Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Lowe’s Cos. Inc., consolidated balance sheet: assets

US$ in millions

	Jan 30, 2026	Jan 31, 2025	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021
Cash and cash equivalents	982)	1,761)	921)	1,348)	1,133)	4,690)
Short-term investments	370)	372)	307)	384)	271)	506)
Receivables, net	1,090)	94)	—)	—)	—)	—)
Merchandise inventory, net	17,300)	17,409)	16,894)	18,532)	17,605)	16,193)
Other current assets	1,213)	722)	949)	1,178)	1,051)	937)
Current assets	20,955)	20,358)	19,071)	21,442)	20,060)	22,326)
Property, less accumulated depreciation	18,362)	17,649)	17,653)	17,567)	19,071)	19,155)
Operating lease right-of-use assets	4,303)	3,738)	3,733)	3,518)	4,108)	3,832)
Long-term investments	319)	277)	252)	121)	199)	200)
Deferred income taxes, net	—)	244)	248)	250)	164)	340)
Goodwill	3,945)	311)	311)	—)	—)	—)
Intangible assets, net	5,908)	277)	—)	—)	—)	—)
Other assets	352)	248)	527)	810)	1,038)	882)
Noncurrent assets	33,189)	22,744)	22,724)	22,266)	24,580)	24,409)
Total assets	54,144)	43,102)	41,795)	43,708)	44,640)	46,735)

Based on: 10-K (reporting date: 2026-01-30), 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).

Total assets experienced a fluctuating pattern over the observed period. Beginning at US$46,735 million in January 2021, they decreased to US$44,640 million in January 2022, then continued a downward trend to US$41,795 million in February 2024. A significant increase is then observed, reaching US$54,144 million by January 2026.

Current Assets: Current assets demonstrated volatility throughout the period, ranging from US$19,071 million to US$22,326 million. A general decline was noted between 2021 and 2024, followed by a recovery and subsequent increase to US$20,955 million in January 2026. Within current assets, cash and cash equivalents exhibited a substantial decrease from US$4,690 million in 2021 to US$921 million in 2024, with a partial recovery to US$1,761 million in 2025. Merchandise inventory remained relatively stable, fluctuating between US$16,193 million and US$18,532 million, before decreasing to US$16,894 million in 2023 and stabilizing around US$17,400 million in subsequent years. Receivables, net, were not reported for the initial years but increased significantly to US$1,090 million by January 2026.
Noncurrent Assets: Noncurrent assets generally remained between US$22,266 million and US$24,580 million from 2022 to 2024. However, a substantial increase to US$33,189 million is observed by January 2026. This increase is largely attributable to significant growth in Goodwill and Intangible assets, net, which were not reported in earlier periods but reached US$3,945 million and US$5,908 million respectively by January 2026. Property, less accumulated depreciation, experienced a slight decrease between 2021 and 2023, followed by relative stability and a modest increase to US$18,362 million in 2026. Operating lease right-of-use assets remained relatively consistent, fluctuating between US$3,518 million and US$4,303 million.
Investments & Other Assets: Short-term investments showed a decrease from US$506 million in 2021 to US$271 million in 2022, followed by a slight recovery and stabilization around US$370 million. Long-term investments experienced a similar pattern, with a slight increase to US$319 million by January 2026. Other assets demonstrated some fluctuation, with a decrease from US$1,038 million in 2022 to US$527 million in 2024, and a subsequent increase to US$352 million in 2026. Deferred income taxes, net, decreased from US$340 million in 2021 to US$164 million in 2022, then stabilized around US$250 million before becoming unreported in 2026.

The significant increase in total assets between February 2024 and January 2026 appears to be driven primarily by the recognition of Goodwill and Intangible assets, net, suggesting potential acquisitions or internal development of intangible value. The fluctuations in cash and cash equivalents warrant further investigation to understand the underlying cash flow dynamics.

Lowe’s Cos. Inc. (NYSE:LOW)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items