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:	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	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	(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	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	(4,410)	(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	(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	(4,973)	(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	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	(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	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	(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	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)

Net sales exhibited considerable volatility throughout the observed period. Initial growth from May 2020 to July 2020 was followed by a decline, then a resurgence in the subsequent periods. Sales peaked in July 2021 and July 2022, before demonstrating a consistent downward trend through February 2024. A slight recovery is observed in the later periods, but sales remain below the peak levels. Cost of sales generally mirrored the trend in net sales, resulting in fluctuating gross margins.

Gross margin demonstrated a similar pattern of fluctuation, peaking in July 2021 and July 2022. While generally remaining positive, the margin experienced compression in the latter half of the period, indicating potential pressures on pricing or increased production costs. Selling, general and administrative expenses increased over time, with a significant jump observed in the October 2022 period, potentially impacting overall profitability.

Profitability Analysis: Operating income followed a similar trajectory to gross margin, peaking in July 2021 and July 2022, and then declining. The significant increase in selling, general and administrative expenses in late 2022 contributed to a substantial decrease in operating income during that period. Net earnings mirrored the trend in operating income, with a notable decline in the latter part of the observed timeframe. The impact of interest expenses and income tax provision consistently reduced net earnings.

A substantial loss on extinguishment of debt was recorded in October 2020, significantly impacting pre-tax earnings for that quarter. Interest expenses remained relatively stable, though with a slight upward trend, consistently reducing pre-tax earnings. The income tax provision fluctuated alongside pre-tax earnings, impacting the final net earnings figure.

Expense Trends: Depreciation and amortization expenses exhibited a consistent, gradual increase throughout the period. Total expenses, encompassing selling, general and administrative, depreciation, and other costs, generally increased over time, contributing to the pressure on operating income. The spike in expenses during October 2022 significantly reduced profitability.

The period from May 2023 to August 2024 shows a slight stabilization in net sales and a corresponding moderation in the decline of operating income. However, the November 2024 and subsequent periods indicate renewed downward pressure on sales and earnings. The final periods show a slight recovery, but overall performance remains below earlier peaks.

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Lowe’s Cos. Inc. (NYSE:LOW)

Income Statement Quarterly Data

Income Statement
Quarterly Data