Analysis of Revenues
Revenues as Reported
Lowe’s Cos. Inc., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2026-01-30), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29).
Overall, net sales exhibited growth from 2021 to 2023, peaking at US$97.059 billion in 2023, before experiencing a decline in 2024 and a partial recovery in the projected 2025 and 2026 figures. A closer examination of the individual segments reveals varying performance patterns contributing to these overall trends.
- Retail Home Improvement Segment
- The Retail Home Improvement segment demonstrated substantial growth between 2021 and 2023, increasing from US$89.597 billion to US$97.059 billion. However, this segment experienced a significant decrease in 2024, falling to US$86.377 billion. A modest recovery is projected for 2025 and 2026, reaching US$83.674 billion and US$84.078 billion respectively, but remaining below the 2023 peak.
- Home Décor Segment
- The Home Décor segment showed initial growth from 2021 to 2023, increasing from US$31.577 billion to US$36.221 billion. A decline was observed in 2024, with sales decreasing to US$32.130 billion, followed by further decreases in the projected 2025 and 2026, reaching US$30.862 billion and US$31.527 billion respectively. This segment appears to be experiencing a consistent downward trend after 2023.
- Building Products Segment
- The Building Products segment exhibited growth from 2021 to 2022, increasing from US$28.175 billion to US$31.151 billion. However, sales decreased in 2023 to US$31.048 billion and continued to decline in 2024 and the projected years 2025 and 2026, reaching US$26.894 billion, US$26.380 billion, and US$26.533 billion respectively. This segment demonstrates a clear downward trajectory.
- Hardlines Segment
- The Hardlines segment experienced a slight increase between 2021 and 2022, followed by a consistent decline from 2023 through the projected 2026. Sales decreased from US$27.802 billion in 2021 to US$24.185 billion in the projected 2026.
- Other Segment
- The 'Other' segment remained relatively stable between 2021 and 2023, fluctuating around US$2.043 billion to US$2.600 billion. A decrease is observed in 2024 to US$2.333 billion, and a further decline is projected for 2025 and 2026, reaching US$2.176 billion and US$1.833 billion respectively. A new segment, 'Other segment net sales', appears in the projected 2026 figures, reporting US$2.208 billion in sales.
The decline in net sales observed in 2024 appears to be driven by decreases across multiple segments, particularly Retail Home Improvement, Building Products, and Hardlines. While the overall net sales figure shows a slight recovery in the projected 2026, this is partially influenced by the introduction of the 'Other segment net sales' which was not previously reported. The Home Décor segment continues to show a consistent decline even with the inclusion of this new segment.