Lowe’s Cos. Inc. (NYSE:LOW)

Total assets

The total assets show a fluctuating trend over the six-year period. Starting at 39,471 million USD in early 2020, the total assets increased significantly to 46,735 million USD by early 2021. Following this peak, a downward trend is observable through early 2024, with total assets decreasing each year to a low of 41,795 million USD. In the most recent period, there is a modest rebound to 43,102 million USD.

Adjusted total assets

The adjusted total assets follow a similar pattern to total assets, which indicates consistent valuation adjustments. The values begin at 39,255 million USD in early 2020 and rise to 46,395 million USD by early 2021. Subsequently, adjusted total assets decline gradually over the next three years, reaching 41,547 million USD in early 2024. In the most recent period, there is a slight increase to 42,858 million USD.

General insights

The considerable increase in both total and adjusted total assets from 2020 to 2021 may reflect expansion, acquisitions, or an increase in asset valuations. The subsequent decline from 2021 through early 2024 suggests a de-escalation in asset base size or possible divestitures. The partial recovery in early 2025 indicates stabilization or modest growth following this period of contraction. The close alignment between total assets and adjusted total assets underscores consistent asset valuation and accounting methodologies.

The analysis of current liabilities and adjusted current liabilities over the examined periods reveals fluctuating trends.

Current Liabilities

Current liabilities increased consistently from US$15,182 million in 2020 to a peak of US$19,668 million in 2022, indicating a growing short-term obligation during this timeframe. Subsequently, the figure slightly declined to US$19,511 million in 2023, followed by a sharp decrease to US$15,568 million in 2024. The liabilities rose again to US$18,757 million in 2025, suggesting variability and potentially changing operational or financial strategies affecting short-term obligations.

Adjusted Current Liabilities

Adjusted current liabilities exhibit a similar pattern to current liabilities, rising from US$13,963 million in 2020 to US$17,754 million in 2022. The adjusted figures then show a slight increase to US$17,908 million in 2023 before decreasing significantly to US$14,160 million in 2024. In 2025, adjusted current liabilities increased again to US$17,399 million. This trend closely mirrors that of the reported current liabilities but on a slightly lower scale due to adjustments made.

Overall, both current liabilities and adjusted current liabilities depict an upward trend until 2022, followed by variability and pronounced decreases in 2024 before partial rebounds in 2025. These fluctuations may reflect changes in the company's working capital management, liquidity needs, or responses to external economic conditions over the analyzed period.

The financial data reveals an observable increase in both total liabilities and adjusted total liabilities over the six-year period from January 31, 2020, through January 31, 2025. This suggests an overall rise in the company's financial obligations, although there are subtle variations in the growth patterns of these two related measures.

Total liabilities

Initially, total liabilities stood at approximately $37.5 billion in early 2020. There was a notable increase in 2021, reaching roughly $45.3 billion, followed by a steady upward trend to about $49.5 billion in early 2022. The figure fluctuated somewhat in subsequent years, peaking near $57.9 billion in early 2023. A slight decline was observed in 2024, falling to approximately $56.8 billion, before rebounding marginally to $57.3 billion by the start of 2025. This indicates a substantial cumulative increase over the period, with an overall upward trajectory despite minor year-to-year fluctuations.

Adjusted total liabilities

Adjusted total liabilities followed a similar trajectory but consistently registered lower values than total liabilities, implying some items are excluded or adjusted. Starting at approximately $35.4 billion in 2020, these liabilities increased to about $42.7 billion in 2021, then to roughly $46.4 billion in 2022. Thereafter, adjusted liabilities rose to $55.2 billion in 2023, exhibiting accelerated growth relative to previous years. A small decrease to about $54.2 billion occurred in 2024, followed by a modest increase to $54.7 billion in 2025. The adjustments appear to dampen the overall volatility seen in total liabilities, although the general trend remains upward.

Overall, the escalating total liabilities and their adjusted counterparts suggest increased leveraging or heightened financial commitments over the timeframe, which might reflect strategic financing activities, expansion efforts, or changes in operational scale. The close alignment in movement between total and adjusted totals indicates that the adjustments applied do not significantly alter the interpretation of the underlying liability trends. The slight dips observed in 2024 might point to periods of liability management or de-leveraging efforts, but the return to higher levels by 2025 reinforces the ongoing upward trend.

The financial data reveals a significant and concerning downward trend in both the shareholders' equity and adjusted shareholders' equity over the six-year period examined.

Shareholders’ Equity (Deficit)

Initially, the shareholders' equity was positive at $1,972 million in early 2020. However, it declined sharply in the subsequent years, dropping to $1,437 million in early 2021. The company then experienced a substantial shift into negative equity starting in early 2022, recording a deficit of $4,816 million. This negative trend worsened markedly in 2023 and 2024, reaching deficits of $14,254 million and $15,050 million respectively. By early 2025, the deficit slightly improved but remained significantly negative at $14,231 million. This trajectory points to a deepening erosion of the company’s net asset base over time.

Adjusted Shareholders’ Equity (Deficit)

The adjusted shareholders' equity also followed a downward trajectory but showed relatively less volatility compared to the raw equity figures. It started at $3,869 million in early 2020 and slightly decreased to $3,724 million in early 2021. The subsequent years saw a transition into negative adjusted equity, with a deficit of $1,939 million in early 2022. The deficit deepened considerably in 2023 and 2024, reaching $11,700 million and $12,665 million respectively. In early 2025, the adjusted equity deficit slightly narrowed to $11,849 million. This adjusted measure still highlights a pronounced decline in shareholders’ equity, albeit with a less severe negative impact than the unadjusted figures.

Overall, the data indicates a persistent deterioration of the company’s equity position, transitioning from a stable positive equity stance to a substantial and sustained deficit status. This pattern suggests challenges in maintaining capital adequacy and may raise concerns regarding the company's financial stability and solvency over the period analyzed.

The financial data reveals several notable trends in the company’s capital structure and equity position over the analyzed periods.

Total Reported Debt

There is a consistent increase in total reported debt from 19,306 million US dollars in early 2020 to a peak of 35,921 million US dollars in early 2024, followed by a slight reduction to 35,487 million US dollars in early 2025. This indicates a steady accumulation of debt over the years with a minor reduction at the end of the period.

Shareholders’ Equity (Deficit)

Shareholders’ equity shows a declining trend starting from a positive 1,972 million US dollars in 2020 to a negative 4,816 million US dollars in 2022, with the deficit further deepening to nearly -15,050 million US dollars in 2024. There is a slight improvement in early 2025, but equity remains substantially negative at -14,231 million US dollars. This signifies increasing net liabilities exceeding shareholders’ equity, reflecting deteriorating financial stability from an equity perspective.

Total Reported Capital

The total reported capital fluctuates, peaking initially at 23,217 million US dollars in 2021 then declining to a low of 19,706 million US dollars in 2023, before slightly recovering to 21,256 million US dollars in 2025. This pattern suggests volatility in the company's combined debt and equity base, largely influenced by the negative equity changes.

Adjusted Total Debt

A similar steady growth pattern is noted in adjusted total debt, rising from 23,750 million US dollars in 2020 to 40,145 million US dollars in 2024, with a small decrease to 39,678 million US dollars in 2025. This confirms the trend of increasing leverage after adjusting for certain factors beyond the reported debt.

Adjusted Shareholders’ Equity (Deficit)

The adjusted shareholders’ equity also follows a downward trend, starting at a positive 3,869 million US dollars in 2020, turning negative in 2022 at -1,939 million US dollars, and deepening the deficit through 2023 and 2024 to around -12,665 million US dollars, with a marginal recovery to -11,849 million US dollars in 2025. This indicates that even after adjustments, the company’s equity position is significantly negative, underscoring financial challenges.

Adjusted Total Capital

The adjusted total capital peaks at 29,935 million US dollars in 2021, then declines steadily to 26,294 million US dollars in 2023, followed by a moderate increase to 27,829 million US dollars in 2025. This reflects fluctuations similar to those observed in reported capital but at a higher absolute level due to the adjustments applied.

Overall, the data points to an increasing reliance on debt financing accompanied by a weakening equity position, as evidenced by the growing negative shareholders’ equity values. The persistent negative equity suggests that liabilities exceed assets over the latter years, which could impact the company’s financial flexibility and risk profile. The slight improvements noted in 2025 may indicate early signs of stabilization but do not yet reverse the underlying trends observed during the earlier periods.

The financial data indicates varying trends in net sales and adjusted net sales over the six-year period.

Net Sales

Net sales increased substantially from US$72,148 million in 2020 to a peak of US$97,059 million in 2023. This represents a notable growth over the first four years. However, after 2023, net sales declined, falling to US$86,377 million in 2024 and further to US$83,674 million in 2025. Overall, the early period shows robust growth followed by a contraction in the last two years.

Adjusted Net Sales

Adjusted net sales follow a trend closely aligned with net sales, starting at US$72,135 million in 2020 and reaching a high of US$96,822 million in 2023. The adjustment appears to have a minor impact, as values remain very close to net sales figures throughout. After 2023, adjusted net sales also declined, reaching US$86,206 million in 2024 and US$83,667 million in 2025, mirroring the downward trend seen in net sales.

In summary, the data shows a strong upward trend in sales during the initial years, peaking in 2023, followed by a decrease in both net sales and adjusted net sales in the subsequent years. The consistent closeness between net sales and adjusted net sales suggests that adjustments made to sales figures had minimal effect on overall trends.

The financial data reveals fluctuations in both net earnings and adjusted net earnings over the examined period.

Net earnings

The net earnings show an overall upward trend from 4,281 million US dollars in early 2020 to a peak of 8,442 million in early 2022. This represents a substantial growth phase. However, following this peak, net earnings declined to 6,437 million in early 2023, which is a significant reduction. Despite this decrease, earnings recovered somewhat to 7,726 million in early 2024 before declining again to 6,957 million in early 2025. Thus, the data indicates a pattern of robust initial growth, followed by volatility and some contraction in recent years.

Adjusted net earnings

Adjusted net earnings also increased markedly from 4,480 million US dollars in early 2020 to 9,096 million in early 2022, exceeding the growth seen in net earnings. Similar to net earnings, adjusted net earnings experienced a notable drop to 6,355 million in early 2023. They then increased to 7,553 million in early 2024 but fell again to 6,946 million in early 2025. This pattern parallels that of net earnings, reflecting periods of strong profit growth followed by declines and partial recoveries.

Overall, both net earnings and adjusted net earnings illustrate a cyclical trend with a peak around early 2022, followed by declines and moderate rebound attempts. These fluctuations could suggest underlying variability in operational performance, market conditions, or other external factors influencing profitability during these years.