Cash Flow Statement
Quarterly Data

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.

Lowe’s Cos. Inc., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	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	Jan 31, 2020	Nov 1, 2019	Aug 2, 2019	May 3, 2019
Net earnings	2,397)	1,641)	1,124)	1,696)	2,382)	1,755)	1,020)	1,773)	2,673)	2,260)	958)	154)	2,992)	2,333)	1,207)	1,895)	3,019)	2,321)	978)	692)	2,828)	1,337)	510)	1,049)	1,676)	1,046)
Depreciation and amortization	515)	507)	511)	494)	481)	486)	496)	486)	476)	465)	472)	502)	504)	503)	494)	481)	464)	443)	442)	405)	374)	373)	381)	345)	347)	337)
Noncash lease expense	136)	131)	128)	132)	129)	131)	129)	129)	133)	108)	127)	130)	138)	135)	134)	131)	128)	124)	123)	122)	118)	116)	127)	113)	114)	114)
Deferred income taxes	(56)	126)	19)	(76)	(69)	135)	33)	(50)	(79)	102)	13)	(252)	(59)	59)	39)	(14)	—)	110)	(113)	19)	(60)	46)	265)	33)	(15)	(106)
(Gain) loss on property and other assets, net	10)	20)	(6)	15)	3)	(7)	33)	27)	12)	11)	5)	2,081)	28)	4)	9)	24)	16)	(15)	25)	34)	63)	17)	24)	55)	40)	(2)
(Gain) loss on sale of business	—)	—)	(80)	(54)	(43)	—)	—)	(12)	—)	(67)	421)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Loss on extinguishment of debt	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,060)	—)	—)	—)	—)	—)	—)
Share-based payment expense	59)	58)	57)	54)	55)	55)	50)	47)	54)	59)	58)	55)	60)	50)	61)	54)	61)	54)	48)	43)	37)	27)	23)	24)	9)	42)
Merchandise inventory, net	2,099)	(926)	158)	(725)	1,383)	(1,330)	635)	(107)	2,099)	(990)	(286)	(580)	918)	(2,646)	(967)	650)	1,027)	(2,123)	(422)	(1,871)	509)	(1,183)	529)	24)	1,325)	(2,478)
Other operating assets	104)	(106)	(21)	(15)	215)	(86)	(54)	12)	67)	157)	36)	140)	92)	(212)	107)	73)	140)	(343)	179)	81)	272)	(206)	(268)	8)	171)	(275)
Accounts payable	(1,795)	1,945)	(1,311)	265)	(1,354)	3,033)	(1,210)	(419)	(1,552)	1,361)	(1,470)	(358)	(1,200)	2,479)	30)	(679)	(1,943)	3,058)	(1,888)	(160)	2,052)	3,207)	(1,160)	(679)	(1,997)	3,199)
Other operating liabilities	762)	(17)	332)	(487)	(29)	90)	(24)	(822)	(21)	(1,360)	117)	254)	(438)	272)	(180)	(349)	(491)	863)	192)	(692)	1,109)	716)	(246)	(444)	(224)	260)
Changes in operating assets and liabilities	1,170)	896)	(842)	(962)	215)	1,707)	(653)	(1,336)	593)	(832)	(1,603)	(544)	(628)	(107)	(1,010)	(305)	(1,267)	1,455)	(1,939)	(2,642)	3,942)	2,534)	(1,145)	(1,091)	(725)	706)
Adjustments to reconcile net earnings to net cash provided by operating activities	1,834)	1,738)	(213)	(397)	771)	2,507)	88)	(709)	1,189)	(154)	(507)	1,972)	43)	644)	(273)	371)	(598)	2,171)	(1,414)	(959)	4,474)	3,113)	(325)	(521)	(230)	1,091)
Net cash provided by operating activities	4,231)	3,379)	911)	1,299)	3,153)	4,262)	1,108)	1,064)	3,862)	2,106)	451)	2,126)	3,035)	2,977)	934)	2,266)	2,421)	4,492)	(436)	(267)	7,302)	4,450)	185)	528)	1,446)	2,137)
Purchases of investments	(454)	(391)	(287)	(371)	(351)	(277)	(502)	(405)	(428)	(450)	(530)	(329)	(221)	(109)	(740)	(690)	(1,342)	(293)	(546)	(1,416)	(1,062)	(70)	(180)	(318)	(242)	(3)
Proceeds from sale/maturity of investments	452)	375)	286)	347)	305)	266)	507)	404)	399)	412)	577)	307)	158)	132)	1,032)	1,569)	345)	347)	1,894)	772)	153)	107)	139)	284)	218)	54)
Capital expenditures	(495)	(518)	(548)	(571)	(426)	(382)	(620)	(579)	(385)	(380)	(739)	(403)	(344)	(343)	(597)	(410)	(385)	(461)	(619)	(462)	(382)	(328)	(557)	(401)	(321)	(205)
Proceeds from sale of property and other long-term assets	5)	2)	51)	32)	7)	15)	24)	12)	9)	8)	8)	18)	9)	10)	19)	16)	14)	64)	30)	14)	21)	25)	92)	29)	18)	24)
Acquisition of business, net	(1,314)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from sale of business	—)	—)	80)	54)	43)	—)	—)	(23)	—)	123)	491)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other, net	(4)	(1)	—)	(11)	—)	—)	(4)	—)	(6)	(17)	(1)	1)	(1)	—)	—)	—)	—)	(134)	(1)	—)	(2)	(22)	—)	1)	—)	(1)
Net cash used in investing activities	(1,810)	(533)	(418)	(520)	(422)	(378)	(595)	(591)	(411)	(304)	(194)	(406)	(399)	(310)	(286)	485)	(1,368)	(477)	758)	(1,092)	(1,272)	(288)	(506)	(405)	(327)	(131)
Net change in commercial paper	—)	—)	—)	—)	—)	—)	—)	—)	(72)	(427)	499)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(941)	305)	637)	—)	(722)
Net proceeds from issuance of debt	—)	—)	—)	—)	—)	—)	—)	—)	—)	2,983)	—)	4,703)	—)	4,964)	—)	1,984)	1,000)	1,988)	—)	3,968)	—)	3,961)	1,000)	—)	—)	2,972)
Repayment of debt	(18)	(778)	(23)	(475)	(25)	(22)	(25)	(531)	(23)	(22)	(36)	(32)	(26)	(773)	(1,523)	(27)	(25)	(543)	(36)	(5,014)	(25)	(543)	(21)	(463)	(13)	(616)
Proceeds from issuance of common stock under share-based payment plans	68)	2)	64)	11)	69)	15)	62)	3)	71)	5)	65)	14)	71)	1)	60)	9)	54)	9)	50)	19)	79)	4)	40)	6)	40)	32)
Cash dividend payments	(645)	(645)	(650)	(654)	(629)	(633)	(632)	(642)	(624)	(633)	(643)	(666)	(524)	(537)	(551)	(563)	(430)	(440)	(452)	(416)	(416)	(420)	(423)	(428)	(382)	(385)
Repurchases of common stock	(1)	(112)	(1,372)	(751)	(1,007)	(923)	(201)	(1,581)	(2,250)	(2,106)	(1,997)	(3,999)	(4,091)	(4,037)	(4,013)	(2,825)	(3,136)	(3,038)	(3,443)	(562)	—)	(966)	(664)	(879)	(1,944)	(826)
Other, net	(19)	(20)	(22)	1)	(16)	(5)	(6)	(6)	(9)	—)	(5)	2)	2)	(4)	402)	(42)	(370)	4)	(6)	(28)	(1)	(3)	6)	—)	2)	(9)
Net cash provided by (used in) financing activities	(615)	(1,553)	(2,003)	(1,868)	(1,608)	(1,568)	(802)	(2,757)	(2,907)	(200)	(2,117)	22)	(4,568)	(386)	(5,625)	(1,464)	(2,907)	(2,020)	(3,887)	(2,033)	(363)	1,092)	243)	(1,127)	(2,297)	446)
Effect of exchange rate changes on cash	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	16)	(32)	—)	—)	(11)	(1)	(3)	7)	6)	—)	19)	(15)	—)	2)	1)	(2)
Net increase (decrease) in cash and cash equivalents, including cash classified within current assets held for sale	1,806)	1,293)	(1,510)	(1,089)	1,123)	2,316)	(289)	(2,284)	544)	1,602)	(1,844)	1,710)	(1,932)	2,281)	(4,988)	1,286)	(1,857)	2,002)	(3,559)	(3,392)	5,686)	5,239)	(78)	(1,002)	(1,177)	2,450)
Net (increase) decrease in cash classified within current assets held for sale	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	12)
Net increase (decrease) in cash and cash equivalents	1,806)	1,293)	(1,510)	(1,089)	1,123)	2,316)	(289)	(2,284)	544)	1,602)	(1,844)	1,710)	(1,932)	2,281)	(4,988)	1,286)	(1,857)	2,002)	(3,559)	(3,392)	5,686)	5,239)	(78)	(1,002)	(1,177)	2,462)

Net Earnings: Net earnings exhibit considerable volatility across the quarters, with a notable peak around July 2020 reaching 2,828 million US dollars, followed by fluctuations but staying mostly above 1,000 million US dollars. The lowest values occur in October 2022 (154 million US dollars) and February 2024 (1,020 million US dollars), indicating some variability in profitability.
Depreciation and Amortization: This expense shows a steady and gradual increase over the periods, ranging approximately from 337 million US dollars to about 515 million US dollars, reflecting consistent capital asset usage and amortization.
Noncash Lease Expense: The noncash lease expense remains relatively stable with minor fluctuations, oscillating mostly between 110 million and 140 million US dollars, indicating stable lease obligations.
Deferred Income Taxes: Deferred income taxes display significant variability, ranging from substantial negative values (e.g., -252 million in October 2022) to positive swings (e.g., 265 million in January 2020). Such volatility suggests tax timing differences or adjustments impacting income tax accounting frequently.
(Gain) Loss on Property and Other Assets, Net: Generally, gains/losses on property and other assets fluctuate moderately, except for a significant spike in October 2022 reaching 2,081 million US dollars indicating a one-time event or disposition impacting the financials sharply during that quarter.
(Gain) Loss on Sale of Business: Sale of business-related gains or losses appears sporadically, with notable gains in October 2021 (421 million US dollars) and losses afterward, implying occasional divestitures or business restructuring activities during recent periods.
Loss on Extinguishment of Debt: A notable loss is recorded in October 2020 amounting to 1,060 million US dollars without recurring instances in other periods, indicating a specific debt refinancing or retirement event during that quarter.
Share-Based Payment Expense: This expense gradually increases over time, moving from 9 million US dollars early on to around 59 million in later quarters, reflecting increased share compensation cost potentially due to expansions in share-based incentives.
Merchandise Inventory, Net: The merchandise inventory values fluctuate widely, shifting between large negative and positive amounts, without a stable trend, reflecting changes in inventory management strategies or supply chain factors causing considerable inventory adjustments.
Other Operating Assets: Values in other operating assets display volatility between positive and negative amounts, indicating fluctuations in working capital related to operational resources with no consistent long-term pattern.
Accounts Payable: Accounts payable also show large swings, alternating between substantial inflows and outflows, implying dynamic payment cycles influenced by procurement and cash management changes across quarters.
Other Operating Liabilities: This category is similarly volatile, shifting from large negative to positive figures repeatedly, suggesting fluctuations in accrued liabilities and operational obligations aligned with business cycle activities.
Changes in Operating Assets and Liabilities: Overall, changes in operating assets and liabilities fluctuate significantly, reflecting varying working capital management and cash flow optimization efforts done periodically.
Adjustments to Reconcile Net Earnings to Net Cash Provided by Operating Activities: Adjustments are irregular and sometimes substantial, reaching highs over 4,400 million US dollars and lows in negatives, highlighting sizable non-cash items and working capital changes affecting cash flow reconciling.
Net Cash Provided by Operating Activities: Cash flows from operating activities show strong peaks, particularly mid-period in 2020 with values like 7,302 million US dollars, indicating robust operational cash generation, punctuated by intermittent declines and occasional negative quarters.
Purchases of Investments and Proceeds from Sale/Maturity of Investments: Purchases show generally negative cash outflows with some spikes in expenditure, while proceeds indicate significant recoveries at specific points. These patterns suggest active investment portfolio management involving cyclical buying and selling.
Capital Expenditures: Capital expenditures demonstrate a steady outflow trend with occasional large spikes, for example near the end of 2022 and early 2023, possibly tied to expansion or maintenance of physical assets.
Proceeds from Sale of Property and Other Long-Term Assets: Proceeds from asset sales maintain modest positive values without strong trends, indicating occasional asset disposals supplementing investing activities.
Acquisition and Sale of Business, Net: An acquisition net outflow is noted late in the series (-1,314 million), paired with occasional inflows from sales of businesses, signaling strategic portfolio adjustments through acquisitions and divestitures.
Net Cash Used in Investing Activities: Investing cash flows predominantly represent outflows with some large positive reversals linked to sales and maturities. A pronounced negative outflow occurs around mid-2025 reflecting heavy investment or acquisition spending.
Financing Activities: Financing cash flows fluctuate between positive and negative, with issuance of debt showing substantial inflows in several periods. Debt repayment is mostly consistent but spikes markedly in specific quarters like late 2020. Share repurchases are considerable and frequent, reflecting active shareholder returns. Cash dividends persistently outflow at similar magnitudes across time, supporting a steady dividend policy.
Effect of Exchange Rate Changes on Cash: Foreign exchange impacts on cash are minimal with minor positive or negative effects, not materially influencing overall cash levels.
Net Increase (Decrease) in Cash and Cash Equivalents: The net change in cash shows alternating positive and negative shifts, indicating periods of cash accumulation and utilization aligned with the underlying operating, investing, and financing cash dynamics, with the most significant positive increases around mid-2020.

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Lowe’s Cos. Inc. (NYSE:LOW)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data