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.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Analysis of Revenues
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Lowe’s Cos. Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 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).
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.