Common-Size Income Statement
Quarterly Data
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Lowe’s Cos. Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Profitability Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
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Lowe’s Cos. Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 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).
- Gross Margin Trends
- The gross margin, expressed as a percentage of net sales, exhibited moderate fluctuations over the analyzed periods. It generally ranged between 31% and 34%, with noticeable peaks around mid-2020 and again in mid-2022 to late 2025, reaching values slightly above 34%. This suggests a relatively stable profitability on sales after accounting for the cost of goods sold, with occasional improvements likely driven by cost control or pricing strategies.
- Cost of Sales
- The cost of sales consistently hovered between approximately 65.8% and 68.9% of net sales. The lower values in mid-2020 and periods towards the end of the timeline indicate some improved efficiency or reduced cost pressures during those times. The inverse relationship with gross margin confirms the impact of cost management on overall profitability.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses demonstrated greater variability, ranging roughly from 16% to 27% of net sales. Some quarters especially around late 2022 showed spikes up to 27.44%, indicating increased operating costs during those times. In most other periods, this metric remained closer to the 18-22% range, reflecting typical operational expenditure fluctuations.
- Depreciation and Amortization
- This expense item generally remained stable, mostly between 1.2% and 2.4% of net sales, with minor upticks in certain quarters such as early 2024. The steadiness suggests consistent capital asset utilization and amortization policies over time.
- Total Expenses
- Combined expenses as a percentage of net sales (including SG&A and depreciation) mirrored the trends observed in individual expense components. Overall expenses fluctuated between approximately 17.8% at the low end to nearly 29.4% at the high end. The notable peak around late 2022 coincides with the elevated SG&A costs noted above.
- Operating Income
- Operating income displayed significant variability, ranging from as low as under 4% to peaks exceeding 15% of net sales. Stronger operating margins were evident around mid-2020 and from early 2021 through 2024, reflecting improved operational efficiency or favorable market conditions. However, certain quarters, particularly late 2022, showed a marked decline possibly linked to increased operating expenses.
- Interest Expense
- Interest expense as a percentage of net sales mostly ranged between roughly 0.78% and 1.9%. A slight upward trend appears in some later periods, with interest costs increasing, especially around early 2024. This could signify rising debt levels or higher borrowing costs adversely impacting net income.
- Loss on Extinguishment of Debt
- A singular significant loss event was recorded near the end of 2020, reflecting a one-time charge of 4.75% of net sales. This would have negatively impacted profitability in that specific quarter.
- Pre-Tax Earnings
- Pre-tax earnings followed similar fluctuations to operating income, with gains reaching above 13% in favorable quarters and dipping below 5% during weaker periods such as early 2020 and late 2022. The decline in pre-tax margins around late 2022 is consistent with increased expenses and the impact of debt-related charges.
- Income Tax Provision
- The income tax provision fluctuated between about 1.2% and 3.5% of net sales. There was variability across the quarters without a clear seasonal or trend pattern, potentially reflecting changes in taxable income and tax planning strategies over time.
- Net Earnings
- Net earnings as a percentage of net sales exhibited trends aligned with pre-tax earnings, varying from a low near 0.7% to highs above 10%. The periods of strong net earnings coincide with improved operating performance and controlled expenses. Conversely, sharp declines were observed during certain quarters, notably early 2020 and late 2022, indicating pressures on profitability due to higher costs or one-time expenses. The recovery observed in several subsequent quarters highlights resilience and operational adjustments.