Lowes Companies Inc【LOW】株式ニュース

LOWE'S REPORTS FIRST QUARTER 2026 SALES AND EARNINGS RESULTSMay 20, 2026 6:00 AM
PR Newswire (US) — Diluted EPS of $2.90; Adjusted Diluted EPS1 of $3.03 —
— Comparable Sales increased 0.6% —
— Affirms Full Year 2026 Outlook —MOORESVILLE, N.C., May 20, 2026 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) today reported net earnings of $1.6 billion and diluted earnings per share (EPS) of $2.90 for the quarter ended May 1, 2026, compared to diluted EPS of $2.92 in the first quarter of 2025. During the first quarter, the company recognized $96 million in pre-tax expenses associated with the acquisitions of Foundation Building Materials (FBM) and Artisan Design Group (ADG). Excluding these expenses, first quarter 2026 adjusted diluted EPS1 increased 3.8% to $3.03 compared to the prior-year diluted EPS. Total sales for the quarter were $23.1 billion, compared to $20.9 billion in the prior-year quarter. Comparable sales for the quarter increased 0.6%, driven by strong spring execution as well as a 15.5% online sales growth and continued strength in appliances, home services and Pro sales."Strong spring execution and continued momentum in Pro, Appliances, Online, and Home Services supported a solid start to the year as we delivered our fourth consecutive quarter of positive comp sales," said Marvin R. Ellison, Lowe's chairman, president and CEO. "In spite of a challenging housing macro, we remain focused on advancing our Total Home strategy to provide the best experience for our customer. I'd also like to thank our associates for their dedication to serving our customers throughout the busy spring season."As of May 1, 2026, Lowe's operated 1,759 stores, representing 196.0 million square feet of retail selling space.Capital Allocation
The company remains committed to generating sustainable shareholder value through a disciplined focus on its capital allocation program. During the quarter, the company paid $674 million in dividends.
1 Adjusted diluted earnings per share is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures Reconciliation" section of this release for additional information, as well as reconciliations between the company's GAAP and non-GAAP financial results.

Lowe's Business Outlook   The company is affirming its outlook for fiscal year 2026.Full Year 2026 OutlookTotal sales of $92.0 to 94.0 billion or an increase of approximately 7% to 9% compared to prior yearComparable sales expected to be flat to up 2% as compared to prior yearOperating income as a percentage of sales (operating margin) of 11.2% to 11.4%Adjusted1 operating income as a percentage of sales (adjusted operating margin) of 11.6% to 11.8%Net interest expense of approximately $1.6 billionEffective income tax rate of approximately 24.5%Diluted earnings per share of approximately $11.75 to $12.25Adjusted1 diluted earnings per share of approximately $12.25 to $12.75Capital expenditures of up to $2.5 billionA conference call to discuss first quarter 2026 operating results is scheduled for today, Wednesday, May 20, at 9 a.m. ET. The conference call will be available by webcast and can be accessed by visiting Lowe's website at ir.lowes.com and clicking on Lowe's First Quarter 2026 Earnings Conference Call Webcast. Supplemental slides will be available prior to the start of the conference call. A replay of the call will be archived at ir.lowes.com.Lowe's Companies, Inc. Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 100 home improvement company with total fiscal year 2025 sales of more than $86 billion. Lowe's employs approximately 300,000 associates and operates over 1,750 home improvement stores, 540 branches and 120 distribution centers. Based in Mooresville, N.C., Lowe's supports the communities it serves through programs focused on creating safe, affordable housing, improving community spaces, helping to develop the next generation of skilled trade experts and providing disaster relief to communities in need. For more information, visit Lowes.com.
1 Adjusted diluted earnings per share is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures Reconciliation" section of this release for additional information, as well as reconciliations between the company's GAAP and non-GAAP financial results.

Disclosure Regarding Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as "believe", "expect", "anticipate", "plan", "desire", "project", "estimate", "intend", "will", "should", "could", "would", "may", "strategy", "potential", "opportunity", "outlook", "scenario", "guidance", and similar expressions are forward-looking statements. Forward-looking statements involve, among other things, expectations, projections, and assumptions about future financial and operating results, objectives (including objectives related to environmental and social matters), business outlook, priorities, sales growth, shareholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for products and services including customer acceptance of new offerings and initiatives, macroeconomic conditions and consumer spending, trade policy changes and additional tariffs, share repurchases, and Lowe's strategic initiatives, including those relating to acquisitions and dispositions and the impact of such transactions on our strategic and operational plans and financial results. Such statements involve risks and uncertainties, and we can give no assurance that they will prove to be correct. Actual results may differ materially from those expressed or implied in such statements.A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements including, but not limited to, changes in general economic conditions, such as volatility and/or lack of liquidity from time to time in U.S. and world financial markets and the consequent reduced availability and/or higher cost of borrowing to Lowe's and its customers, slower rates of growth in real disposable personal income that could affect the rate of growth in consumer spending, inflation and its impacts on discretionary spending and on our costs, shortages, and other disruptions in the labor supply, interest rate and currency fluctuations, home price appreciation or decreasing housing turnover, age of housing stock, the availability of consumer credit and of mortgage financing, trade policy changes or additional tariffs, outbreaks of pandemics, fluctuations in fuel and energy costs, inflation or deflation of commodity prices, natural disasters, geopolitical or armed conflicts, acts of both domestic and international terrorism, and other factors that can negatively affect our customers.Investors and others should carefully consider the foregoing factors and other uncertainties, risks and potential events including, but not limited to, those described in "Item 1A - Risk Factors" in our most recent Annual Report on Form 10-K and as may be updated from time to time in Item 1A in our quarterly reports on Form 10-Q or other subsequent filings with the SEC. All such forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update these statements other than as required by law. LOW-IRContacts:   Shareholder/Analyst Inquiries:
Media Inquiries:
Shelly Hubbard
Steve Salazar
704-775-3856
steve.j.salazar@lowes.com
shelly.hubbard@lowes.com

Lowe's Companies, Inc.Consolidated Statements of Current Earnings and Accumulated Deficit (Unaudited)In Millions, Except Per Share and Percentage Data

Three Months Ended
May 1, 2026
May 2, 2025Current EarningsAmount
% Sales
Amount
% SalesNet sales$ 23,078
100.00
$ 20,930
100.00Cost of sales15,535
67.32
13,944
66.62Gross margin7,543
32.68
6,986
33.38Expenses:

Selling, general and administrative4,423
19.16
4,046
19.33Depreciation and amortization566
2.45
446
2.13Operating income2,554
11.07
2,494
11.92Interest – net399
1.73
337
1.61Pre-tax earnings2,155
9.34
2,157
10.31Income tax provision527
2.29
516
2.47Net earnings$  1,628
7.05
$  1,641
7.84

Weighted average common shares outstanding – basic559

559

Basic earnings per common share (1)$   2.90

$   2.93

Weighted average common shares outstanding – diluted560

560

Diluted earnings per common share (1)$   2.90

$   2.92

Cash dividends per share$   1.20

$   1.15

Accumulated Deficit

Balance at beginning of period$        (10,839)

$        (14,799)

Net earnings1,628

1,641

Cash dividends declared(673)

(645)

Share repurchases—

(30)

Balance at end of period$ (9,884)

$        (13,833)

(1)Under the two-class method, earnings per share is calculated using net earnings allocable to common shares, which is derived by reducing net earnings by the earnings allocable to participating securities. Net earnings allocable to common shares used in the basic and diluted earnings per share calculation were $1,623 million for the three months ended May 1, 2026, and $1,636 million for the three months ended May 02, 2025.

Lowe's Companies, Inc.Consolidated Statements of Comprehensive Income (Unaudited)In Millions, Except Percentage Data

Three Months Ended
May 1, 2026
May 2, 2025
Amount
% Sales
Amount
% SalesNet earnings$  1,628
7.05
$  1,641
7.84Cash flow hedges – net of tax (3)
(0.01)
(3)
(0.01)Other(2)
(0.01)
—
—Other comprehensive loss(5)
(0.02)
(3)
(0.01)Comprehensive income$  1,623
7.03
$  1,638
7.83

Lowe's Companies, Inc.Consolidated Balance Sheets (Unaudited)In Millions, Except Par Value Data

May 1, 2026
May 2, 2025Assets

Current assets:

Cash and cash equivalents
$                 786
$               3,054Short-term investments
458
368Receivables - net
1,151
96Merchandise inventory - net
18,447
18,335Other current assets
1,320
822Total current assets
22,162
22,675Property, less accumulated depreciation
18,254
17,636Operating lease right-of-use assets
4,182
3,799Long-term investments
247
300Deferred income taxes - net
—
118Goodwill
3,945
311Intangible assets - net
5,807
274Other assets
344
259Total assets
$             54,941
$             45,372

Liabilities and shareholders' deficit

Current liabilities:

Short-term borrowings
$                 380
$                  —Current maturities of long-term debt
810
4,183Current operating lease liabilities
662
562Accounts payable
11,975
11,235Accrued compensation and employee benefits
972
853Deferred revenue
1,629
1,500Other current liabilities
3,846
4,055Total current liabilities
20,274
22,388Long-term debt, excluding current maturities
36,751
30,541Noncurrent operating lease liabilities
3,937
3,669Deferred income taxes - net
1,239
—Deferred revenue - Lowe's protection plans
1,248
1,266Other liabilities
762
762Total liabilities
64,211
58,626

Shareholders' deficit:

Preferred stock, $5 par value: Authorized - 5.0 million shares; Issued and outstanding -
none
—
—Common stock, $0.50 par value: Authorized - 5.6 billion shares; Issued and outstanding -
561 million and 560 million, respectively
280
280Capital in excess of par value
68
13Accumulated deficit
(9,884)
(13,833)Accumulated other comprehensive income
266
286Total shareholders' deficit
(9,270)
(13,254)Total liabilities and shareholders' deficit
$             54,941
$             45,372

Lowe's Companies, Inc.Consolidated Statements of Cash Flows (Unaudited)In Millions
Three Months Ended
May 1, 2026
May 2, 2025Cash flows from operating activities:

Net earnings$               1,628
$               1,641 Adjustments to reconcile net earnings to net cash provided by operating activities:

     Depreciation and amortization644
507     Noncash lease expense169
131     Deferred income taxes203
126Loss on property and other assets - net4
20     Share-based payment expense65
58     Changes in operating assets and liabilities:

       Accounts receivable(63)
(3)       Merchandise inventory – net(1,145)
(926)       Other operating assets(125)
(103)       Accounts payable2,212
1,945       Other operating liabilities(242)
(17)     Net cash provided by operating activities3,350
3,379

Cash flows from investing activities:

     Purchases of investments(337)
(391)     Proceeds from sale/maturity of investments319
375     Capital expenditures(521)
(518)     Proceeds from sale of property and other long-term assets6
2     Other – net32
(1)     Net cash used in investing activities(501)
(533)

Cash flows from financing activities:

     Net change in commercial paper378
—     Repayment of debt(2,376)
(778)Proceeds from issuance of common stock under share-based payment plans2
2     Cash dividend payments(674)
(645)     Repurchases of common stock(363)
(112)     Other – net(12)
(20)     Net cash used in financing activities(3,045)
(1,553)

Net (decrease)/increase in cash and cash equivalents(196)
1,293Cash and cash equivalents, beginning of period982
1,761Cash and cash equivalents, end of period$                 786
$               3,054

Lowe's Companies, Inc.
Non-GAAP Financial Measure Reconciliation (Unaudited)To provide additional transparency, the Company has presented the non-GAAP financial measure of adjusted diluted earnings per share for the three months ended May 1, 2026. This measure excludes the impact of a certain item, further described below, to assist analysts and investors in understanding operational performance for the first quarter of fiscal 2026.Fiscal 2026 Impacts
During fiscal 2026, the Company recognized financial impacts from the following:In the first quarter of fiscal 2026, the Company recognized pre-tax expenses of $96 million consisting of intangible asset amortization related to the acquisitions of Artisan Design Group and Foundation Building Materials (Acquisition of businesses).In addition, the Company has presented full year fiscal 2026 guidance of the non-GAAP financial measures adjusted operating margin and adjusted diluted earnings per share, which exclude the impact of intangible asset amortization, and related tax effects if applicable, related to the acquisitions of Artisan Design Group and Foundation Building Materials. When evaluated with our GAAP results, we believe these non-GAAP measures provide investors with meaningful measures of comparable performance.Adjusted operating margin and adjusted diluted earnings per share should not be considered an alternative to, or more meaningful indicator of, the Company's operating margin or diluted earnings per share as prepared in accordance with GAAP. The Company's methods of determining non-GAAP financial measures may differ from the method used by other companies and may not be comparable.A reconciliation between the Company's GAAP and non-GAAP financial results is shown below and available on the Company's website at ir.lowes.com.
Three Months Ended
May 1, 2026Adjusted Diluted Earnings Per SharePre-Tax EarningsTax 1Net EarningsDiluted Earnings Per Share, As Reported

$           2.90Acquisition of businesses0.17(0.04)0.13Adjusted Diluted Earnings Per Share

$           3.031 Represents the corresponding tax benefit or expense specifically related to the item excluded from adjusted diluted earnings per share.Our adjusted operating margin and adjusted diluted earnings per share guidance for fiscal 2026 excludes an expected 40 basis point and $0.50 after tax impact, respectively, from intangible asset amortization. View original content to download multimedia:https://www.prnewswire.com/news-releases/lowes-reports-first-quarter-2026-sales-and-earnings-results-302776841.htmlSOURCE Lowe's Companies, Inc. Original: LOWE'S REPORTS FIRST QUARTER 2026 SALES AND EARNINGS RESULTS

LOWE'S REPORTS FOURTH QUARTER 2025 SALES AND EARNINGS RESULTSFebruary 25, 2026 6:00 AM
PR Newswire (US)

— Comparable Sales Increased 1.3% —
— Diluted EPS of $1.78; Adjusted Diluted EPS1 of $1.98 —
— Provides Full Year 2026 Outlook —MOORESVILLE, N.C., Feb. 25, 2026 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) today reported net earnings of $1.0 billion and diluted earnings per share (EPS) of $1.78 for the quarter ended Jan. 30, 2026, compared to diluted EPS of $1.99 in the fourth quarter of 2024. During the fourth quarter, the company recognized $149 million in pre-tax expenses associated with the acquisitions of Foundation Building Materials (FBM) and Artisan Design Group (ADG). Excluding these expenses, fourth quarter 2025 adjusted diluted EPS1 increased 2.6% to $1.98 compared to the prior year adjusted diluted EPS1.

Total sales for the quarter were $20.6 billion, compared to $18.6 billion in the prior-year quarter. Comparable sales for the quarter increased 1.3%, driven by continued growth in Pro, online, and home services sales, as well as strong holiday performance."We delivered strong results this quarter, as our Total Home strategy is resonating with both our Pro and DIY customers, which was evident during a great holiday season. Given our outperformance this quarter, we awarded $125 million in discretionary bonuses to our frontline associates in recognition of their hard work and outstanding customer service," said Marvin R. Ellison, Lowe's chairman, president and CEO. "While the housing macro remains pressured, we are focused on directing what is within our control, which includes our ongoing productivity initiatives. We remain confident that we are well-positioned to take share regardless of the macro environment."As of Jan. 30, 2026, Lowe's operated 1,759 stores representing approximately 196 million square feet of retail selling space.Capital Allocation
With a disciplined focus on its capital allocation program, the company remains committed to generating sustainable shareholder value. During the quarter, the company paid $673 million in dividends. For the fiscal year, the company returned $2.6 billion to shareholders through dividends.
1 Adjusted diluted earnings per share is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures Reconciliation" section of this release for additional information, as well as reconciliations between the Company's GAAP and non-GAAP financial results.
Lowe's Business Outlook  The company is introducing its outlook for fiscal 2026, which reflects ongoing uncertainty in the home improvement market.Full Year 2026 Outlook Total sales of $92.0 to $94.0 billion or an increase of approximately 7% to 9% compared to prior yearComparable sales expected to be flat to up 2% as compared to prior yearOperating income as a percentage of sales (operating margin) of 11.2% to 11.4%Adjusted1 operating income as a percentage of sales (adjusted operating margin) of 11.6% to 11.8%Net interest expense of approximately $1.6 billionEffective income tax rate of approximately 24.5%Diluted earnings per share of approximately $11.75 to $12.25Adjusted1 diluted earnings per share of approximately $12.25 to $12.75Capital expenditures of approximately $2.5 billionA conference call to discuss fourth quarter 2025 operating results is scheduled for today, Wednesday, Feb. 25, at 9 a.m. ET. The conference call will be available by webcast and can be accessed by visiting Lowe's website at ir.lowes.com and clicking on Lowe's Fourth Quarter 2025 Earnings Conference Call Webcast. Supplemental slides will be available approximately 15 minutes prior to the start of the conference call. A replay of the call will be archived at ir.lowes.com.

1 Adjusted diluted earnings per share is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures Reconciliation" section of this release for additional information, as well as reconciliations between the Company's GAAP and non-GAAP financial results.

Lowe's Companies, Inc.  Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 100 home improvement company serving approximately 16 million customer transactions a week, with total fiscal year 2025 sales of more than $86 billion. Lowe's employs approximately 300,000 associates and operates over 1,700 home improvement stores, 530 branches and 130 distribution centers. Based in Mooresville, N.C., Lowe's supports the communities it serves through programs focused on creating safe, affordable housing, improving community spaces, helping to develop the next generation of skilled trade experts and providing disaster relief to communities in need. For more information, visit Lowes.com.Disclosure Regarding Forward-Looking Statements  This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as "believe", "expect", "anticipate", "plan", "desire", "project", "estimate", "intend", "will", "should", "could", "would", "may", "strategy", "potential", "opportunity", "outlook", "scenario", "guidance", and similar expressions are forward-looking statements. Forward-looking statements involve, among other things, expectations, projections, and assumptions about future financial and operating results, objectives (including objectives related to environmental and social matters), business outlook, priorities, sales growth, shareholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for products and services including customer acceptance of new offerings and initiatives, macroeconomic conditions and consumer spending, share repurchases, and Lowe's strategic initiatives, including those relating to acquisitions and dispositions and the impact of such transactions on our strategic and operational plans and financial results. Such statements involve risks and uncertainties, and we can give no assurance that they will prove to be correct. Actual results may differ materially from those expressed or implied in such statements.A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements including, but not limited to, changes in general economic conditions, such as volatility and/or lack of liquidity from time to time in U.S. and world financial markets and the consequent reduced availability and/or higher cost of borrowing to Lowe's and its customers, slower rates of growth in real disposable personal income that could affect the rate of growth in consumer spending, inflation and its impacts on discretionary spending and on our costs, shortages, and other disruptions in the labor supply, interest rate and currency fluctuations, home price appreciation or decreasing housing turnover, age of housing stock, the availability of consumer credit and of mortgage financing, trade policy changes or additional tariffs, outbreaks of pandemics, fluctuations in fuel and energy costs, inflation or deflation of commodity prices, natural disasters, geopolitical or armed conflicts, acts of both domestic and international terrorism, and other factors that can negatively affect our customers.Investors and others should carefully consider the foregoing factors and other uncertainties, risks and potential events including, but not limited to, those described in "Item 1A - Risk Factors" in our most recent Annual Report on Form 10-K and as may be updated from time to time in Item 1A in our quarterly reports on Form 10-Q or other subsequent filings with the SEC. All such forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update these statements other than as required by law.LOW-IRContacts: Shareholder/Analyst Inquiries:
Media Inquiries:
Kate Pearlman
Steve Salazar
704-775-3856
steve.j.salazar@lowes.com
kate.pearlman@lowes.com

Lowe's Companies, Inc.Consolidated Statements of Current Earnings and Accumulated Deficit (Unaudited)In Millions, Except Per Share and Percentage Data

Three Months Ended
Fiscal Year Ended
January 30, 2026
January 31, 2025
January 30, 2026
January 31, 2025Current EarningsAmount
% Sales
Amount
% Sales
Amount
% Sales
Amount
% SalesNet sales$ 20,584
100.00
$ 18,553
100.00
$ 86,286
100.00
$ 83,674
100.00Cost of sales13,903
67.54
12,456
67.14
57,401
66.52
55,797
66.68Gross margin6,681
32.46
6,097
32.86
28,885
33.48
27,877
33.32Expenses:

Selling, general and administrative4,409
21.42
3,822
20.59
16,791
19.46
15,682
18.74Depreciation and amortization564
2.74
445
2.40
1,941
2.25
1,729
2.07Operating income1,708
8.30
1,830
9.87
10,153
11.77
10,466
12.51Interest – net403
1.96
328
1.77
1,406
1.63
1,313
1.57Pre-tax earnings1,305
6.34
1,502
8.10
8,747
10.14
9,153
10.94Income tax provision 306
1.49
377
2.04
2,093
2.43
2,196
2.63Net earnings$       999
4.85
$    1,125
6.06
$    6,654
7.71
$    6,957
8.31

Weighted average common shares outstanding
– basic560

562

559

567

Basic earnings per common share (1)$      1.78

$      2.00

$    11.87

$    12.25

Weighted average common shares outstanding
– diluted561

563

560

568

Diluted earnings per common share (1)$      1.78

$      1.99

$    11.85

$    12.23

Cash dividends per share$      1.20

$      1.15

$      4.75

$      4.55

Accumulated Deficit

Balance at beginning of period$ (11,165)

$ (13,993)

$ (14,799)

$ (15,637)

Net earnings999

1,125

6,654

6,957

Cash dividends declared(673)

(645)

(2,664)

(2,578)

Share repurchases—

(1,286)

(30)

(3,541)

Balance at end of period$ (10,839)

$ (14,799)

$ (10,839)

$ (14,799)

(1) Under the two-class method, earnings per share is calculated using net earnings allocable to common shares, which is derived by reducing net earnings by the earnings allocable to participating securities. Net earnings allocable to common shares used in the basic and diluted earnings per share calculation were $997 million and $1,122 million for the three months ended January 30, 2026, and January 31, 2025, respectively. Net earnings allocable to common shares used in the basic and diluted earnings per share calculation were $6,636 million and $6,940 million for the fiscal years ended January 30, 2026, and January 31, 2025, respectively. Lowe's Companies, Inc.Consolidated Statements of Comprehensive Income (Unaudited)In Millions, Except Percentage Data

Three Months Ended
Fiscal Year Ended
January 30, 2026
January 31, 2025
January 30, 2026
January 31, 2025
Amount
% Sales
Amount
% Sales
Amount
% Sales
Amount
% SalesNet earnings$       999
4.85
$    1,125
6.06
$    6,654
7.71
$    6,957
8.31Cash flow hedges – net of tax (3)
(0.01)
(4)
(0.02)
(17)
(0.02)
(13)
(0.02)Other—
—
—
—
—
—
1
0.01Other comprehensive loss(3)
(0.01)
(4)
(0.02)
(17)
(0.02)
(12)
(0.01)Comprehensive income$       996
4.84
$    1,121
6.04
$    6,637
7.69
$    6,945
8.30

Lowe's Companies, Inc.Consolidated Balance Sheets (Unaudited)In Millions, Except Par Value Data

January 30, 2026
January 31, 2025Assets

Current assets:

Cash and cash equivalents
$                           982
$                        1,761Short-term investments
370
372Receivables - net
1,090
94Merchandise inventory - net
17,300
17,409Other current assets
1,213
722Total current assets
20,955
20,358Property, less accumulated depreciation
18,362
17,649Operating lease right-of-use assets
4,303
3,738Long-term investments
319
277Deferred income taxes - net
—
244Goodwill
3,945
311Intangible assets - net
5,908
277Other assets
352
248Total assets
$                      54,144
$                      43,102

Liabilities and shareholders' deficit

Current liabilities:

Current maturities of long-term debt
$                        2,431
$                        2,586Current operating lease liabilities
713
563Accounts payable
9,762
9,290Accrued compensation and employee benefits
1,285
1,008Deferred revenue
1,477
1,358Other current liabilities
3,795
3,952Total current liabilities
19,463
18,757Long-term debt, excluding current maturities
37,490
32,901Noncurrent operating lease liabilities
4,043
3,628Deferred income taxes - net
1,039
—Deferred revenue - Lowe's protection plans
1,262
1,268Other liabilities
764
779Total liabilities
64,061
57,333

Shareholders' deficit:

Preferred stock, $5 par value: Authorized - 5.0 million shares; Issued and outstanding -
none
—
—Common stock, $0.50 par value: Authorized - 5.6 billion shares; Issued and outstanding -
561 million and 560 million, respectively
281
280Capital in excess of par value
370
—Accumulated deficit
(10,839)
(14,799)Accumulated other comprehensive income
271
288Total shareholders' deficit
(9,917)
(14,231)Total liabilities and shareholders' deficit
$                      54,144
$                      43,102

Lowe's Companies, Inc.Consolidated Statements of Cash Flows (Unaudited)In Millions

Fiscal Year Ended
January 30, 2026
January 31, 2025Cash flows from operating activities:

Net earnings$                        6,654
$                        6,957 Adjustments to reconcile net earnings to net cash provided by operating activities:

     Depreciation and amortization2,194
1,972     Noncash lease expense572
520     Deferred income taxes256
9     Loss on property and other assets – net53
5     Gain on sale of business—
(177)     Share-based payment expense247
221     Changes in operating assets and liabilities:

       Merchandise inventory – net703
(514)       Other operating assets(243)
93       Accounts payable73
633       Other operating liabilities(645)
(94)     Net cash provided by operating activities9,864
9,625

Cash flows from investing activities:

     Purchases of investments(1,693)
(1,286)     Proceeds from sale/maturity of investments1,658
1,204     Capital expenditures(2,213)
(1,927)     Proceeds from sale of property and other long-term assets82
105     Proceeds from sale of business—
177     Acquisitions of businesses - net(10,088)
—     Other – net(10)
(11)     Net cash used in investing activities(12,264)
(1,738)

Cash flows from financing activities:

     Net proceeds from issuance of debt6,974
—     Repayment of debt(2,587)
(545)Proceeds from issuance of common stock under share-based payment plans149
159     Cash dividend payments(2,636)
(2,566)     Repurchases of common stock(211)
(4,053)     Other – net(68)
(42)     Net cash provided by/(used in) financing activities1,621
(7,047)

Net (decrease)/increase in cash and cash equivalents(779)
840Cash and cash equivalents, beginning of period1,761
921Cash and cash equivalents, end of period$                           982
$                        1,761

Lowe's Companies, Inc.
Non-GAAP Financial Measure Reconciliation (Unaudited)To provide additional transparency, the Company has presented the non-GAAP financial measure of adjusted diluted earnings per share for the three months ended January 30, 2026 and January 31, 2025. This measure excludes the impact of certain items, further described below, not contemplated in Lowe's Business Outlook to assist analysts and investors in understanding operational performance for the fourth quarter of fiscal 2025.Fiscal 2025 Impacts:
During fiscal 2025, the Company recognized financial impacts from the following:In the fourth quarter of fiscal 2025, the Company recognized pre-tax expenses of $149 million consisting of transaction costs and intangible asset amortization related to the acquisition of Artisan Design Group and Foundation Building Materials (Acquisition of businesses).Fiscal 2024 Impacts:
During fiscal 2024, the Company recognized financial impacts from the following:In the fourth quarter of fiscal 2024, the Company recognized pre-tax income of $80 million consisting of a realized gain on the contingent consideration associated with the fiscal 2022 sale of the Canadian retail business (Canadian retail business transaction).In addition, the Company has presented full year fiscal 2026 guidance of the non-GAAP financial measures adjusted operating margin and adjusted diluted earnings per share, which exclude the impact of intangible asset amortization, and related tax effects if applicable, related to the acquisitions of Artisan Design Group and Foundation Building Materials. When evaluated with our GAAP results, we believe these non-GAAP measures provide investors with meaningful measures of comparable performance.Adjusted operating margin and adjusted diluted earnings per share should not be considered an alternative to, or more meaningful indicator of, the Company's operating margin or diluted earnings per share as prepared in accordance with GAAP. The Company's methods of determining non-GAAP financial measures may differ from the method used by other companies and may not be comparable.A reconciliation between the Company's GAAP and non-GAAP financial results is shown below and available on the Company's website at ir.lowes.com.
Three Months Ended
January 30, 2026
January 31, 2025Adjusted Diluted Earnings Per SharePre-Tax
Earnings
Tax1
Net
Earnings
Pre-Tax
Earnings
Tax1
Net
EarningsDiluted Earnings Per Share, As Reported

$       1.78

$       1.99Acquisition of businesses0.27
(0.07)
0.20
—
—
—Canadian retail business transaction—
—
—
(0.14)
0.08
(0.06)Adjusted Diluted Earnings Per Share

$       1.98

$       1.931 Represents the tax benefit or expense related to the item excluded from adjusted diluted earnings per share.Our adjusted operating margin and adjusted diluted earnings per share guidance for fiscal 2026 excludes an expected 40 basis point and $0.50 after tax impact, respectively, from intangible asset amortization.

View original content to download multimedia:https://www.prnewswire.com/news-releases/lowes-reports-fourth-quarter-2025-sales-and-earnings-results-302696423.htmlSOURCE Lowe's Companies, Inc.

Original: LOWE'S REPORTS FOURTH QUARTER 2025 SALES AND EARNINGS RESULTS