Common-Size Income Statement
Quarterly Data
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Lowe’s Cos. Inc. pages available for free this week:
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Analysis of Debt
- Aggregate Accruals
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Lowe’s Cos. Inc., common-size consolidated income statement (quarterly data)
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 common-size income statement analysis reveals a period of relative stability in gross margins contrasted by significant volatility in operating expenses and net profitability.
- Gross Margin Trends
- Gross margins have remained consistently within a range of approximately 31.8% to 34.2%. The cost of sales typically fluctuated between 65.8% and 68.2% of net sales, indicating a stable pricing strategy and consistent cost of goods sold relative to revenue over the analyzed period.
- Operating Expense Volatility
- Selling, general, and administrative (SG&A) expenses exhibit the highest level of variance, fluctuating from a low of 16.2% to a peak of 27.4% in October 2022. This volatility directly impacts operating income, which reached a peak of 15.4% in July 2022 before dropping to 3.9% in October 2022, reflecting periods of intensified operational costs or strategic spending.
- Financial Obligations and Debt Impact
- Interest expenses as a percentage of net sales have shown a gradual upward trend, rising from approximately 0.8% to 1.0% in 2020 to between 1.7% and 2.0% by 2025 and 2026. A non-recurring loss on the extinguishment of debt occurred in October 2020, reducing pre-tax earnings by 4.75% for that quarter.
- Net Earnings Performance
- Net earnings exhibit a cyclical pattern, mirroring the fluctuations in operating income. The net profit margin peaked at 10.95% in July 2021 and reached a minimum of 0.66% in October 2022. More recently, the margins have stabilized between 4.8% and 11.0%, reflecting an overall ability to maintain profitability despite varying expense levels.