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:	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	Jan 31, 2020	Nov 1, 2019	Aug 2, 2019	May 3, 2019
Net sales	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)	16,027)	17,388)	20,992)	17,741)
Cost of sales	(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)	(11,045)	(11,748)	(14,252)	(12,160)
Gross margin	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)	4,982)	5,640)	6,740)	5,581)
Selling, general and administrative	(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)	(3,685)	(3,772)	(4,048)	(3,862)
Depreciation and amortization	(457)	(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	(4,632)	(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)	(4,024)	(4,082)	(4,359)	(4,164)
Operating income	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)	958)	1,558)	2,381)	1,417)
Interest, net	(313)	(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	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)	775)	1,381)	2,212)	1,255)
Income tax provision	(758)	(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	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)	510)	1,049)	1,676)	1,046)

The analyzed financial data exhibits multiple trends in revenue, cost structure, profitability, and expense management over the periods presented.

Net Sales: Net sales demonstrate a generally fluctuating pattern with a notable increase during the mid-2020 quarters, reaching peaks around July 2020 and July 2021. However, beyond these peaks, sales frequently decline or plateau, indicating volatility. More recent quarters show a moderate recovery but without surpassing the highest earlier values.
Cost of Sales: The cost of sales moves in tandem with net sales, showing rises corresponding to revenue surges, particularly in mid-2020 and mid-2021. The pattern suggests that variable costs remain significant, as increases in sales are met with proportional cost increases. Noteworthy is the sharp increase during periods of high sales, followed by declines when sales decrease.
Gross Margin: Gross margin follows the sales and cost trends but is affected by the relative movements of cost of sales. Peaks in gross margin align with periods of high sales, notably in July 2020 and July 2021. The margin demonstrates some volatility, with declines observable in quarters where sales contract or where costs increase disproportionately, indicating pressure on gross profitability.
Selling, General and Administrative Expenses (SG&A): SG&A expenses show a steady increase over time, with a significant spike observed in the October 2022 period. Although these expenses fluctuate slightly quarter to quarter, the upward trend and the large jump in late 2022 suggest increased spending on operations or restructuring. This rise impacts operating profitability in respective periods.
Depreciation and Amortization: Depreciation and amortization expenses gradually increase across the presented quarters, reflecting possible additions in fixed assets or intensified amortization schedules. The growth is relatively modest but consistent, adding a predictable expense layer to the operating costs.
Total Expenses: Total expenses mirror the increases seen in SG&A and depreciation, with the substantial rise in late 2022 causing total expenses to climb noticeably. This period's expenses surpass previous levels considerably, potentially eroding margins if not counterbalanced by sales growth.
Operating Income: Operating income experiences significant fluctuations, with considerable gains in mid-2020 and mid-2021 associated with strong sales and gross margin levels. Conversely, sharp drops occur in the October 2022 quarter, aligning with the spike in SG&A and total expenses. This volatility highlights sensitivity to changes in both revenue and cost structures.
Interest, Net: Interest expenses increase progressively over time, indicating rising debt levels or higher interest rates. The trend suggests a growing financing cost burden, which would weigh on net profitability if operating income does not compensate.
Loss on Extinguishment of Debt: A notable one-time loss occurs in October 2020, representing a significant non-recurring expense that impacts profitability specifically in that quarter. This entry suggests refinancing or debt repayment activities with associated charges.
Pre-tax Earnings: Pre-tax earnings reflect the combined effect of operating income and interest, excluding taxes. This metric fluctuates sharply, with peaks during strong operating quarters and troughs corresponding to increased interest or expense periods. The loss on extinguishment of debt noticeably suppresses earnings in late 2020.
Income Tax Provision: Income tax provision amounts vary in line with pre-tax earnings, increasing during high-profit quarters and decreasing when earnings fall. The provision's magnitude is substantial in most periods, reflecting a significant tax impact on profitability.
Net Earnings: Net earnings present a volatile but generally positive trend, with pronounced peaks coinciding with strong operational performance in mid-2020 and mid-2021. Declines in earnings notably occur alongside the expense spikes and one-time losses, particularly in late 2022. Despite fluctuations, net earnings maintain an overall capacity to generate profit throughout the periods observed.

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Lowe’s Cos. Inc. (NYSE:LOW)

Income Statement Quarterly Data

Income Statement
Quarterly Data