Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Lowe’s Cos. Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	May 2, 2025	Jan 31, 2025	Nov 1, 2024	Aug 2, 2024	May 3, 2024	Feb 2, 2024	Nov 3, 2023	Aug 4, 2023	May 5, 2023	Feb 3, 2023	Oct 28, 2022	Jul 29, 2022	Apr 29, 2022	Jan 28, 2022	Oct 29, 2021	Jul 30, 2021	Apr 30, 2021	Jan 29, 2021	Oct 30, 2020	Jul 31, 2020	May 1, 2020	Jan 31, 2020	Nov 1, 2019	Aug 2, 2019	May 3, 2019
Net sales	20,930)	18,554)	20,170)	23,586)	21,364)	18,603)	20,471)	24,956)	22,347)	22,445)	23,479)	27,476)	23,659)	21,340)	22,918)	27,570)	24,422)	20,311)	22,309)	27,302)	19,675)	16,027)	17,388)	20,992)	17,741)
Cost of sales	(13,944)	(12,458)	(13,374)	(15,691)	(14,274)	(12,576)	(13,580)	(16,557)	(14,820)	(15,189)	(15,661)	(18,343)	(15,609)	(14,313)	(15,331)	(18,258)	(16,292)	(13,856)	(15,009)	(17,998)	(13,162)	(11,045)	(11,748)	(14,252)	(12,160)
Gross margin	6,986)	6,096)	6,796)	7,895)	7,090)	6,027)	6,891)	8,399)	7,527)	7,256)	7,818)	9,133)	8,050)	7,027)	7,587)	9,312)	8,130)	6,455)	7,300)	9,304)	6,513)	4,982)	5,640)	6,740)	5,581)
Selling, general and administrative	(4,046)	(3,821)	(3,827)	(4,025)	(4,009)	(3,899)	(3,761)	(4,086)	(3,824)	(5,131)	(6,443)	(4,455)	(4,303)	(4,741)	(4,373)	(4,693)	(4,494)	(4,540)	(4,770)	(5,020)	(4,196)	(3,685)	(3,772)	(4,048)	(3,862)
Depreciation and amortization	(446)	(445)	(433)	(423)	(428)	(441)	(434)	(427)	(415)	(421)	(451)	(449)	(445)	(437)	(425)	(409)	(391)	(391)	(355)	(327)	(326)	(339)	(310)	(311)	(302)
Expenses	(4,492)	(4,266)	(4,260)	(4,448)	(4,437)	(4,340)	(4,195)	(4,513)	(4,239)	(5,552)	(6,894)	(4,904)	(4,748)	(5,178)	(4,798)	(5,102)	(4,885)	(4,931)	(5,125)	(5,347)	(4,522)	(4,024)	(4,082)	(4,359)	(4,164)
Operating income	2,494)	1,830)	2,536)	3,447)	2,653)	1,687)	2,696)	3,886)	3,288)	1,704)	924)	4,229)	3,302)	1,849)	2,789)	4,210)	3,245)	1,524)	2,175)	3,957)	1,991)	958)	1,558)	2,381)	1,417)
Interest, net	(337)	(327)	(317)	(317)	(352)	(347)	(345)	(341)	(349)	(321)	(295)	(264)	(243)	(235)	(223)	(216)	(211)	(203)	(221)	(219)	(205)	(183)	(177)	(169)	(162)
Loss on extinguishment of debt	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1,060)	—)	—)	—)	—)	—)	—)
Pre-tax earnings	2,157)	1,503)	2,219)	3,130)	2,301)	1,340)	2,351)	3,545)	2,939)	1,383)	629)	3,965)	3,059)	1,614)	2,566)	3,994)	3,034)	1,321)	894)	3,738)	1,786)	775)	1,381)	2,212)	1,255)
Income tax provision	(516)	(379)	(524)	(747)	(546)	(320)	(578)	(872)	(679)	(425)	(475)	(973)	(726)	(407)	(670)	(976)	(713)	(343)	(202)	(910)	(449)	(265)	(332)	(536)	(209)
Net earnings	1,641)	1,124)	1,695)	2,383)	1,755)	1,020)	1,773)	2,673)	2,260)	958)	154)	2,992)	2,333)	1,207)	1,896)	3,018)	2,321)	978)	692)	2,828)	1,337)	510)	1,049)	1,676)	1,046)

Net Sales Trend: The net sales exhibited considerable volatility over the reported quarters, with values fluctuating between approximately $16 billion and $27 billion. Sales increased notably during the mid-2020 period, peaking around $27 billion, followed by periods of decline and subsequent moderate recovery. The general pattern indicates seasonal and cyclical impacts, with no consistent long-term upward or downward trend.
Cost of Sales Analysis: Cost of sales closely followed the movements in net sales, ranging from about $11 billion to $18 billion. An increase in cost of sales was observed during peaks in net sales, particularly in mid-2020 and late 2021 to early 2022 periods. The cost structure appears relatively stable as a proportion of sales, though some periods suggest slight compression of gross margins.
Gross Margin Observations: Gross margin fluctuated widely, with the lowest margins around $5 billion and the highest reaching above $9 billion. Margins improved significantly during mid-2020 and mid-2021, coinciding with higher sales volumes. However, a decline is noticeable in several more recent quarters, indicating possible margin pressure or increased cost challenges.
Selling, General, and Administrative (SG&A) Expenses: SG&A expenses consistently ranged from $3.8 billion to $6.4 billion, showing some spikes such as in late 2022 where a significant increase is visible. Despite fluctuations, expenses generally moved upward in line with sales expansions, except for occasional steep rises, which may reflect increased investments or extraordinary costs.
Depreciation and Amortization: Depreciation and amortization expenses remained relatively stable across the periods, averaging approximately $400 million per quarter. Slight upward movements are identified over time, correlating potentially with capital expenditures or asset base growth.
Total Expenses: Total expenses mirrored the trends in SG&A and depreciation, spanning from about $4 billion to nearly $7 billion in peak quarters. The sharp increases in expenses during specific quarters suggest episodic cost events, which impacted operating profitability.
Operating Income: Operating income presented substantial variability, ranging from under $1 billion to over $4 billion in some quarters. Notably, it surged in mid-2020 and again in early to mid-2021, aligned with increased sales and improved gross margins. However, subsequent quarters reflect a reduction in operating income, indicating margin pressures or increased costs.
Interest, Net: Interest expenses showed a gradual increase over time, moving from approximately $160 million to around $340 million per quarter in more recent periods. This upward trend suggests rising debt servicing costs or increased borrowing.
Loss on Extinguishment of Debt: A singular significant loss on debt extinguishment occurred in late 2020, amounting to about $1 billion. This extraordinary item temporarily affected profitability and may have influenced financing and capital structure strategies.
Pre-tax Earnings: Pre-tax earnings fluctuated extensively, with peaks exceeding $3.7 billion during the mid-2020 surge and variation around $600 million to $3.5 billion in other quarters. The losses or low earnings in some quarters indicate episodic challenges, possibly related to operational or financial factors.
Income Tax Provision: Income tax provisions correlated with pre-tax earnings, ranging from approximately $200 million to nearly $1 billion. Increased tax charges follow higher earnings periods, consistent with profit levels, but fluctuations indicate variable effective tax rates or deferred tax considerations.
Net Earnings Analysis: Net earnings showed a broad range of values, from a low near $150 million to highs above $3 billion. The most pronounced earnings occurred during mid-2020 and early 2021, reflecting strong operating performance. In contrast, recent quarters reveal diminished net earnings, implying constrained profitability amid sales and cost challenges.

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Lowe’s Cos. Inc. (NYSE:LOW)

Income Statement Quarterly Data

Income Statement
Quarterly Data