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:	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Net sales	86,377)	97,059)	96,250)	89,597)	72,148)	71,309)
Cost of sales	(57,533)	(64,802)	(64,194)	(60,025)	(49,205)	(48,401)
Gross margin	28,844)	32,257)	32,056)	29,572)	22,943)	22,908)
Selling, general and administrative	(15,570)	(20,332)	(18,301)	(18,526)	(15,367)	(17,413)
Depreciation and amortization	(1,717)	(1,766)	(1,662)	(1,399)	(1,262)	(1,477)
Expenses	(17,287)	(22,098)	(19,963)	(19,925)	(16,629)	(18,890)
Operating income	11,557)	10,159)	12,093)	9,647)	6,314)	4,018)
Interest expense, net of amount capitalized	(1,483)	(1,160)	(897)	(872)	(718)	(652)
Interest income	101)	37)	12)	24)	27)	28)
Interest, net	(1,382)	(1,123)	(885)	(848)	(691)	(624)
Loss on extinguishment of debt	—)	—)	—)	(1,060)	—)	—)
Pre-tax earnings	10,175)	9,036)	11,208)	7,739)	5,623)	3,394)
Income tax provision	(2,449)	(2,599)	(2,766)	(1,904)	(1,342)	(1,080)
Net earnings	7,726)	6,437)	8,442)	5,835)	4,281)	2,314)

Based on: 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), 10-K (reporting date: 2019-02-01).

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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 increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Lowe’s Cos. Inc. operating income decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 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 decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 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 decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.

Lowe’s Cos. Inc. (NYSE:LOW)

Income Statement