Common-Size Income Statement
Quarterly Data
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Lowe’s Cos. Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Analysis of Debt
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Lowe’s Cos. Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).
- Cost of Sales and Gross Margin
- The cost of sales consistently represents roughly two-thirds of net sales, fluctuating between -65.92% and -68.91% across the reported quarters. The highest cost ratio was observed in January 2020 (-68.91%), while some of the lower ratios appeared around July 2020 (-65.92%) and April 2022 (-65.97%). Correspondingly, the gross margin oscillates inversely, ranging from about 31.09% to 34.08%, with peak gross margins in mid-2020 and mid-2022. This indicates a relatively stable but slightly improving efficiency in managing production or procurement costs relative to sales over time.
- Selling, General, and Administrative Expenses (SG&A)
- SG&A expenses as a percentage of net sales exhibit volatility, varying from a low of approximately -16.21% (July 2022) to a high of -27.44% (October 2022). Notably, there is a pronounced spike in SG&A in late 2022, followed by a reduction in subsequent periods. This suggests periods of increased operational spending, potentially linked to strategic initiatives or extraordinary expenses, with subsequent reversion toward more typical expenditure levels.
- Depreciation and Amortization
- Depreciation and amortization expenses remain relatively stable but show a slight upward trend over time, fluctuating between roughly -1.2% and -2.4% of net sales. The gradual increase in this expense may reflect asset base growth or changes in capital expenditure strategies.
- Total Expenses
- Total expenses, incorporating SG&A and depreciation, follow similar patterns to SG&A, ranging broadly between -17.85% and -29.36% of net sales. The notable peak in expenses in October 2022 indicates a temporary increase in cost structure, tempering profitability during that period.
- Operating Income
- Operating income experiences considerable fluctuations, ranging from a low of approximately 3.94% (October 2022) to peaks exceeding 15% in several quarters, particularly in July 2021 and July 2022. The dips align temporally with expense increases, highlighting the sensitivity of operating profitability to cost control measures.
- Interest Expense and Debt Impact
- Net interest expenses relative to net sales generally trend downward from -0.91% early (May 2019) to peaks near -1.87% in early 2024, indicating a rising interest burden over the analyzed periods. A specific anomalous charge, a loss on extinguishment of debt valued at -4.75% of net sales, is recorded only in October 2020, marking an extraordinary financial event that temporarily impacted profitability.
- Pre-tax Earnings and Income Tax Provision
- Pre-tax earnings fluctuate considerably, ranging from as low as approximately 2.68% (October 2022) to highs above 14%, mirroring operating income trends but moderated by interest expenses and other non-operating items. Income tax provisions are variable but generally represent a modest negative percentage of net sales, with values between about -0.91% and -3.54%, indicating a relatively stable tax rate notwithstanding earnings volatility.
- Net Earnings
- Net earnings reflect the overall profitability pattern, with values spanning from a low near 0.66% (October 2022) to over 10% in several quarters, particularly mid-2021 and 2022. The sharp declines in late 2022 correspond with the periods of heightened SG&A expenses and reduced operating income, while recovery phases coincide with strengthened margin management and expense control.