Detailed financial statements for Lowe's Companies, Inc. (LOW): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Lowe's Companies, Inc., together with its various subsidiary entities, operates as a prominent home improvement retailer serving both the United States and international markets. The company supplies a broad spectrum of items essential for construction, upkeep, renovations, and interior design projects.
Analysis Summary
Lowe's Companies, Inc. reported revenue of $86.29B in the most recent fiscal year, growing at a 5-year CAGR of -0.8%. Net income reached $6.65B, with a 2.7% 5-year CAGR.
Trailing-twelve-month margins: gross margin 33.1%, operating margin 11.4%, net margin 7.3%. Free cash flow grew at -3.7% CAGR over 5 years.
At the current price of $179.50, LOW trades at a P/E of 15.28 and an ROE of -71.79%. Market capitalisation stands at $100.6B, placing it among large-cap names.
Balance sheet quality for LOW: current ratio of 1.1, net debt of $43.33B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $7.65B represents 115% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $65.02B | $68.62B | $71.31B | $72.15B | $89.60B | $96.25B | $97.06B | $86.38B | $83.67B | $86.29B |
| Cost of Revenue | $43.34B | $46.19B | $48.40B | $49.20B | $60.02B | $64.19B | $64.80B | $57.53B | $55.80B | $57.40B |
| Gross Profit | $21.67B | $22.43B | $22.91B | $22.94B | $29.57B | $32.06B | $32.26B | $28.84B | $27.88B | $28.89B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $14.38B | $14.44B | $17.41B | $15.37B | $18.53B | $18.30B | $20.33B | $15.57B | $15.68B | $16.79B |
| Operating Expenses | $15.83B | $15.85B | $18.89B | $16.63B | $19.93B | $19.96B | $22.10B | $17.29B | $17.41B | $18.73B |
| Operating Income | $5.85B | $6.59B | $4.02B | $6.31B | $9.65B | $12.09B | $10.16B | $11.56B | $10.47B | $10.15B |
| EBITDA | $7.45B | $7.68B | $5.65B | $7.75B | $10.21B | $13.99B | $12.18B | $13.58B | $12.60B | $12.47B |
| Interest Expense | $655.0M | $652.0M | $649.0M | $718.0M | $872.0M | $859.0M | $1.14B | $1.47B | $1.47B | $1.53B |
| Pre-tax Income | $5.20B | $5.49B | $3.39B | $5.62B | $7.74B | $11.21B | $9.04B | $10.18B | $9.15B | $8.75B |
| Income Tax | $2.11B | $2.04B | $1.08B | $1.34B | $1.90B | $2.77B | $2.60B | $2.45B | $2.20B | $2.09B |
| Net Income | $3.09B | $3.45B | $2.31B | $4.28B | $5.83B | $8.44B | $6.44B | $7.73B | $6.96B | $6.65B |
| EPS | $3.48 | $4.09 | $2.85 | $5.49 | $7.77 | $12.08 | $10.20 | $13.24 | $12.25 | $11.87 |
| EPS (Diluted) | $3.47 | $4.09 | $2.85 | $5.49 | $7.75 | $12.03 | $10.17 | $13.20 | $12.23 | $11.85 |
| Shares Outstanding (Diluted) | $881.0M | $840.0M | $812.0M | $778.0M | $750.0M | $699.0M | $631.0M | $584.0M | $567.5M | $560.0M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $20.81B | $20.59B | $23.08B | $25.96B |
| Gross Profit | $7.12B | $6.68B | $7.54B | $8.58B |
| Operating Income | $2.48B | $1.71B | $2.55B | $3.55B |
| EBITDA | $3.06B | $2.36B | $3.21B | $3.55B |
| Net Income | $1.62B | $999.0M | $1.63B | $2.40B |
| EPS | $2.88 | $1.78 | $2.90 | $4.28 |
| EPS (Diluted) | $2.88 | $1.78 | $2.90 | $4.27 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $558.0M | $588.0M | $511.0M | $716.0M | $4.69B | $1.13B | $1.35B | $921.0M | $1.76B | $982.0M |
| Short-term Investments | $100.0M | $102.0M | $218.0M | $160.0M | $506.0M | $271.0M | $384.0M | $307.0M | $372.0M | $370.0M |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.09B |
| Inventory | $10.46B | $11.39B | $12.56B | $13.18B | $16.19B | $17.61B | $18.53B | $16.89B | $17.41B | $17.30B |
| Total Current Assets | $12.00B | $12.77B | $14.23B | $15.32B | $22.33B | $20.06B | $21.44B | $19.07B | $20.36B | $20.95B |
| Property, Plant & Equipment | $19.95B | $19.72B | $18.43B | $22.56B | $22.99B | $23.18B | $21.09B | $21.39B | $21.39B | $22.66B |
| Goodwill | $1.08B | $1.31B | $303.0M | $303.0M | $311.0M | $311.0M | $311.0M | 0 | 0 | $3.94B |
| Intangible Assets | 0 | 0 | 0 | $259.0M | 0 | $522.0M | $303.0M | 0 | 0 | $5.91B |
| Total Assets | $34.41B | $35.29B | $34.64B | $40.99B | $48.29B | $46.33B | $45.27B | $43.36B | $44.57B | $54.14B |
| Accounts Payable | $6.65B | $6.59B | $8.28B | $7.66B | $10.88B | $11.35B | $10.52B | $8.70B | $9.29B | $9.76B |
| Short-term Debt | $1.30B | $1.43B | $1.83B | $3.04B | $1.65B | $1.50B | $1.61B | $1.02B | $3.15B | $2.43B |
| Total Current Liabilities | $11.97B | $12.10B | $14.50B | $15.18B | $18.73B | $19.67B | $19.51B | $15.57B | $18.76B | $19.46B |
| Long-term Debt | $13.58B | $14.72B | $13.68B | $16.16B | $20.10B | $23.32B | $32.43B | $34.96B | $32.51B | $37.49B |
| Total Liabilities | $27.97B | $29.42B | $31.00B | $39.02B | $46.85B | $51.15B | $59.53B | $58.41B | $58.80B | $64.06B |
| Retained Earnings | $6.24B | $5.42B | $3.45B | $1.73B | $1.12B | -$5.12B | -$14.86B | -$15.64B | -$14.80B | -$10.84B |
| Total Equity | $6.43B | $5.87B | $3.64B | $1.97B | $1.44B | -$4.82B | -$14.25B | -$15.05B | -$14.23B | -$9.92B |
| Total Debt | $15.70B | $16.86B | $16.22B | $23.75B | $26.21B | $29.38B | $37.99B | $40.15B | $39.68B | $44.68B |
| Net Debt | $15.04B | $16.17B | $15.49B | $22.87B | $21.02B | $27.98B | $36.26B | $38.92B | $37.55B | $43.33B |
| Working Capital | $26.0M | $676.0M | -$269.0M | $136.0M | $3.60B | $392.0M | $1.93B | $3.50B | $1.60B | $1.49B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $621.0M | $982.0M | $786.0M | $3.17B |
| Total Assets | $53.45B | $54.14B | $54.94B | $55.88B |
| Total Liabilities | $63.84B | $64.06B | $64.21B | $63.32B |
| Total Equity | -$10.38B | -$9.92B | -$9.27B | -$7.44B |
| Total Debt | $44.70B | $44.68B | $42.54B | $42.02B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $3.09B | $3.45B | $2.31B | $4.28B | $5.83B | $8.44B | $6.44B | $7.73B | $6.96B | $6.65B |
| Depreciation & Amortization | $1.59B | $1.54B | $1.61B | $1.41B | $1.59B | $1.88B | $1.98B | $1.92B | $1.97B | $2.19B |
| Stock-based Compensation | $90.0M | $99.0M | $74.0M | $98.0M | $155.0M | $230.0M | $224.0M | $210.0M | $221.0M | $247.0M |
| Change in Working Capital | $371.0M | -$496.0M | $758.0M | -$2.27B | $1.90B | -$1.13B | -$2.88B | -$2.23B | $118.0M | -$112.0M |
| Operating Cash Flow | $5.62B | $5.07B | $6.19B | $4.30B | $11.05B | $10.11B | $8.59B | $8.14B | $9.62B | $9.86B |
| Capital Expenditure | -$1.17B | -$1.12B | -$1.17B | -$1.48B | -$1.79B | -$1.85B | -$1.83B | -$1.96B | -$1.93B | -$2.21B |
| Acquisitions | -$2.36B | -$509.0M | $76.0M | $163.0M | $90.0M | $113.0M | $491.0M | $100.0M | $177.0M | -$10.09B |
| Stock Repurchased | -$3.60B | -$3.19B | -$3.04B | -$4.31B | -$4.97B | -$13.01B | -$14.12B | -$6.14B | -$4.05B | -$211.0M |
| Dividends Paid | -$1.12B | -$1.29B | -$1.46B | -$1.62B | -$1.70B | -$1.98B | -$2.37B | -$2.53B | -$2.57B | -$2.64B |
| Free Cash Flow | $4.45B | $3.94B | $5.02B | $2.81B | $9.26B | $8.26B | $6.76B | $6.18B | $7.70B | $7.65B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $687.0M | $1.57B | $3.35B | $3.66B |
| Capital Expenditure | -$597.0M | -$603.0M | -$521.0M | -$542.0M |
| Free Cash Flow | $90.0M | $964.0M | $2.83B | $3.12B |
| Dividends Paid | -$673.0M | -$673.0M | -$674.0M | -$672.0M |
| Stock-based Compensation | $60.0M | $70.0M | $65.0M | $67.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +5.5% | +3.9% | +1.2% | +24.2% | +7.4% | +0.8% | -11.0% | -3.1% | +3.1% | |
| Net Income Growth (YoY) | +11.5% | -32.9% | +85.0% | +36.3% | +44.7% | -23.8% | +20.0% | -10.0% | -4.4% | |
| EPS Growth (YoY) | +17.5% | -30.3% | +92.6% | +41.5% | +55.5% | -15.6% | +29.8% | -7.5% | -3.1% | |
| Shares Change (YoY) | -4.7% | -3.3% | -4.2% | -3.6% | -6.8% | -9.7% | -7.4% | -2.8% | -1.3% | |
| FCF Growth (YoY) | -11.4% | +27.3% | -44.0% | +229.2% | -10.8% | -18.2% | -8.6% | +24.6% | -0.6% | |
| Gross Margin | 33.3% | 32.7% | 32.1% | 31.8% | 33.0% | 33.3% | 33.2% | 33.4% | 33.3% | 33.5% |
| Operating Margin | 9.0% | 9.6% | 5.6% | 8.8% | 10.8% | 12.6% | 10.5% | 13.4% | 12.5% | 11.8% |
| EBITDA Margin | 11.5% | 11.2% | 7.9% | 10.7% | 11.4% | 14.5% | 12.5% | 15.7% | 15.1% | 14.4% |
| Net Margin | 4.8% | 5.0% | 3.2% | 5.9% | 6.5% | 8.8% | 6.6% | 8.9% | 8.3% | 7.7% |
| FCF Margin | 6.8% | 5.7% | 7.0% | 3.9% | 10.3% | 8.6% | 7.0% | 7.2% | 9.2% | 8.9% |
| Effective Tax Rate | 40.5% | 37.2% | 31.8% | 23.9% | 24.6% | 24.7% | 28.8% | 24.1% | 24.0% | 23.9% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $5.05 | $4.69 | $6.18 | $3.61 | $12.34 | $11.82 | $10.71 | $10.58 | $13.57 | $13.66 |
| Dividends Per Share | $1.27 | $1.53 | $1.79 | $2.08 | $2.27 | $2.84 | $3.76 | $4.33 | $4.52 | $4.71 |
| Shares Outstanding (Basic) | $880.0M | $839.0M | $811.0M | $777.0M | $748.0M | $696.0M | $629.0M | $582.0M | $567.0M | $559.0M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -71.79% |
| Return on Invested Capital | 20.62% |
| Return on Assets | 11.89% |
| Gross Margin | 33.08% |
| Operating Margin | 11.38% |
| Net Margin | 7.34% |
Financial Health
| Debt / Equity | -5.65 |
| Current Ratio | 1.10 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 3.36 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 21.00 | 25.61 | 33.74 | 21.17 | 21.03 | 19.65 | 20.42 | 16.08 | 21.23 | 22.50 |
| P/B | 10.00 | 14.96 | 21.40 | 45.80 | 85.04 | -34.30 | -9.19 | -8.23 | -10.36 | -15.05 |
| P/S | 0.99 | 1.28 | 1.09 | 1.25 | 1.36 | 1.72 | 1.35 | 1.43 | 1.76 | 1.73 |
| Gross Margin | 33.3% | 32.7% | 32.1% | 31.8% | 33.0% | 33.3% | 33.2% | 33.4% | 33.3% | 33.5% |
| Operating Margin | 9.0% | 9.6% | 5.6% | 8.8% | 10.8% | 12.6% | 10.5% | 13.4% | 12.5% | 11.8% |
| Net Margin | 4.8% | 5.0% | 3.2% | 5.9% | 6.5% | 8.8% | 6.6% | 8.9% | 8.3% | 7.7% |
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Explore sector: Consumer Cyclical · Home Improvement
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