Stock Analysis on Net
Stock Analysis on Net

Lowe’s Cos. Inc. (NYSE:LOW)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Lowe’s Cos. Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

Microsoft Excel
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
Short-term borrowings
Current maturities of long-term debt
Current operating lease liabilities
Accounts payable
Accrued compensation and employee benefits
Deferred revenue
Other current liabilities
Current liabilities
Long-term debt, excluding current maturities
Noncurrent operating lease liabilities
Deferred income taxes, net
Deferred revenue, Lowe’s protection plans
Other liabilities
Noncurrent liabilities
Total liabilities
Preferred stock, $5 par value; issued and outstanding: none
Common stock, $0.50 par value
Capital in excess of par value
Retained earnings (accumulated deficit)
Accumulated other comprehensive income (loss)
Shareholders’ equity (deficit)
Total liabilities and shareholders’ equity (deficit)

Based on: 10-Q (reporting date: 2026-05-01), 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).

The balance sheet exhibits a significant expansion of total liabilities and a persistent deficit in shareholders' equity over the analyzed period. Total liabilities grew from 44,116 million USD in May 2020 to 64,211 million USD by May 2026, reflecting a strategic increase in leverage and a shift in the company's capital structure.

Liability Composition and Debt Trends
Long-term debt, excluding current maturities, shows a consistent upward trajectory, rising from 20,200 million USD in May 2020 to 36,751 million USD in May 2026. This indicates a heavy reliance on long-term borrowing to fund operations or capital returns. Current maturities of long-term debt exhibit high volatility, with significant peaks in early 2025, reaching 4,183 million USD in May 2025, suggesting periodic concentrations of debt refinancing or repayment.
Working Capital and Current Obligations
Current liabilities have fluctuated between 15,568 million USD and 22,892 million USD. Accounts payable remains the primary component of current liabilities, demonstrating seasonal volatility characteristic of retail operations, with a general range between 8,700 million USD and 13,900 million USD. Current operating lease liabilities have remained relatively stable, hovering between 487 million USD and 713 million USD.
Equity Deficit and Retained Earnings
A profound shift is observed in shareholders' equity, which transitioned from a positive 1,716 million USD in May 2020 to a substantial deficit. The equity position reached its lowest point of -15,147 million USD in November 2023. This deficit is primarily driven by a severe decline in retained earnings, which moved from 1,722 million USD to a peak deficit of -15,744 million USD in November 2023. The subsequent trend indicates a gradual recovery, with the deficit narrowing to -9,270 million USD by May 2026.
Other Noncurrent Obligations
Noncurrent operating lease liabilities have remained remarkably consistent, fluctuating narrowly around the 3,500 million to 4,100 million USD range. A new entry for deferred income taxes, net, appeared in late 2025, rising to 1,239 million USD by May 2026, introducing a new component to the noncurrent liability profile.

The convergence of increasing long-term debt and a sustained negative equity balance suggests an aggressive capital management strategy, likely involving significant share repurchases or dividend distributions that exceeded accumulated earnings over the multi-year period.