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Consumer Discretionary · NYSE: LOW

Lowe's: how the business works

Lowe's sells home improvement goods, appliances and building materials to homeowners and contractors, with net sales of $86.3 billion in FY2025 (February 2025 to January 2026).

By · Checked against filings:

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Lowe's Companies, Inc. · Mooresville, North Carolina · Founded 1921

Last updated

Net sales, FY2025 (ended Jan 30, 2026)
$86.3B
Operating income, FY2025
$10.2B
Net income, FY2025
$6.7B
Stores, Jul 31, 2026
1,761
Full-time associates, Jan 30, 2026
About 167,000

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Lowe's in 5 points

  1. 1 · What it sells

    Lowe's sells home improvement goods, appliances and building materials in 1,761 US stores at Jul 31, 2026 and online, plus supplies for larger contractors through FBM and ADG, with net sales of $86.3 billion in FY2025 (February 2025 to January 2026).

    More: what it sells

  2. 2 · Who pays it

    Lowe's filings give no split between homeowners and professionals; by filed segment, FY2025 net sales were 97.4% Retail Home Improvement and 2.6% Other (FBM and ADG, owned for part of the year).

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 of FY2025 net sales, Lowe's kept $7.7 as net income, after $321 million of acquisition costs and amortization before tax; operating income per $100 of net sales was $11.8.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    In FY2025, Retail Home Improvement earned $10.2 billion of operating income, or 100.7% of the total, because Other (FBM and ADG) had a $70 million operating loss.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Q2 FY2026 (May 2 to Jul 31, 2026) net sales rose 8.3% and comparable sales rose 0.2%, while Other's sales were $1.9 billion against $138 million a year earlier.

    More: the one thing to watch

Sources: From Lowe's FY2025 10-K and its Q2 FY2026 earnings release and 10-Q · checked

See the full receipt and the management scorecard below

Sources (3)
Next: Where $100 goes

01Where the money goes · FY2025 (February 2025 to January 2026)

Where does $100 of Lowe's' money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Lowe's · FY2025 (February 2025 to January 2026)

Receipt for every $100

Where $100 of Lowe's' money went in FY2025 (February 2025 to January 2026)
Cost of sales$66.5
Selling, general and administrative (SG&A)$19.5
Depreciation and amortization outside cost of sales$2.2
Interest, net$1.6
Income taxes$2.4
Kept as net income$7.7
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from FY2025 10-K. Of every $100 of FY2025 net sales: each line = line ÷ $86.3 billion × 100, rounded, so the lines add to $99.9. Lowe's reports interest income inside net interest, so net sales is the whole of the money in. FY2025 net income is after $321 million of acquisition costs and amortization before tax.

Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

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02The business in one line

What does Lowe's do?

Homeowners and contractors pay Lowe's for goods and services; most of that goes on buying the goods and running stores, and $7.7 of every $100 of FY2025 net sales was left as net income.

  • FY2025 ran from February 2025 to January 2026 (it ended Jan 30, 2026). Lowe's names each year after the calendar year it starts in.
  • Recent growth came mostly from buying companies. Retail sales were $84.1 billion in FY2025, against $83.7 billion in FY2024, and the acquired FBM and ADG added $2.2 billion.
Next: Who pays it

03Who pays it

Who pays Lowe's?

  • Customers of stores and the website

    97%

    of revenue

    Homeowners and renters doing their own projects or hiring someone, and mostly small to medium professional contractors (Pros): 97.4% of FY2025 net sales ($84.1 billion). Filings give no split. A company slide on Aug 20, 2025 put Pro sales at about 30% of the total in 2025.

  • Larger contractors and builders buying from FBM and ADG

    3%

    of revenue

    Large residential and commercial contractors, home builders and property managers: 2.6% of FY2025 net sales ($2.2 billion), for part of the year. ADG joined on Jun 2, 2025 and FBM on Oct 9, 2025.

  • Customers of stores and the website97%
  • Larger contractors and builders buying from FBM and ADG3%

How spread out the customers are

Not disclosed. The filings read name no customer and size none.

Sources (2)
Next: Why it makes money

04Why it makes money

Why does Lowe's make money?

Lowe's keeps about a third of each sale after product costs, and running costs and interest decide how much of that stays.

Gross margin, the share left after cost of sales, barely moved: 33.3% in FY2021 and 33.5% in FY2025. Operating margin fell from 12.6% to 11.8% over those years, and net interest rose from $885 million to $1.4 billion. Customers made fewer purchases at a higher average value.

Operating income per $100 of net sales

$12.6$11.8

FY2021 to FY2025

  1. Customers made 780 million transactions in FY2025, averaging $106.13
  2. Stores carry about 37,000 items, and online sales added about 1.05 points to FY2025 comparable sales
  3. $33.5 of each $100 of net sales is left after cost of sales
  4. SG&A takes about $19.5 of that $33.5
  5. FBM and ADG add sales to larger contractors, with a $70 million operating loss in FY2025
  6. What is left pays interest, tax, dividends and debt

↺ Step 6 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · FY2025 (February 2025 to January 2026)

Which businesses make up Lowe's?

  • Retail Home Improvement

    97%

    Stores and the website: 97.4% of net sales. Operating income was $10.2 billion, or 100.7% of the total, because Other lost money. Operating margin was 12.2%, down from 13.4% in FY2023. This is the only reportable segment.

    Revenue $84.1B · Operating profit $10.2B

  • Other (FBM and ADG)

    3%

    Three operating segments too small to report separately: 2.6% of net sales, for part of the year. The $70 million operating loss comes after amortization of acquired intangibles. In Q2 FY2026, sales were $1.9 billion against $138 million a year earlier, and operating income was $3 million.

    Revenue $2.2B · Operating profit −$70M

How the mix changed

  • Retail Home Improvement
  • Other (FBM and ADG)

Revenue by segment, FY2023 to FY2025.

US$

See the numbers
How the mix changed (US$)
YearRetail Home ImprovementOther (FBM and ADG)
FY2023$86.4B$0M
FY2024$83.7B$0M
FY2025$84.1B$2.2B
Sources (2)
Next: How has it done

06The numbers · Consolidated · US$

How has Lowe's done?

Revenue

$86.3BFY2025

Net sales fell 11.0% in FY2023 after the Canada sale and a lost 53rd week, and rose 3.1% in FY2025 to $86.3 billion, mainly from the FBM and ADG deals.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$96.3B
FY2022$97.1B
FY2023$86.4B
FY2024$83.7B
FY2025$86.3B
Q3 FY2024$20.2B
Q4 FY2024$18.6B
Q1 FY2025$20.9B
Q2 FY2025$24.0B
Q3 FY2025$20.8B
Q4 FY2025$20.6B
Q1 FY2026$23.1B
Q2 FY2026$26.0B

Net profit

$6.7BFY2025

Net income fell from $8.4 billion in FY2021 to $6.7 billion in FY2025; FY2022's $6.4 billion is after a $2.1 billion Canada impairment and $441 million of sale costs.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021$8.4B$12.04
FY2022$6.4B$10.17
FY2023$7.7B$13.20
FY2024$7.0B$12.23
FY2025$6.7B$11.85
Q3 FY2024$1.7B$2.99
Q4 FY2024$1.1B$1.99
Q1 FY2025$1.6B$2.92
Q2 FY2025$2.4B$4.27
Q3 FY2025$1.6B$2.88
Q4 FY2025$999M$1.78
Q1 FY2026$1.6B$2.90
Q2 FY2026$2.4B$4.27

Profit kept per $100 of revenue

$7.7FY2025

Net income per $100 of net sales fell from $8.8 in FY2021 to $7.7 in FY2025, while operating income per $100 fell from $12.6 to $11.8.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY20218.8%14.5%
FY20226.6%12.5%
FY20238.9%15.6%
FY20248.3%14.9%
FY20257.7%14.3%

Free cash flow

$7.7BFY2025

Cash from operations minus spending on property and equipment, Cityfort calculation from FY2022 10-K and FY2025 10-K, fell from $8.3 billion in FY2021 to $6.2 billion in FY2023 and was $7.7 billion in FY2025.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$10.1B$1.9B$8.3B
FY2022$8.6B$1.8B$6.8B
FY2023$8.1B$2.0B$6.2B
FY2024$9.6B$1.9B$7.7B
FY2025$9.9B$2.2B$7.7B
See all yearly numbers
Lowe's annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2021$96.3B$14.0B$8.4B$12.04$10.1B$1.9B$8.3B
FY2022$97.1B$12.1B$6.4B$10.17$8.6B$1.8B$6.8B
FY2023$86.4B$13.5B$7.7B$13.20$8.1B$2.0B$6.2B
FY2024$83.7B$12.4B$7.0B$12.23$9.6B$1.9B$7.7B
FY2025$86.3B$12.3B$6.7B$11.85$9.9B$2.2B$7.7B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Friday nearest Jan 31. Lowe's names each fiscal year after the calendar year it starts in. FY2025 ran to Jan 30, 2026, and Q2 FY2026 from May 2 to Jul 31, 2026. Some data vendors call FY2025 "FY2026". FY2022 had 53 weeks, and Lowe's sold its Canadian retail business on the last day of that year.). Net profit is the share belonging to the company's owners.

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (18)
Next: What they said, and what happened

07Who runs it

Who runs Lowe's, and did they deliver?

  • Marvin R. Ellison

    Chairman, President and Chief Executive Officer · since 2018

    CEO since July 2018 and Chairman since May 2021, previously chair and CEO of J.C. Penney. His FY2025 pay was $21,581,889, a ratio of 578 to 1 against the median associate's $37,371.

  • Brandon J. Sink

    Executive Vice President, Chief Financial Officer · since 2022

    CFO since April 2022, after finance roles at Lowe's.

  • Richard W. Dreiling

    Lead Independent Director · since 2021

    In the role since May 2021. Lowe's combines the Chairman and CEO jobs, and an independent-chair proposal failed at the May 29, 2026 meeting.

  • Joseph M. McFarland III

    Executive Vice President, Pro and Home Services · since 2026

    One of five executive appointments effective Sep 1, 2026, with Quonta D. Vance (Stores), Seemantini Godbole (Chief Information and AI Officer), Adam D. Filipponi (Strategy and Business Development) and Jennifer E. Wilson (Chief Marketing Officer).

What they said, and what happened

3 partly delivered · 1 delivered · 3 too early to tell

  1. Said on Feb 27, 2024

    Lowe's guided on Feb 27, 2024 to FY2024 total sales of $84 to $85 billion, comparable sales down 2% to 3%, an operating margin of 12.6% to 12.7% and diluted EPS of $12.00 to $12.30.

    What happened

    Sales were $83.7 billion and operating margin 12.5%, both below the ranges. Comparable sales fell 2.7% and diluted EPS was $12.23, both inside them. EPS includes $0.24 of gains on the Canada sale. Lowe's cut its comparable sales guide on Aug 20, 2024, then raised it on Nov 19, 2024.

    Partly delivered

  2. Said on Feb 26, 2025

    Lowe's guided on Feb 26, 2025 to FY2025 total sales of $83.5 to $84.5 billion, comparable sales flat to up 1%, an operating margin of 12.3% to 12.4% and diluted EPS of $12.15 to $12.40.

    What happened

    Sales were $86.3 billion with ADG and FBM, which were not in the first guide; Retail sales were $84.1 billion. Comparable sales rose 0.2%. Operating margin was 11.8% and diluted EPS $11.85, after $321 million of deal costs and amortization.

    Partly delivered

  3. Said on Nov 19, 2025

    Lowe's guided on Nov 19, 2025 to FY2025 total sales of about $86.0 billion with ADG and FBM, and flat comparable sales.

    What happened

    Sales were $86.3 billion and comparable sales rose 0.2%.

    Delivered

  4. Said on Dec 11, 2024

    Lowe's said on Dec 11, 2024 that it plans 10 to 15 new stores a year.

    What happened

    Store count rose by 11 in FY2025, to 1,759, and was 1,761 at Jul 31, 2026.

    Too early to tell

  5. Said on Aug 20, 2025

    Management said on Aug 20, 2025: "we do expect to temporarily pause our share repurchases, and we expect that to resume in 2027".

    What happened

    The 10-Qs show 1.2 million shares bought for $302 million under the program in Q1 FY2026, and none in Q2 FY2026. The 10-Q gives no reason.

    Partly delivered

  6. Said on Feb 25, 2026

    Lowe's guided on Feb 25, 2026 to FY2026 total sales of $92 to $94 billion, comparable sales flat to up 2%, an operating margin of 11.2% to 11.4% and diluted EPS of $11.75 to $12.25.

    What happened

    Reaffirmed on May 20, 2026 and cut to the low end on Aug 19, 2026. In the first half, sales were $49.0 billion, comparable sales rose 0.4% and diluted EPS was $7.17. The second quarter is the seasonal peak.

    Too early to tell

  7. Said on Aug 19, 2026

    Management said on Aug 19, 2026 that it expects to reach its 2.75 times lease-adjusted leverage target in mid-2027.

    What happened

    Management stated 3.36 times at Q3 FY2025 and 3.0 times at Q2 FY2026.

    Too early to tell
Sources (18)
Next: What could go wrong

08What could go wrong

What could go wrong for Lowe's?

  • Demand

    Housing and home improvement demand

    Lowe's 10-K ties demand to interest rates, housing turnover, home prices and disposable income. Comparable sales fell 4.7% in FY2023 and 2.7% in FY2024, then rose 0.2% in FY2025.

    Watch Comparable sales and transactions in each quarterly release.

  • Regulation

    Tariffs and refunds inside 2026 profit

    Q2 FY2026 includes about $80 million of tariff refunds in gross margin, about $0.11 a share and about 0.3 points of margin. Management said they were largely offset by fuel and transportation costs, and called them a smaller portion of the tariffs it paid.

    Watch Gross margin each quarter. Lowe's FY2026 guide excludes any refunds after Q2.

  • Debt

    Debt after the FBM deal

    Total debt was $37.6 billion at Jul 31, 2026. Net debt was 3.15 times EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales. in FY2025, up from 1.69 times in FY2021 (Cityfort calculation from FY2022 10-K and FY2025 10-K). The 10-K says a downgrade could adversely affect its access to debt markets and its borrowing costs.

    Watch Total debt and the S&P BBB+ and Moody's Baa1 ratings Lowe's lists in its filings.

  • Execution

    Benefits of the FBM and ADG deals

    Lowe's paid $8.8 billion for FBM and $1.3 billion for ADG, and the 10-K says the benefits are uncertain. Goodwill and intangibles were $9.9 billion, or 18.2% of assets, at Jan 30, 2026 (Cityfort calculation from FY2025 10-K). Management said on Feb 25, 2026 that the deals dilute annualized margin by about 0.5 points.

    Watch Other's sales and operating income in each 10-Q.

  • Demand

    New exposure to home building

    Management said on Aug 19, 2026 that ADG is 100% exposed to residential construction and FBM about 45%. It said FBM's other 55% is commercial.

    Watch Other's operating income, which was $3 million in Q2 FY2026.

  • Competition

    Competition

    The 10-K describes many large and small rivals, direct and indirect, including online sellers. Management said on Aug 19, 2026 that competitors used tariff refunds to cut prices late in Q2 FY2026.

    Watch Comparable transactions and gross margin.

  • Legal

    Third-party installers

    The 10-K says installer failures have resulted in, and could result in, legal risks. Lowe's agreed in 2025, without admitting liability, to a $12.5 million civil penalty in an EPA lead-safe matter.

    Watch Legal proceedings notes in each 10-Q and 10-K.

  • Technology

    Technology overhaul

    The 10-K describes a multi-year transformation of replenishment and finance systems, and names cybersecurity and AI among its risks.

    Watch Inventory, which was $17.7 billion at Jul 31, 2026, and internal control conclusions in the 10-K.

Sources (6)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Lowe's says comparable sales rose in five straight quarters through Q2 FY2026, when they rose 0.2%.
  • Online sales rose 15.7% in Q2 FY2026.
  • Total debt fell to $37.6 billion at Jul 31, 2026 from $39.9 billion at Jan 30, 2026.
  • Lowe's paid $2.6 billion of dividends in FY2025, and declared $1.25 a share in Q2 FY2026, up from $1.20.
  • Cash from operations was $9.9 billion in FY2025, against $2.2 billion of capital spending.

What critics point to

  • Q2 FY2026 net sales rose 8.3% while comparable sales rose 0.2%, and diluted EPS was $4.27 in both years.
  • Customer transactions fell from 827 million in FY2023 to 780 million in FY2025, on the same basis.
  • Net debt was 3.15 times EBITDA in FY2025, up from 1.69 times in FY2021, and liabilities have exceeded assets since FY2021.
  • Q2 FY2026 operating margin was 13.7%, including about $80 million of tariff refunds, against 14.5% a year earlier.
  • On Aug 19, 2026, Lowe's cut its FY2026 sales, margin and EPS guide to the low end of each range.
Next: What to watch next

10What to watch next

What should you watch next at Lowe's?

Next event

Q3 FY2026 results

Date not announced yet.

  • Growth from deals against growth from stores

    Q2 FY2026 net sales rose 8.3% and comparable sales rose 0.2%. Other's sales were $1.9 billion, against $138 million a year earlier.

  • Margin with refunds in it

    Q2 FY2026 operating margin was 13.7%, including about $80 million of tariff refunds, against 14.5% a year earlier. Lowe's FY2026 guide of 11.2%, given on Aug 19, 2026, excludes any later refunds.

  • Debt and repurchases

    Total debt was $37.6 billion at Jul 31, 2026. Management said on Aug 19, 2026 it expects to reach its 2.75 times leverage target in mid-2027, and said in August 2025 that it expected repurchases to resume in 2027.

  • Dates on Lowe's events page

    When read on Nov 5, 2026, the page listed the Q3 FY2026 call for Nov 18, marked tentative, and an Analyst and Investor Conference on Dec 9, 2026.

Next: Key facts

11Key facts

Key facts about Lowe's

What does Lowe's do, and who buys from it?
Lowe's Companies, Inc. sells appliances, lumber, paint, tools, flooring and garden goods to homeowners, renters and professional contractors. It had 1,761 US stores on Jul 31, 2026, and over 540 branches for larger contractors on Jan 30, 2026. Net sales were $86.3 billion in FY2025 (February 2025 to January 2026).
How does Lowe's make money?
Lowe's business model is buying goods and reselling them in stores and online, plus smaller income from installation and other services. In FY2025 (February 2025 to January 2026), products were $82.4 billion of its $86.3 billion of net sales, services were $2.5 billion and other revenue was $1.4 billion.
Is Lowe's profitable?
Yes. Lowe's net income was $6.7 billion and its operating income $10.2 billion in FY2025 (February 2025 to January 2026), after $321 million of acquisition costs and amortization before tax. In Q2 FY2026 (May 2 to Jul 31, 2026), net income was $2.4 billion and operating income $3.5 billion, including about $80 million of tariff refunds before tax.
What is Lowe's revenue by segment?
Lowe's reports one reportable segment, Retail Home Improvement, and groups its FBM and ADG acquisitions as Other. In FY2025 (February 2025 to January 2026), Retail had net sales of $84.1 billion, or 97.4%, and Other had $2.2 billion, or 2.6%, for part of the year. Other was 7.5% of net sales in Q2 FY2026 (May 2 to Jul 31, 2026).
Who owns Lowe's?
Lowe's has one class of common stock, with one vote per share and 561.1 million shares on Aug 25, 2026. Its directors and executive officers together beneficially owned under 1% on Mar 23, 2026, including shares acquirable within 60 days. Filings show Vanguard Capital Management with 7.50% (Mar 31, 2026) and FMR with 5.7% (Mar 31, 2026).
How much does Home Decor bring Lowe's?
Lowe's Home Decor division, which covers appliances, decor, flooring, kitchens and bath, and paint, had net sales of $31.5 billion in FY2025 (February 2025 to January 2026). That was 36.5% of net sales. Appliances alone were $12.9 billion, or 14.9%, the largest category.
How much do Building Products bring Lowe's?
Lowe's Building Products division, which covers building materials, electrical, lumber, millwork and rough plumbing, had net sales of $26.5 billion in FY2025 (February 2025 to January 2026). That was 30.7% of net sales. It was $26.3 billion in FY2024.
How much do Hardlines bring Lowe's?
Lowe's Hardlines division, which covers hardware, lawn and garden, seasonal and outdoor living, and tools, had net sales of $24.2 billion in FY2025 (February 2025 to January 2026). That was 28.0% of net sales. It was $24.3 billion in FY2024.
How much do FBM and ADG bring Lowe's?
Foundation Building Materials (FBM) and Artisan Design Group (ADG), which Lowe's bought in 2025, had net sales of $2.2 billion in FY2025 (February 2025 to January 2026), for part of the year. In Q2 FY2026 (May 2 to Jul 31, 2026), they had net sales of $1.9 billion, or 7.5% of Lowe's total, and operating income of $3 million.
How much of Lowe's sales come from professionals?
Lowe's filings do not split sales between homeowners and professionals. A company slide on Aug 20, 2025 put Pro sales at about 30% of the total in 2025. Management said on May 20, 2026 that "roughly 60% to 65% of our revenue" comes from do-it-yourself customers. The two statements have different dates and may not share a base.
Sources (8)
Next: Go deeper

Go deeper

More detail from the same filings. Open any section.

12What it sells

12What it sells

What does Lowe's sell?

Lowe's is a chain of large home improvement stores with a website, plus two distributors bought in 2025 that supply larger contractors. A typical store carries about 37,000 items. FY2025 ran from February 2025 to January 2026.

  • Home Decor ($31.5B in FY2025)

    Appliances, decor, flooring, kitchens and bath, and paint. 36.5% of net sales.

  • Building Products ($26.5B)

    Building materials, electrical, lumber, millwork and rough plumbing. 30.7% of net sales.

  • Hardlines ($24.2B)

    Hardware, lawn and garden, seasonal and outdoor living, and tools. 28.0% of net sales.

  • FBM and ADG ($2.2B, part of the year)

    FBM distributes ceilings, wallboard, metal framing, insulation and commercial doors. ADG designs, supplies and installs flooring, cabinets and countertops for home builders. Together 2.6% of net sales.

  • Other Retail sales ($1.8B)

    Retail sales outside the three divisions above. 2.2% of net sales.

  • Services ($2.5B)

    Services include installation, sold alongside goods. They were 2.9% of FY2025 net sales and sit inside the lines above.

What it does

  • Does: Sells goods it buys from suppliers, under brands including Kobalt, STAINMASTER and allen+roth
  • Does: Offers installation through independent installers or outsourced third parties, and sells extended protection plans
  • Does: Serves larger contractors through over 540 branches in the US and Canada

What it does not do

  • Does not: Does not run stores outside the US: it sold its Canadian retail business on Feb 3, 2023
  • Does not: Does not lend on its branded credit cards: Synchrony extends the credit
  • Does not: Does not report sales by customer group in its filings
Sources (2)
13How the money flows

13How the money flows · FY2025 (February 2025 to January 2026)

How does money flow through Lowe's?

Money in

  • Products$82.4B
  • Services$2.5B
  • Other revenue$1.4B

The company

Lowe's

$86.3B came in

Money out

  • Cost of sales$57.4B
  • Selling, general and administrative (SG&A)$16.8B
  • Depreciation and amortization outside cost of sales$1.9B
  • Interest, net$1.4B
  • Income taxes$2.1B
  • Net income$6.7B
  1. Customers paid Lowe's $86.3 billion of net sales in FY2025 (February 2025 to January 2026), mostly for products.
  2. The cost of the goods and services sold took $57.4 billion.
  3. Selling, general and administrative costs, which include stores and staff, took $16.8 billion.
  4. Depreciation and amortization outside cost of sales took $1.9 billion, leaving $10.2 billion of operating income.
  5. After $1.4 billion of net interest and $2.1 billion of tax, $6.7 billion was net income.
Sources (1)
14What it needs to run

14What it needs to run

What does Lowe's need to run?

  • Stores

    1,761 US stores and outlets at Jul 31, 2026. At Jan 30, 2026, stores averaged about 112,000 square feet plus about 32,000 of garden area, and about 89% were owned.

  • Supply chain and branches

    Over 120 supply chain facilities and over 540 branches at Jan 30, 2026.

  • Inventory

    $17.7 billion of inventory at Jul 31, 2026, up from $16.3 billion a year earlier. Management said about $500 million of the rise came from FBM.

  • Goods from suppliers

    The 10-K calls China and Mexico "the dominant import sources" and gives no percentages. Lowe's pays tariffs directly as importer of record on some products.

  • People

    About 167,000 full-time and 109,000 part-time associates at Jan 30, 2026, primarily in the US and India. The median associate's pay in FY2025 was $37,371.

Sources (5)
15Where it sells

15Where it sells · FY2025 (February 2025 to January 2026)

Where does Lowe's sell?

  • United States100%
  • Canada0%
Sources (1)
16Competitors and what protects it

16Competitors and what protects it

Who does Lowe's compete with?

Lowe's FY2025 10-K calls it the world's second largest home improvement retailer and names no competitor. It describes many large and small rivals, direct and indirect, including online sellers. Home Depot describes the same kinds of goods in its own 10-K; the year ends differ.

  • Home Depot

    Home Depot's 10-K calls it the world's largest home improvement retailer, with 2,359 stores in the US, Canada and Mexico, and net sales of $164.7 billion in the year ended Feb 1, 2026. It also distributes to trade contractors through over 1,250 SRS locations.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Store network4 of 5

    1,761 US stores and outlets at Jul 31, 2026, and about 89% of stores were owned at Jan 30, 2026.

  • Scale4 of 5

    FY2025 net sales of $86.3 billion and 780 million transactions. Home Depot's net sales in its year ended Feb 1, 2026 were $164.7 billion.

  • Online sales3 of 5

    Online sales rose 15.7% in Q2 FY2026 and added about 1.95 points to comparable sales, against about 0.85 a year earlier.

  • Reach to larger contractors3 of 5

    Over 540 branches at Jan 30, 2026, including those of the 2025 deals. Other's operating margin was 0.11% in Q2 FY2026, against 14.77% for Retail.

Weak spot

Fewer transactions

Customer transactions fell from 827 million in FY2023 to 780 million in FY2025, on the same basis. Comparable transactions fell 2.8% in FY2025 and 2.1% in Q2 FY2026, while comparable average ticket rose 3.0% and 2.3%.

Sources (4)
17Where growth could come from

17Where growth could come from

Where could Lowe's' growth come from?

On Aug 19, 2026, Lowe's guided FY2026 (the year ending Jan 29, 2027) to total sales of $92.0 billion and flat comparable sales. It also guided to an operating margin of 11.2% and diluted EPS of about $11.75. Each is the low end of its earlier range. The guide includes Q2 tariff refunds and excludes any later ones.
Management statement, Aug 19, 2026. Reported as a statement, not our forecast.

  • Deals in building products distribution

    Mixed

    Other $1.9B, Q2 FY2026

    Other's sales were 7.5% of Q2 FY2026 net sales, up from 0.6% a year earlier. It earned $3 million in Q2 and lost $28 million in the first half, after amortization. Management said on Feb 25, 2026 that ADG and FBM would add about $8 billion to FY2026 sales.

    Status: Mixed, partly on track.

  • Online sales

    Working

    Online sales +15.7%, Q2 FY2026

    Online sales rose 15.7% in Q2 FY2026 and 15.5% in Q1 FY2026. They added about 1.95 points to Q2 comparable sales, against about 0.85 a year earlier.

    Status: Working, on track against what the company said.

  • Professional contractors (Pros)

    Working

    About 30% of sales, 2025 company slide

    A company slide on Aug 20, 2025 said Pro sales rose from about 19% of the total in 2019 to about 30% in 2025. Filings give no Pro sales figure.

    Status: Working, on track against what the company said.

  • Comparable sales and housing

    Mixed

    Comparable sales +0.2%, Q2 FY2026

    Comparable sales rose 0.2% in FY2025 and 0.2% in Q2 FY2026, when comparable transactions fell 2.1% and comparable average ticket rose 2.3%. The 10-K names rates, housing turnover and home prices as demand drivers.

    Status: Mixed, partly on track.

  • New stores

    Working

    1,761 stores, Jul 31, 2026

    Lowe's said on Dec 11, 2024 that it plans 10 to 15 new stores a year. Store count rose from 1,748 at Jan 31, 2025 to 1,759 at Jan 30, 2026 and 1,761 at Jul 31, 2026.

    Status: Working, on track against what the company said.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (10)
18The company's own measures (non-GAAP)

18The company's own measures · FY2025 (February 2025 to January 2026) and Q2 FY2026 (May 2 to Jul 31, 2026)

What do Lowe's' own measures show?

Adjusted (non-GAAP) figures, ROIC, comparable sales and the leverage ratio are Lowe's own measures, shown next to the official (GAAP) number where one exists and never added together. The EBITDA and free cash flow in "The numbers" are Cityfort calculations from FY2022 10-K and FY2025 10-K, not Lowe's measures.

  • Official (GAAP): Diluted EPS, FY2025

    $11.85

    Company's own measure: Adjusted diluted EPS, FY2025

    $12.28

    Lowe's leaves out $321 million before tax of acquisition costs and amortization of acquired intangibles, about $0.43 a share.

  • Official (GAAP): Operating margin, FY2025

    11.8%

    Company's own measure: Adjusted operating margin, FY2025

    12.1%

    Same adjustment, as stated in Lowe's Q4 FY2025 results summary.

  • Official (GAAP): Diluted EPS, Q2 FY2026 (includes the refunds)

    $4.27

    Company's own measure: Adjusted diluted EPS, Q2 FY2026 (includes the refunds)

    $4.40

    Lowe's leaves out about $96 million a quarter of acquired-intangible amortization. Both figures include about $80 million of tariff refunds before tax, about $0.11 a share, because its adjusted figures do not remove them.

  • Official (GAAP): Operating margin, Q2 FY2026 (includes the refunds)

    13.7%

    Company's own measure: Adjusted operating margin, Q2 FY2026 (includes the refunds)

    14.0%

    Lowe's states the refunds added about 0.3 points to margin. Management said they were largely offset by higher fuel and transportation costs.

  • Official (GAAP): Net earnings ÷ average debt and shareholders' deficit, FY2025

    22.1%

    Company's own measure: Return on invested capital (ROIC), FY2025

    26.1%

    Lowe's measure: lease-adjusted after-tax operating profit ÷ average debt and deficit. It was 32.0% in FY2024.

  • Official (GAAP): Net sales growth, FY2025

    3.1%

    Company's own measure: Comparable sales growth, FY2025

    0.2%

    Sales at retail locations open longer than 13 months. Comparable transactions fell 2.8% and comparable average ticket rose 3.0%.

  • Official (GAAP): Net sales growth, Q2 FY2026

    8.3%

    Company's own measure: Comparable sales growth, Q2 FY2026

    0.2%

    Same definition. Comparable transactions fell 2.1% and comparable average ticket rose 2.3%.

  • Official (GAAP)

    No official figure measures this; it is the company's own operating measure.

    Company's own measure: Adjusted debt to EBITDAR, Q2 FY2026

    3 times

    Management's stated, lease-adjusted measure (EBITDAR adds rent back to EBITDA), from the Aug 19, 2026 call. It was 3.36 times at Q3 FY2025. It differs from the net debt multiple under financial strength.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out

Sources (7)
19Financial strength and debt

19Financial strength · Jul 31, 2026

How much debt does Lowe's have?

At Jul 31, 2026 debt exceeded cash by $34.4 billion, about 3.7 times the $9.3 billion of operating cash flow in the prior four quarters.
  • Total debt$37.6B
  • Cash and investments$3.2B
  • Net debt (debt minus cash)$34.4B
  • Net worth (shareholders' money)−$7.4B
  • Debt includes finance leases ($391 million at Jan 30, 2026) and leaves out operating leases ($4.8 billion at Jan 30, 2026). Net debt deducts cash only, not short-term investments. Net debt is a Cityfort calculation from Q2 FY2026 10-Q, and the multiple also uses FY2025 10-K.
  • Liabilities exceed assets. The shareholders' deficit was $7.4 billion at Jul 31, 2026, against $9.9 billion at Jan 30, 2026. It first appeared in FY2021, and Lowe's bought $32.1 billion of its own shares in FY2020 to FY2022 (Cityfort calculation from FY2022 10-K). A debt-to-equity ratio has no meaning here.
  • Total debt was $35.5 billion at Jan 31, 2025, before the FBM deal, and $39.9 billion at Jan 30, 2026. Lowe's repaid $2.4 billion of bonds in the first half of FY2026, and $2.4 billion of debt was due within a year at Jul 31, 2026.
  • Cash was $982 million at Jan 30, 2026 and $786 million at May 1, 2026. Lowe's says sales are highest in its second quarter.
  • For FY2025, net debt was 3.15 times EBITDA, up from 1.69 times in FY2021 (Cityfort calculation from FY2022 10-K and FY2025 10-K). Lowe's own lease-adjusted ratio is a different measure, shown with its own measures.
  • Goodwill and intangibles were $9.7 billion at Jul 31, 2026. Lowe's had $5.0 billion of undrawn revolving credit at Jan 30, 2026, including a $1.0 billion facility due to mature in September 2026.
Sources (4)
20Who owns it

20Who owns it · ownership as of Mar 23, 2026

Who owns Lowe's?

Lowe's has one class of common stock with one vote per share. The proxy's 20 directors and executive officers together beneficially owned 1,641,856 shares, under 1%, at Mar 23, 2026, including 1,114,320 acquirable within 60 days. Marvin R. Ellison beneficially owned 806,743 on the same basis. Holder rows have different dates and are never added together.
Share classes
Lowe's share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (Shares outstanding on Aug 25, 2026 (10-Q cover). Listed on the New York Stock Exchange; publicly held since 1961.)561.11–––Yes
Holders of 5% or more
Lowe's holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Vanguard Capital Management7.5%–Mar 31, 2026S40, S42, S26Schedule 13G: 42,022,528 shares. The proxy's earlier row showed The Vanguard Group at 10.0%. The Vanguard Group then reported 0 shares on Mar 27, 2026, after an internal realignment moved reporting to subsidiaries. That is a change in reporting, as filed, and this row may not be Vanguard's total.
BlackRock, Inc.7.1%–Dec 31, 2023S26, S44, S46From the 2026 proxy, which uses a Schedule 13G/A filed Jan 26, 2024: 39,882,058 shares, stated as 6.9% in that filing. No later BlackRock filing appeared on EDGAR's list for Lowe's at Nov 5, 2026.
JPMorgan Chase & Co.6.6%–Sep 30, 2025S26, S43From the 2026 proxy, which uses a Schedule 13G/A filed Oct 31, 2025: 36,730,574 shares, stated as 6.5% in that filing.
FMR LLC5.7%–Mar 31, 2026S41Schedule 13G filed May 6, 2026: about 31.8 million shares.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (9)
21What it does with profit

21What it does with profit

What does Lowe's do with its profit?

Dividends shown are declared per share; $4.70 a share was paid in FY2025, and $2.6 billion in total. The quarterly dividend declared in Q2 FY2026 was $1.25, up from $1.20. Management said on Aug 20, 2025 it would pause repurchases and expects them to resume in 2027. $10.5 billion of authorization remained at Jul 31, 2026.

Dividend per share

$4.75FY2025

Dividend paid for each share, by financial year.

$ per share

See the numbers
Dividend per share ($ per share)
YearDividend per shareShare of profit paid out
FY2021$3.0024.0%
FY2022$3.9537.0%
FY2023$4.3533.0%
FY2024$4.5537.0%
FY2025$4.7540.0%

  • Buyback · Jan 28, 2022

    FY2021: paid $13.0 billion for its own shares.

    $13.0B

  • Buyback · Feb 3, 2023

    FY2022: paid $14.1 billion for its own shares.

    $14.1B

  • Buyback · Feb 2, 2024

    FY2023: paid $6.1 billion for its own shares.

    $6.1B

  • Buyback · Jan 31, 2025

    FY2024: paid $4.1 billion for its own shares.

    $4.1B

  • Buyback · Jan 30, 2026

    FY2025: paid $211 million for its own shares. The 10-K says the program paused.

    $211M

  • Buyback · May 1, 2026

    Q1 FY2026: bought 1.2 million shares for $302 million under the program. Q2 FY2026 had none. The 10-Q gives no reason.

    $302M

  • Money raised · Sep 30, 2025

    September 2025: issued $5.0 billion of notes and took a $2.0 billion term loan. The $8.8 billion FBM deal closed on Oct 9, 2025.

Sources (6)
22Governance signals

22Governance signals

What do Lowe's' governance filings show?

Auditor
Deloitte & Touche LLP, since 1962
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
The CEO sits on the board of a vendor of transportation and business services, not named in the note; Lowe's bought $237 million from it in FY2025. Three employees are relatives of executives, with FY2025 cash pay of about $198,000 to $261,000.
Credit rating
S&P and Moody's, as listed in Lowe's own filings BBB+ (S&P), Baa1 (Moody's) (Stable), Aug 27, 2026

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Flags to know about

  • regulatory

    Lead-safe consent decree

    In Q3 FY2023, EPA and Justice Department representatives told Lowe's they had identified possible deviations from a 2014 consent decree on lead-safe practices in older homes. On Nov 25, 2025, Lowe's agreed, without admitting liability, to a $12.5 million civil penalty and a second consent decree. It was approved on Jul 8, 2026.

  • auditor

    Internal control review left out FBM

    Deloitte's FY2025 opinion was unqualified and internal control over financial reporting was found effective. That review excluded FBM, 4.5% of assets excluding goodwill and intangibles, and 1.5% of net sales.

  • other

    2026 shareholder votes

    On May 29, 2026, say-on-pay received 402.3 million votes for and 20.5 million against. A proposal for an independent chair failed, with 83.8 million for and 338.3 million against.

  • shares as collateral

    Lowe's stock as collateral

    The proxy says executives and directors may not hedge Lowe's stock or use it as collateral. It discloses none used that way.

  • disclosure

    What Lowe's does not report

    Filings give no sales split between homeowners and professionals. Q3 and Q4 FY2025 sales of Other are not separated yet. Product categories were regrouped in FY2026, and transaction counts were re-based in Q1 FY2025, so long series break at those points.

Sources (5)
23What the market paid

23What the market paid · price as of Nov 4, 2026

What did the market pay for Lowe's on Nov 4, 2026?

Price as of Nov 4, 2026 (shown for education; prices change daily).

Price as of Nov 4, 2026: $229.38, the close shown in Nasdaq's historical price table for Lowe's. The shares list on the NYSE, and this price is from Nasdaq's site, not NYSE's. The same table shows $213.38 on Nov 3 and $198.40 on Oct 28, 2026. Times 561.1 million shares (Aug 25, 2026), that is a market value of about $128.7 billion (Cityfort calculation from the Nov 4, 2026 closing price and the Q2 FY2026 10-Q cover). P/E is price ÷ earnings per share. It is 19.4 on diluted EPS of $11.83 for the four quarters to Jul 31, 2026, which include about $80 million of tariff refunds before tax (Cityfort calculation from the Q3 FY2025 to Q2 FY2026 earnings releases). It is also 19.4 on FY2025 diluted EPS of $11.85. The $1.25 quarterly dividend, times four, is 2.18% of this price (Cityfort calculation from the Q2 FY2026 earnings release); Lowe's states no annual rate.

Share price
$229.38
Market value (market cap)
$128.7B
P/E
19.4×

Source: LOW historical closing prices, Oct 28 to Nov 4, 2026, Nasdaq's table for an NYSE-listed share (close of Nov 4, 2026: $229.38); Form 10-Q for Q2 fiscal 2026 (quarter ended Jul 31, 2026); Form 10-K for fiscal 2025 (year ended Jan 30, 2026) and 4 more

Sources (7)
24How it got here

24How it got here

How did Lowe's get here?

  1. 1921

    Milestone

    First hardware store

    Lowe's began with a hardware store in North Wilkesboro, North Carolina. It was incorporated in 1952.

  2. 1961

    Milestone

    Publicly held

    Lowe's has been publicly held since 1961.

  3. 2018

    Milestone

    New CEO

    Marvin R. Ellison became President and CEO in July 2018, and Chairman in May 2021.

  4. 2020

    Business-model change

    Total Home strategy

    Lowe's introduced its Total Home strategy, focused on Pros, online and installation. Comparable sales rose 26.1% in FY2020.

  5. 2022

    Milestone

    $15 billion repurchase authorization

    Lowe's added $15 billion of authorization on Dec 7, 2022. It paid $14.1 billion for its own shares in FY2022.

  6. 2023

    Business-model change

    Sold the Canadian stores

    The sale to Sycamore Partners, agreed on Nov 3, 2022, closed on Feb 3, 2023. 232 stores left, about 7% of FY2022 outlook sales. FY2022 carried a $2.1 billion impairment and $441 million of sale costs.

  7. 2024

    Milestone

    Updated strategy

    On Dec 11, 2024, Lowe's updated Total Home and said it plans 10 to 15 new stores a year.

  8. 2025

    Business-model change

    Bought ADG and FBM

    ADG joined on Jun 2, 2025 for $1.3 billion in cash, and FBM on Oct 9, 2025 for $8.8 billion in cash. These created the Other segment, and management said repurchases would pause.

  9. 2026

    Milestone

    Supreme Court tariff ruling, then refunds

    The Supreme Court ruled against IEEPA tariffs on Feb 20, 2026. Lowe's recognized about $80 million of refunds in Q2 FY2026.

  10. 2026

    Milestone

    Five executive appointments

    Lowe's appointed five executive vice presidents, effective Sep 1, 2026, including one for Pro and Home Services.

Sources (10)

25Sources and changes

Where every number on this page comes from

Sources (44 documents)
  1. S1Form 10-K for fiscal 2025 (year ended Jan 30, 2026) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 23, 2026
  2. S2Form 10-K for fiscal 2024 (year ended Jan 31, 2025) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 24, 2025
  3. S4Form 10-K for fiscal 2022 (53 weeks, year ended Feb 3, 2023) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2023
  4. S6Form 10-K for fiscal 2020 (year ended Jan 29, 2021) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 22, 2021
  5. S7Form 10-Q for Q2 fiscal 2026 (quarter ended Jul 31, 2026) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 27, 2026
  6. S8Form 10-Q for Q1 fiscal 2026 (quarter ended May 1, 2026) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 28, 2026
  7. S9Form 10-Q for Q3 fiscal 2025 (quarter ended Oct 31, 2025) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 26, 2025
  8. S10Form 10-Q for Q2 fiscal 2025 (quarter ended Aug 1, 2025) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 28, 2025
  9. S11Form 10-Q for Q1 fiscal 2025 (quarter ended May 2, 2025) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 29, 2025
  10. S12Form 10-Q for Q3 fiscal 2024 (quarter ended Nov 1, 2024) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 27, 2024
  11. S15Q2 fiscal 2026 earnings release (8-K Item 2.02, Exhibit 99.1) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 19, 2026
  12. S16Q1 fiscal 2026 earnings release (8-K Item 2.02, Exhibit 99.1) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 20, 2026
  13. S17Q4 and fiscal 2025 earnings release (8-K Item 2.02, Exhibit 99.1) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 25, 2026
  14. S18Q3 fiscal 2025 earnings release (8-K Item 2.02, Exhibit 99.1) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 19, 2025
  15. S19Q2 fiscal 2025 earnings release (8-K Item 2.02, Exhibit 99.1) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 20, 2025
  16. S20Q1 fiscal 2025 earnings release, as amended the same day (8-K/A Item 2.02, Exhibit 99.1) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 21, 2025
  17. S21Q4 and fiscal 2024 earnings release (8-K Item 2.02, Exhibit 99.1) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 26, 2025
  18. S22Q3 fiscal 2024 earnings release (8-K Item 2.02, Exhibit 99.1) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 19, 2024
  19. S23Q2 fiscal 2024 earnings release (8-K Item 2.02, Exhibit 99.1) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 20, 2024
  20. S25Q4 and fiscal 2023 earnings release (8-K Item 2.02, Exhibit 99.1) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 27, 2024
  21. S262026 proxy statement (DEF 14A) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 16, 2026
  22. S27Form 8-K filed Sep 2, 2026 (Item 5.02: executive appointments effective Sep 1, 2026) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 2, 2026
  23. S28Form 8-K filed Jun 2, 2026 (Item 5.07: 2026 annual meeting votes) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 2, 2026
  24. S29Form 8-K filed Oct 9, 2025 (Items 2.01, 2.03: FBM acquisition closed), with Exhibit 99.1 · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 9, 2025
  25. S30Acquisition of Foundation Building Materials presentation (8-K filed Aug 20, 2025, Exhibit 99.2) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 20, 2025
  26. S31Form 8-K filed Sep 30, 2025 ($5.0 billion notes) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 30, 2025
  27. S32Form 8-K filed Dec 11, 2024 (Item 7.01: 2024 Analyst and Investor Conference), Exhibit 99.1 · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 11, 2024
  28. S33Form 8-K filed Dec 7, 2022 (Item 7.01: 2022 Analyst and Investor Conference; $15 billion repurchase program), Exhibit 99.1 · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 7, 2022
  29. S34Form 8-K filed Nov 3, 2022 (sale of Canadian retail business to Sycamore Partners), Exhibit 99.1 · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2022
  30. S35Q2 fiscal 2026 earnings call transcript (Aug 19, 2026) · Lowe's Companies, Inc. (company IR; LSEG transcript) · Tier 1: company or exchange filing · Aug 19, 2026
  31. S36Q1 fiscal 2026 earnings call transcript (May 20, 2026) · Lowe's Companies, Inc. (company IR; LSEG transcript) · Tier 1: company or exchange filing · May 20, 2026
  32. S37Q4 fiscal 2025 earnings call transcript (Feb 25, 2026) · Lowe's Companies, Inc. (company IR; LSEG transcript) · Tier 1: company or exchange filing · Feb 25, 2026
  33. S38Q3 fiscal 2025 earnings call transcript (Nov 19, 2025) · Lowe's Companies, Inc. (company IR; LSEG transcript) · Tier 1: company or exchange filing · Nov 19, 2025
  34. S39Q2 fiscal 2025 earnings call transcript (Aug 20, 2025) · Lowe's Companies, Inc. (company IR; Refinitiv transcript) · Tier 1: company or exchange filing · Aug 20, 2025
  35. S40Schedule 13G, Vanguard Capital Management (event Mar 31, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Apr 30, 2026
  36. S41Schedule 13G, FMR LLC (event Mar 31, 2026) · SEC EDGAR · Tier 1: company or exchange filing · May 6, 2026
  37. S42Schedule 13G/A, The Vanguard Group (event Mar 13, 2026; reports 0 after internal realignment) · SEC EDGAR · Tier 1: company or exchange filing · Mar 27, 2026
  38. S43Schedule 13G/A, JPMorgan Chase & Co. (event Sep 30, 2025) · SEC EDGAR · Tier 1: company or exchange filing · Oct 31, 2025
  39. S44Schedule 13G/A, BlackRock, Inc. (event Dec 31, 2023) · SEC EDGAR · Tier 1: company or exchange filing · Jan 26, 2024
  40. S45LOW historical closing prices, Oct 28 to Nov 4, 2026, Nasdaq's table for an NYSE-listed share (close of Nov 4, 2026: $229.38) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 4, 2026
  41. S46EDGAR submissions and XBRL company facts for CIK 0000060667 · U.S. Securities and Exchange Commission · Tier 1: company or exchange filing · Nov 5, 2026
  42. S48The Home Depot, Inc. Form 10-K for fiscal 2025 (year ended Feb 1, 2026) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 18, 2026
  43. S51Q4 fiscal 2025 infographic (8-K filed Feb 25, 2026, Exhibit 99.2) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 25, 2026
  44. S52Q2 fiscal 2026 infographic (8-K filed Aug 19, 2026, Exhibit 99.2) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 19, 2026
Changes to this page (v1 · Nov 5, 2026)
  1. v1 · Nov 5, 2026First version, through Q2 FY2026 (quarter ended Jul 31, 2026). (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.

All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.