Stock Analysis on Net

Lowe’s Cos. Inc. (NYSE:LOW)

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

Microsoft Excel
3 months ended: 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 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 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 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 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 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 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 (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 (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 1,945 (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 (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 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 1,738 (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 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 (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 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 (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 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
Proceeds from sale of business 80 54 43 (23) 123 491
Other, net (1) (11) (4) (6) (17) (1) 1 (1) (134) (1) (2) (22) 1 (1)
Net cash used in investing activities (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 (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 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) (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 (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 (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 (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 1,293 (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 1,293 (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

Based on: 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), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03).


Net earnings
The net earnings exhibit significant volatility across the quarters. Initial values around 1,000 million USD show a notable jump to approximately 2,800 million USD in mid-2020, followed by fluctuations ranging from lows near 150 million USD to highs above 3,000 million USD. This indicates periods of strong profitability interspersed with sharp declines.
Depreciation and amortization
Depreciation and amortization trend upward gradually from about 337 million USD to just over 500 million USD, reflecting a consistent increase in asset base or capital expenditure capitalization over time.
Noncash lease expense
Noncash lease expense remains relatively stable, fluctuating slightly between 108 and 138 million USD, indicating steady lease-related obligations without significant changes.
Deferred income taxes
Deferred income taxes display inconsistent values including positive and negative swings, with occasional large negative amounts near -250 million USD and positive peaks above 100 million USD. This variability suggests fluctuating tax timing differences or tax position changes across the periods.
(Gain) loss on property and other assets, net
This item mostly ranges between small positive and negative values, except for one exceptional gain of over 2,000 million USD, likely reflecting a significant one-time event impacting asset dispositions.
(Gain) loss on sale of business
Recent quarters show both gains and losses from business sales, with amounts varying between approximately -80 million and +420 million USD, indicating irregular and material impacts from divestitures.
Loss on extinguishment of debt
A one-time large loss of 1,060 million USD appears in a middle period, signaling a significant debt refinancing or retirement cost in that quarter only.
Share-based payment expense
Share-based payment expense exhibits a gradual increase from under 50 million USD up to around 60 million USD, consistent with expanding employee compensation through equity grants.
Merchandise inventory, net
Inventory balances experience marked volatility, with swings between positive and negative values exceeding 2,000 million USD. This fluctuation suggests irregular inventory management or valuation effects influencing working capital substantially.
Other operating assets
Other operating assets similarly show erratic changes with values ranging from roughly -350 million to +270 million USD, indicating varying working capital items outside of core inventory.
Accounts payable
Accounts payable demonstrate sharp fluctuations, alternating between significant positive inflows and outflows exceeding 3,000 million USD, reflecting volatile payment patterns and supplier financing activities.
Other operating liabilities
These liabilities also vary greatly, shifting between positive and negative values reaching nearly 1,100 million USD, further contributing to working capital variability.
Changes in operating assets and liabilities
This aggregated line captures substantial swings from increases above 3,900 million USD to decreases exceeding 2,600 million USD, highlighting pronounced working capital volatility over time.
Adjustments to reconcile net earnings to net cash provided by operating activities
The adjustments fluctuate considerably, with some quarters reflecting large positive adjustments beyond 4,400 million USD and others showing negative adjustments, indicating notable differences between accrual earnings and cash generation.
Net cash provided by operating activities
Operating cash flow shows a pattern of strong liquidity generation at some points, reaching over 7,300 million USD, but also episodes of negative cash flow, reflecting varying operational efficiency and cash collection dynamics.
Purchases of investments and Proceeds from sale/maturity of investments
Investment activities record meaningful cash outflows at various times, balanced partially by proceeds from sales or maturities. Peaks in purchases can exceed 1,400 million USD, while proceeds can also reach above 1,800 million USD, indicating active portfolio management.
Capital expenditures
Capital expenditure outflows remain substantial and fairly consistent, typically between 300 and 700 million USD per quarter, indicating ongoing investment in property, plant, and equipment.
Proceeds from sale of property and other long-term assets
Proceeds tend to be modest but relatively stable, generally below 70 million USD, suggesting limited asset sales.
Net cash used in investing activities
Investing cash flows primarily show negative values, indicating net cash outflow as capital investments and acquisitions exceed sales, often surpassing 1,300 million USD in cash used.
Net proceeds from issuance of debt and Repayment of debt
Debt-related financing activities fluctuate with large issuances occasionally surpassing 4,900 million USD and repayments occurring consistently but at smaller amounts, evidencing fluctuating debt management strategies.
Repurchases of common stock
Share repurchases are significant and substantial over the periods, reaching peaks above 4,000 million USD but showing a general decline in magnitude in recent quarters, reflecting active capital return policies with recent moderation.
Cash dividend payments
Dividend payments remain relatively stable, typically around 400 to 650 million USD per quarter, indicating consistent shareholder returns.
Net cash provided by (used in) financing activities
Financing cash flows are highly variable, ranging from large positive inflows of over 1,000 million USD to considerable outflows above 5,600 million USD, reflecting the complex interplay of debt issuance, repayment, equity issuance, dividends, and stock repurchases.
Net increase (decrease) in cash and cash equivalents
The overall cash position undergoes significant fluctuations with periods of large increases exceeding 5,000 million USD, alternating with sharp decreases over 4,900 million USD, capturing the combined effect of operational, investing, and financing activities on liquidity.