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 1, 2026	Jan 30, 2026	Oct 31, 2025	Aug 1, 2025	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
Net sales	23,078)	20,584)	20,813)	23,959)	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)
Cost of sales	(15,535)	(13,902)	(13,697)	(15,858)	(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)
Gross margin	7,543)	6,682)	7,116)	8,101)	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)
Selling, general and administrative	(4,423)	(4,410)	(4,160)	(4,175)	(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)
Depreciation and amortization	(566)	(563)	(475)	(457)	(446)	(445)	(433)	(423)	(428)	(441)	(434)	(427)	(415)	(421)	(451)	(449)	(445)	(437)	(425)	(409)	(391)	(391)	(355)	(327)	(326)
Expenses	(4,989)	(4,973)	(4,635)	(4,632)	(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)
Operating income	2,554)	1,709)	2,481)	3,469)	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)
Interest, net	(399)	(404)	(352)	(313)	(337)	(327)	(317)	(317)	(352)	(347)	(345)	(341)	(349)	(321)	(295)	(264)	(243)	(235)	(223)	(216)	(211)	(203)	(221)	(219)	(205)
Loss on extinguishment of debt	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1,060)	—)	—)
Pre-tax earnings	2,155)	1,305)	2,129)	3,156)	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)
Income tax provision	(527)	(306)	(513)	(758)	(516)	(379)	(524)	(747)	(546)	(320)	(578)	(872)	(679)	(425)	(475)	(973)	(726)	(407)	(670)	(976)	(713)	(343)	(202)	(910)	(449)
Net earnings	1,628)	999)	1,616)	2,398)	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)

The financial performance across the analyzed period exhibits significant seasonality and a general normalization of revenue following a period of accelerated growth. Net sales consistently peak in the second and third quarters of each fiscal year, reflecting the cyclical nature of the home improvement industry. While the period between 2020 and 2022 saw peak quarterly revenues exceeding 27 billion USD, subsequent periods show a stabilizing trend with peak revenues centering between 23 billion and 24 billion USD.

Revenue and Gross Margin Trends: Net sales show a cyclical pattern with recurring peaks in July and troughs in January/February. Gross margin closely tracks this revenue volatility, maintaining a relatively consistent percentage of sales. However, a gradual contraction in absolute gross margin values is observable from the 2021 peak through 2026, mirroring the broader trend in net sales normalization.
Operating Expense Analysis: Selling, general, and administrative expenses remained relatively stable between 4 billion and 5 billion USD for most of the period, with a notable anomaly in October 2022 where expenses spiked to 6.4 billion USD, significantly compressing operating income for that quarter. Depreciation and amortization costs exhibit a steady long-term increase, rising from approximately 326 million USD in May 2020 to over 560 million USD by May 2026, suggesting continued investment in infrastructure or asset acquisition.
Operating Income and Profitability: Operating income is highly volatile, heavily influenced by seasonal sales peaks and the aforementioned expense spike in late 2022. Despite this volatility, the company has maintained positive operating income in every quarter. Net earnings follow a similar trajectory, though they are further influenced by tax provisions and non-operating items.
Financial Obligations and Non-Operating Items: Net interest expenses demonstrate a consistent upward trend, increasing from 205 million USD in early 2020 to approximately 400 million USD by mid-2026. This indicates an increase in the cost of debt or an expansion of the company's total debt load. A significant one-time impact was recorded in October 2020, where a 1.06 billion USD loss on the extinguishment of debt substantially reduced pre-tax earnings for that period.

Overall, the data indicates a transition from a period of pandemic-driven growth to a more stable, albeit lower, revenue baseline. Profitability remains resilient, although it is increasingly pressured by rising interest expenses and a steady increase in depreciation and amortization costs.

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Lowe’s Cos. Inc. (NYSE:LOW)

Income StatementQuarterly Data

Income Statement
Quarterly Data