Stock Analysis on Net

Lowe’s Cos. Inc. (NYSE:LOW)

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

Microsoft Excel
3 months ended: 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 Feb 1, 2019 Nov 2, 2018 Aug 3, 2018 May 4, 2018 Feb 2, 2018 Nov 3, 2017 Aug 4, 2017 May 5, 2017
Net sales 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 15,646 17,415 20,888 17,360 15,494 16,770 19,495 16,860
Cost of sales (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) (10,748) (12,038) (14,003) (11,612) (10,268) (11,057) (12,825) (11,060)
Gross margin 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 4,898 5,377 6,885 5,748 5,226 5,713 6,670 5,800
Selling, general and administrative (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) (5,096) (3,997) (4,386) (3,934) (3,761) (3,808) (3,931) (3,876)
Depreciation and amortization (434) (427) (415) (421) (451) (449) (445) (437) (425) (409) (391) (391) (355) (327) (326) (339) (310) (311) (302) (369) (423) (336) (349) (367) (358) (357) (365)
Expenses (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) (5,465) (4,420) (4,722) (4,283) (4,128) (4,166) (4,288) (4,241)
Operating income 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 (567) 957 2,163 1,465 1,098 1,547 2,382 1,559
Interest, net (345) (341) (349) (321) (295) (264) (243) (235) (223) (216) (211) (203) (221) (219) (205) (183) (177) (169) (162) (158) (153) (153) (160) (153) (160) (159) (161)
Loss on extinguishment of debt (1,060) (464)
Pre-tax earnings 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 (725) 804 2,010 1,305 945 1,387 2,223 934
Income tax provision (578) (872) (679) (425) (475) (973) (726) (407) (670) (976) (713) (343) (202) (910) (449) (265) (332) (536) (209) (98) (175) (490) (317) (391) (515) (804) (332)
Net earnings 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 (823) 629 1,520 988 554 872 1,419 602

Based on: 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04), 10-K (reporting date: 2018-02-02), 10-Q (reporting date: 2017-11-03), 10-Q (reporting date: 2017-08-04), 10-Q (reporting date: 2017-05-05).

Income statement item Description The company
Net sales Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Lowe’s Cos. Inc. net sales increased from Q1 2024 to Q2 2024 but then decreased significantly from Q2 2024 to Q3 2024.
Operating income The net result for the period of deducting operating expenses from operating revenues. Lowe’s Cos. Inc. operating income increased from Q1 2024 to Q2 2024 but then decreased significantly from Q2 2024 to Q3 2024.
Pre-tax earnings Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Lowe’s Cos. Inc. pre-tax earnings increased from Q1 2024 to Q2 2024 but then decreased significantly from Q2 2024 to Q3 2024.
Net earnings The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Lowe’s Cos. Inc. net earnings increased from Q1 2024 to Q2 2024 but then decreased significantly from Q2 2024 to Q3 2024.