0000060667-26-000029
SEC filingLowe's Companies, Inc. (LOW) reported fiscal year 2025 results ending January 30, 2026, with net sales of $86.29 billion. Gross margin was $28.89 billion after cost of sales of $57.40 billion. Operating income reached $10.15 billion, reflecting selling, general and administrative expenses of $16.79 billion and depreciation and amortization of $1.94 billion. Pre-tax earnings were $8.75 billion after $1.41 billion net interest expense, leading to net earnings of $6.65 billion and diluted earnings per share of $12. Compared to fiscal 2024, net earnings declined from $6,957 million to $6,654 million, with reported diluted EPS at $11.85 versus $12.23 prior year; adjusted diluted EPS improved to $12.28 from $11.99, excluding $321 million pre-tax acquisition costs for Artisan Design Group and Foundation Building Materials. The balance sheet showed total assets of $54.14 billion, including $20.95 billion in current assets (cash and equivalents $982.0 million, inventory $17.30 billion) and $9.85 billion in goodwill and intangibles. Liabilities totaled $64.06 billion, driven by $37.49 billion long-term debt and $2.43 billion current maturities, resulting in shareholders' deficit of -$9.92 billion. Operating cash flow generated $9.86 billion, while investing activities consumed $12.26 billion, primarily from $10.09 billion net business acquisitions and $2.21 billion capital expenditures. Financing activities provided $1.62 billion, including $6.97 billion debt proceeds offset by $2.64 billion dividends and $2.59 billion repayments. Cash decreased by $779 million. Management states liquidity from operations and capital markets supports operations, growth investments, shareholder returns, and debt obligations for the next 12 months, with $1.0 billion cash and $5.0 billion undrawn revolver capacity as of January 30, 2026. ROIC was 26.1%, down from 32.0%.
Lowe's Companies, Inc. delivered FY 2025 net sales of $86.29 billion for the period ended January 30, 2026. Gross margin was $28.89 billion, operating income $10.15 billion after $16.79 billion SG&A and $1.94 billion depreciation. Net earnings totaled $6.65 billion ($6,654 million), down from $6,957 million in FY 2024, with diluted EPS of $12 (reported $11.85). Pre-tax earnings $8.75 billion followed $1.41 billion net interest ($1,406 million). Provision for income taxes was $2.09 billion. ROIC declined to 26.1% from 32.0% in FY 2024, calculated as lease-adjusted NOPAT of $7,859 million over average debt and shareholders' deficit of $30,104 million. Adjusted diluted EPS rose to $12.28 from $11.99, excluding $321 million pre-tax acquisition expenses. (148 words)
The filing does not disclose a detailed segment or geographic breakdown of net sales. Total net sales were $86.29 billion. Management's Discussion references fiscal 2025 impacts from acquisitions of Artisan Design Group and Foundation Building Materials, with $321 million pre-tax expenses including transaction costs and intangible amortization. No specific revenue contributions from segments or growth drivers are quantified in the provided content. Prior year net sales figures are not stated. (78 words)
Gross margin was $28.89 billion on $86.29 billion sales. Operating income of $10.15 billion reflects expense control amid investments. Net interest expense increased to $1.41 billion from $1.314 billion in FY 2024. Effective tax rate approximated 23.9%, with provision $2.09 billion versus $2.196 billion prior. Non-GAAP adjustments highlight operational performance excluding one-time items like acquisition costs. ROIC at 26.1% indicates efficient capital use, though down year-over-year. (92 words)
Net cash from operating activities was $9.86 billion, starting from $6.65 billion net earnings, plus $2.19 billion depreciation, $572 million noncash lease expense, offset by $703 million inventory increase. Investing used $12.26 billion, including $10.09 billion business acquisitions, $2.21 billion capex, net $30 million investments. Financing provided $1.62 billion via $6.97 billion debt issuance, minus $2.59 billion repayments, $2.64 billion dividends, $211 million stock repurchases. Cash and equivalents ended at $982.0 million (total $1.35 billion with short-term investments). Total assets $54.14 billion; liabilities $64.06 billion (debt ~$39.92 billion); shareholders' deficit -$9.92 billion. $5.0 billion undrawn revolver. (132 words)
Sources of liquidity from operations and capital markets are adequate to fund operations, strategic investments, shareholder returns via dividends, and debt maturities. As of January 30, 2026, $1.0 billion cash and $5.0 billion undrawn Revolving Credit Facilities support the next 12 months. Material obligations include leases, long-term debt, purchase obligations, letters of credit (see Notes 7, 8, 15). Recent acquisitions signal growth focus, with ongoing intangible amortization. No specific numerical guidance provided; non-GAAP measures like adjusted EPS aid operational comparisons. (104 words)