Stock Analysis on Net
Stock Analysis on Net

Lowe’s Cos. Inc. (NYSE:LOW)

$24.99

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Paying user area

Try for free

Lowe’s Cos. Inc. pages available for free this week:

The data is hidden behind: . Unhide it.

Get access

This is a one-time payment. There is no automatic renewal.

We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Google Pay
Visa Secure Mastercard Identity Check American Express SafeKey

Lowe’s Cos. Inc., consolidated cash flow statement

US$ in millions

Microsoft Excel
12 months ended: Jan 30, 2026 Jan 31, 2025 Feb 2, 2024 Feb 3, 2023 Jan 28, 2022 Jan 29, 2021
Net earnings
Depreciation and amortization
Noncash lease expense
Deferred income taxes
Asset impairment and loss on property, net
(Gain) loss on sale of business
Loss on extinguishment of debt
Share-based payment expense
Merchandise inventory, net
Other operating assets
Accounts payable
Other operating liabilities
Changes in operating assets and liabilities
Adjustments to reconcile net earnings to net cash provided by operating activities
Net cash provided by operating activities
Purchases of investments
Proceeds from sale/maturity of investments
Capital expenditures
Proceeds from sale of property and other long-term assets
Acquisition of businesses, net
Proceeds from sale of business
Other, net
Net cash used in investing activities
Net change in commercial paper
Net proceeds from issuance of debt
Repayment of debt
Proceeds from issuance of common stock under share-based payment plans
Cash dividend payments
Repurchases of common stock
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year

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).

Overall cash flow performance exhibits variability across the observed period. While net cash provided by operating activities remains consistently positive, fluctuations are evident in investing and financing activities, significantly impacting the net change in cash and cash equivalents.

Operating Activities
Net cash provided by operating activities demonstrates relative stability, beginning at US$11,049 million in 2021 and fluctuating between US$8,140 million and US$9,625 million through 2025, concluding at US$9,864 million in 2026. A key driver of this cash flow is net earnings, which experienced a peak in 2022 at US$8,442 million before declining to US$6,654 million in 2026. Adjustments to reconcile net earnings to net cash provided by operating activities show a significant decrease from US$5,214 million in 2021 to US$414 million in 2023, then a substantial increase to US$3,210 million in 2026. This adjustment is heavily influenced by changes in operating assets and liabilities, particularly merchandise inventory and accounts payable, which show considerable swings throughout the period.
Investing Activities
Net cash used in investing activities is consistently negative, indicating ongoing investment. The magnitude of this cash outflow increases significantly in 2026 to US$12,264 million, largely due to an acquisition of businesses totaling US$10,088 million. Purchases of investments generally decrease from US$3,094 million in 2021 to US$1,693 million in 2026, while proceeds from sales/maturity of investments show a similar decreasing trend. Capital expenditures remain relatively stable, ranging between US$1,791 million and US$2,213 million annually.
Financing Activities
Net cash provided by (used in) financing activities is highly volatile. 2021 and 2022 show net cash outflows of US$5,191 million and US$12,016 million respectively, driven primarily by substantial repurchases of common stock. 2026 presents a significant shift, with net cash provided by financing activities reaching US$1,621 million, largely attributable to net proceeds from the issuance of debt. Cash dividend payments remain consistently negative, ranging from US$1,704 million to US$2,636 million annually. Repurchases of common stock decrease dramatically in 2025 and 2026, contributing to the positive cash flow in 2026.
Cash and Cash Equivalents
The net increase (decrease) in cash and cash equivalents fluctuates considerably. A substantial increase of US$3,974 million occurred in 2021, followed by a decrease of US$3,557 million in 2022. The trend continues with a modest increase in 2023 and a decrease in 2024, before showing a positive increase in 2025 and a decrease in 2026. Consequently, cash and cash equivalents at the end of the year vary, starting at US$4,690 million in 2021, declining to US$982 million in 2026.

The company’s cash flow profile is characterized by strong operational cash generation, offset by significant investment and financing activities. The large acquisition in 2026 substantially impacted cash flow, and the shift towards debt financing in that year suggests a strategic change in capital structure.