Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Lowe’s Cos. Inc., consolidated income statement

US$ in millions

12 months ended:	Jan 31, 2025	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020
Net sales	83,674)	86,377)	97,059)	96,250)	89,597)	72,148)
Cost of sales	(55,797)	(57,533)	(64,802)	(64,194)	(60,025)	(49,205)
Gross margin	27,877)	28,844)	32,257)	32,056)	29,572)	22,943)
Selling, general and administrative	(15,682)	(15,570)	(20,332)	(18,301)	(18,526)	(15,367)
Depreciation and amortization	(1,729)	(1,717)	(1,766)	(1,662)	(1,399)	(1,262)
Expenses	(17,411)	(17,287)	(22,098)	(19,963)	(19,925)	(16,629)
Operating income	10,466)	11,557)	10,159)	12,093)	9,647)	6,314)
Interest expense, net of amount capitalized	(1,472)	(1,483)	(1,160)	(897)	(872)	(718)
Interest income	159)	101)	37)	12)	24)	27)
Interest, net	(1,313)	(1,382)	(1,123)	(885)	(848)	(691)
Loss on extinguishment of debt	—)	—)	—)	—)	(1,060)	—)
Pre-tax earnings	9,153)	10,175)	9,036)	11,208)	7,739)	5,623)
Income tax provision	(2,196)	(2,449)	(2,599)	(2,766)	(1,904)	(1,342)
Net earnings	6,957)	7,726)	6,437)	8,442)	5,835)	4,281)

Based on: 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Lowe’s Cos. Inc. net sales decreased from 2023 to 2024 and from 2024 to 2025.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Lowe’s Cos. Inc. operating income increased from 2023 to 2024 but then slightly decreased from 2024 to 2025 not reaching 2023 level.
Pre-tax earnings	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Lowe’s Cos. Inc. pre-tax earnings increased from 2023 to 2024 but then slightly decreased from 2024 to 2025 not reaching 2023 level.
Net earnings	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Lowe’s Cos. Inc. net earnings increased from 2023 to 2024 but then slightly decreased from 2024 to 2025 not reaching 2023 level.

Lowe’s Cos. Inc. (NYSE:LOW)

Income Statement