Ticker Sage

Company file · LOW

Lowe's

Lowe's sales rose slightly in fiscal 2025, while net earnings dipped

Net sales rose 3.1% to $86.3B. Net earnings fell 4.4% to $6.7B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Mar 23, 2026) · Latest quarter: 10-Q for the quarter ended Jul 31, 2026 (filed Aug 27, 2026) · Data pulled Oct 25, 2026

Key facts

Lowe's (NYSE: LOW) closed fiscal 2025 on Jan 30, 2026 with net sales of $86.3B, up 3.1% from a year before; net earnings came to $6.7B, down 4.4%. Its newest quarterly report covers the three months to Jul 31, 2026: net sales of $26.0B, up 8.3% on the same stretch of the prior year, and net income of $2.4B. Broken down by product category (home-improvement segment), Home Décor led with 37% of fiscal 2025 net sales. Sources: 10-K for fiscal 2025 (filed Mar 23, 2026) and 10-Q for the quarter ended Jul 31, 2026 (filed Aug 27, 2026).

Net sales$86.3BFY2025 · +3.1% vs FY2024
Net earnings$6.7BFY2025 · −4.4% vs FY2024
Operating cash flow$9.9BFY2025 · +2.5% vs FY2024
Cash & equivalents$3.2Bat Jul 31, 2026 · +223.0% vs FY2025 end
Total debt$37.6Bat Jul 31, 2026 · −5.9% vs FY2025 end
Diluted shares560MFY2025 avg · −1.4% vs FY2024
Net sales and net earnings, three fiscal yearsBy fiscal year, $bn
Net salesNet earnings
Net sales and net earnings by fiscal yearNet sales FY2023: $86.4B86.4Net earnings FY2023: $7.7B7.7FY2023Net sales FY2024: $83.7B83.7Net earnings FY2024: $7.0B7.0FY2024Net sales FY2025: $86.3B86.3Net earnings FY2025: $6.7B6.7FY2025

Source: 10-K FY2025, filed Mar 23, 2026

Quarterly net sales: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly net sales, fiscal 2026 vs 2025FY2025 Q1: $20.9B20.9FY2026 Q1: $23.1B23.1Q1FY2025 Q2: $24.0B24.0FY2026 Q2: $26.0B26.0Q2

Source: 10-Q filed May 28, 2026 · 10-Q filed Aug 27, 2026

How it makes money

FY2025 total by categoryHome Décor: $31.5B (37%)Building Products: $26.5B (32%)Hardlines: $24.2B (29%)Other: $1.8B (2%)$84.1BFY2025 total

By product category (home-improvement segment), FY2025

  • LineAmountSharevs FY2024
  • Home Décor$31.5B37%+0.7%
  • Building Products$26.5B32%+0.7%
  • Hardlines$24.2B29%−0.6%
  • Other$1.8B2%+7.8%

Source: 10-K FY2025, XBRL breakdown

Home Décor was 37% of fiscal 2025 home-improvement sales, Building Products 32% and Hardlines 29%.

By product category (home-improvement segment): three-year mixShare of the total each fiscal year
Home DécorBuilding ProductsHardlinesOther

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 FY2026 (May to Jul 2026) compared with Q2 FY2025 (May to Jul 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 FY2026Q2 FY2025

Company

Net sales
$26.0B Q2 FY2026
$24.0B Q2 FY2025
8.3% increase
Net income
$2.4B Q2 FY2026
$2.4B Q2 FY2025
0.0% increase

Source: Lowe's 10-Q for the quarter ended Jul 31, 2026, filed Aug 27, 2026

By category

Hardlines
$8.0B Q2 FY2026
$8.0B Q2 FY2025
0.7% decrease
Home Décor
$7.8B Q2 FY2026
$7.8B Q2 FY2025
0.4% increase
Building Products
$7.6B Q2 FY2026
$7.5B Q2 FY2025
1.1% increase

Source: Lowe's 10-Q for the quarter ended Jul 31, 2026, filed Aug 27, 2026

  • Cash & equivalents $3.2B at Jul 31, 2026, vs $982M at FY2025 end.
  • Total debt $37.6B at Jul 31, 2026, vs $39.9B at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $7.0B vs $7.6B a year earlier.

The bull case and the bear case

The bull case

The bear case

  • Net earnings fell 4.4% in fiscal 2025 to $6.7B. 10-K, FY2025
  • Hardlines sales fell 0.6% in fiscal 2025. 10-K, FY2025
  • Total debt was $39.9B at the end of fiscal 2025, up 12.5%. 10-K, FY2025
  • The 10-K lists the housing market and consumer spending, competition, supply chain, and cyberattacks among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Lowe's is the second-largest US home-improvement retailer, selling building materials, appliances, tools and décor to homeowners and professional contractors.

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.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Lowe's's latest 10-K. Read the original for the full list.

  1. Housing and spendingSales depend on home sales, home prices, interest rates and how much people spend on projects.
  2. CompetitionIt competes with Home Depot, other retailers and online sellers.
  3. Supply chainProduct costs, tariffs and shipping problems can raise costs.
  4. Pro customersIt is trying to win more business from contractors, where rivals are strong.
  5. WeatherSeasonal sales depend on the weather.
  6. CybersecurityIt handles payment and personal data for millions of customers.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Net sales$86.4B$83.7B$86.3B
Net earnings$7.7B$7.0B$6.7B
Operating cash flow$8.1B$9.6B$9.9B
Cash & equivalents (year end)$921M$1.8B$982M
Total debt (year end)$35.9B$35.5B$39.9B
Diluted shares584M568M560M
  • Net sales: Sales of home-improvement products and installation services, after returns.
  • Net earnings: Profit after all costs and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Current maturities plus long-term debt, including finance leases, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Lowe's names a fiscal year by the calendar year in which it starts, so fiscal 2025 ended Jan 30, 2026.
  • Product-group figures cover its home-improvement segment, which excludes some other sales, so they don't add up exactly to total net sales.

Recent filings

FormFiledPeriod
10-QAug 27, 2026Jul 31, 2026
10-QMay 28, 2026May 1, 2026
DEF 14AApr 16, 2026May 29, 2026
10-KMar 23, 2026Jan 30, 2026

Latest filings

  1. Oct 14:30 PM ET

    Form 4

    Lowe's director Colleen Taylor reports an award of about 68 phantom Stocks

    The filing reports about 68 phantom Stocks in a grant or award (code A).

  2. Oct 14:28 PM ET

    Form 4

    Lowe's director Lawrence Simkins reports an award of about 136 phantom Stocks

    The filing reports about 136 phantom Stocks in a grant or award (code A).

  3. Oct 14:28 PM ET

    Form 4

    Lowe's director Brian C. Rogers reports an award of about 136 phantom Stocks

    The filing reports about 136 phantom Stocks in a grant or award (code A).

  4. Oct 14:27 PM ET

    Form 4

    Lowe's director Richard W. Dreiling reports an award of about 298 phantom Stocks

    The filing reports about 298 phantom Stocks in a grant or award (code A).

  5. Oct 14:25 PM ET

    Form 4

    Lowe's director Laurie Z. Douglas reports an award of about 81 phantom Stocks

    The filing reports about 81 phantom Stocks in a grant or award (code A).

All Lowe's filings notes →

Common questions about Lowe's

How does Lowe's make money?

Fiscal 2025 net sales: $86.3B. Home Décor was 37% of fiscal 2025 home-improvement sales, Building Products 32% and Hardlines 29%. Source: 10-K for fiscal 2025, filed Mar 23, 2026.

What was Lowe's's revenue in fiscal 2025?

$86.3B, up 3.1% from fiscal 2024 ($83.7B). The year ended Jan 30, 2026; for fiscal 2023 the figure was $86.4B. Source: 10-K for fiscal 2025, filed Mar 23, 2026.

Is Lowe's profitable?

Net earnings were $6.7B in fiscal 2025 (down 4.4%; fiscal 2024 was $7.0B). That counts as a GAAP profit. The latest quarter, ended Jul 31, 2026: net income was $2.4B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Mar 23, 2026.

What did Lowe's report in its latest quarterly filing?

For the three months to Jul 31, 2026: net sales $26.0B (up 8.3% from $24.0B) and net income $2.4B (roughly unchanged from $2.4B). Source: 10-Q for the quarter ended Jul 31, 2026, filed Aug 27, 2026.

How much cash and debt does Lowe's have?

As of Jul 31, 2026: $3.2B of cash and cash equivalents, $37.6B of total debt. Total debt here is current maturities plus long-term debt, including finance leases, at carrying value. Source: 10-Q filed Aug 27, 2026.

What are the main risks Lowe's lists?

The risk factors are in Item 1A of the 10-K filed Mar 23, 2026. This page sorts them into 6 groups (Housing and spending; competition; supply chain; pro customers; weather; cybersecurity). The first group in plain English: Sales depend on home sales, home prices, interest rates and how much people spend on projects. Source: 10-K, Item 1A Risk Factors.

Where do these Lowe's numbers come from?

The 10-K filed Mar 23, 2026 (fiscal 2025) and the 10-Q filed Aug 27, 2026 (quarter ended Jul 31, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in LOW
The editor holds no position in Lowe's (LOW). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell LOW from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold LOW, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
Lowe'sLOWFY2025$86.3B+3.1%$6.7B
Home DepotHDFY2025$164.7B+3.2%$14.2B
WalmartWMTFY2026$713.2B+4.7%$21.9B
CostcoCOSTFY2026$303.2B+10.1%$9.2B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.