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Lowe’s Cos. Inc. (NYSE:LOW)

Common-Size Income Statement
Quarterly Data

Lowe’s Cos. Inc., common-size consolidated income statement (quarterly data)

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3 months ended: May 1, 2026 Jan 30, 2026 Oct 31, 2025 Aug 1, 2025 May 2, 2025 Jan 31, 2025 Nov 1, 2024 Aug 2, 2024 May 3, 2024 Feb 2, 2024 Nov 3, 2023 Aug 4, 2023 May 5, 2023 Feb 3, 2023 Oct 28, 2022 Jul 29, 2022 Apr 29, 2022 Jan 28, 2022 Oct 29, 2021 Jul 30, 2021 Apr 30, 2021 Jan 29, 2021 Oct 30, 2020 Jul 31, 2020 May 1, 2020
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -67.32 -67.54 -65.81 -66.19 -66.62 -67.14 -66.31 -66.53 -66.81 -67.60 -66.34 -66.34 -66.32 -67.67 -66.70 -66.76 -65.97 -67.07 -66.90 -66.22 -66.71 -68.22 -67.28 -65.92 -66.90
Gross margin 32.68% 32.46% 34.19% 33.81% 33.38% 32.86% 33.69% 33.47% 33.19% 32.40% 33.66% 33.66% 33.68% 32.33% 33.30% 33.24% 34.03% 32.93% 33.10% 33.78% 33.29% 31.78% 32.72% 34.08% 33.10%
Selling, general and administrative -19.17 -21.42 -19.99 -17.43 -19.33 -20.59 -18.97 -17.07 -18.77 -20.96 -18.37 -16.37 -17.11 -22.86 -27.44 -16.21 -18.19 -22.22 -19.08 -17.02 -18.40 -22.35 -21.38 -18.39 -21.33
Depreciation and amortization -2.45 -2.74 -2.28 -1.91 -2.13 -2.40 -2.15 -1.79 -2.00 -2.37 -2.12 -1.71 -1.86 -1.88 -1.92 -1.63 -1.88 -2.05 -1.85 -1.48 -1.60 -1.93 -1.59 -1.20 -1.66
Expenses -21.62% -24.16% -22.27% -19.33% -21.46% -22.99% -21.12% -18.86% -20.77% -23.33% -20.49% -18.08% -18.97% -24.74% -29.36% -17.85% -20.07% -24.26% -20.94% -18.51% -20.00% -24.28% -22.97% -19.58% -22.98%
Operating income 11.07% 8.30% 11.92% 14.48% 11.92% 9.86% 12.57% 14.61% 12.42% 9.07% 13.17% 15.57% 14.71% 7.59% 3.94% 15.39% 13.96% 8.66% 12.17% 15.27% 13.29% 7.50% 9.75% 14.49% 10.12%
Interest, net -1.73 -1.96 -1.69 -1.31 -1.61 -1.76 -1.57 -1.34 -1.65 -1.87 -1.69 -1.37 -1.56 -1.43 -1.26 -0.96 -1.03 -1.10 -0.97 -0.78 -0.86 -1.00 -0.99 -0.80 -1.04
Loss on extinguishment of debt 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -4.75 0.00 0.00
Pre-tax earnings 9.34% 6.34% 10.23% 13.17% 10.31% 8.10% 11.00% 13.27% 10.77% 7.20% 11.48% 14.21% 13.15% 6.16% 2.68% 14.43% 12.93% 7.56% 11.20% 14.49% 12.42% 6.50% 4.01% 13.69% 9.08%
Income tax provision -2.28 -1.49 -2.46 -3.16 -2.47 -2.04 -2.60 -3.17 -2.56 -1.72 -2.82 -3.49 -3.04 -1.89 -2.02 -3.54 -3.07 -1.91 -2.92 -3.54 -2.92 -1.69 -0.91 -3.33 -2.28
Net earnings 7.05% 4.85% 7.76% 10.01% 7.84% 6.06% 8.40% 10.10% 8.21% 5.48% 8.66% 10.71% 10.11% 4.27% 0.66% 10.89% 9.86% 5.66% 8.27% 10.95% 9.50% 4.82% 3.10% 10.36% 6.80%

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).

The common-size income statement analysis reveals a period of relative stability in gross margins contrasted by significant volatility in operating expenses and net profitability.

Gross Margin Trends
Gross margins have remained consistently within a range of approximately 31.8% to 34.2%. The cost of sales typically fluctuated between 65.8% and 68.2% of net sales, indicating a stable pricing strategy and consistent cost of goods sold relative to revenue over the analyzed period.
Operating Expense Volatility
Selling, general, and administrative (SG&A) expenses exhibit the highest level of variance, fluctuating from a low of 16.2% to a peak of 27.4% in October 2022. This volatility directly impacts operating income, which reached a peak of 15.4% in July 2022 before dropping to 3.9% in October 2022, reflecting periods of intensified operational costs or strategic spending.
Financial Obligations and Debt Impact
Interest expenses as a percentage of net sales have shown a gradual upward trend, rising from approximately 0.8% to 1.0% in 2020 to between 1.7% and 2.0% by 2025 and 2026. A non-recurring loss on the extinguishment of debt occurred in October 2020, reducing pre-tax earnings by 4.75% for that quarter.
Net Earnings Performance
Net earnings exhibit a cyclical pattern, mirroring the fluctuations in operating income. The net profit margin peaked at 10.95% in July 2021 and reached a minimum of 0.66% in October 2022. More recently, the margins have stabilized between 4.8% and 11.0%, reflecting an overall ability to maintain profitability despite varying expense levels.

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