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
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).
The analysis of the financial data reveals several notable trends and shifts in the company's asset composition over the examined periods.
- Cash and Cash Equivalents
- This category experienced significant fluctuation, reaching a peak of 4,690 million US$ in 2021, which marks a substantial increase from 716 million US$ in 2020. However, this figure declined sharply in 2022, followed by modest increases in the subsequent years, ending at 1,761 million US$ in 2025. This pattern may indicate episodic capital inflows or liquidity adjustments aligned with operational needs or investment activities.
- Short-term Investments
- Short-term investments showed an overall gradual rise, increasing from 160 million US$ in 2020 to 372 million US$ in 2025, despite minor fluctuations throughout the years, reflecting a cautious approach towards liquid asset management.
- Merchandise Inventory, Net
- This item displayed a consistent upward trend up to 2023, reaching a high of 18,532 million US$. However, this was followed by a decline in 2024 to 16,894 million US$, and a modest increase again in 2025 to 17,409 million US$, suggesting inventory optimization measures potentially responding to demand dynamics or supply chain considerations.
- Other Current Assets
- Other current assets generally declined over the period. The balance dropped from 1,263 million US$ in 2020 to 816 million US$ in 2025, indicating a contraction or reclassification of such assets within current assets.
- Current Assets
- Current assets as a whole followed a fluctuating pattern, peaking in 2021 at 22,326 million US$ and then decreasing to 19,071 million US$ in 2024 before a slight recovery to 20,358 million US$ in 2025. This aligns with the variation seen in cash, short-term investments, and inventories, and suggests active management of working capital.
- Property, Less Accumulated Depreciation
- Property assets remained relatively stable, with a slight decline from 18,669 million US$ in 2020 to approximately 17,649 million US$ in 2025. This stability may reflect ongoing asset replacement or depreciation balanced by capital expenditures.
- Operating Lease Right-of-Use Assets
- These assets decreased from 3,891 million US$ in 2020 to 3,518 million US$ in 2023 but slightly increased thereafter to 3,738 million US$ by 2025, indicating modest adjustments in lease arrangements or valuations.
- Long-term Investments
- Long-term investments presented a fluctuating but overall modest upward trajectory, moving from 372 million US$ in 2020 down to 121 million US$ in 2023 then rising again to 277 million US$ in 2025. This volatility could suggest changes in strategic investment activities.
- Deferred Income Taxes, Net
- Deferred income taxes showed variability, with values ranging from 216 million US$ in 2020, peaking at 340 million US$ in 2021, and stabilizing near 240 million US$ in recent years. This fluctuation may correspond with changing tax positions or timing differences in income recognition.
- Other Assets
- Other assets diminished from 1,005 million US$ in 2020 to 836 million US$ in 2025, signifying a slight reduction in miscellaneous noncurrent assets.
- Noncurrent Assets
- Noncurrent assets maintained a fairly consistent level around 22,000 to 24,500 million US$ from 2020 through 2025, with a noticeable dip to 22,266 million US$ in 2023, reflecting stability in long-term asset investment and depreciation impacts.
- Total Assets
- Total assets peaked at 46,735 million US$ in 2021 but showed a downward trend thereafter, falling to 41,795 million US$ in 2024, followed by a partial recovery to 43,102 million US$ in 2025. This overall pattern suggests a contraction phase after 2021, possibly due to asset disposals, depreciation, or strategic portfolio realignment.