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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Lowe’s Cos. Inc. pages available for free this week:
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Analysis of Revenues
- Aggregate Accruals
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Lowe’s Cos. Inc., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2026-01-30), 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).
The income statement reveals a complex performance trajectory over the six-year period. Net sales initially increased from 2021 to 2022, peaking at US$96.25 billion, before experiencing a decline in 2023 and a more substantial decrease in 2024 to US$86.377 billion. This downward trend in net sales continues into 2025, with a slight recovery projected for 2026.
Gross margin generally followed the trend of net sales, increasing through 2023 and then declining alongside sales revenue. While cost of sales increased in absolute terms from 2021 to 2023, the decrease in 2024 suggests some cost control measures were implemented, though not enough to offset the sales decline. Selling, general and administrative expenses also decreased significantly in 2024, contributing to improved operating income despite lower sales.
- Profitability
- Operating income demonstrated volatility, rising from US$9.647 billion in 2021 to a high of US$12.093 billion in 2022, then decreasing to US$10.159 billion in 2023. A subsequent increase to US$11.557 billion in 2024 was followed by a slight decline in 2025 and a further decrease in 2026. Net earnings mirrored this pattern, peaking at US$8.442 billion in 2022 and declining to US$6.654 billion by 2026. The presence of a significant loss on extinguishment of debt in 2021 impacted pre-tax earnings for that year.
- Interest Expense and Income
- Interest expense consistently increased over the period, rising from US$872 million in 2021 to US$1.527 billion in 2026. While interest income also increased, it did not fully offset the rising interest expense, resulting in a growing net interest cost. The increase in interest income in 2025 and 2026 is notable, but insufficient to counter the larger rise in interest expense.
- Tax Rate
- The income tax provision remained relatively stable as a percentage of pre-tax earnings, fluctuating between approximately 24% and 30% throughout the period. This suggests a consistent effective tax rate despite changes in pre-tax income.
Overall, the financial performance demonstrates initial growth followed by a period of decline and stabilization. The decrease in net sales from 2022 onwards is a key concern, although cost management efforts in 2024 partially mitigated the impact on operating income. The increasing interest expense represents a growing financial burden, and continued monitoring of both revenue trends and expense control will be crucial for future performance.