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.
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Lowe’s Cos. Inc. pages available for free this week:
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Lowe’s Cos. Inc., consolidated cash flow statement (quarterly data)
US$ in millions
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).
Operating cash flow exhibits significant quarterly volatility, characterized by periods of high liquidity followed by sharp contractions. Net cash provided by operating activities peaked during 2020 and 2021, reaching as high as 7.3 billion USD, before transitioning into a more cyclical pattern. This volatility is primarily driven by fluctuations in working capital, specifically within merchandise inventory and accounts payable.
- Operating Performance and Net Earnings
- Net earnings generally fluctuate between 1 billion USD and 3 billion USD per quarter. A notable contraction occurred on October 28, 2022, where earnings dropped to 154 million USD, though subsequent quarters show a recovery and stabilization. Depreciation and amortization expenses demonstrate a consistent upward trajectory, rising from approximately 370 million USD in early 2020 to over 640 million USD by May 2026.
- Working Capital Dynamics
- Changes in operating assets and liabilities introduce substantial variance to the cash flow. Merchandise inventory exhibits high seasonality and volatility, with significant cash outflows for inventory builds often offset by large inflows during liquidation phases. Similarly, accounts payable shows erratic swings, indicating tactical shifts in vendor payment timing and credit utilization.
- Investing Activities and Capital Allocation
- Capital expenditures remain relatively stable, generally ranging between 300 million USD and 600 million USD per quarter, reflecting steady investment in physical assets. A pivot in investment strategy is evident in late 2025, where net cash used in investing activities spiked to 9.344 billion USD on October 31, 2025, driven by aggressive business acquisitions. This represents a departure from the previous trend of modest investment purchases and sales.
- Financing Strategy and Shareholder Returns
- Dividend payments are remarkably consistent, showing a gradual increase from approximately 420 million USD per quarter in 2020 to 674 million USD by May 2026. In contrast, share repurchases were highly aggressive between 2020 and 2022, frequently exceeding 3 billion USD per quarter, before declining sharply after February 2, 2024. To support these returns and the 2025 acquisition activity, the company periodically utilized the debt markets, with a major issuance of 6.974 billion USD occurring in October 2025.
- Liquidity and Cash Position
- The net change in cash and cash equivalents is highly variable, reflecting the interplay between operating volatility, large-scale financing activities, and strategic investments. The overall liquidity profile suggests a strategy of leveraging debt to fund growth and shareholder distributions while maintaining a disciplined approach to capital expenditures.