Compare · HD and LOW
Home Depot vs. Lowe's
Revenue, growth, margins, cash flow and cash returned, side by side from each company's latest annual report.
The two big US home improvement chains. Home Depot has stores in the US, Canada and Mexico and also owns SRS and GMS, which distribute building products; Lowe's runs stores across the US plus its website and app. Below are the figures each one reported in its latest annual report (Form 10-K), side by side, with links to the filing behind every number. Both fiscal years end in February, so the periods line up. Why fiscal years differ.
Comparing Home Depot fiscal 2025 (ended Feb 1, 2026) with Lowe's fiscal 2025 (ended Jan 30, 2026)
Home DepotLowe's
Each pair of bars shows both companies on one scale.
Revenue and growth
| Company | Prior year | Latest year | Change |
|---|---|---|---|
| Home Depot (FY2024 to FY2025) | $159.5B | $164.7B | +3.2% |
| Lowe's (FY2024 to FY2025) | $83.7B | $86.3B | +3.1% |
Home Depot reports net sales: sales of home-improvement products and services, after returns. Lowe's reports net sales: sales of home-improvement products and installation services, after returns.
Margins
| Company | Revenue | Operating income | Operating margin | Net income | Net margin |
|---|---|---|---|---|---|
| Home Depot FY2025 | $164.7B | $20.9B | 12.7% | $14.2B | 8.6% |
| Lowe's FY2025 | $86.3B | $10.2B | 11.8% | $6.7B | 7.7% |
Margin is the profit line divided by revenue, worked out by Ticker Sage from the linked figures. What profit margins measure.
Cash flow and cash returned
| Company | Cash from operations | Capital spending | Free cash flow | Buybacks | Dividends paid |
|---|---|---|---|---|---|
| Home Depot FY2025 | $16.3B | $3.7B | $12.6B | $0 | $9.2B |
| Lowe's FY2025 | $9.9B | $2.2B | $7.7B | $211M | $2.6B |
Capital spending is the capital expenditures line for Home Depot, and property and equipment for Lowe's, as each company labels it in the cash flow statement. Free cash flow isn't a GAAP line; Ticker Sage works it out the same way for both. How free cash flow works · How buybacks work · How dividends work.
How each one makes money
Home Depot
Home Depot's stores and websites in the US, Canada and Mexico form its one reportable segment, which it calls the Primary segment. They sell tools, building materials, lumber, appliances, paint, plumbing, flooring and garden products to do-it-yourself customers and professionals, plus installation services.
Its other businesses are SRS, bought in June 2024, and GMS, a specialty building products distributor that SRS acquired in fiscal 2025. Home Depot names its fiscal year by the calendar year it starts in, so fiscal 2025 means the year to Feb 1, 2026.
Lowe's
It runs stores across the US plus its website and app. Sales fall into three main product groups: Home Décor (including appliances, flooring and paint), Building Products (including lumber, millwork and electrical) and Hardlines (including tools, seasonal and lawn and garden).
Its fiscal year ends on the Friday closest to January 31. Fiscal 2025 ended Jan 30, 2026.
Main risks each one lists
Home Depot
- Demand depends on home sales, home prices, interest rates and how much people spend on their homes.
- SRS and GMS may not deliver the expected benefits, and integrating them takes management attention.
- It competes with other home improvement chains, specialty stores, distributors and online sellers.
- Product costs, tariffs, commodity prices and supply disruptions can squeeze margins.
- Attracting and keeping store and distribution staff affects service and costs.
Lowe's
- Sales depend on home sales, home prices, interest rates and how much people spend on projects.
- It competes with Home Depot, other retailers and online sellers.
- Product costs, tariffs and shipping problems can raise costs.
- It is trying to win more business from contractors, where rivals are strong.
- Seasonal sales depend on the weather.
How they differ
- Size. Home Depot reported $164.7B of revenue for fiscal 2025, and Lowe's $86.3B for fiscal 2025.
- Growth. Home Depot's revenue grew 3.2% in its latest year and Lowe's 3.1%.
- Margins. Lowe's kept 7.7% of revenue as net income and Home Depot 8.6%.
- Footprint. Home Depot's stores are in the US, Canada and Mexico. Lowe's stores are in the US.
- Contractors. Home Depot sells to do-it-yourself customers and professionals and added the distributors SRS and GMS. Lowe's lists winning more business from contractors among its risks.
- Where the money goes. In the latest year Lowe's spent $211M on buybacks and $2.6B on dividends, and Home Depot $0 and $9.2B.
Differences in size, growth or margin describe the past year only. None of this says which business will do better.
Sources
- Home Depot Form 10-K for fiscal 2025, filed Mar 18, 2026
- Lowe's Form 10-K for fiscal 2025, filed Mar 23, 2026
Home Depot company file → · Lowe's company file →
Common questions
Which is bigger by revenue, Lowe's or Home Depot?
Home Depot reported $164.7B of revenue for fiscal 2025 and Lowe's $86.3B for fiscal 2025.
Do Home Depot and Lowe's both sell to contractors?
Yes. Both sell to professionals as well as do-it-yourself shoppers. Home Depot also owns SRS and GMS, which distribute building products.
How do their profit margins compare?
In the latest fiscal year Lowe's net margin was 7.7% and Home Depot's was 8.6%, worked out from the net income and revenue in each 10-K.
Where do these numbers come from?
From each company's latest Form 10-K filed with the SEC. Every figure on this page links to the filing it came from.
Disclosures
- Editor holdings
- The editor holds no position in any company named on this page. As of Oct 25, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Oct 26, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.
More in Learn · Methodology & Disclosures explains where every number comes from.