Lowes Companies
LOW · NYSERetail-Lumber & Other Building Materials Dealers · Fiscal year ends Jan 31
Lowes Companies reported revenue of $86.3B in the fiscal year ended Jan 2026, up 3.1% from the year before. Operating income was $10.2B, an operating margin of 11.8%, and net income was $6.7B. Operating cash flow of $9.9B less capital expenditure of $2.2B left free cash flow of $7.7B. Net debt was $38.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jan 2022 | Feb 2023 | Feb 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | $96.3B | $97.1B | $86.4B | $83.7B | $86.3B |
| Cost of revenue | $64.2B | $64.8B | $57.5B | $55.8B | $57.4B |
| Gross profit | $32.1B | $32.3B | $28.8B | $27.9B | $28.9B |
| Selling, general & admin | $18.3B | $20.3B | $15.6B | $15.7B | $16.8B |
| Operating income | $12.1B | $10.2B | $11.6B | $10.5B | $10.2B |
| Pre-tax income | $11.2B | $9B | $10.2B | $9.2B | $8.7B |
| Income tax | $2.8B | $2.6B | $2.4B | $2.2B | $2.1B |
| Net income | $8.4B | $6.4B | $7.7B | $7B | $6.7B |
| Diluted EPS | 12.04 | 10.17 | 13.20 | 12.23 | 11.85 |
| Diluted shares | 699M | 631M | 584M | 568M | 560M |
Balance sheet
| Fiscal year | Jan 2022 | Feb 2023 | Feb 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.1B | $1.3B | $921M | $1.8B | $982M |
| Receivables | – | – | – | $94M | $1.1B |
| Inventory | $17.6B | $18.5B | $16.9B | $17.4B | $17.3B |
| Current assets | $20.1B | $21.4B | $19.1B | $20.4B | $21B |
| Net PP&E | $19.1B | $17.6B | $17.7B | – | – |
| Goodwill | $311M | $311M | $311M | $311M | $3.9B |
| Total assets | $44.6B | $43.7B | $41.8B | $43.1B | $54.1B |
| Payables | $11.4B | $10.5B | $8.7B | $9.3B | $9.8B |
| Deferred revenue | $1.9B | $1.6B | $1.4B | $1.4B | $1.5B |
| Current liabilities | $19.7B | $19.5B | $15.6B | $18.8B | $19.5B |
| Short-term debt | $0 | $499M | $0 | – | $0 |
| Long-term debt | $24.3B | $33.3B | $35.8B | $35.3B | $39.8B |
| Total liabilities | $49.5B | $58B | $56.8B | $57.3B | $64.1B |
| Shareholders' equity | −$4.8B | −$14.3B | −$15.1B | −$14.2B | −$9.9B |
Cash flow
| Fiscal year | Jan 2022 | Feb 2023 | Feb 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $10.1B | $8.6B | $8.1B | $9.6B | $9.9B |
| Capital expenditure | $1.9B | $1.8B | $2B | $1.9B | $2.2B |
| Free cash flow | $8.3B | $6.8B | $6.2B | $7.7B | $7.7B |
| Depreciation & amortisation | $1.9B | $2B | $1.9B | $2B | $2.2B |
| Stock-based compensation | $230M | $223M | $210M | $221M | $247M |
| Acquisitions | – | – | $0 | $0 | $10.1B |
| Share buybacks | $13B | $14.1B | $6.1B | $4.1B | $211M |
| Dividends paid | $2B | $2.4B | $2.5B | $2.6B | $2.6B |
| Dividend per share | 3.00 | 3.95 | 4.35 | 4.55 | 4.75 |
Key ratios
| Fiscal year | Jan 2022 | Feb 2023 | Feb 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 0.8% | −11.0% | −3.1% | 3.1% |
| Operating income growth (YoY) | – | −16.0% | 13.8% | −9.4% | −3.0% |
| EPS growth (YoY) | – | −15.5% | 29.8% | −7.3% | −3.1% |
| Gross margin | 33.3% | 33.2% | 33.4% | 33.3% | 33.5% |
| Operating margin | 12.6% | 10.5% | 13.4% | 12.5% | 11.8% |
| Net margin | 8.8% | 6.6% | 8.9% | 8.3% | 7.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 48.4% | 42.0% | 44.1% | 43.0% | 29.3% |
| Free cash flow margin | 8.6% | 7.0% | 7.2% | 9.2% | 8.9% |
| Cash conversion (CFO ÷ net income) | 1.20x | 1.33x | 1.05x | 1.38x | 1.48x |
| Receivable days | – | – | – | 0 | 5 |
| Inventory days | 100 | 104 | 107 | 114 | 110 |
| Payable days | 65 | 59 | 55 | 61 | 62 |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $23.2B | $32.4B | $34.8B | $33.6B | $38.8B |
| Current ratio | 1.02x | 1.10x | 1.23x | 1.09x | 1.08x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.