 80.9% of the tracked cohort's LULU shares — flagged decreased by 9.7%, and here the label and the filing continuity agree: the pipeline's March 31 file already carries the position at 142,600 shares, so the position shrank in the quarter rather than appearing in it. The second holder, Tweedy Browne, holds 17,963 shares worth $2,051,015, flagged new, and it has no row in the March file, as a new position should. The third, Prem Watsa - Fairfax Financial Holdings, holds 12,500 shares worth $1,426,750, unchanged, matching its 12,500-share March row. Both continuing holders' labels agree with their continuity changes this quarter (see methodology). The cohort's implied price, $114.18 per share, sits exactly on the June 30 close of $114.18. The price fell from $153.10 at March 31 to $114.18 at June 30, a change of -25.4% — this register held 85.98% fewer shares at the end of that fall than at the start of it, and almost all of that difference is one name's absence.
Lens 2: institutions — 83 fewer filers, 11.0 million more shares
Zoom out to the whole 13F market and the register moved in opposite directions on its two counts, as it did for Gilead in the previous audit. At June 30, 2026, 855 institutions reported positions, down 83 from 938 at March 31 (-8.85%), and 846 of them reported long positions. Reported shares rose 15.49%, from 71,227,872 to 82,257,583 shares — 11,029,711 more shares than the prior quarter. Reported aggregate value fell 12.76% to $12,473,326,666; the aggregate includes option rows, so we headline filer and share counts and label dollars "reported" (see methodology). Here the implied value per share, $151.64, sits 32.8% above the June 30 close of $114.18 — a gap published as found, and one more reason to headline the share count rather than the dollars: the share count rose 15.49% while the filer count fell by 83, in the same quarter in which the tracked cohort cut 85.98% and the price fell 25.4%.
Lens 3: the 5% register — eighteen founder-group amendments, and passive paper
Our full parse holds 26 SC 13D/G filings for LULU — eighteen SC 13D/A amendments, six SC 13G/A amendments and two SC 13G filings, and no original SC 13D in the parsed set — 207 reporting-person rows across 20 names, the most recent filed September 3, 2026. All eighteen 13D/A amendments come from one Wilson-affiliated reporting group, re-papered again and again across 2025 and 2026. In the latest amendment, filed September 3, 2026, Dennis J. Wilson prints 9,570,851 shares (8.6%) as of September 1, 2026; the same filing carries Anamered Investments Inc. at 4,755,217 shares (4.3%), LIPO Investments (USA), Inc. at 3,401,596 shares (3.1%) and Shannon Wilson at 1,092,596 shares (1.0%) — group rows for overlapping stakes, reported as filed and never summed here. The register's maximum is a passive row: in an SC 13G/A filed May 12, 2025, FMR LLC prints 14,517,182.6 shares (12.6%) as of March 31, 2025, and Abigail P. Johnson prints the same 14,517,182.6 shares (12.6%) in the same filing — a joint reporting row for the same stake, not a second stake; FMR's latest print in the parsed set is 4,066,058.41 shares (3.6%) as of September 30, 2025. Four Susquehanna-complex rows each print 6,487,961 shares (5.7%) as of September 30, 2025 in an SC 13G filed November 13, 2025 — again one stake under several reporting names. The Vanguard complex then re-papered, as this series keeps meeting: in an SC 13G/A filed March 27, 2026, The Vanguard Group prints 0 shares (0.0%) as of March 13, 2026, and in an SC 13G filed April 28, 2026, Vanguard Capital Management prints 7,985,349 shares (7.22%) as of March 31, 2026. That is the whole 5% register in our parsed coverage: one founder group's long amendment chain, and passive-complex paper around it.
Lens 4: insiders — small in both directions, silent for 90 days
The parsed Form 4 record holds 74 filings through October 2, 2026. Across the whole record, open-market purchases total 3 transactions, totalling 13,640 shares and $1,994,952.12, by two buyers, one of the three recorded as an officer purchase — while sales total 7 transactions, totalling 44,455 shares and $9,902,841.13, by four sellers, all seven recorded as officer sales. Every purchase in the parsed record falls inside the last year: the last-year window holds 46 filings, the same 3 purchases, and 4 sales totalling 16,791 shares and $3,418,144.74 by three sellers. The last 90 days hold a single filing and no purchase or sale transactions at all. Our site's insider aggregate, compiled as of October 13, carries no LULU row at all — a coverage difference from the full parse, printed here as found rather than reconciled away. We assign no motives to any of it; a tape this small in both directions, and silent for a quarter, is the fact.
Lens 5: Congress — no record in either chamber
The congressional record we maintain is empty for this name. The combined record (as of October 3, 2026) carries no LULU row; the House aggregate (as of October 3, 2026) carries no LULU row; and the Senate aggregate (as of October 1, 2026) carries no LULU row. No recorded purchase and no recorded sale, in either chamber's record as this site maintains them. This lens is blank because the record is blank, and the audit says so rather than skipping it.
Lens 6: short interest — 13,779,085 shares, the highest reading on record
FINRA's files carry the borrow across 137 settlements, from January 15, 2021. As of September 15, 2026 — the most recent settlement — 13,779,085 LULU shares were sold short, with days-to-cover of 1.33. That reading is the series maximum, a fact we verified by taking the maximum across the whole series rather than reading it off the latest row: in five and three-quarter years of biweekly settlements, the borrow has never printed higher. The latest step rose 2.32% from the prior settlement's 13,466,687 shares on August 31, 2026, completing three consecutive increases — 10,803,949 on August 14, then 13,466,687, then 13,779,085 — after a dip to 9,845,442 on July 31 that this audit notes rather than smooths into a longer streak. Against September 15, 2025 the latest reading is up 52.9% from 9,012,240 shares. Against the fundamentals file's 105,594,064 shares outstanding, that is 13.05% of the share count. The June 30, 2026 settlement — the date the 13F lenses snapshot — printed 9,850,529 shares; the latest reading sits 39.9% above it. The series minimum is 1,677,554 shares on June 30, 2021; the series' own first settlement, on January 15, 2021, printed 2,683,579 shares — about a fifth of the latest reading.
The borrow did not peak sometime in the past. On the latest settlement in the file, it is peaking now.
The gap, stated plainly
The narrative describes an apparel maker in a demand break: second-quarter revenue of $2.42 billion down about 4.3%, a guidance cut — full-year revenue now guided to between $10.35 billion and $10.50 billion — a Hold-or-Reduce analyst register with average targets roughly between $107 and $112, and a stock down 54.5% year to date on our price file, closing October 2 at its own 252-session low. The tracked superinvestors held 159,266 shares at June 30 across three holders, having fallen 85.98% in a quarter when the price fell 25.4% — a fall that is, arithmetically, one position: Viking Global Investors' 980,568 shares, 86.3% of the first-quarter cohort, absent from the June register, with the two continuing holders cutting 9.7% and standing still, and one new 17,963-share position opened. The full market moved the other way: 82,257,583 reported shares, up 11,029,711, across 855 filers — 83 fewer than the prior quarter, so the average reported position grew sharply even as the filer count shrank. The 5% register printed 26 filings: eighteen amendments from the founder's reporting group, the latest carrying Dennis J. Wilson at 8.6% on a September 2026 date, around passive prints that include FMR's 12.6% March 2025 maximum and Vanguard Capital Management's 7.22% March 2026 register. Insiders, across 74 parsed filings, recorded 3 purchases against 7 sales — every purchase inside the last year, and nothing at all in the last 90 days. Congress records nothing in either chamber. And the borrow stands at 13,779,085 shares — a series record, up 52.9% in a year, at 1.33 days to cover and 13.05% of the share count. One plausible reading is that the registers are describing different LULU stories on different clocks: the broad register spent the second quarter concentrating — fewer filers holding more shares into a falling price — the tracked cohort's collapse is a single holder's absence rather than a cohort-wide verdict, the insider tape is too small to carry a story in either direction, the congressional tape is silent, and short sellers built the largest borrow in this name's recorded history through the summer and into September — all of the 13F part of it snapshot at June 30, before the September earnings print that powered the current narrative existed as news. The record supports each clause separately; it does not say which register is right, and it cannot — the tracked cohort's whole remaining position is a June 30 snapshot of 159,266 shares, taken two months before that print.
What would change the picture
Nothing above is a recommendation. It is a record. These are the filings that would change the description:
- 1. The 2026Q3 13Fs (filing window closing mid-November 2026). The tracked cohort held 159,266 shares at June 30 across three holders, after an -85.98% move driven by one absent position. Whether any tracked manager rebuilds a position of Viking Global Investors' former scale — 980,568 shares — and whether Giverny Capital's 128,803 shares shrink for a second straight quarter, are the first things the next register will answer.
- 2. Whether the borrow falls from its record, or extends it. Short interest stands at 13,779,085 shares, the series maximum, up 52.9% in a year and 13.05% of the share count. The settlements that will print the third-quarter earnings period have not been published yet: a reading back below the June 30 settlement's 9,850,529 would mark an unwind from the peak, and a fourth straight increase would extend a record that is currently one settlement old.
- 3. A first congressional print, in either direction. The combined congressional record carries no LULU row in either chamber. A first recorded purchase or sale would give this lens its first content of any kind.
- 4. An insider print after a silent quarter. The parsed record holds 3 purchases against 7 sales, with the last 90 days holding one filing and no transactions at all. Any new open-market purchase or sale would end the silence; another silent quarter would extend it.
- 5. A nineteenth Wilson-group amendment, or a new original 13D. The 5% register in our parsed coverage holds eighteen SC 13D/A amendments from one founder-affiliated group and no original SC 13D. A further amendment changing Dennis J. Wilson's 9,570,851-share (8.6%) print, or a first original 13D from any filer, would change this lens.
Until one of those prints, the record describes a stock held by three of our 83 tracked superinvestors — 159,266 shares, cut 85.98% in the quarter its price fell 25.4%, with the cut explained by one absent 980,568-share position — whose full market added 11,029,711 reported shares while losing 83 filers, whose insiders have recorded 3 purchases against 7 sales and nothing for 90 days, whose congressional register is empty in both chambers, and whose borrow has just printed the highest reading in its recorded history — all of it snapshot at June 30, before the earnings print the current story rests on.
Related reading: Three of 83: One Holder Is 99.2% of the Superinvestors' Gilead Stake. Its Insiders Have Never Bought a Share. — Filing Tape #58; Seventeen of 83: One Holder Is 69.0% of the Superinvestors' UnitedHealth Stake. The Cohort Cut 11.8% as the Price Rose 53.6%. — Filing Tape #57; Zero of 83: The Superinvestors Aren't in IREN — Filing Tape #1. LULU's own page: lululemon athletica inc. (LULU) on GetCoattail.
Methodology and data notes
- Superinvestor lens: 83 managers collected directly from SEC EDGAR Form 13F (managers_13f collection), positions as of June 30, 2026; LULU identified by CUSIP 550021109. Three distinct managers hold long positions totalling 159,266 shares; all three reported rows are long (no put or call rows); the direction count on the collection's labels is one decreased, one new and one unchanged, and the collection's exit list contains no LULU rows. Quarter-to-quarter cohort totals (1,135,668 shares at March 31 across 3 filing rows; 159,266 shares at June 30 across 3 filing rows; change -85.98%) are from the site pipeline's holdings files on the same CUSIP basis in both quarters, and the pipeline's second-quarter share and value totals match the EDGAR collection's long totals exactly (differences of 0 shares and $0). The first-quarter rows are Viking Global Investors (980,568 shares, named in the file), Francois Rochon - Giverny Capital (142,600 shares, named) and one 12,500-share row the file's CIK map leaves unnamed; the second-quarter rows are Giverny Capital (128,803 shares, named) and two unnamed rows of 12,500 and 17,963 shares, matched to Fairfax and Tweedy Browne respectively on share counts and accession numbers against the EDGAR collection. Per-holder quarter changes are matched by filing continuity across the two pipeline files: for both continuing holders they agree with the EDGAR collection's own percentage labels (Giverny Capital 142,600 → 128,803 = -9.7%; the 12,500-share row 12,500 → 12,500 = 0.0%), and the 17,963-share row has no first-quarter counterpart, agreeing with its NEW label. Viking Global Investors' absence from the second-quarter register is stated as an absence: the collection's exit list carries no LULU row, so this audit does not label the move an exit on the collection's authority, only on the pipeline files' continuity. Giverny Capital's share of the cohort is 80.9% = 128,803 / 159,266, and Viking's share of the first-quarter cohort is 86.3% = 980,568 / 1,135,668.
- Full-market lens: SEC Form 13F Data Sets full-market aggregation. The primary table is the full13f collection's by-ticker file (holders = distinct filers reporting the CUSIP; 846 reported long positions out of 855 filers). LULU reports under a single CUSIP spelling, 550021109, and the backfill fixtures' by-CUSIP file carries the same row — the cross-check matches on every field (holders, shares, reported value, prior holders and prior reported value). The by-ticker file's entered/exited fields (763 and 846, a net of -83 that matches the change in holder count) are gross flows, so this audit headlines the net change. Reported-value caution: the aggregate value ($12,473,326,666 over 82,257,583 shares) implies $151.64 per share against a June 30, 2026 close of $114.18 in our price file, a gap of +32.8% — printed here as found. The aggregate sums the VALUE of every information-table row — including put and call option rows — while the share count covers long common-stock rows only, so we headline filer and share counts and label dollar values "reported."
- Insider lens: full-parse Form 4 aggregation (agg_by_ticker), record as of October 2, 2026 (74 filings). Sale and purchase counts are transaction-code counts (S and P) in non-derivative rows; grants and exercises are not counted as purchases, and one filing can contain many transaction rows. Purchase transactions total 3 across the parsed record (13,640 shares, $1,994,952.12, two buyers, one of them recorded as an officer purchase) — and all 3 fall in the last year (46 filings). Sale transactions total 7 across the record (44,455 shares, $9,902,841.13, four sellers, all 7 recorded as officer sales); the last year holds 4 (16,791 shares, $3,418,144.74, three sellers) and the 90-day window holds 1 filing with 0 purchase and 0 sale transactions. The site's insider aggregate (compiled as of October 13, 2026) carries no LULU row at all, so there is no second 90-day count to print here; the absence is stated rather than filled in.
- 13D/G lens: full-parse SC 13D/G parsed filings (26 filings matching issuer CIK 1397187 on CUSIP 550021109, 207 reporting-person rows across 20 names: eighteen SC 13D/A amendments, six SC 13G/A amendments and two SC 13G filings, no original SC 13D filings), filings through September 3, 2026. The site aggregation's by-ticker file carries the same totals (26 filings, 20 reporters, latest filing September 3, 2026, maximum 12.6%, total reported 525,909,981.94 shares), so the aggregate and the parse agree here — with one caveat: the aggregation's total sums reporting-person rows, and the Wilson-group filings carry many group rows per filing while the FMR LLC and Abigail P. Johnson rows report the same stake, so that total counts stakes repeatedly and is not used in the article. The Wilson-group rows (Dennis J. Wilson 9,570,851 shares at 8.6%, Anamered Investments Inc. 4,755,217 at 4.3%, LIPO Investments (USA), Inc. 3,401,596 at 3.1% and Shannon Wilson 1,092,596 at 1.0%, all as of September 1, 2026, filed September 3, 2026, SC 13D/A), the FMR LLC / Abigail P. Johnson rows (14,517,182.6 shares at 12.6% each as of March 31, 2025, filed May 12, 2025, SC 13G/A; FMR's latest parsed print 4,066,058.41 shares at 3.6% as of September 30, 2025, filed October 7, 2025, SC 13G/A), the four Susquehanna-complex rows (6,487,961 shares at 5.7% each as of September 30, 2025, filed November 13, 2025, SC 13G), The Vanguard Group's row (0 shares at 0.0% as of March 13, 2026, filed March 27, 2026, SC 13G/A) and Vanguard Capital Management's row (7,985,349 shares at 7.22% as of March 31, 2026, filed April 28, 2026, SC 13G) are reported as filed, under the reporting-person names exactly as they appear. No rows are summed in the article, because aggregation totals across these rows would add different dates — and, here, duplicated group and joint stakes — together. No reason for any change is asserted — the filings themselves are the record. The parsed coverage for this issuer holds these 26 filings; a 5% holder that has not filed in the covered window would not appear here.
- Congress lens: Senate PTR archive and House PTR archive as maintained on this site. The combined record (as of October 3, 2026), the House aggregate (as of October 3, 2026) and the Senate aggregate (as of October 1, 2026) each carry no LULU row at all — there is no chamber sum to check, because there is nothing in either chamber to sum.
- Short interest lens: FINRA Equity Short Interest files (biweekly settlement dates), collected directly from FINRA's public distribution. The published series covers 137 settlements from January 15, 2021 (2,683,579 shares) to September 15, 2026. The latest reading is 13,779,085 shares on September 15, 2026, which is the series maximum (verified by a maximum query over the series, not read off the latest row), up 52.9% from the September 15, 2025 reading of 9,012,240 and up 2.32% from the prior settlement (13,466,687 on August 31, 2026). The last three settlements rise in a row (10,803,949; 13,466,687; 13,779,085) after a dip to 9,845,442 on July 31, 2026 from 9,991,496 on July 15. The series minimum is 1,677,554 shares on June 30, 2021. The June 30, 2026 settlement printed 9,850,529 shares, so the latest reading sits 39.9% above the 13F snapshot date's borrow. FINRA publishes each settlement about two weeks after the fact, so the third-quarter earnings period expected later in 2026 is not yet in this series. The share-count ratio (13.05%) uses the fundamentals file's shares-outstanding figure below.
- Fundamentals note: our fundamentals collection carries LULU's revenue of $11,102,600,000 labelled fiscal 2026, its net income of $1,579,183,000 labelled fiscal 2026, and its assets of $8,456,743,000 labelled fiscal 2026. The file is marked ok for this name, with no missing fields: shares outstanding of 105,594,064 (as of August 28, 2026 in the file, sourced in the file to the issuer's reported shares-outstanding figure) and a file-computed market value of $9,884,660,395.49. The file's price for the name is $93.61 as of October 6, 2026; our daily-close file ends October 2, 2026 at $94.46, and we keep the two files' figures separate rather than blending them.
- Prices: our own daily-close file for LULU through October 2, 2026 ($94.46 close, -54.5% year to date on that file; 252-session closing high $215.88 on January 6, 2026; 252-session closing low $94.46 on October 2, 2026 — the latest close is itself the low; closes of $153.10 at March 31, 2026 and $114.18 at June 30, 2026, a second-quarter change of -25.4%; change from June 30 to October 2 of -17.3% ((94.46 / 114.18) − 1)). The drawdown from the 252-session closing high is -56.2%, and the series in our price file begins June 1, 2021 at $318.62.
- Market context sources: AltIndex, Trending Meme Stocks list (updated October 12, 2026 at 4:31 PM Pacific; LULU at 38 Reddit mentions, +245.5%, bearish sentiment — checked October 13, 2026); the fiscal second-quarter results (reported September 3, 2026 for the quarter ended August 2, 2026; revenue $2.42 billion, down about 4.3% year over year, against a $2.46 billion consensus; diluted earnings of $2.92 a share against a $1.79 consensus, with coverage attributing part of the beat to a tariff-refund benefit; full-year 2026 revenue guidance cut to $10.35–$10.50 billion from $11.00–$11.15 billion and earnings guidance cut to $9.48–$9.73 from $10.95–$11.15 — as reported by multiple outlets in September–October 2026); the analyst register (consensus Hold or Reduce with average targets roughly between $107 and $112 — MarketBeat counts published September 18 and in early October 2026 differ in firm count and average, so this audit prints the range rather than a single figure); the 52-week-low reports (MarketBeat, October 2 and October 8, 2026). Figures we could not confirm against two sources were left out; in particular, sources disagreed on the exact split of Hold and Sell ratings, so this audit does not print one.
- LULU is in the GetCoattail stock-page universe: lululemon athletica inc. (LULU) stock page. Series data: lulu_lens_data.csv · lulu_short_interest_series.csv. Earlier audits: Gilead Sciences · UnitedHealth Group · IREN.
Past patterns are not a promise of future results. For education only — not investment advice.
This article describes public filings as of the dates stated. It is not investment advice and makes no recommendation. Filings lag reality: 13F positions are as of June 30, 2026, and later trading is not yet public.
Revision history
- v1.0 — October 13, 2026: first publication.