US · NYSE LOW

Lowe's (LOW) financial statements: income, balance sheet and cash flow

NYSE: LOW · Consumer discretionary · United States

Signed off by OffScriptBySami on 4 Oct 2026 · Updated 4 Oct 2026

Data as of 31 Jul 2026 · For information only, not investment advice.

In brief

Lowe's (NYSE: LOW) earned operating income of USD 3.55 billion on revenue of USD 26.0 billion in Q2 FY2026, the quarter ended 31 Jul 2026, according to its Form 10-Q, an operating margin of 13.7% by our calculation. Goodwill and intangibles were USD 9.67 billion at 31 Jul 2026, and total equity was a deficit of USD 7.44 billion.

Data as of 31 Jul 2026 Source: Form 10-Q for Q2 FY2026, filed 27 Aug 2026

Key facts

Data as of 31 Jul 2026

Lowe's (NYSE: LOW) · USD · fiscal year ends late January · figures from SEC filings; derived values are marked.

Revenue, TTM (USD bn): 90.4; TTM to 31 Jul 2026 · derived; Revenue by quarter, from USD 20.2 bn in Q3 FY2024 to USD 26.0 bn in Q2 FY2026
Operating income, TTM (USD bn): 10.3; TTM to 31 Jul 2026 · derived
Net income, TTM (USD bn): 6.64; TTM to 31 Jul 2026 · derived
Free cash flow, TTM (USD bn): 7.00; TTM to 31 Jul 2026 · derived
Total assets (USD bn): 55.9; at 31 Jul 2026 · Form 10-Q
Net debt (USD bn): 34.1; at 31 Jul 2026 · derived: total debt minus cash and short-term investments

What the numbers show

Lowe's income statement for Q2 FY2026, the quarter ended 31 Jul 2026, shows revenue of USD 26.0 billion, up 8.3% on Q2 FY2025. Operating income was USD 3.55 billion, an operating margin of 13.7%, our calculation. Net income was USD 2.40 billion, a net margin of 9.2%, also our calculation.

Annual revenue was USD 86.3 billion in FY2025, the year ended 30 Jan 2026, a compound annual decline of 2.7% from FY2021, our calculation. FY2022 ran 371 days against 364, so the growth rates for FY2022 and FY2023 carry a note. Gross margin stayed between 33.2% and 33.5% in all five years. Operating margin moved more, from 10.5% in FY2022 to 11.8% in FY2025.

On Lowe's balance sheet, total assets were USD 55.9 billion at 31 Jul 2026. Goodwill and intangibles were USD 9.67 billion of that, up from USD 588 million at the end of FY2024, after Lowe's completed two acquisitions. Total equity is negative, a deficit of USD 7.44 billion, while inventory of USD 17.7 billion made up most of current assets, which exceeded current liabilities. Net debt was USD 34.1 billion, our calculation.

In FY2025, Lowe's cash flow statement shows cash from operations of USD 9.86 billion and capital expenditure of USD 2.21 billion. Free cash flow, our calculation, was USD 7.65 billion. Over the 8 quarters shown, cash from operations ranged from USD 687 million in Q3 FY2025 to USD 4.23 billion in Q2 FY2025. A 10-Q reports cash flows year to date, so the quarterly cells marked D are our derivations. Cash used in investing was USD 9.34 billion in Q3 FY2025, the quarter in which the Foundation Building Materials acquisition closed.

Diluted EPS was USD 4.27 per share in Q2 FY2026, the same as in Q2 FY2025. It was USD 11.85 per share in FY2025, a decline of 0.4% a year from FY2021, our calculation. Over those years the diluted share count fell from 699 million shares to 560 million shares. Free cash flow covered dividends paid 2.9 times in FY2025, our calculation, as free cash flow cover explains. Lowe's stock fundamentals sets out the buybacks and the debt behind the acquisitions.

Income statement

Chart 1

Lowe's quarterly revenue, Q3 FY2024 to Q2 FY2026

USD bn · quarters ended 1 Nov 2024 to 31 Jul 2026

Source: Lowe's Forms 10-Q and 10-K, SEC EDGAR Data as of 31 Jul 2026

Annual

Swipe for earlier periods

Table 1 Lowe's income statement, annual, FY2021–FY2025 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends late January
USD m	FY2025ended 30 Jan 2026	FY2024ended 31 Jan 2025	FY2023ended 2 Feb 2024	FY2022ended 3 Feb 2023	FY2021ended 28 Jan 2022	CAGRFY21–FY25
Revenue	86,286	83,674	86,377	97,059	96,250	decreased 2.7%
Revenue YoY %	increased 3.1%	decreased 3.1%	decreased 11.0% 1	increased 0.8% 2	increased 7.4%	not available
Cost of revenue	57,401	55,797	57,533	64,802	64,194	decreased 2.8%
Gross profit	28,885	27,877	28,844	32,257	32,056	decreased 2.6%
Gross margin %	33.5%	33.3%	33.4%	33.2%	33.3%	not available
SG&A	16,791	15,682	15,570	20,332	18,301	decreased 2.1%
Operating income	10,153	10,466	11,557	10,159	12,093	decreased 4.3%
Operating margin %	11.8%	12.5%	13.4%	10.5%	12.6%	not available
Net interest	−1,406	−1,313	−1,382 3	−1,123 3	not available	not available
Pre-tax income	8,747	9,153	10,175	9,036	11,208	decreased 6.0%
Income tax	2,093	2,196	2,449	2,599	2,766	decreased 6.7%
Net income	6,654	6,957	7,726	6,437	8,442	decreased 5.8%
Net margin %	7.7%	8.3%	8.9%	6.6%	8.8%	not available
Per share
Diluted EPS (USD)	11.85	12.23	13.20	10.17	12.04	decreased 0.4%
Diluted shares (m)	560	568	584	631	699	not available

Source: Lowe's Forms 10-Q and 10-K, SEC EDGAR Data as of 31 Jul 2026

Not available

1 FY2023 had 52 weeks; FY2022 had 53 weeks (364 vs 371 days).

2 FY2022 had 53 weeks; FY2021 had 52 weeks (371 vs 364 days).

CAGR: compound annual growth rate from FY2021 to FY2025, our calculation; n/m when the endpoints differ in sign or the base is zero or negative.

3 As presented in Form 10-K filed 24 Mar 2025.

Totals may not add up because of rounding.

Arrows show direction of change only, not whether a change is good or bad.

Quarterly

Swipe for earlier periods

Table 2 Lowe's income statement, quarterly, Q3 FY2024–Q2 FY2026 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends late January
USD m	Q2 FY2026ended 31 Jul 2026	Q1 FY2026ended 1 May 2026	Q4 FY2025ended 30 Jan 2026	Q3 FY2025ended 31 Oct 2025	Q2 FY2025ended 1 Aug 2025	Q1 FY2025ended 2 May 2025	Q4 FY2024ended 31 Jan 2025	Q3 FY2024ended 1 Nov 2024
Revenue	25,956	23,078	20,585 D	20,813	23,959	20,930	18,554 D	20,170
Revenue YoY %	increased 8.3%	increased 10.3%	increased 10.9%	increased 3.2%	increased 1.6%	decreased 2.0%	decreased 0.3%	decreased 1.5%
Cost of revenue	17,379	15,535	13,904 D	13,697	15,858	13,944	12,457 D	13,374
Gross profit	8,577	7,543	6,681 D	7,116	8,101	6,986	6,097 D	6,796
Gross margin %	33.0%	32.7%	32.5%	34.2%	33.8%	33.4%	32.9%	33.7%
SG&A	4,456	4,423	4,410 D	4,160	4,175	4,046	3,822 D	3,827
Operating income	3,549	2,554	1,708 D	2,481	3,469	2,494	1,830 D	2,536
Operating margin %	13.7%	11.1%	8.3%	11.9%	14.5%	11.9%	9.9%	12.6%
Net interest	−374	−399	−404 D	−352	−313	−337	−328 D	−317
Pre-tax income	3,175	2,155	1,304 D	2,129	3,156	2,157	1,502 D	2,219
Income tax	776	527	304 D	513	758	516	378 D	524
Net income	2,399	1,628	1,000 D	1,616	2,398	1,641	1,124 D	1,695
Net margin %	9.2%	7.1%	4.9%	7.8%	10.0%	7.8%	6.1%	8.4%
Per share
Diluted EPS (USD)	4.27	2.90	not available	2.88	4.27	2.92	not available	2.99
Diluted shares (m)	560	560	not available	560	560	560	not available	566

Source: Lowe's Forms 10-Q and 10-K, SEC EDGAR Data as of 31 Jul 2026

D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
Not available

Totals may not add up because of rounding.

Arrows show direction of change only, not whether a change is good or bad.

Balance sheet

Annual

Swipe for earlier periods

Table 3 Lowe's assets, annual, FY2021–FY2025 (USD millions) USD millions
USD m	FY2025at 30 Jan 2026	FY2024at 31 Jan 2025	FY2023at 2 Feb 2024	FY2022at 3 Feb 2023	FY2021at 28 Jan 2022
Cash and short-term investments	1,352 D	2,133 D	1,228 D	1,732 D	1,404 D
Receivables	1,090	94 1	not available	not available	not available
Inventory	17,300	17,409	16,894	18,532	17,605
Total current assets	20,955	20,358	19,071	21,442	20,060
PP&E (net)	18,362	17,649	17,653	17,567	19,071
Goodwill and intangibles	9,853 D	588 D 2	311 D 3	311 D	311 D
Total assets	54,144	43,102	41,795	43,708	44,640

Source: Lowe's Forms 10-Q and 10-K, SEC EDGAR Data as of 31 Jul 2026

D Cash and cash equivalents plus the short-term investments, current marketable securities or current debt securities the filing tags, from the same filing.
D Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.
Not available

1 As presented in Form 10-Q filed 26 Nov 2025.

2 As presented in Form 10-Q filed 28 Aug 2025.

3 As presented in Form 10-K filed 23 Mar 2026.

Totals may not add up because of rounding.

Swipe for earlier periods

Table 4 Lowe's liabilities and shareholders' equity, annual, FY2021–FY2025 (USD millions) USD millions · net cash shown as a negative net debt
USD m	FY2025at 30 Jan 2026	FY2024at 31 Jan 2025	FY2023at 2 Feb 2024	FY2022at 3 Feb 2023	FY2021at 28 Jan 2022
Current liabilities	19,463	18,757	15,568	19,511	19,668
Total debt	39,921 D	35,487 D	35,921 D	33,960 D	24,727 D
Total liabilities	64,061	57,333	56,845	57,962	49,456
Shareholders' equity	−9,917	−14,231	−15,050	−14,254	−4,816
Net debt / (net cash)	38,569 D	33,354 D	34,693 D	32,228 D	23,323 D

Source: Lowe's Forms 10-Q and 10-K, SEC EDGAR Data as of 31 Jul 2026

D Total debt = short-term debt + long-term debt, from the same filing.
D Net debt = total debt minus cash and short-term investments; a negative value is net cash.

Totals may not add up because of rounding.

Quarterly

Swipe for earlier periods

Table 5 Lowe's assets, quarterly, Q3 FY2024–Q2 FY2026 (USD millions) USD millions
USD m	Q2 FY2026at 31 Jul 2026	Q1 FY2026at 1 May 2026	Q4 FY2025at 30 Jan 2026	Q3 FY2025at 31 Oct 2025	Q2 FY2025at 1 Aug 2025	Q1 FY2025at 2 May 2025	Q4 FY2024at 31 Jan 2025	Q3 FY2024at 1 Nov 2024
Cash and short-term investments	3,407 D	1,244 D	1,352 D	1,033 D	5,256 D	3,422 D	2,133 D	3,606 D
Receivables	1,238	1,151	1,090	1,216	320 1	96 2	94 3	108 3
Inventory	17,737	18,447	17,300	17,183	16,342	18,335	17,409	17,566
Total current assets	23,342	22,162	20,955	20,220	22,639	22,675	20,358	21,977
PP&E (net)	18,276	18,254	18,362	18,309	17,708	17,636	17,649	17,586
Goodwill and intangibles	9,666 D	9,752 D	9,853 D	9,976 D	1,667 D	585 D 2	588 D 4	592 D 3
Total assets	55,881	54,941	54,144	53,453	46,614	45,372	43,102	44,743

Source: Lowe's Forms 10-Q and 10-K, SEC EDGAR Data as of 31 Jul 2026

D Cash and cash equivalents plus the short-term investments, current marketable securities or current debt securities the filing tags, from the same filing.
D Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.

1 As presented in Form 10-Q filed 27 Aug 2026.

2 As presented in Form 10-Q filed 28 May 2026.

3 As presented in Form 10-Q filed 26 Nov 2025.

4 As presented in Form 10-Q filed 28 Aug 2025.

Totals may not add up because of rounding.

Swipe for earlier periods

Table 6 Lowe's liabilities and shareholders' equity, quarterly, Q3 FY2024–Q2 FY2026 (USD millions) USD millions · net cash shown as a negative net debt
USD m	Q2 FY2026at 31 Jul 2026	Q1 FY2026at 1 May 2026	Q4 FY2025at 30 Jan 2026	Q3 FY2025at 31 Oct 2025	Q2 FY2025at 1 Aug 2025	Q1 FY2025at 2 May 2025	Q4 FY2024at 31 Jan 2025	Q3 FY2024at 1 Nov 2024
Current liabilities	21,132	20,274	19,463	19,451	21,622	22,388	18,757	19,447
Total debt	37,556 D	37,941 D	39,921 D	39,935 D	34,723 D	34,724 D	35,487 D	35,482 D
Total liabilities	63,318	64,211	64,061	63,835	58,014	58,626	57,333	58,162
Shareholders' equity	−7,437	−9,270	−9,917	−10,382	−11,400	−13,254	−14,231	−13,419
Net debt / (net cash)	34,149 D	36,697 D	38,569 D	38,902 D	29,467 D	31,302 D	33,354 D	31,876 D

Source: Lowe's Forms 10-Q and 10-K, SEC EDGAR Data as of 31 Jul 2026

D Total debt = short-term debt + long-term debt, from the same filing.
D Net debt = total debt minus cash and short-term investments; a negative value is net cash.

Totals may not add up because of rounding.

Cash flow

Chart 2

Lowe's quarterly free cash flow, Q3 FY2024 to Q2 FY2026

USD bn · quarters ended 1 Nov 2024 to 31 Jul 2026

Source: Lowe's Forms 10-Q and 10-K, SEC EDGAR Data as of 31 Jul 2026

Annual

Swipe for earlier periods

Table 7 Lowe's cash flow, annual, FY2021–FY2025 (USD millions) USD millions · outflows shown with a minus sign
USD m	FY2025ended 30 Jan 2026	FY2024ended 31 Jan 2025	FY2023ended 2 Feb 2024	FY2022ended 3 Feb 2023	FY2021ended 28 Jan 2022
Cash from operations	9,864	9,625	8,140	8,589	10,113
Capital expenditure	−2,213	−1,927	−1,964	−1,829	−1,853
Free cash flow	7,651 D	7,698 D	6,176 D	6,760 D	8,260 D
Dividends paid	−2,636	−2,566	−2,531	−2,370	−1,984
Share buybacks	−211	−4,053	−6,138	−14,124	−13,012
Cash from investing	−12,264	−1,738	−1,901	−1,309	−1,646
Cash from financing	1,621	−7,047	−6,666	−7,049	−12,016

Source: Lowe's Forms 10-Q and 10-K, SEC EDGAR Data as of 31 Jul 2026

D Free cash flow = cash from operations minus capital expenditure.

Totals may not add up because of rounding.

Quarterly

Swipe for earlier periods

Table 8 Lowe's cash flow, quarterly, Q3 FY2024–Q2 FY2026 (USD millions) USD millions · outflows shown with a minus sign
USD m	Q2 FY2026ended 31 Jul 2026	Q1 FY2026ended 1 May 2026	Q4 FY2025ended 30 Jan 2026	Q3 FY2025ended 31 Oct 2025	Q2 FY2025ended 1 Aug 2025	Q1 FY2025ended 2 May 2025	Q4 FY2024ended 31 Jan 2025	Q3 FY2024ended 1 Nov 2024
Cash from operations	3,659 D	3,350	1,567 D	687 D	4,231 D	3,379	911 D	1,299 D
Capital expenditure	−542 D	−521	−603 D	−597 D	−495 D	−518	−548 D	−571 D
Free cash flow	3,117 D	2,829 D	964 D	90 D	3,736 D	2,861 D	363 D	728 D
Dividends paid	−672 D	−674	−673 D	−673 D	−645 D	−645	−650 D	−654 D
Share buybacks	−3 D	−363	0 D	−98 D	−1 D	−112	−1,372 D	−751 D
Cash from investing	−260 D	−501	−577 D	−9,344 D	−1,810 D	−533	−418 D	−520 D
Cash from financing	−1,013 D	−3,045	−629 D	4,418 D	−615 D	−1,553	−2,003 D	−1,868 D

Source: Lowe's Forms 10-Q and 10-K, SEC EDGAR Data as of 31 Jul 2026

D Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
D Free cash flow = cash from operations minus capital expenditure.

Totals may not add up because of rounding.

Per share and dividends

Swipe for earlier periods

Table 9 Lowe's per-share data and dividends, annual, FY2021–FY2025 USD per share, split-adjusted · shares in millions
USD	FY2025ended 30 Jan 2026	FY2024ended 31 Jan 2025	FY2023ended 2 Feb 2024	FY2022ended 3 Feb 2023	FY2021ended 28 Jan 2022
Basic EPS (USD)	11.87	12.25	13.23	10.20	12.07
Diluted EPS (USD)	11.85	12.23	13.20	10.17	12.04
Dividends declared per share (USD)	4.75	4.55	4.35	3.95	3.00
Diluted shares (m)	560	568	584	631	699
Shares outstanding at year end (m)	561	560	574	601	670
FCF cover (×)	2.9×	3.0×	2.4×	2.9×	4.2×

Source: Lowe's Forms 10-Q and 10-K, SEC EDGAR Data as of 31 Jul 2026

Notes on these figures

R Restated
- None in the periods shown.
D Derived by StockFactsheet
- Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
- Cash and cash equivalents plus the short-term investments, current marketable securities or current debt securities the filing tags, from the same filing.
- Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.
- Total debt = short-term debt + long-term debt, from the same filing.
- Net debt = total debt minus cash and short-term investments; a negative value is net cash.
- Free cash flow = cash from operations minus capital expenditure.
- Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
Template: standard statement set (not bank or insurer).
Arrows show direction of change only, not whether a change is good or bad.

How we got these numbers

Every figure comes from Lowe's's Forms 10-Q and 10-K as filed with the SEC. Derived values are marked D and explained below.

Full method for this page

Source documents: Forms 10-Q (Q3 FY2024 to Q2 FY2026) and 10-K (FY2021 to FY2025)
Period covered: 8 quarters and 5 fiscal years
Calculations: TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. CAGR = compound annual growth across the annual table.
Restatements: None in the periods shown.
Comparator: None: this page shows the company's own figures only.
Currency: As reported (USD); no FX conversion.

Read the full methodology

CSV downloads

One file per statement, with the annual and quarterly figures on this page in full units.

Sources and data

Data as of 31 Jul 2026 Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).

[1] Filing Form 10-Q, quarter ended 31 Jul 2026 Lowe's Companies, Inc. · 27 Aug 2026 · sec.gov
[2] Filing Form 10-Q, quarter ended 1 May 2026 Lowe's Companies, Inc. · 28 May 2026 · sec.gov
[3] Filing Form 10-K, fiscal year ended 30 Jan 2026 Lowe's Companies, Inc. · 23 Mar 2026 · sec.gov
[4] Filing Form 10-Q, quarter ended 31 Oct 2025 Lowe's Companies, Inc. · 26 Nov 2025 · sec.gov
[5] Filing Form 10-Q, quarter ended 1 Aug 2025 Lowe's Companies, Inc. · 28 Aug 2025 · sec.gov
[6] Filing Form 10-Q, quarter ended 2 May 2025 Lowe's Companies, Inc. · 29 May 2025 · sec.gov
[7] Filing Form 10-K, fiscal year ended 31 Jan 2025 Lowe's Companies, Inc. · 24 Mar 2025 · sec.gov
[8] Filing Form 10-Q, quarter ended 1 Nov 2024 Lowe's Companies, Inc. · 27 Nov 2024 · sec.gov
[9] Filing Form 10-K, fiscal year ended 2 Feb 2024 Lowe's Companies, Inc. · 25 Mar 2024 · sec.gov
[10] Filing Form 10-K, fiscal year ended 3 Feb 2023 Lowe's Companies, Inc. · 27 Mar 2023 · sec.gov
[11] Filing Form 10-K, fiscal year ended 28 Jan 2022 Lowe's Companies, Inc. · 21 Mar 2022 · sec.gov
[12] Filing Form 10-Q, quarter ended 2 Aug 2024 Lowe's Companies, Inc. · 29 Aug 2024 · sec.gov
[13] Filing Form 10-Q, quarter ended 3 May 2024 Lowe's Companies, Inc. · 30 May 2024 · sec.gov
[14] Filing Form 10-Q, quarter ended 3 Nov 2023 Lowe's Companies, Inc. · 29 Nov 2023 · sec.gov
[15] Filing Form 10-K, fiscal year ended 29 Jan 2021 Lowe's Companies, Inc. · 22 Mar 2021 · sec.gov
[16] Our dataset StockFactsheet fundamentals dataset, extracted from SEC EDGAR XBRL on 4 Oct 2026; derived values (Q4, TTM, free cash flow, net debt, margins, growth rates and ratios) are explained in Methodology.

Cite this page

StockFactsheet (2026). "Lowe's (LOW) financial statements: income, balance sheet and cash flow." Signed off by OffScriptBySami. Updated 4 Oct 2026; data as of 31 Jul 2026. https://stockfactsheet.com/stocks/low/financials/

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4 Oct 2026 Published First published version.