LOWES COMPANIES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LOWES COMPANIES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	65,017	68,619	71,309	72,148	89,597	96,250	97,059	86,377	83,674	86,286
Cost of revenue	43,343	46,185	48,401	49,205	60,025	64,194	64,802	57,533	55,797	57,401
Gross profit	21,674	22,434	22,908	22,943	29,572	32,056	32,257	28,844	27,877	28,885
Selling, general and administrative	14,375	14,444	17,413	15,367	18,526	18,301	20,332	15,570	15,682	16,791
Operating income	5,846	6,586	4,018	6,314	9,647	12,093	10,159	11,557	10,466	10,153
Interest income	12	16	28	27	24	12	37	101	159	121
Pre-tax income	5,201	5,489	3,394	5,623	7,739	11,208	9,036	10,175	9,153	8,747
Income tax	2,108	2,042	1,080	1,342	1,904	2,766	2,599	2,449	2,196	2,093
Net income	3,091	3,447	2,314	4,281	5,835	8,442	6,437	7,726	6,957	6,654
EBITDA	7,436	8,126	5,625	7,724	11,241	13,975	12,140	13,480	12,438	12,347
EPS, basic	3.48	4.09	2.84	5.49	7.77	12.07	10.20	13.23	12.25	11.87
EPS, diluted	3.47	4.09	2.84	5.49	7.75	12.04	10.17	13.20	12.23	11.85
Shares, basic (weighted)	880	839	811	777	748	696	629	582	567	559
Shares, diluted (weighted)	881	840	812	778	750	699	631	584	568	560
Dividend per share	1.33	1.58	1.85	2.13	2.30	3.00	3.95	4.35	4.55	4.75

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	558	588	511	716	4,690	1,133	1,348	921	1,761	982
Short-term investments	100	102	218	160	506	271	384	307	372	370
Receivables									94	1,090
Inventory	10,458	11,393	12,561	13,179	16,193	17,605	18,532	16,894	17,409	17,300
Other current assets	884	689	938	1,263	937	1,051	1,178	949	722	1,213
Total current assets	12,000	12,772	14,228	15,318	22,326	20,060	21,442	19,071	20,358	20,955
Property, plant and equipment	19,949	19,721	18,432	18,769	19,155	19,071	17,567	17,653	17,649	18,362
Lease right-of-use assets			0	3,891	3,832	4,108	3,518	3,733	3,738	4,303
Goodwill	1,082	1,307	303	303	311	311	311	311	311	3,945
Intangible assets						388	169		277	5,908
Long-term investments	366	408	256	372	200	199	121	252	277	319
Other non-current assets	789	915	995	905	882	1,038	810	838	248	352
Total assets	34,408	35,291	34,508	39,471	46,735	44,640	43,708	41,795	43,102	54,144
Accounts payable	6,651	6,590	8,279	7,659	10,884	11,354	10,524	8,704	9,290	9,762
Accrued liabilities	790	747	662	684	1,350	1,561	1,109	954	1,008	1,285
Deferred revenue	1,253	1,378	1,299	1,219	1,608	1,914	1,603	1,408	1,358	1,477
Short-term debt	795	294	1,110	597	1,112	868	585	537	2,586	2,431
Total current liabilities	11,974	12,096	14,497	15,182	18,730	19,668	19,511	15,568	18,757	19,463
Long-term debt	14,394	15,564	14,391	16,768	20,668	23,859	32,876	35,384	32,901	37,490
Lease liabilities			0	3,943	3,890	4,021	3,512	3,737	3,628	4,043
Other non-current liabilities	843	955	1,149	712	991	781	862	931	779	764
Total liabilities	27,974	29,418	30,864	37,499	45,298	49,456	57,962	56,845	57,333	64,061
Total debt	15,189	15,858	15,501	17,365	21,780	24,285	33,270	35,770	35,319	39,819
Paid-in capital	0	22	0	0	90	0	0	0	0	370
Retained earnings	6,241	5,425	3,452	1,727	1,117	-5,115	-14,862	-15,637	-14,799	-10,839
Other comprehensive income	-240	11	-209	-136	-136	-36	307	300	288	271
Shareholders' equity	6,434	5,873	3,644	1,972	1,437	-4,816	-14,254	-15,050	-14,231	-9,917
Minority interests	0
Total equity	6,434	5,873	3,644	1,972	1,437	-4,816	-14,254	-15,050	-14,231	-9,917
Total liabilities and equity	34,408	35,291	34,508	39,471	46,735	44,640	43,708	41,795	43,102	54,144
Shares outstanding	866	830	801	763	731	670	601	574	560	561

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3,093	3,447	2,314	4,281	5,835	8,442	6,437	7,726	6,957	6,654
Depreciation and amortization	1,590	1,540	1,607	1,410	1,594	1,882	1,981	1,923	1,972	2,194
Stock-based compensation	90	99	74	98	155	230	223	210	221	247
Deferred income tax	9	56	-157	139	-99	140	-188	5	8	264
Change in inventory	-178	-791	-1,289	-600	-2,967	-1,413	-2,594	1,637	-514	703
Cash from operations	5,617	5,065	6,193	4,296	11,049	10,113	8,589	8,140	9,625	9,864
Capital expenditures	-1,167	-1,123	-1,174	-1,484	-1,791	-1,853	-1,829	-1,964	-1,927	-2,213
Acquisitions	-2,356	-509	0	0				0	0	-10,088
Purchases of investments	-1,192	-981	-1,373	-743	-3,094	-3,065	-1,189	-1,785	-1,286	-1,693
Sales and maturities of investments	1,254	1,114	1,393	695	2,926	3,293	1,174	1,722	1,204	1,658
Cash from investing	-3,361	-1,441	-1,080	-1,369	-1,894	-1,646	-1,309	-1,901	-1,738	-12,264
Debt issued	3,267	2,968	0	3,972	7,929	4,972	9,667	2,983	0	6,974
Debt repaid	-1,173	-2,849	-326	-1,113	-5,618	-2,118	-867	-601	-545	-2,587
Share buybacks	-3,595	-3,192	-3,037	-4,313	-4,971	-13,012	-14,124	-6,138	-4,053	-211
Dividends paid	-1,121	-1,288	-1,455	-1,618	-1,704	-1,984	-2,370	-2,531	-2,566	-2,636
Cash from financing	-2,092	-3,607	-5,124	-2,735	-5,191	-12,016	-7,049	-6,666	-7,047	1,621
Exchange rate effect	-11	13	-12	1	10	-8	-16	0	0
Net change in cash	153	30	-77	205	3,974	-3,557	215	-427	840	-779
Free cash flow	4,450	3,942	5,019	2,812	9,258	8,260	6,760	6,176	7,698	7,651
Interest paid	619	654	635	671	824	837	976	1,464	1,475	1,489
Income taxes paid	2,217	1,673	1,316	1,423	1,588	2,735	1,720	3,700	1,648	2,505

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $189.28 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.1%	Gross profit / revenue.
Operating margin	11.4%	Operating income / revenue.
EBITDA margin	14.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.7%	Pre-tax income / revenue.
Net margin	7.3%	Net income / revenue.
FCF margin	7.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.2%	Cash from operations / revenue.
Effective tax rate	24.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	11.9%	Net income / average total assets.
Return on invested capital (ROIC)	29.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	19.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.5%	Capital expenditures / revenue.
D&A / revenue	2.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-0.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-0.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-3.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-0.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	1.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-0.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	1.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-4.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	1.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	2.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-3.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	5.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	8.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	2.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-0.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	4.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-3.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	15.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	25.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-5.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.10x	Current assets / current liabilities.
Quick ratio	0.22x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.16x	(Cash + short-term investments) / current liabilities.
Debt / assets	67.2%	Total debt / total assets.
Liabilities / assets	113.3%	Total liabilities / total assets.
Net debt	$34.15B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.71x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$2.21B	Current assets - current liabilities.
Goodwill and intangibles / assets	17.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$17.10B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.62x	Revenue / average total assets.
Fixed asset turnover	4.95x	Revenue / average property, plant and equipment.
Inventory turnover	3.41x	Cost of revenue / average inventory.
Days inventory	107 days	365 x average inventory / cost of revenue.
Receivables turnover	73.0x	Revenue / average receivables.
Days sales outstanding	5 days	365 x average receivables / revenue.
Days payables	67 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	45 days	Days inventory + days sales outstanding - days payables.
FCF conversion	105.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	24.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$11.86	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$161.48	Revenue / diluted weighted shares.
FCF per share	$12.50	Free cash flow / diluted weighted shares.
Operating cash flow per share	$16.54	Cash from operations / diluted weighted shares.
Book value per share	-$13.26	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$30.49	Tangible book value / shares outstanding.
Cash per share	$6.07	(Cash + short-term investments) / shares outstanding.
Payout ratio	40.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	38.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	6.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$106.13B	Share price x shares outstanding.
Enterprise value	$140.28B	Market cap + total debt - cash - short-term investments.
P/E	16.0x	Market cap / net income. Only when net income is positive.
P/S	1.17x	Market cap / revenue.
P/FCF	15.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.5x	Market cap / cash from operations, when positive.
EV/Sales	1.55x	Enterprise value / revenue.
EV/EBIT	13.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.6%	Free cash flow / market cap.
Earnings yield	6.3%	Net income / market cap (the inverse of P/E).
Dividend yield	2.5%	Dividends paid over the period / market cap.
Shareholder yield	3.0%	(Dividends paid + share buybacks) / market cap.
PEG	3.06x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was LOWES COMPANIES INC's revenue in fiscal 2025?

LOWES COMPANIES INC reported revenue of $86.29B for fiscal 2025, 3.1% higher than the year before.

Was LOWES COMPANIES INC profitable in fiscal 2025?

Yes. Net income was $6.65B, a net margin of 7.7%.

How much free cash flow did LOWES COMPANIES INC generate in fiscal 2025?

Cash from operations of $9.86B minus capital expenditures of $2.21B left free cash flow of $7.65B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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