Stock Analysis on Net
Stock Analysis on Net

Lowe’s Cos. Inc. (NYSE:LOW)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Lowe’s Cos. Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021 Jan 31, 2020
Short-term borrowings 0.00 0.00 1.14 0.00 0.00 4.92
Current maturities of long-term debt 6.00 1.28 1.34 1.94 2.38 1.51
Current operating lease liabilities 1.31 1.17 1.19 1.42 1.16 1.27
Accounts payable 21.55 20.83 24.08 25.43 23.29 19.40
Accrued compensation and employee benefits 2.34 2.28 2.54 3.50 2.89 1.73
Deferred revenue 3.15 3.37 3.67 4.29 3.44 3.09
Accrued dividends 1.50 1.51 1.45 1.20 0.94 1.06
Income taxes payable 1.14 0.08 2.70 0.29 0.36 0.04
Accrued interest 1.04 1.09 1.01 0.62 0.53 0.56
Self-insurance liabilities 1.00 1.03 0.97 0.99 0.93 1.27
Sales tax liabilities 0.45 0.39 0.72 0.51 0.55 0.39
Sales return reserve 0.39 0.46 0.54 0.55 0.54 0.49
Accrued property taxes 0.32 0.31 0.27 0.28 0.26 0.26
Other 3.33 3.45 3.03 3.04 2.81 2.47
Other current liabilities 9.17% 8.32% 10.68% 7.47% 6.92% 6.54%
Current liabilities 43.52% 37.25% 44.64% 44.06% 40.08% 38.46%
Long-term debt, excluding current maturities 76.33 84.66 75.22 53.45 44.22 42.48
Noncurrent operating lease liabilities 8.42 8.94 8.04 9.01 8.32 9.99
Deferred revenue, Lowe’s protection plans 2.94 2.93 2.75 2.52 2.18 2.26
Other liabilities 1.81 2.23 1.97 1.75 2.12 1.80
Noncurrent liabilities 89.50% 98.76% 87.97% 66.73% 56.85% 56.54%
Total liabilities 133.02% 136.01% 132.61% 110.79% 96.93% 95.00%
Preferred stock, $5 par value, issued and outstanding: none 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $.50 par value 0.65 0.69 0.69 0.75 0.78 0.97
Capital in excess of par value 0.00 0.00 0.00 0.00 0.19 0.00
Retained earnings (accumulated deficit) -34.33 -37.41 -34.00 -11.46 2.39 4.38
Accumulated other comprehensive income (loss) 0.67 0.72 0.70 -0.08 -0.29 -0.34
Shareholders’ equity (deficit) -33.02% -36.01% -32.61% -10.79% 3.07% 5.00%
Total liabilities and shareholders’ equity (deficit) 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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.