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:	Jul 31, 2026	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	25,956)	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	(17,379)	(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	8,577)	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	(4,456)	(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	(572)	(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	(5,028)	(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	3,549)	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	(374)	(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	3,175)	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	(776)	(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	2,399)	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)

Revenue patterns exhibit pronounced seasonality, with consistent quarterly peaks typically occurring in the second and third quarters of the year. Net sales generally fluctuate between a floor of approximately $18.5 billion and a ceiling of $27.6 billion. While there are periodic variations, the long-term revenue trajectory remains relatively stable, with recent quarters in 2025 and 2026 continuing this cyclic behavior.

Gross Profitability: Gross margins have remained consistent as a percentage of net sales over the observed period, generally maintaining a stable ratio. This suggests a consistent pricing strategy and a steady relationship between sales volume and the cost of goods sold, regardless of the seasonal fluctuations in total revenue.
Operating Expense Trends: Selling, general, and administrative expenses showed relative stability for several years, though a significant spike was observed in October 2022. Simultaneously, depreciation and amortization expenses demonstrate a steady upward trend, increasing from $326 million in May 2020 to $572 million by July 2026, which indicates ongoing capital investment in long-term assets.
Operating Income and Volatility: Operating income closely mirrors the seasonality of sales, typically reaching its highest levels in the July quarters. A notable contraction occurred in October 2022, where operating income dropped to $924 million, coinciding with the aforementioned peak in administrative expenses. Recovery followed in subsequent quarters, returning to a normalized seasonal range.
Non-Operating Impacts and Net Earnings: Net earnings are influenced by seasonal operating performance and specific non-recurring events. A substantial loss on the extinguishment of debt in October 2020 significantly reduced pre-tax earnings for that specific period. Furthermore, net interest expenses have trended higher over the long term, rising from the $200 million range in 2020 to a range between $300 million and $400 million by 2026.

Overall, the financial data reflects a business with stable gross margins and predictable seasonal revenue cycles, though bottom-line results have been periodically impacted by rising interest costs, increasing depreciation, and isolated non-operating losses.

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Lowe’s Cos. Inc. (NYSE:LOW)

Income StatementQuarterly Data

Income Statement
Quarterly Data