Income Statement
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: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
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Lowe’s Cos. Inc., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).
- Net Sales
- Net sales showed a steady increase from 2020 through 2023, peaking at 97,059 million US dollars in 2023. However, there was a noticeable decline in 2024 to 86,377 million and a further slight drop in 2025 to 83,674 million, indicating a contraction in sales after several years of growth.
- Cost of Sales
- Cost of sales mirrored the trend in net sales, rising from 49,205 million in 2020 to a peak of 64,802 million in 2023. Subsequently, costs declined to 57,533 million in 2024 and 55,797 million in 2025, in line with the reduction in sales volumes.
- Gross Margin
- Gross margin increased consistently from 22,943 million in 2020 to 32,257 million in 2023, but subsequently decreased to 28,844 million in 2024 and further to 27,877 million in 2025. This decline in gross margin reflects the relationship between sales and cost reductions and may imply narrowed profitability at the gross level in the latter years.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses rose steadily from 15,367 million in 2020, peaking at 20,332 million in 2023. There was a marked decrease in 2024 to 15,570 million, and this level remained relatively stable into 2025 at 15,682 million, indicating cost control measures or efficiency improvements after 2023.
- Depreciation and Amortization
- Depreciation and amortization expenses increased gradually over the period, from 1,262 million in 2020 to 1,766 million in 2023, then slightly decreasing to 1,717 million in 2024 and 1,729 million in 2025, reflecting consistent investment and asset base maintenance.
- Total Expenses
- Total expenses followed a pattern similar to SG&A and depreciation expenses, increasing from 16,629 million in 2020 to a peak of 22,098 million in 2023, before declining to 17,287 million in 2024 and stabilizing at 17,411 million in 2025, suggesting improved expense management after 2023 despite prior increases.
- Operating Income
- Operating income grew significantly from 6,314 million in 2020 to a high of 12,093 million in 2022 before dropping to 10,159 million in 2023. It rebounded to 11,557 million in 2024 but declined again to 10,466 million in 2025. Overall, operating income shows variability with a peak in 2022 and some instability thereafter.
- Net Interest
- Net interest expense increased from 691 million in 2020 to a peak of 1,382 million in 2024 before slightly decreasing to 1,313 million in 2025. This trend indicates rising financing costs over the period, although the interest income component grew notably from 27 million in 2020 to 159 million in 2025, partially offsetting interest expenses.
- Loss on Extinguishment of Debt
- A significant one-time loss of 1,060 million was recorded in 2021 related to extinguishment of debt. No similar losses were reported in other periods, indicating a discrete financial event that year.
- Pre-tax Earnings
- Pre-tax earnings increased substantially from 5,623 million in 2020 to a peak of 11,208 million in 2022, then declined to 9,036 million in 2023. There was a partial recovery to 10,175 million in 2024, followed by a decrease to 9,153 million in 2025, reflecting fluctuations in operating performance and higher interest expenses.
- Income Tax Provision
- The income tax provision rose from 1,342 million in 2020 to 2,766 million in 2022, then decreased gradually to 2,449 million in 2024 and 2,196 million in 2025, consistent with changes in pre-tax earnings and tax obligations.
- Net Earnings
- Net earnings exhibited growth from 4,281 million in 2020 to 8,442 million in 2022. A decline followed in 2023 to 6,437 million, partially recovered in 2024 to 7,726 million, and then decreased to 6,957 million in 2025. The overall pattern suggests increasing profitability up to 2022, followed by some volatility and modest decreases in subsequent years.