Published
{
"ticker": "LOW",
"cik": "0000060667",
"company": "Lowe's Companies, Inc.",
"business_type": "retail",
"schema_template": "standard retailer (net sales / cost of sales / gross margin / operating income / net earnings; balance sheet; cash flow)",
"reporting_currency": "USD",
"converted_to_usd": false,
"units": "actual dollars (not millions)",
"units_notes_seen": {
"FY2025 10-K consolidated statements of earnings": "(In millions, except per share and percentage data)",
"FY2025 10-K consolidated balance sheets": "(In millions, except par value)",
"FY2025 10-K consolidated statements of shareholders' deficit": "(In millions, except per share data)",
"FY2025 10-K consolidated statements of cash flows": "(In millions)",
"FY2025 10-K earnings-per-share note": "(In millions, except per share data)",
"FY2025 10-K sales-by-product-category table": "(In millions, except percentage data)",
"FY2025 10-K segment information note": "(In millions, except percentage data)",
"Q2 FY2026 10-Q consolidated statements of earnings": "In Millions, Except Per Share and Percentage Data",
"Q2 FY2026 10-Q consolidated balance sheets": "In Millions, Except Par Value Data",
"Q2 FY2026 10-Q consolidated statements of shareholders' deficit": "In Millions",
"Q2 FY2026 10-Q consolidated statements of cash flows": "In Millions",
"Q2 FY2026 10-Q disaggregation-of-revenues table": "(In millions)",
"Q2 FY2026 10-Q segment information note": "(In millions, except percentage data)"
},
"adjustments": {
"splits_applied": [],
"adr_ratio": null,
"fx": "none - the company reports in U.S. dollars"
},
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"label": "FY2025",
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"diluted_eps": 13.2,
"basic_shares": 582000000,
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"flooring": 4355000000,
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},
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"label": "Q2 FY2026",
"period_start": "2026-05-02",
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"label": "Q2 FY2025",
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],
"notes": [
"Lowe's fiscal year ends on the Friday nearest the end of January. The company labels the year ended January 30, 2026 as fiscal 2025, the year ended January 31, 2025 as fiscal 2024 and the year ended February 2, 2024 as fiscal 2023; the fiscal-year labels here follow the company's own convention. On the same convention the quarter ended July 31, 2026 is the second quarter of fiscal 2026 and the quarter ended August 1, 2025 is the second quarter of fiscal 2025. Each fiscal year shown contained 52 weeks, each quarter 13 weeks and each six-month period 26 weeks.",
"Annual figures are taken from the consolidated statements of earnings, balance sheets and cash flows in the fiscal 2025 Form 10-K (accession 0000060667-26-000029). That 10-K presents three years of the statement of earnings and of cash flows but only two years of the balance sheet, so fiscal 2023 is reported here without a balance sheet.",
"Quarterly, six-month and balance-sheet figures at July 31, 2026 and August 1, 2025 are taken from the Form 10-Q for the quarter ended July 31, 2026 (accession 0000060667-26-000117).",
"The 10-Q's cash flow statement is presented for the six months only, and the cash flow statement in the accompanying second-quarter earnings release is likewise six-month only. Lowe's does not print three-month cash flows as such, so the cash flow block on each quarterly entry is derived as the six months in the Form 10-Q (accession 0000060667-26-000117) less the first quarter as reported in the first-quarter earnings release furnished on Form 8-K (accession 0000060667-26-000062, Exhibit 99.1), which does present a three-month cash flow statement for the quarters ended May 1, 2026 and May 2, 2025. Only operating cash flow, capital expenditures and the resulting free cash flow are carried on that basis; the full six-month cash flow statement appears under the year-to-date and prior-year-to-date views.",
"Lowe's reports a total shareholders' DEFICIT rather than positive equity: it has bought back far more stock over the years than its accumulated earnings, leaving an accumulated deficit on the balance sheet. The figure is carried here as total shareholders' equity with a negative value (-$7.4 billion at July 31, 2026), which is what the balance sheet shows.",
"Total debt is the sum of the two debt captions the balance sheet prints - current maturities of long-term debt plus long-term debt excluding current maturities. Free cash flow is operating cash flow less capital expenditures; neither total is printed by the company, and both are shown here as a convenience.",
"Cash flow lines are carried with the sign the statement prints them with, so outflows such as capital expenditures, dividend payments and share repurchases are negative.",
"Lowe's completed two acquisitions during fiscal 2025 - Artisan Design Group (interior surface finishes) and Foundation Building Materials (interior building products distribution) - for $10.1 billion of net cash. They are the reason goodwill rose from $0.3 billion to $3.9 billion, intangible assets from $0.3 billion to $5.9 billion and long-term debt from $32.9 billion to $37.5 billion between the two balance sheet dates in the 10-K. The company consolidates both businesses on a one-month lag.",
"Those acquisitions also created a second reporting layer. From fiscal 2025 the company reports one reportable segment, Retail Home Improvement, with the acquired businesses grouped as 'Other'; before fiscal 2025 Retail Home Improvement was the whole company, so the 10-K states that a reconciliation to consolidated totals is not applicable for fiscal 2024 or fiscal 2023. The segment expense table itself is presented for all three years and is carried here for each of them; fiscal 2024 and fiscal 2023 have no 'Other' block because there was nothing outside the segment in those years. Prior-period segment information in the 10-Q has been recast onto the current structure.",
"The two revenue breakdowns come from two different tables and are not the same cut. The annual periods carry the 10-K's fifteen product categories; the quarterly and six-month periods carry the 10-Q's three merchandise divisions (Hardlines, Home Decor, Building Products), which the 10-Q says group those categories. Both tables note that prior periods were reclassified to conform to the current presentation.",
"Earnings per share is calculated under the two-class method, so the per-share amounts divide earnings allocable to common shares - net earnings less the portion allocated to participating share-based awards - rather than total net earnings. Dividing total net earnings by the weighted diluted share count therefore lands about 0.3% above the reported diluted EPS in every period.",
"Receivables at August 1, 2025 were reclassified by the company out of other current assets to conform to the current presentation; the figure shown for that date reflects the reclassification as the 10-Q presents it.",
"The second quarter of fiscal 2026 includes approximately $80 million of recognized refunds of tariffs imposed under the International Emergency Economic Powers Act, which the U.S. Supreme Court ruled unauthorized in February 2026. The company accounts for these as a gain contingency and recognizes them only as realized, so further amounts are not reflected in these figures.",
"Trailing-twelve-month figures are not published by the company. They are derived here as fiscal 2025 plus the six months ended July 31, 2026 less the six months ended August 1, 2025. The trailing diluted EPS is the same combination of the three reported per-share figures and is approximate, because each period's share count and two-class allocation differ.",
"The company reports in U.S. dollars and has no stock splits in the period covered, so no currency, split or depositary-ratio adjustment was applied. All figures are stated in actual dollars.",
"Comparable sales is the company's own operating metric and is not a line on any financial statement. A comparable location is a retail location that has been open longer than 13 months, comparable sales include online sales, and acquisitions are typically included only after they have been owned for more than 12 months. The changes carried here are the percentages the company prints in its key-metrics tables - the fiscal 2025 Form 10-K (accession 0000060667-26-000029) for the annual periods and the Form 10-Q (accession 0000060667-26-000117) for the quarter and the six months. Because acquisitions are excluded until they season, comparable sales is not the same as the change in Retail Home Improvement segment net sales: in the second quarter of fiscal 2026 the segment's net sales rose 0.8% while comparable sales rose 0.2%, the latter consisting of a 2.3% increase in comparable average ticket partially offset by a 2.1% decrease in comparable customer transactions."
],
"uncertainties": [
"The quarter's cash flows are derived rather than reported. Neither the 10-Q nor the second-quarter earnings release presents a three-month cash flow statement, so the second quarter's operating cash flow, capital expenditures and free cash flow are obtained by subtracting the first quarter, as reported in the first-quarter earnings release (accession 0000060667-26-000062), from the six months in the 10-Q (accession 0000060667-26-000117). Both cumulative periods begin on the first day of their fiscal year, so the difference is the second quarter, but the company does not publish these amounts itself and no cash flow lines beyond these three are shown on that basis.",
"Fiscal 2023 has no balance sheet here. The 10-K's balance sheet shows only January 30, 2026 and January 31, 2025, so no assets, debt or equity figures for the year ended February 2, 2024 are available from it.",
"Trailing-twelve-month diluted EPS of $11.83 is an approximation. It adds and subtracts three separately calculated per-share figures rather than dividing trailing earnings by a trailing weighted share count, which the company does not publish. Trailing net earnings divided by the latest weighted diluted share count would give about $11.86.",
"Period start dates are not printed on the face of the statements. They are inferred from the company's stated 52/13-week fiscal calendar and the preceding period's end date - each one falls on the Saturday after the previous period closed, and every resulting period is exactly 52, 26 or 13 weeks. The start dates for fiscal 2025, for the six months ended July 31, 2026 and for the quarter ended July 31, 2026 agree with the period boundaries in the SEC's XBRL company facts for these filings.",
"Fiscal 2025 segment figures cover only the reportable segment split the 10-K prints; the acquired businesses in 'Other' were owned for part of the year only (Foundation Building Materials from October 2025), so the 'Other' column is not a full-year run rate.",
"Dividends declared per share and the amounts declared are read from the statements of shareholders' deficit, where the per-share rate is printed in the line's caption rather than as a column. Cash dividends PAID, which differ because of timing, are the separate figures shown in the cash flow blocks."
],
"year_to_date": {
"label": "H1 FY2026 (six months ended July 31, 2026)",
"period_start": "2026-01-31",
"period_end": "2026-07-31",
"period_type": "six months",
"source_accession": "0000060667-26-000117",
"income_statement": {
"net_sales": 49034000000,
"cost_of_sales": 32914000000,
"gross_margin": 16120000000,
"selling_general_and_administrative": 8879000000,
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},
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"label": "Net sales",
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"value": 25956000000,
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{
"label": "Diluted EPS",
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"exact": "$4.27",
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{
"label": "Net interest expense",
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"yoy": "up 19.5%",
"source": {
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"index": 0,
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"period_end": "2026-07-31",
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},
{
"label": "Retail Home Improvement net sales",
"format": "usd",
"value": 24015000000,
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"prior": "$23.82 billion",
"priorabs": "$23.82 billion",
"yoy": "up 0.8%",
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"field": "segment_results.retail_home_improvement.net_sales",
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],
"summary": "Lowe's reported $25.96 billion in net sales for Q2 FY2026, the quarter ended July 31, 2026, up 8.3% from a year earlier, while net earnings of $2.40 billion were flat and diluted earnings per share held at $4.27, a result that carried a one-time benefit from refunds of tariffs the company recognized after the Supreme Court ruled the underlying levies unauthorized. Nearly all of the sales growth came from the interior building products and design businesses Lowe's acquired during fiscal 2025: net sales in the Retail Home Improvement segment, the store business, were $24.02 billion, up 0.8%. Operating income of $3.55 billion was up 2.3%, far behind the sales increase, as the operating cost structure of the acquired businesses and higher fuel costs weighed on margins, and without the tariff refunds neither operating income nor earnings would have grown from a year earlier.",
"qa": [
{
"q": "How much revenue did Lowe's report in Q2 FY2026?",
"a": "Lowe's reported $25.96 billion in net sales for Q2 FY2026, the quarter ended July 31, 2026, up 8.3% from $23.96 billion a year earlier. Most of that increase came from businesses acquired during fiscal 2025 rather than from the stores, where Retail Home Improvement segment net sales of $24.02 billion were up 0.8%."
},
{
"q": "How much profit did Lowe's make in Q2 FY2026?",
"a": "Lowe's earned net earnings of $2.40 billion in Q2 FY2026, the quarter ended July 31, 2026. That was essentially unchanged from $2.40 billion in the same quarter a year earlier, and it carried a one-time benefit from tariff refunds the company recognized after the Supreme Court ruled the underlying levies unauthorized, without which earnings would have been lower than a year earlier."
},
{
"q": "What was Lowe's earnings per share in Q2 FY2026?",
"a": "Lowe's reported diluted earnings per share of $4.27 for Q2 FY2026, the quarter ended July 31, 2026, the same as the $4.27 it reported in the same quarter a year earlier. The latest quarter carried a one-time benefit from tariff refunds recognized after the Supreme Court ruling on those levies, without which per-share earnings would have been lower than a year earlier."
},
{
"q": "Why did Lowe's sales grow but earnings stay flat in Q2 FY2026?",
"a": "Lowe's net sales rose to $25.96 billion in Q2 FY2026, up 8.3%, while net earnings of $2.40 billion were flat. The added sales came largely from the interior building products and design businesses acquired in fiscal 2025, whose operating cost structure, together with higher fuel costs, held operating income to $3.55 billion, up 2.3%, an increase that rested on the one-time tariff refunds the company recognized after the Supreme Court ruled those levies unauthorized. Most of what was left went to interest: net interest expense of $374 million was up 19.5% from $313 million a year earlier on the debt raised for those acquisitions."
}
]
},
"company_details": {
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"Ticker": "LOW",
"CIK": "0000060667",
"Exchange": "NYSE",
"State": "North Carolina",
"Incorporation": "North Carolina",
"SIC": "5211",
"Office": "Trade & Services",
"Industry": "Retail-Lumber & Other Building Materials Dealers"
},
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}