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Lowe’s Cos. Inc. (NYSE:LOW)

Common-Size Balance Sheet: Assets
Quarterly Data

Lowe’s Cos. Inc., common-size consolidated balance sheet: assets (quarterly data)

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May 1, 2026 Jan 30, 2026 Oct 31, 2025 Aug 1, 2025 May 2, 2025 Jan 31, 2025 Nov 1, 2024 Aug 2, 2024 May 3, 2024 Feb 2, 2024 Nov 3, 2023 Aug 4, 2023 May 5, 2023 Feb 3, 2023 Oct 28, 2022 Jul 29, 2022 Apr 29, 2022 Jan 28, 2022 Oct 29, 2021 Jul 30, 2021 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 May 1, 2020
Cash and cash equivalents 1.43 1.81 1.16 10.43 6.73 4.09 7.31 9.70 7.14 2.20 2.85 7.85 6.42 3.08 6.80 3.17 6.87 2.54 12.39 9.79 13.07 10.04 16.21 22.49 12.99
Short-term investments 0.83 0.68 0.77 0.85 0.81 0.86 0.75 0.73 0.58 0.73 0.75 0.84 0.92 0.88 0.99 0.96 0.74 0.61 1.12 2.87 0.89 1.08 3.64 2.10 0.44
Receivables, net 2.09 2.01 2.27 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Merchandise inventory, net 33.58 31.95 32.15 35.06 40.41 40.39 39.26 37.48 40.17 40.42 41.23 39.13 42.52 42.40 42.19 41.37 40.70 39.44 33.78 35.06 35.90 34.65 30.88 26.72 31.16
Other current assets 2.40 2.24 1.47 2.23 2.02 1.89 1.80 1.79 2.26 2.27 2.13 2.12 2.23 2.70 3.23 3.01 3.20 2.35 3.02 3.05 2.52 2.00 2.17 2.24 3.24
Current assets 40.34% 38.70% 37.83% 48.57% 49.98% 47.23% 49.12% 49.71% 50.15% 45.63% 46.96% 49.94% 52.09% 49.06% 53.20% 48.51% 51.51% 44.94% 50.30% 50.77% 52.38% 47.77% 52.90% 53.55% 47.84%
Property, less accumulated depreciation 33.22 33.91 34.25 37.99 38.87 40.95 39.30 38.98 38.64 42.24 41.22 39.02 37.90 40.19 36.78 40.05 37.99 42.72 38.31 38.52 37.22 40.99 36.72 35.96 40.37
Operating lease right-of-use assets 7.61 7.95 8.13 8.34 8.37 8.67 8.43 8.50 8.44 8.93 8.58 8.20 7.63 8.05 7.48 8.90 8.31 9.20 8.42 7.73 7.59 8.20 7.51 7.34 8.46
Long-term investments 0.45 0.59 0.52 0.59 0.66 0.64 0.70 0.65 0.67 0.60 0.56 0.41 0.22 0.28 0.13 0.12 0.15 0.45 0.43 0.46 0.38 0.43 0.40 0.63 0.65
Deferred income taxes, net 0.00 0.00 0.00 0.30 0.26 0.57 0.58 0.41 0.25 0.59 0.66 0.52 0.33 0.57 0.64 0.22 0.07 0.37 0.45 0.45 0.42 0.73 0.47 0.52 0.47
Goodwill 7.18 7.29 7.45 1.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Intangible assets, net 10.57 10.91 11.21 2.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other assets 0.63 0.65 0.60 0.64 1.86 1.94 1.87 1.75 1.84 2.01 2.02 1.91 1.83 1.85 1.77 2.20 1.98 2.33 2.09 2.07 2.01 1.89 1.99 2.01 2.21
Noncurrent assets 59.66% 61.30% 62.17% 51.43% 50.02% 52.77% 50.88% 50.29% 49.85% 54.37% 53.04% 50.06% 47.91% 50.94% 46.80% 51.49% 48.49% 55.06% 49.70% 49.23% 47.63% 52.23% 47.10% 46.45% 52.16%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01).

The asset composition exhibits a significant structural transformation over the analyzed period, transitioning from a liquidity-heavy position to one characterized by increased intangible assets and a reduced proportion of current assets.

Liquidity and Cash Management
A marked decline in liquidity is observed. Cash and cash equivalents peaked at 22.49% in July 2020 before entering a long-term downward trajectory. By early 2026, this figure declined to a range between 1.43% and 1.81%. Short-term investments remained consistently low, generally fluctuating under 3% of total assets, contributing to an overall reduction in the company's immediate liquid reserves.
Inventory Dynamics
Merchandise inventory showed a steady increase from 31.16% in May 2020, reaching a peak of 42.52% in February 2023. This suggests a period of aggressive inventory accumulation or supply chain adjustments. Following this peak, inventory levels moderately contracted, stabilizing around 33.58% by May 2026.
Fixed and Long-term Asset Trends
Property, plant, and equipment, net of depreciation, remained a primary asset driver, though it exhibited a gradual decline from peaks above 42% in early 2022 to 33.22% by May 2026. Operating lease right-of-use assets remained remarkably stable, consistently representing between 7% and 9% of total assets throughout the period.
Structural Shift and Inorganic Growth
A fundamental shift in the balance sheet occurred starting in August 2025. The sudden emergence of goodwill and intangible assets—which were previously absent—indicates a major acquisition. Goodwill rose from 1.48% to 7.18%, while intangible assets climbed from 2.09% to 10.57% by May 2026. This transition shifted the total asset mix, increasing noncurrent assets to approximately 60% and reducing current assets to roughly 40%.

Overall, the asset profile evolved from a conservative, liquid-heavy stance during the 2020-2021 period toward a more complex structure dominated by inventory and acquired intangibles in the later stages.

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