Lowe’s sells home-improvement products online and through U.S. stores, provides installation services, and serves professional builders through its acquired distribution and interior-finishing businesses.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Feb 2, 20240000060667-24-000033 | Mar 25, 2024 | 10-K | Open 10-Ksec.gov |
| Jan 31, 20250000060667-25-000049 | Mar 24, 2025 | 10-K | Open 10-Ksec.gov |
| Jan 30, 20260000060667-26-000029 | Mar 23, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Lowe’s is becoming a broader supplier to professional customers, but its larger sales base has not yet translated into higher net earnings. In the second quarter ended July 31, 2026, sales rose 8.3% to $25.956 billion, largely reflecting acquired businesses, while comparable sales increased just 0.2%. Core retail operating margin improved, but acquisition mix, amortization and higher interest costs weighed on consolidated results. GAAP net earnings were essentially unchanged; adjusted EPS growth retained a tariff-refund benefit. First-half operating cash flow remained substantial but declined, and debt remained elevated despite repayments. On August 19, management lowered its fiscal 2026 outlook to the previous ranges’ lower bounds. The central uncertainty is whether professional-customer expansion and execution improvements can overcome subdued discretionary demand without further pressuring margins and cash generation.
Sources: 10-Q · 2026-07-31 · EX-99.1 · 2026-08-19
Lowe’s operated 1,761 retail stores at July 31, 2026. Merchandise sales remain its main business, complemented by online fulfillment, installation and other services. Completed acquisitions of Artisan Design Group on June 2, 2025, and Foundation Building Materials on October 9, 2025, expanded its reach into interior finishes and building-material distribution. Their three operating segments are grouped in Other; they are not simply corporate overhead. Results are consolidated on a one-month lag. Management expects cross-selling and broader professional-customer capabilities, but individual acquired-business profitability and realized synergies are not established by the supplied disclosures.
Sources: 10-K · 2026-01-30 · 10-Q · 2026-07-31
The August 27 Form 10-Q reports unaudited second-quarter sales of $25.956 billion versus $23.959 billion. Other supplied $1.803 billion of the $1.997 billion increase. Comparable sales rose only 0.2%: spending per comparable transaction increased 2.3%, while transactions fell 2.1%. Higher spending per transaction is not a pure price or volume measure. Management cited strength in professional customers, home services and online sales, including 15.7% online growth, offset by persistent discretionary DIY pressure.
Retail operating margin improved to 14.77% from 14.59%, but consolidated margin fell to 13.67% from 14.48%. Management attributed gross-margin pressure principally to acquired businesses’ cost structures and fuel costs, partly offset by credit revenue and tariff refunds. Branch operating costs sit in cost of sales, unlike much retail payroll and occupancy expense, so acquisition mix also improves the apparent SG&A ratio. Other recorded a $28 million first-half operating loss. Higher acquisition amortization and interest costs helped leave quarterly net earnings almost unchanged at $2.399 billion; first-half earnings were $4.027 billion versus $4.038 billion.
Quarterly GAAP diluted EPS remained $4.27. Non-GAAP adjusted EPS rose to $4.40 from $4.33, excluding $96 million of acquisition-related intangible amortization; the prior adjustment had a different mix of transaction, purchase-accounting and amortization costs. Both current EPS measures retain an $0.11 tariff-refund benefit, larger than the $0.07 adjusted EPS increase. The approximately $80 million pretax refund benefit is recognized earnings, not identified cash collections. Amortization is an ongoing accounting expense, and rounded diluted shares remained 560 million in both quarters.
Sources: 10-Q · 2026-07-31 · EX-99.1 · 2026-08-19 · 10-K · 2026-01-30
First-half operating cash flow declined to $7.009 billion from $7.610 billion. Management cited prior-year tax-payment timing and working-capital changes. Inventory used $436 million rather than releasing $1.173 billion; accounts payable partly offset that pressure by supplying $1.313 billion. Cash flow also includes noncash expense add-backs and is not additional profit. Capital expenditure was $1.063 billion, cash dividends $1.346 billion and debt repayments $2.397 billion. Supplier-financed obligations of $1.582 billion were already included in payables and must not be added again. The cash-flow statement reports $366 million of repurchases on a settlement-date cash basis, excluding unsettled share repurchases and unpaid excise taxes. Separately, 10-Q Note 10 reports first-half repurchase costs of $302 million under the share repurchase program and $65 million for shares withheld from employees; the stated program cost basis includes excise tax on repurchases in excess of issuances. The 10-Q equity statement allocates $367 million of repurchases to common stock ($1 million) and capital in excess of par value ($366 million), with zero charged to accumulated deficit, consistent with the earnings release’s zero repurchase charge to accumulated deficit. These cost and equity amounts are distinct from the $366 million cash amount; no exact cash-to-equity reconciliation is established here.
Sources: 10-Q · 2026-07-31 · EX-99.1 · 2026-08-19
July 31 cash was $3.172 billion, up from $982 million at fiscal year-end. Separately, $414 million of investments were restricted, primarily as protection-plan collateral. Current and noncurrent debt carrying amounts together were $37.556 billion, excluding operating leases: below $39.921 billion at year-end but above $34.723 billion a year earlier. Current maturities were $2.352 billion. The reported $5 billion of undrawn revolvers at July 31 was borrowing capacity, not cash; $1 billion was scheduled to mature in September 2026, and renewal or October availability is not established. Management’s liquidity assessment depends on operating cash generation and financing access. Neither numerical covenant cushion nor unconditional borrowing rights is established.
Sources: 10-K · 2026-01-30 · 10-Q · 2026-07-31
The August 19 outlook lowered fiscal 2026 sales to $92.0 billion from $92.0–$94.0 billion, with flat comparable sales instead of flat to up 2%. Expected GAAP diluted EPS became approximately $11.75 and adjusted EPS approximately $12.25, the former ranges’ lower bounds. Adjusted guidance excludes acquisition amortization and related taxes, a $0.50 after-tax EPS adjustment. Guidance includes second-quarter tariff refunds but assumes no additional second-half refunds; capital expenditure was expected to be up to $2.5 billion. These are forecasts, not achieved results.
Housing affordability, weak discretionary demand, tariffs and fuel costs remain important pressures. Acquisition integration, intangible-asset valuation, technology modernization and third-party cyber dependencies add execution risk. ADG purchase accounting was finalized, while FBM’s remained preliminary principally for taxes and related goodwill at July 31. The annual internal-control assessment excluded FBM, not its financial statements. Separately, the court approved the replacement environmental consent decree on July 8, 2026. Lowe’s had agreed, without admitting liability, to a $12.5 million civil penalty; approval is final, but the supplied record does not establish payment timing or a new quarterly charge.
Executive appointments made August 28 became effective September 1 and were reported September 2. Responsibilities span Pro and Home Services, Stores, information and AI, strategy, and marketing. Management said the changes aim to connect capabilities and clarify accountability; no quantified financial benefits were disclosed.
Sources: EX-99.1 · 2026-08-19 · 10-K · 2026-01-30 · 10-Q · 2026-07-31 · 8-K · 2026-08-28
USD 86.286 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 86.286 bn | 3.1% |
| 2024 | USD 83.674 bn | -3.1% |
| 2023 | USD 86.377 bn | — |
Consolidated revenue, net of sales taxes and anticipated returns.
Sources: 10-K · 2026-01-30
USD 6.654 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 6.654 bn | -4.4% |
| 2024 | USD 6.957 bn | -10.0% |
| 2023 | USD 7.726 bn | — |
GAAP net earnings attributable to Lowe’s Companies, Inc., before allocation to participating securities.
Sources: 10-K · 2026-01-30
USD 9.864 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 9.864 bn | 2.5% |
| 2024 | USD 9.625 bn | 18.2% |
| 2023 | USD 8.14 bn | — |
GAAP net operating cash flow, including working-capital changes and cash taxes.
Sources: 10-K · 2026-01-30
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