Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Lowe’s Cos. Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity
Based on: 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), 10-K (reporting date: 2020-01-31).
- Short-term borrowings
- The proportion of short-term borrowings to total liabilities and shareholders’ equity showed a marked decrease from 4.92% in early 2020 to 1.14% in early 2023, with missing data for other years. This suggests a declining reliance on short-term debt within the periods observed.
- Current maturities of long-term debt
- This liability fluctuated between 1.28% and 6% of total liabilities and shareholders’ equity. After an initial increase from 1.51% in 2020 to 2.38% in 2021, it declined to 1.28% in 2024, before a notable spike to 6% in 2025, indicating variability in debt repayment scheduling or refinancing activities.
- Current operating lease liabilities
- Current operating lease liabilities remained relatively stable, hovering around the 1.16% to 1.42% range, indicating steady lease obligations during the periods.
- Accounts payable
- Accounts payable rose from 19.4% in 2020 to a peak of 25.43% in 2022, followed by a decrease to 20.83% in 2024 and a slight increase to 21.55% in 2025. This trend reflects an increase in credit extended by suppliers until 2022, then a contraction thereafter.
- Accrued compensation and employee benefits
- There was an increase from 1.73% in 2020 to 3.5% in 2022, before decreasing to 2.28% in 2024 and slightly rising to 2.34% in 2025. This indicates fluctuating accrued employee-related liabilities over the period.
- Deferred revenue
- Deferred revenue increased from 3.09% in 2020 to 4.29% in 2022 then declined gradually to 3.15% by 2025, showing shifts in advance payments or unearned income recognition.
- Accrued dividends
- Accrued dividends showed a modest upward trend, starting at 1.06% in 2020 and rising steadily to about 1.5% from 2023 through 2025, reflecting stable dividend obligations.
- Income taxes payable
- Income taxes payable exhibited volatility with a low of 0.04% in 2020, a spike to 2.7% in 2023, then a reduction to 0.08% in 2024 and an increase again to 1.14% in 2025, potentially indicating fluctuations in tax liabilities or payments timing.
- Accrued interest
- Accrued interest rose steadily from 0.56% to around 1.09% by 2024 with a slight decline to 1.04% in 2025, suggestive of incremental debt servicing costs over time.
- Self-insurance liabilities
- This category remained relatively stable between 0.93% and 1.27%, indicating consistent self-insurance-related liabilities.
- Sales tax liabilities
- Sales tax liabilities fluctuated slightly within the 0.39% to 0.72% range with a peak in 2023, suggesting variability in sales tax obligations.
- Sales return reserve
- Sales return reserve remained stable around 0.39% to 0.55%, indicating steady provisions for product returns.
- Accrued property taxes
- Accrued property taxes showed minimal change, fluctuating narrowly between 0.26% and 0.32%, indicating stable property tax accruals.
- Other current liabilities
- Other current liabilities increased from 6.54% in 2020 to a peak of 10.68% in 2023 before decreasing again to 9.17% in 2025, signaling variability in miscellaneous current claims or obligations.
- Current liabilities total
- Overall current liabilities grew from 38.46% in 2020 to a peak of 44.64% in 2023, then contracted to 37.25% in 2024 before rising again to 43.52% in 2025, indicating fluctuations in short-term obligations relative to total financing.
- Long-term debt excluding current maturities
- Long-term debt showed a strong increasing trend from 42.48% in 2020 to a peak of 84.66% in 2024, followed by a decline to 76.33% in 2025, reflecting a substantial rise in long-term borrowing or debt restructuring within this period.
- Noncurrent operating lease liabilities
- Noncurrent operating lease liabilities remained relatively stable between 8.04% and 9.99%, showing consistent noncurrent lease commitments.
- Deferred revenue from protection plans
- Deferred revenue related to protection plans gradually increased from 2.26% to 2.94%, indicating steady growth in deferred earnings from extended service warranties or similar products.
- Other noncurrent liabilities
- Other noncurrent liabilities fluctuated slightly between 1.75% and 2.23%, remaining a minor component of total liabilities.
- Noncurrent liabilities total
- Noncurrent liabilities increased substantially from 56.54% in 2020 to a peak of 98.76% in 2024, then slightly decreased to 89.5% in 2025, pointing to a significant shift toward long-term obligations over time.
- Total liabilities
- Total liabilities rose consistently over the periods from 95% in 2020, surpassing 130% after 2022 and reaching approximately 133% in 2025, indicating that liabilities exceeded shareholders’ equity by a notable margin during later years.
- Common stock
- The proportion represented by common stock declined modestly from 0.97% to 0.65%, indicating slight dilution or changes in equity structure.
- Retained earnings (accumulated deficit)
- Retained earnings declined sharply, from a positive 4.38% in 2020 to a negative 37.41% in 2024, with a slight improvement to -34.33% in 2025, signifying accumulated losses or deficit over time that substantially eroded equity.
- Accumulated other comprehensive income (loss)
- This metric improved from a negative balance (-0.34%) in 2020 to a positive around 0.7% by 2023, maintaining a modest positive level thereafter, indicating a reduction in comprehensive loss or an accumulation of other comprehensive income.
- Shareholders’ equity (deficit)
- Shareholders’ equity fell from 5% in 2020 to a deficit of about -36% in 2024 with slight recovery to -33% in 2025, highlighting significant erosion of net equity position.
- Total liabilities and shareholders’ equity
- By definition, these proportions sum to 100% across all periods, serving as the basis for analysis of financial structure.