• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI SuperconnectorNEW
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI SuperconnectorNEW
  • Settings
  • RSS Feeds
PublishGo to AppAI Superconnector
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI superconnector for talent & startupsNEW
    Legal
    Terms of usePrivacy policyCookie policy

    SEC Form 10-Q filed by Lowe's Companies Inc.

    8/28/25 4:35:06 PM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary
    Get the next $LOW alert in real time by email
    low-20250801
    0000060667false2025Q201-30onexbrli:sharesiso4217:USDxbrli:pureiso4217:USDxbrli:shareslow:segment00000606672025-02-012025-08-0100000606672025-08-2600000606672025-05-032025-08-0100000606672024-05-042024-08-0200000606672024-02-032024-08-0200000606672025-08-0100000606672024-08-0200000606672025-01-310000060667us-gaap:CommonStockMember2025-05-020000060667us-gaap:AdditionalPaidInCapitalMember2025-05-020000060667us-gaap:RetainedEarningsMember2025-05-020000060667us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-05-0200000606672025-05-020000060667us-gaap:RetainedEarningsMember2025-05-032025-08-010000060667us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-05-032025-08-010000060667us-gaap:AdditionalPaidInCapitalMember2025-05-032025-08-010000060667us-gaap:CommonStockMember2025-05-032025-08-010000060667us-gaap:CommonStockMember2025-08-010000060667us-gaap:AdditionalPaidInCapitalMember2025-08-010000060667us-gaap:RetainedEarningsMember2025-08-010000060667us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-08-010000060667us-gaap:CommonStockMember2025-01-310000060667us-gaap:AdditionalPaidInCapitalMember2025-01-310000060667us-gaap:RetainedEarningsMember2025-01-310000060667us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-310000060667us-gaap:RetainedEarningsMember2025-02-012025-08-010000060667us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-02-012025-08-010000060667us-gaap:AdditionalPaidInCapitalMember2025-02-012025-08-010000060667us-gaap:CommonStockMember2025-02-012025-08-010000060667us-gaap:CommonStockMember2024-05-030000060667us-gaap:AdditionalPaidInCapitalMember2024-05-030000060667us-gaap:RetainedEarningsMember2024-05-030000060667us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-05-0300000606672024-05-030000060667us-gaap:RetainedEarningsMember2024-05-042024-08-020000060667us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-05-042024-08-020000060667us-gaap:AdditionalPaidInCapitalMember2024-05-042024-08-020000060667us-gaap:CommonStockMember2024-05-042024-08-020000060667us-gaap:CommonStockMember2024-08-020000060667us-gaap:AdditionalPaidInCapitalMember2024-08-020000060667us-gaap:RetainedEarningsMember2024-08-020000060667us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-08-020000060667us-gaap:CommonStockMember2024-02-020000060667us-gaap:AdditionalPaidInCapitalMember2024-02-020000060667us-gaap:RetainedEarningsMember2024-02-020000060667us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-02-0200000606672024-02-020000060667us-gaap:RetainedEarningsMember2024-02-032024-08-020000060667us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-02-032024-08-020000060667us-gaap:AdditionalPaidInCapitalMember2024-02-032024-08-020000060667us-gaap:CommonStockMember2024-02-032024-08-020000060667low:ArtisanDesignGroupMember2025-06-022025-06-020000060667low:ArtisanDesignGroupMember2025-06-020000060667low:ArtisanDesignGroupMemberus-gaap:TrademarksMember2025-06-020000060667low:ArtisanDesignGroupMemberus-gaap:CustomerRelationshipsMember2025-06-020000060667low:ArtisanDesignGroupMemberus-gaap:OrderOrProductionBacklogMember2025-06-020000060667low:ArtisanDesignGroupMemberus-gaap:NoncompeteAgreementsMember2025-06-020000060667us-gaap:ProductMember2025-05-032025-08-010000060667us-gaap:ProductMember2024-05-042024-08-020000060667us-gaap:ProductMember2025-02-012025-08-010000060667us-gaap:ProductMember2024-02-032024-08-020000060667us-gaap:ServiceMember2025-05-032025-08-010000060667us-gaap:ServiceMember2024-05-042024-08-020000060667us-gaap:ServiceMember2025-02-012025-08-010000060667us-gaap:ServiceMember2024-02-032024-08-020000060667us-gaap:ProductAndServiceOtherMember2025-05-032025-08-010000060667us-gaap:ProductAndServiceOtherMember2024-05-042024-08-020000060667us-gaap:ProductAndServiceOtherMember2025-02-012025-08-010000060667us-gaap:ProductAndServiceOtherMember2024-02-032024-08-020000060667low:HomeDecorMember2025-05-032025-08-010000060667low:HomeDecorMember2024-05-042024-08-020000060667low:HomeDecorMember2025-02-012025-08-010000060667low:HomeDecorMember2024-02-032024-08-020000060667low:HardlinesMember2025-05-032025-08-010000060667low:HardlinesMember2024-05-042024-08-020000060667low:HardlinesMember2025-02-012025-08-010000060667low:HardlinesMember2024-02-032024-08-020000060667low:BuildingProductsMember2025-05-032025-08-010000060667low:BuildingProductsMember2024-05-042024-08-020000060667low:BuildingProductsMember2025-02-012025-08-010000060667low:BuildingProductsMember2024-02-032024-08-020000060667low:OtherSalesMember2025-05-032025-08-010000060667low:OtherSalesMember2024-05-042024-08-020000060667low:OtherSalesMember2025-02-012025-08-010000060667low:OtherSalesMember2024-02-032024-08-020000060667us-gaap:USTreasuryNotesSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-08-010000060667us-gaap:USTreasuryNotesSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-08-020000060667us-gaap:USTreasuryNotesSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-01-310000060667us-gaap:MoneyMarketFundsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-08-010000060667us-gaap:MoneyMarketFundsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-08-020000060667us-gaap:MoneyMarketFundsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-01-310000060667us-gaap:CommercialPaperMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-08-010000060667us-gaap:CommercialPaperMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-08-020000060667us-gaap:CommercialPaperMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-01-310000060667us-gaap:CertificatesOfDepositMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-08-010000060667us-gaap:CertificatesOfDepositMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-08-020000060667us-gaap:CertificatesOfDepositMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-01-310000060667us-gaap:ForeignGovernmentDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-08-010000060667us-gaap:ForeignGovernmentDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-08-020000060667us-gaap:ForeignGovernmentDebtMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-01-310000060667us-gaap:CorporateDebtSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-08-010000060667us-gaap:CorporateDebtSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-08-020000060667us-gaap:CorporateDebtSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-01-310000060667us-gaap:MunicipalBondsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-08-010000060667us-gaap:MunicipalBondsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-08-020000060667us-gaap:MunicipalBondsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-01-310000060667low:FixedToFloatingInterestRateSwapsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-08-010000060667low:FixedToFloatingInterestRateSwapsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-08-020000060667low:FixedToFloatingInterestRateSwapsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-01-310000060667us-gaap:FairValueInputsLevel3Member2024-08-020000060667us-gaap:FairValueInputsLevel3Member2025-08-010000060667us-gaap:FairValueInputsLevel3Member2025-01-310000060667us-gaap:UnsecuredDebtMember2025-08-010000060667us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Memberus-gaap:UnsecuredDebtMember2025-08-010000060667us-gaap:UnsecuredDebtMember2024-08-020000060667us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Memberus-gaap:UnsecuredDebtMember2024-08-020000060667us-gaap:UnsecuredDebtMember2025-01-310000060667us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Memberus-gaap:UnsecuredDebtMember2025-01-310000060667us-gaap:SecuredDebtMember2025-08-010000060667us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberus-gaap:SecuredDebtMember2025-08-010000060667us-gaap:SecuredDebtMember2024-08-020000060667us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberus-gaap:SecuredDebtMember2024-08-020000060667us-gaap:SecuredDebtMember2025-01-310000060667us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberus-gaap:SecuredDebtMember2025-01-310000060667us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-08-010000060667us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-08-020000060667us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-01-310000060667us-gaap:RevolvingCreditFacilityMemberlow:A2023CreditAgreementMember2023-09-300000060667us-gaap:RevolvingCreditFacilityMemberlow:A2023CreditAgreementMember2023-09-012023-09-300000060667us-gaap:RevolvingCreditFacilityMemberlow:ThirdAmendedAndRestatedCreditAgreementMember2021-12-310000060667us-gaap:RevolvingCreditFacilityMemberlow:ThirdAmendedAndRestatedCreditAgreementMember2021-12-012021-12-310000060667low:CommercialPaperProgramMember2024-08-020000060667low:ThirdAmendedAndRestatedCreditAgreementMember2025-01-310000060667low:CommercialPaperProgramMember2025-08-010000060667low:CommercialPaperProgramMember2025-01-310000060667low:A2023CreditAgreementMember2025-08-010000060667low:ThirdAmendedAndRestatedCreditAgreementMember2025-08-010000060667low:A2023CreditAgreementMember2024-08-020000060667low:A2023CreditAgreementMember2025-01-310000060667low:ThirdAmendedAndRestatedCreditAgreementMember2024-08-020000060667us-gaap:RevolvingCreditFacilityMember2025-08-010000060667low:FixedToFloatingInterestRateSwapsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2025-08-010000060667low:FixedToFloatingInterestRateSwapsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2024-08-020000060667low:FixedToFloatingInterestRateSwapsMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueHedgingMember2025-01-310000060667low:ShareRepurchaseProgramMember2025-08-010000060667low:ShareRepurchaseProgramMember2025-05-032025-08-010000060667low:ShareRepurchaseProgramMember2024-05-042024-08-020000060667low:SharesRepurchasedFromEmployeesMember2025-05-032025-08-010000060667low:SharesRepurchasedFromEmployeesMember2024-05-042024-08-020000060667low:ShareRepurchaseProgramMember2025-02-012025-08-010000060667low:ShareRepurchaseProgramMember2024-02-032024-08-020000060667low:SharesRepurchasedFromEmployeesMember2025-02-012025-08-010000060667low:SharesRepurchasedFromEmployeesMember2024-02-032024-08-020000060667low:ReportableSegmentMember2025-05-032025-08-010000060667low:ReportableSegmentMember2024-05-042024-08-020000060667low:ReportableSegmentMember2025-02-012025-08-010000060667low:ReportableSegmentMember2024-02-032024-08-020000060667low:FoundationBuildingMaterialsAcquisitionMemberus-gaap:SubsequentEventMember2025-08-202025-08-20

    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549
    FORM 10-Q
    (Mark One)
    ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the quarterly period ended August 1, 2025
    or 
    ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from ______ to  ______
    Commission File Number 1-7898
    lowesgraphicimage01.jpg
    LOWE’S COMPANIES, INC.
    (Exact name of registrant as specified in its charter)
    North Carolina56-0578072
    (State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
    1000 Lowes Blvd., Mooresville, North Carolina
    28117
    (Address of principal executive offices)(Zip Code)
    Registrant’s telephone number, including area code:
    (704) 758-1000
    Former name, former address and former fiscal year, if changed since last report: Not Applicable
    Securities registered pursuant to Section 12(b) of the Act:
    Title of each classTrading Symbol(s)Name of each exchange on which registered
    Common Stock, par value $0.50 per shareLOWNew York Stock Exchange
    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes  ☐ No
    Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes  ☐ No
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
    Large accelerated filer☒Accelerated filer☐
    Non-accelerated filer☐Smaller reporting company☐
    Emerging growth company☐
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No
    Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
    CLASSOUTSTANDING AT 8/26/2025
    Common Stock, $0.50 par value560,824,905



    LOWE’S COMPANIES, INC.
    - TABLE OF CONTENTS -
    Page No.
    Forward-Looking Statements
    ii
    PART I - Financial Information
    1
    Item 1.
    Financial Statements
    1
    Consolidated Statements of Earnings
    1
    Consolidated Statements of Comprehensive Income
    1
    Consolidated Balance Sheets
    2
    Consolidated Statements of Shareholders’ Deficit
    3
    Consolidated Statements of Cash Flows
    5
    Notes to Consolidated Financial Statements
    6
    Note 1: Summary of Significant Accounting Policies
    6
    Note 2: Acquisition
    6
    Note 3: Revenue
    7
    Note 4: Restricted Investments
    9
    Note 5: Fair Value Measurements
    9
    Note 6: Accounts Payable
    10
    Note 7: Debt
    11
    Note 8: Derivative Instruments
    11
    Note 9: Shareholders’ Deficit
    11
    Note 10: Earnings Per Share
    12
    Note 11: Supplemental Disclosure
    12
    Note 12: Segment Information
    13
    Note 13: Subsequent Event
    13
    Report of Independent Registered Public Accounting Firm
    15
    Item 2.
    Management’s Discussion and Analysis of Financial Condition and Results of Operations
    16
    Item 3.
    Quantitative and Qualitative Disclosures about Market Risk
    22
    Item 4.
    Controls and Procedures
    22
    PART II - Other Information
    24
    Item 1.
    Legal Proceedings
    24
    Item 1A.
    Risk Factors
    24
    Item 2.
    Unregistered Sales of Equity Securities and Use of Proceeds
    24
    Item 5.
    Other Information
    24
    Item 6.
    Exhibits
    25
    Signature
    26
    i
    lowes logo.jpg

    Table of Contents
    FORWARD-LOOKING STATEMENTS

    This Form 10-Q includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as “believe”, “expect”, “anticipate”, “plan”, “desire”, “project”, “estimate”, “intend”, “will”, “should”, “could”, “would”, “may”, “strategy”, “potential”, “opportunity”, “outlook”, “scenario”, “guidance”, and similar expressions are forward-looking statements. Forward-looking statements involve, among other things, expectations, projections, and assumptions about future financial and operating results, objectives (including objectives related to environmental and social matters), business outlook, priorities, sales growth, shareholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for products and services including customer acceptance of new offerings and initiatives, macroeconomic conditions and consumer spending, share repurchases, and Lowe’s strategic initiatives, including those relating to acquisitions and dispositions and the impact of such transactions on our strategic and operational plans and financial results. Such statements involve risks and uncertainties and we can give no assurance that they will prove to be correct. Actual results may differ materially from those expressed or implied in such statements.

    A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements including, but not limited to, the occurrence of any event or other circumstance that could give rise to the right of one or both of the parties to terminate the stock purchase agreement between Lowe’s and Foundation Building Materials (“FBM”), the failure to obtain the regulatory approval or to satisfy the other conditions to the proposed transaction in the expected timeframe or at all, the risk of litigation and/or regulatory actions related to the proposed transaction, the potential adverse effects to the businesses of Lowe’s or FBM during the pendency of the transaction, the possibility that the anticipated benefits and synergies of the transaction are not realized when expected, or at all, including as a result of the impact of, or problems arising from, the integration of the two companies, changes in general economic conditions, such as volatility and/or lack of liquidity from time to time in U.S. and world financial markets and the consequent reduced availability and/or higher cost of borrowing to Lowe’s and its customers, slower rates of growth in real disposable personal income that could affect the rate of growth in consumer spending, inflation and its impacts on discretionary spending and on our costs, shortages, and other disruptions in the labor supply, interest rate and currency fluctuations, home price appreciation or decreasing housing turnover, age of housing stock, the availability of consumer credit and of mortgage financing, trade policy changes or additional tariffs, outbreaks of pandemics, fluctuations in fuel and energy costs, inflation or deflation of commodity prices, natural disasters, geopolitical or armed conflicts, acts of both domestic and international terrorism, and other factors that can negatively affect our customers.

    Investors and others should carefully consider the foregoing factors and other uncertainties, risks and potential events including, but not limited to, those described in “Item 1A - Risk Factors” and “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies and Estimates” in our most recent Annual Report on Form 10-K and as may be updated from time to time in our quarterly reports on Form 10-Q or other subsequent filings with the SEC. All such forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update these statements other than as required by law.

    lowes logo.jpg
    ii

    Table of Contents
    Part I - FINANCIAL INFORMATION
    Item 1. Financial Statements
    Lowe’s Companies, Inc.
    Consolidated Statements of Earnings (Unaudited)
    In Millions, Except Per Share and Percentage Data
     Three Months EndedSix Months Ended
     August 1, 2025August 2, 2024August 1, 2025August 2, 2024
    Current EarningsAmount% SalesAmount% SalesAmount% SalesAmount% Sales
    Net sales$23,959 100.00 %$23,586 100.00 %$44,888 100.00 %$44,950 100.00 %
    Cost of sales15,858 66.1915,691 66.5329,800 66.39 29,965 66.66 
    Gross margin8,101 33.817,895 33.4715,088 33.61 14,985 33.34 
    Expenses:
    Selling, general and administrative4,175 17.424,025 17.078,222 18.31 8,034 17.88 
    Depreciation and amortization457 1.91423 1.79902 2.01 851 1.89 
    Operating income3,469 14.483,447 14.615,964 13.29 6,100 13.57 
    Interest – net313 1.31317 1.34650 1.45 669 1.49 
    Pre-tax earnings3,156 13.173,130 13.275,314 11.84 5,431 12.08 
    Income tax provision758 3.16747 3.171,276 2.84 1,294 2.88 
    Net earnings$2,398 10.01%$2,383 10.10%$4,038 9.00 %$4,137 9.20 %
    Weighted average common shares outstanding – basic559 568 559 570 
    Basic earnings per common share$4.28 $4.18 $7.21 $7.24 
    Weighted average common shares outstanding – diluted560 570 560 571 
    Diluted earnings per common share$4.27 $4.17 $7.19 $7.23 
    See accompanying notes to the consolidated financial statements (unaudited).



    Lowe’s Companies, Inc.
    Consolidated Statements of Comprehensive Income (Unaudited)
    In Millions, Except Percentage Data
     Three Months EndedSix Months Ended
     August 1, 2025August 2, 2024August 1, 2025August 2, 2024
     Amount% SalesAmount% SalesAmount% SalesAmount% Sales
    Net earnings$2,398 10.01 %$2,383 10.10 %$4,038 9.00 %$4,137 9.20 %
    Cash flow hedges – net of tax
    (4)(0.01)(3)(0.01)(7)(0.02)(6)(0.01)
    Other(1)(0.01)2 0.01 — — 1 — 
    Other comprehensive loss(5)(0.02)(1)— (7)(0.02)(5)(0.01)
    Comprehensive income$2,393 9.99 %$2,382 10.10 %$4,031 8.98 %$4,132 9.19 %
    See accompanying notes to the consolidated financial statements (unaudited).
    1
    lowes logo.jpg

    Table of Contents
    Lowe’s Companies, Inc.
    Consolidated Balance Sheets (Unaudited)
    In Millions, Except Par Value Data
    August 1, 2025August 2, 2024January 31, 2025
    Assets
    Current assets:
    Cash and cash equivalents$4,860 $4,360 $1,761 
    Short-term investments396 330 372 
    Merchandise inventory - net16,342 16,841 17,409 
    Other current assets1,041 806 816 
    Total current assets22,639 22,337 20,358 
    Property, less accumulated depreciation17,708 17,515 17,649 
    Operating lease right-of-use assets3,887 3,819 3,738 
    Long-term investments273 292 277 
    Deferred income taxes - net140 184 244 
    Intangibles - net976 284 277 
    Goodwill691 311 311 
    Other assets300 192 248 
    Total assets$46,614 $44,934 $43,102 
    Liabilities and shareholders' deficit
    Current liabilities:
    Current maturities of long-term debt4,175 1,290 2,586 
    Current operating lease liabilities536 552 563 
    Accounts payable9,513 10,336 9,290 
    Accrued compensation and employee benefits1,098 1,055 1,008 
    Deferred revenue1,558 1,417 1,358 
    Other current liabilities4,742 3,596 3,952 
    Total current liabilities21,622 18,246 18,757 
    Long-term debt, excluding current maturities30,548 34,659 32,901 
    Noncurrent operating lease liabilities3,801 3,738 3,628 
    Deferred revenue - Lowe's protection plans1,283 1,256 1,268 
    Other liabilities760 798 779 
    Total liabilities58,014 58,697 57,333 
    Shareholders' deficit:
    Preferred stock, $5 par value: Authorized – 5.0 million shares; Issued and outstanding – none
    — — — 
    Common stock, $0.50 par value: Authorized – 5.6 billion shares; Issued and outstanding – 561 million, 568 million, and 560 million, respectively
    280 284 280 
    Capital in excess of par value147 — — 
      Accumulated deficit(12,108)(14,342)(14,799)
      Accumulated other comprehensive income281 295 288 
      Total shareholders' deficit(11,400)(13,763)(14,231)
      Total liabilities and shareholders' deficit$46,614 $44,934 $43,102 
    See accompanying notes to the consolidated financial statements (unaudited).
    lowes logo.jpg
    2

    Table of Contents
    Lowe’s Companies, Inc.
    Consolidated Statements of Shareholders’ Deficit (Unaudited)
    In Millions
    Three Months Ended August 1, 2025
    Common StockCapital in Excess
    of Par Value
    Accumulated DeficitAccumulated Other
    Comprehensive Income
    Total
    SharesAmount
    Balance May 2, 2025560 $280 $13 $(13,833)$286 $(13,254)
    Net earnings— — — 2,398 — 2,398 
    Other comprehensive loss— — — — (5)(5)
    Cash dividends declared, $1.20 per share
    — — — (673)— (673)
    Share-based payment expense — — 64 — — 64 
    Repurchases of common stock — — 1 — — 1 
    Issuance of common stock under share-based payment plans1 — 69 — — 69 
    Balance August 1, 2025561 $280 $147 $(12,108)$281 $(11,400)
    Six Months Ended August 1, 2025
    Common StockCapital in Excess
    of Par Value
    Accumulated DeficitAccumulated Other
    Comprehensive Income
    Total
    SharesAmount
    Balance January 31, 2025560 $280 $— $(14,799)$288 $(14,231)
    Net earnings— — — 4,038 — 4,038 
    Other comprehensive loss— — — — (7)(7)
    Cash dividends declared, $2.35 per share
    — — — (1,317)— (1,317)
    Share-based payment expense— — 117 — — 117 
    Repurchases of common stock— (1)(40)(30)— (71)
    Issuance of common stock under share-based payment plans1 1 70 — — 71 
    Balance August 1, 2025561 $280 $147 $(12,108)$281 $(11,400)
    3
    lowes logo.jpg

    Table of Contents
    Three Months Ended August 2, 2024
    Common StockCapital in Excess
    of Par Value
    Accumulated DeficitAccumulated Other
    Comprehensive Income
    Total
    SharesAmount
    Balance May 3, 2024572 $286 $— $(15,188)$296 $(14,606)
    Net earnings— — — 2,383 — 2,383 
    Other comprehensive income— — — — (1)(1)
    Cash dividends declared, $1.15 per share
    — — — (654)— (654)
    Share-based payment expense— — 60 — — 60 
    Repurchases of common stock(4)(2)(129)(883)— (1,014)
    Issuance of common stock under share-based payment plans— — 69 — — 69 
    Balance August 2, 2024568 $284 $— $(14,342)$295 $(13,763)
    Six Months Ended August 2, 2024
    Common StockCapital in Excess
    of Par Value
    Accumulated DeficitAccumulated Other
    Comprehensive Income
    Total
    SharesAmount
    Balance February 2, 2024574 $287 $— $(15,637)$300 $(15,050)
    Net earnings— — — 4,137 — 4,137 
    Other comprehensive loss— — — — (5)(5)
    Cash dividends declared, $2.25 per share
    — — — (1,283)— (1,283)
    Share-based payment expense — — 110 — — 110 
    Repurchases of common stock (7)(4)(193)(1,559)— (1,756)
    Issuance of common stock under share-based payment plans1 1 83 — — 84 
    Balance August 2, 2024568 $284 $— $(14,342)$295 $(13,763)
    See accompanying notes to the consolidated financial statements (unaudited).

    lowes logo.jpg
    4

    Table of Contents
    Lowe’s Companies, Inc.
    Consolidated Statements of Cash Flows (Unaudited)
    In Millions
    Six Months Ended
    August 1, 2025August 2, 2024
    Cash flows from operating activities:
      Net earnings$4,038 $4,137 
      Adjustments to reconcile net earnings to net cash provided by operating activities:
         Depreciation and amortization1,022 967 
         Noncash lease expense267 260 
         Deferred income taxes70 66 
         Loss/(gain) on property and other assets – net30 (4)
         Gain on sale of business— (43)
         Share-based payment expense117 110 
    Changes in operating assets and liabilities:
           Merchandise inventory – net1,173 53 
           Other operating assets(2)129 
           Accounts payable150 1,679 
           Other operating liabilities745 61 
         Net cash provided by operating activities7,610 7,415 
    Cash flows from investing activities:
         Purchases of investments(845)(628)
         Proceeds from sale/maturity of investments827 571 
         Capital expenditures(1,013)(808)
         Proceeds from sale of property and other long-term assets7 22 
         Acquisition of business - net(1,314)— 
         Proceeds from sale of business— 43 
         Other – net(5)— 
         Net cash used in investing activities(2,343)(800)
    Cash flows from financing activities:
         Repayment of debt(796)(47)
       Proceeds from issuance of common stock under share-based payment plans70 84 
         Cash dividend payments(1,290)(1,262)
         Repurchases of common stock(113)(1,930)
         Other – net(39)(21)
         Net cash used in financing activities(2,168)(3,176)
    Net increase in cash and cash equivalents3,099 3,439 
    Cash and cash equivalents, beginning of period1,761 921 
    Cash and cash equivalents, end of period$4,860 $4,360 
    See accompanying notes to the consolidated financial statements (unaudited).
    5
    lowes logo.jpg

    Table of Contents
    Lowe’s Companies, Inc.
    Notes to Consolidated Financial Statements (Unaudited)

    Note 1: Summary of Significant Accounting Policies

    Basis of Presentation

    The accompanying condensed consolidated financial statements (unaudited) and notes to the condensed consolidated financial statements (unaudited) are presented in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed consolidated financial statements (unaudited), in the opinion of management, contain all normal recurring adjustments necessary to present fairly the consolidated balance sheets as of August 1, 2025, and August 2, 2024, and the statements of earnings, comprehensive income, and shareholders’ deficit for the three and six months ended August 1, 2025, and August 2, 2024, and cash flows for the six months ended August 1, 2025, and August 2, 2024. The January 31, 2025, consolidated balance sheet was derived from the audited financial statements.

    These interim condensed consolidated financial statements (unaudited) should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Lowe’s Companies, Inc. (the Company) Annual Report on Form 10-K for the fiscal year ended January 31, 2025 (the Annual Report). The financial results for the interim periods may not be indicative of the financial results for the entire fiscal year.

    Accounting Pronouncements Not Yet Adopted

    There have been no significant changes in the accounting pronouncements not yet adopted from those disclosed in the Annual Report. Accounting pronouncements not disclosed in this Form 10-Q or in the Annual Report are either not applicable to the Company or are not expected to have a material impact to the Company.

    Note 2: Acquisitions

    On April 9, 2025, the Company entered into a definitive agreement to acquire Artisan Design Group (ADG). ADG is a leading nationwide provider of design, distribution and installation services for interior surface finishers, including flooring, cabinets and countertops, to national, regional and local home builders and property managers. The acquisition is expected to expand the Company’s Pro customer offering into a new distribution channel within a highly fragmented market. The acquisition was completed on June 2, 2025, for an aggregate cash purchase price of $1.3 billion and is included in the investing section of the consolidated statements of cash flows, net of cash acquired. Acquisition-related costs were expensed as incurred.

    lowes logo.jpg
    6

    Table of Contents
    The following table summarizes our preliminary aggregate purchase price allocation:
    (In millions)June 2, 2025
    Allocation:
    Cash acquired$2 
    Merchandise inventory106 
    Property31 
    Operating lease right-of-use assets137 
    Intangible assets714 
    Goodwill379 
    Other assets270 
    Accounts payable(73)
    Accrued compensation and employee benefits(34)
    Operating lease liabilities(125)
    Deferred revenue(22)
    Long-term debt, excluding current maturities(4)
    Deferred income taxes, net(36)
    Other liabilities(30)
    Net assets acquired$1,315 

    Intangible assets acquired totaled $714 million, and include trademarks of $130 million with a useful life of 15 years, customer relationships of $550 million with a useful life of 20 years, backlog of $26 million, and non-compete agreements of $8 million with a useful life of 5 years, each of which are included in the intangibles-net line item within the accompanying consolidated balance sheet. Goodwill of $379 million is primarily attributable to the synergies expected to arise after the acquisition. We expect $312 million of goodwill to be deductible for tax purposes.

    We have completed valuation analyses necessary to assess the fair values of the assets acquired and liabilities assumed and the amount of goodwill to be recognized as of the acquisition date. These fair values were based on management’s estimates and assumptions; however, the amounts indicated above are preliminary in nature and are subject to adjustment as additional information is obtained about the facts and circumstances that existed as of the acquisition date. Accordingly, there may be adjustments to the assigned values of acquired assets and liabilities assumed. The final determination of acquisition date fair values and residual goodwill will be completed as soon as practicable, and within the measurement period of up to one year from the acquisition date as permitted under GAAP. Any adjustments to provisional amounts that are identified during the measurement period will be recorded in the reporting period in which the adjustment is determined.

    Pro forma revenue and earnings since acquisition has not been provided as the acquisition was not material to the consolidated financial statements.

    Note 3: Revenue

    Net sales consists primarily of revenue, net of sales tax, associated with contracts with customers for the sale of goods and services in amounts that reflect consideration the Company is entitled to in exchange for those goods and services.

    The following table presents the Company’s sources of revenue:
    (In millions)Three Months EndedSix Months Ended
    August 1, 2025August 2, 2024August 1, 2025August 2, 2024
    Products $22,973 $22,709 $43,141 $43,396 
    Services655 548 1,200 1,080 
    Other331 329 547 474 
    Net sales$23,959 $23,586 $44,888 $44,950 

    7
    lowes logo.jpg

    Table of Contents
    A provision for anticipated merchandise returns is provided through a reduction of sales and cost of sales in the period that the related sales are recorded.  The merchandise return reserve is presented on a gross basis, with a separate asset and liability included in the consolidated balance sheets. The balances and classification within the consolidated balance sheets for anticipated sales returns and the associated right of return assets are as follows:
    (In millions)ClassificationAugust 1,
    2025
    August 2,
    2024
    January 31,
    2025
    Anticipated sales returnsOther current liabilities$211 $207 $167 
    Right of return assetsOther current assets123 119 99 

    Deferred revenue - retail and stored-value cards
    Retail deferred revenue consists of amounts received for which customers have not yet taken possession of the merchandise or for which installation has not yet been completed. The majority of revenue for goods and services is recognized in the quarter following revenue deferral. Stored-value cards deferred revenue includes outstanding stored-value cards such as gift cards and returned merchandise credits that have not yet been redeemed. Deferred revenue for retail and stored-value cards are as follows:
    (In millions)August 1,
    2025
    August 2,
    2024
    January 31,
    2025
    Retail deferred revenue$1,095 $922 $770 
    Stored-value cards deferred revenue463 495 588 
    Deferred revenue$1,558 $1,417 $1,358 

    Deferred revenue - Lowe’s protection plans
    The Company defers revenues for its separately-priced long-term extended protection plan contracts (Lowe’s protection plans) and recognizes revenue on a straight-line basis over the respective contract term. Expenses for claims are recognized in cost of sales when incurred.
    (In millions)August 1,
    2025
    August 2,
    2024
    January 31,
    2025
    Deferred revenue - Lowe’s protection plans$1,283 $1,256 $1,268 

    Three Months EndedSix Months Ended
    (In millions)August 1, 2025August 2, 2024August 1, 2025August 2, 2024
    Lowe’s protection plans deferred revenue recognized into sales$144 $140 $287 $279 
    Lowe’s protection plans claim expenses61 50 119 104 

    Disaggregation of Revenues

    The following table presents the Company’s net sales disaggregated by merchandise division:
    Three Months EndedSix Months Ended
    August 1, 2025August 2, 2024August 1, 2025August 2, 2024
    (In millions)Net Sales%Net Sales%Net Sales%Net Sales%
    Home Décor1
    $8,359 34.9 %$8,181 34.7 %$15,911 35.4 %$15,847 35.3 %
    Hardlines2
    7,817 32.6 7,718 32.7 14,221 31.7 14,357 31.9 
    Building Products3
    7,084 29.6 7,077 30.0 13,635 30.4 13,726 30.5 
    Other699 2.9 610 2.6 1,121 2.5 1,020 2.3 
    Total$23,959 100.0 %$23,586 100.0 %$44,888 100.0 %$44,950 100.0 %
    Note: Merchandise division net sales for the prior period have been reclassified to conform to the current period presentation.
    1    Home Décor includes the following product categories: Appliances, Décor, Flooring, Kitchens & Bath, and Paint.
    2    Hardlines includes the following product categories: Hardware, Lawn & Garden, Seasonal & Outdoor Living, and Tools.
    3    Building Products includes the following product categories: Building Materials, Electrical, Lumber, Millwork, and Rough Plumbing.

    lowes logo.jpg
    8

    Table of Contents
    Note 4: Restricted Investments

    Short-term and long-term investments include restricted balances pledged as collateral primarily for the Lowe’s protection plans program and are as follows:
    (In millions)August 1, 2025August 2, 2024January 31, 2025
    Short-term restricted investments$396 $330 372 
    Long-term restricted investments273 292 277 
    Total restricted investments$669 $622 $649 

    Note 5: Fair Value Measurements

    Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value measurements establishes a three-level hierarchy, which encourages an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the hierarchy are defined as follows:

    •Level 1 - inputs to the valuation techniques that are quoted prices in active markets for identical assets or liabilities
    •Level 2 - inputs to the valuation techniques that are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly
    •Level 3 - inputs to the valuation techniques that are unobservable for the assets or liabilities

    Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

    The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of August 1, 2025, August 2, 2024, and January 31, 2025:
    Fair Value Measurements at
    (In millions)ClassificationMeasurement LevelAugust 1, 2025August 2, 2024January 31, 2025
    Available-for-sale debt securities:
    U.S. Treasury securitiesShort-term investmentsLevel 1$225 $184 $199 
    Money market fundsShort-term investmentsLevel 160 81 91 
    Commercial paperShort-term investmentsLevel 248 29 49 
    Certificates of depositShort-term investmentsLevel 137 13 13 
    Foreign government debt securitiesShort-term investmentsLevel 219 — 4 
    Corporate debt securitiesShort-term investmentsLevel 25 21 16 
    Municipal obligationsShort-term investmentsLevel 22 2 — 
    U.S. Treasury securitiesLong-term investmentsLevel 1125 188 150 
    Corporate debt securitiesLong-term investmentsLevel 2119 79 88 
    Foreign government debt securitiesLong-term investmentsLevel 222 22 37 
    Municipal obligationsLong-term investmentsLevel 27 3 2 
    Derivative instruments:
    Fixed-to-floating interest rate swapsOther current liabilitiesLevel 2$6 $— $11 
    Fixed-to-floating interest rate swapsOther liabilitiesLevel 224 57 35 

    There were no transfers between Levels 1, 2, or 3 during any of the periods presented.

    When available, quoted prices were used to determine fair value.  When quoted prices in active markets were available, financial assets were classified within Level 1 of the fair value hierarchy.  When quoted prices in active markets were not available, fair values for financial assets and liabilities classified within Level 2 were determined using pricing models, and the
    9
    lowes logo.jpg

    Table of Contents
    inputs to those pricing models were based on observable market inputs.  The inputs to the pricing models were typically benchmark yields, reported trades, broker-dealer quotes, issuer spreads and benchmark securities, among others.

    The Company has performance-based contingent consideration related to the fiscal 2022 sale of the Canadian retail business which is classified as a Level 3 long-term investment, and such contingent consideration had an estimated fair value of zero as of August 1, 2025, August 2, 2024, and January 31, 2025. The Company’s measurements of fair value of the contingent consideration are based on an income approach, which requires certain assumptions considering operating performance of the business and a risk-adjusted discount rate. Changes in the estimated fair value of the contingent consideration are recognized within selling, general and administrative expenses (SG&A) in the consolidated statements of earnings.

    The rollforward of the fair value of contingent consideration for the three and six months ended August 1, 2025 and August 2, 2024, is as follows:
    Three Months EndedSix Months Ended
    (In millions)August 1, 2025August 2, 2024August 1, 2025August 2, 2024
    Beginning balance$— $— $— $— 
    Change in fair value— 43 — 43 
    Proceeds received— (43)— (43)
    Ending balance$— $— $— $— 

    Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis

    During the three and six months ended August 1, 2025, and August 2, 2024, the Company had no material measurements of assets and liabilities at fair value on a nonrecurring basis subsequent to their initial recognition.

    Other Fair Value Disclosures

    The Company’s financial assets and liabilities not measured at fair value on a recurring basis include cash and cash equivalents, accounts receivable, short-term borrowings, accounts payable, and long-term debt and are reflected in the financial statements at cost. With the exception of long-term debt, cost approximates fair value for these items due to their short-term nature. As further described in Note 8, certain long-term debt is associated with a fair value hedge and the changes in fair value of the hedged debt is included in the carrying value of long-term debt in the consolidated balance sheets. The fair values of the Company’s unsecured notes were estimated using quoted market prices. The fair values of the Company’s mortgage notes were estimated using discounted cash flow analyses, based on the future cash outflows associated with these arrangements and discounted using the applicable incremental borrowing rate.

    Carrying amounts and the related estimated fair value of the Company’s long-term debt, excluding finance lease obligations, are as follows:
    August 1, 2025August 2, 2024January 31, 2025
    (In millions)Carrying AmountFair ValueCarrying AmountFair ValueCarrying AmountFair Value
    Unsecured notes (Level 1)$34,289 $31,198 $35,440 $32,748 $35,011 $31,557 
    Mortgage notes (Level 2)1 1 1 1 1 1 
    Long-term debt (excluding finance lease obligations)
    $34,290 $31,199 $35,441 $32,749 $35,012 $31,558 

    Note 6: Accounts Payable
    The Company has an agreement with a third party to provide a supplier finance program which facilitates participating suppliers’ ability to finance payment obligations from the Company with designated third-party financial institutions. Participating suppliers may, at their sole discretion, make offers to finance one or more payment obligations of the Company prior to their scheduled due dates at a discounted price to participating financial institutions. The Company’s outstanding payment obligations that suppliers financed to participating financial institutions, which are included in accounts payable on the
    lowes logo.jpg
    10

    Table of Contents
    consolidated balance sheets, are as follows:
    (In millions)August 1, 2025August 2, 2024January 31, 2025
    Financed payment obligations$1,326 $1,447 $1,511 

    Note 7: Debt
    The Company’s commercial paper program is supported by the $2.0 billion five-year unsecured revolving credit agreement entered into in September 2023 (2023 Credit Agreement) and the $2.0 billion five-year unsecured third amended and restated credit agreement entered into in December 2021, and as amended (Third Amended and Restated Credit Agreement).  The amounts available to be drawn under the 2023 Credit Agreement and the Third Amended and Restated Credit Agreement are reduced by the amount of borrowings under the commercial paper program. As of August 1, 2025, August 2, 2024, and January 31, 2025, there were no outstanding borrowings under the Company’s commercial paper program, the 2023 Credit Agreement, or the Third Amended and Restated Credit Agreement. Total combined availability under the 2023 Credit Agreement and the Third Amended and Restated Credit Agreement was $4.0 billion as of August 1, 2025.

    Note 8: Derivative Instruments

    The Company utilizes fixed-to-floating interest rate swap agreements as fair value hedges on certain debt. The notional amounts for the Company’s material derivative instruments are as follows:
    (In millions)August 1,
    2025
    August 2,
    2024
    January 31,
    2025
    Fair value hedges:
    Fixed-to-floating interest rate swap agreements$850$850$850

    See Note 5 for the gross fair values of the Company’s outstanding derivative financial instruments and corresponding fair value classifications. The cash flows related to settlement of the Company’s hedging derivative financial instruments are classified in the consolidated statements of cash flows based on the nature of the underlying hedged items.

    The Company accounts for the fixed-to-floating interest rate swap agreements as fair value hedges using the shortcut method of accounting under which the hedges are assumed to be perfectly effective. Thus, the change in fair value of the derivative instruments offsets the change in fair value on the hedged debt, and there is no net impact in the consolidated statements of earnings from the fair value of the derivatives.

    Note 9: Shareholders’ Deficit

    The Company has a share repurchase program that is executed through purchases made from time to time either in the open market, which may be made under pre-set trading plans meeting the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934, or through private off-market transactions. Shares purchased under the repurchase program are returned to authorized and unissued status. Any excess of cost over par value is charged to additional paid-in capital to the extent that a balance is present. Once additional paid-in capital is fully depleted, remaining excess of cost over par value is charged to accumulated deficit. As of August 1, 2025, the Company had $10.8 billion remaining in its share repurchase program. In fiscal 2025, the Company paused its share repurchase program.

    The Company also withholds shares from employees to satisfy either the exercise price of stock options exercised or the statutory withholding tax liability resulting from the vesting of share-based awards.

    Total shares repurchased for the three and six months ended August 1, 2025, and August 2, 2024, were as follows:
    Three Months Ended
    August 1, 2025August 2, 2024
    (In millions)SharesCostSharesCost
    Share repurchase program1
    — $(3)4.4 $1,012 
    Shares withheld from employees— 2 — 2 
    Total share repurchases— $(1)4.4 $1,014 
    11
    lowes logo.jpg

    Table of Contents
    Six Months Ended
    August 1, 2025August 2, 2024
    (In millions)SharesCostSharesCost
    Share repurchase program1
    — $(3)7.1 $1,664 
    Shares withheld from employees0.3 72 0.4 92 
    Total share repurchases0.3 $69 7.5 $1,756 
    1 Includes excise tax on share repurchases in excess of issuances as part of the cost basis of the shares acquired.

    Note 10: Earnings Per Share

    The Company calculates basic and diluted earnings per common share using the two-class method. The following table reconciles earnings per common share for the three and six months ended August 1, 2025, and August 2, 2024:
    Three Months EndedSix Months Ended
    (In millions, except per share data)August 1, 2025August 2, 2024August 1, 2025August 2, 2024
    Basic earnings per common share:
    Net earnings
    $2,398 $2,383 $4,038 $4,137 
    Less: Net earnings allocable to participating securities
    (7)(6)(11)(10)
    Net earnings allocable to common shares, basic
    $2,391 $2,377 $4,027 $4,127 
    Weighted-average common shares outstanding
    559 568 559 570 
    Basic earnings per common share
    $4.28 $4.18 $7.21 $7.24 
    Diluted earnings per common share:
      
    Net earnings
    $2,398 $2,383 $4,038 $4,137 
    Less: Net earnings allocable to participating securities
    (7)(6)(11)(10)
    Net earnings allocable to common shares, diluted
    $2,391 $2,377 $4,027 $4,127 
    Weighted-average common shares outstanding
    559 568 559 570 
    Dilutive effect of non-participating share-based awards
    1 2 1 1 
    Weighted-average common shares, as adjusted
    560 570 560 571 
    Diluted earnings per common share$4.27 $4.17 $7.19 $7.23 
    Anti-dilutive securities excluded from diluted weighted-average common shares0.3 0.5 0.2 0.4 

    Note 11: Supplemental Disclosure

    Net interest expense is comprised of the following:
    Three Months EndedSix Months Ended
    (In millions)August 1, 2025August 2, 2024August 1, 2025August 2, 2024
    Long-term debt$351 $364 $709 $729 
    Lease obligations5 6 10 12 
    Interest income(42)(52)(67)(74)
    Interest capitalized(2)(1)(4)(2)
    Interest on tax uncertainties1 — 2 3 
    Other— — — 1 
    Interest – net$313 $317 $650 $669 

    lowes logo.jpg
    12

    Table of Contents
    Supplemental disclosures of cash flow information:
    Six Months Ended
    (In millions)August 1, 2025August 2, 2024
    Cash paid for interest, net of amount capitalized$721 $735 
    Cash paid for income taxes – net1
    657 1,004 
    Non-cash investing and financing activities:
    Leased assets obtained in exchange for new finance lease liabilities$15 $33 
    Leased assets obtained in exchange for new operating lease liabilities2
    293 353 
    Cash dividends declared but not paid673 654 
    1 Cash paid for income taxes - net for the six months ended August 1, 2025, and August 2, 2024, includes $453 million and $541 million, respectively, of cash paid for the purchase of federal transferable tax credits
    2 Excludes $48 million of leases signed but not yet commenced as of August 1, 2025.

    Note 12: Segment Information

    The Company’s home improvement operations represent a single operating segment designed to enable customers to purchase products and services seamlessly through all channels. The Company’s chief operating decision maker (CODM) is the Chairman, President, and Chief Executive Officer. The CODM has the ultimate decision-making authority for resource allocation and assessing the performance of the Company. Thereby, the CODM regularly reviews consolidated net earnings as the measure of segment profit or loss, as well as significant segment expenses included in the below table, to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. The CODM also uses these measures in monitoring plan versus actual results. The CODM does not review segment assets at a different asset level or category than those disclosed in the consolidated balance sheets.

    The following presents the Company’s operating results, including significant segment expenses.
    Three Months EndedSix Months Ended
    August 1, 2025August 2, 2024August 1, 2025August 2, 2024
    (In millions, except percentage data)Amount% SalesAmount% SalesAmount% SalesAmount% Sales
    Net sales$23,959 100.00%$23,586 100.00%$44,888 100.00%$44,950 100.00%
    Less:
    Cost of sales15,858 66.1915,691 66.5329,800 66.3929,965 66.66
    Selling, general and administrative:
    Employee compensation and benefits2,835 11.832,766 11.735,648 12.585,564 12.40
    Occupancy and facility costs472 1.97467 1.98940 2.10930 2.07
    Advertising249 1.04234 0.99448 1.00438 0.98
    Other SG&A items1
    619 2.58558 2.371,186 2.631,102 2.43
    Depreciation and amortization457 1.91423 1.79902 2.01851 1.89
    Interest – net313 1.31317 1.34650 1.45669 1.49
    Income tax provision758 3.16747 3.171,276 2.841,294 2.88
    Net earnings$2,398 10.01%$2,383 10.10%$4,038 9.00%$4,137 9.20 %
    1    Other SG&A items primarily include financial services costs, technology service costs, insurance costs, impairment costs, and store environment initiative and display costs.

    Note 13: Subsequent Event

    On August 20, 2025, the Company announced it has entered into a definitive agreement (the Agreement) to acquire Foundation Building Materials (FBM) for approximately $8.8 billion. FBM is expected to accelerate the Company’s Total Home strategy by enhancing its offering to Pro customers through expanded capabilities, faster fulfillment, improved digital tools, a robust trade credit platform, and significant cross-selling opportunities between FBM and Lowe's. The Company intends to fund the
    13
    lowes logo.jpg

    Table of Contents
    acquisition through a combination of short-term and long-term debt. The transaction is expected to close in the fourth quarter of fiscal 2025, subject to customary closing conditions, including regulatory approval.

    lowes logo.jpg
    14

    Table of Contents
    REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

    To the Board of Directors and Shareholders of Lowe’s Companies, Inc.

    Results of Review of Interim Financial Information

    We have reviewed the accompanying condensed consolidated balance sheets of Lowe’s Companies, Inc. and subsidiaries (the “Company”) as of August 1, 2025 and August 2, 2024, the related condensed consolidated statements of earnings, comprehensive income, and shareholders’ deficit for the fiscal three-month and six-month periods ended August 1, 2025 and August 2, 2024, and cash flows for the fiscal six-month periods ended August 1, 2025 and August 2, 2024, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

    We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of January 31, 2025, and the related consolidated statements of earnings, comprehensive income, shareholders’ deficit, and cash flows for the fiscal year then ended (not presented herein); and in our report dated March 24, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of January 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

    Basis for Review Results

    This interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

    We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.



    /s/ DELOITTE & TOUCHE LLP

    Charlotte, North Carolina
    August 28, 2025
    15
    lowes logo.jpg

    Table of Contents
    Item 2.
    MANAGEMENT’S DISCUSSION AND ANALYSIS OF
    FINANCIAL CONDITION AND RESULTS OF OPERATIONS
     
    This discussion and analysis summarizes the significant factors affecting our consolidated operating results, liquidity and capital resources during the three and six months ended August 1, 2025, and August 2, 2024. This discussion and analysis should be read in conjunction with the consolidated financial statements and notes to the consolidated financial statements that are included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025 (the Annual Report), as well as the consolidated financial statements (unaudited) and notes to the consolidated financial statements (unaudited) contained in this report. Unless otherwise specified, all comparisons made are to the corresponding period of fiscal 2024. This discussion and analysis is presented in four sections:

    •Executive Overview
    •Operations
    •Financial Condition, Liquidity and Capital Resources
    •Critical Accounting Policies and Estimates

    EXECUTIVE OVERVIEW

    The following table highlights our financial results:
    Three Months EndedSix Months Ended
    (in millions, except per share data)
    August 1, 2025August 2, 2024August 1, 2025August 2, 2024
    Net sales
    $23,959 $23,586 $44,888 $44,950 
    Net earnings
    2,398 2,383 4,038 4,137 
    Diluted earnings per share
    $4.27 $4.17 $7.19 $7.23 
    Net cash provided by operating activities
    $7,610 $7,415 
    Capital expenditures
    1,013 808 
    Repurchases of common stock1
    71 1,756 
    Cash dividend payments
    1,290 1,262 
    1    Repurchases of common stock on a trade-date basis.

    Net sales in the second quarter of fiscal 2025 improved 1.6% to $24.0 billion compared to net sales of $23.6 billion in the second quarter of fiscal 2024. Comparable sales for the second quarter of fiscal 2025 increased 1.1%, consisting of an increase in comparable average ticket of 2.9%, partially offset by a decrease of 1.8% in comparable customer transactions. Net earnings were $2.4 billion in the second quarter of fiscal 2025 and fiscal 2024. Diluted earnings per common share were $4.27 in the second quarter of fiscal 2025 compared to $4.17 in the second quarter of fiscal 2024. Included in the second quarter of 2025 results were pre-tax expenses of $43 million consisting of transaction costs and purchase accounting adjustments related to the acquisition of ADG, which decreased diluted earnings per common share by $0.06. Excluding the impact of this item, adjusted diluted earnings per common share was $4.33 in the second quarter of 2025 (see the non-GAAP financial measures discussion).

    For the first six months of fiscal 2025, cash flows from operating activities were approximately $7.6 billion, with $1.0 billion used for capital expenditures. During the three months ended August 1, 2025, we closed on the acquisition of ADG for $1.3 billion. In addition, we paid $645 million in dividends, continuing to deliver on our commitment to return cash to shareholders.

    Second quarter fiscal 2025 comparable sales improved 1.1% driven by strength in seasonal categories as weather improved throughout the quarter, along with continued strength with our Pro customer, and online. In addition to sales growth, our persistent focus on productivity drove stronger than expected operating performance. Through our Total Home strategy, we were able to deliver continued Pro growth this quarter, while also growing online sales due to a more immersive shopping experience. And to build on this immersive experience, during the second quarter, we launched the first Home Improvement Creator Network, designed to drive brand loyalty among tech-savvy generations. We are partnering with top influencers to tap into the growing trend of social media-driven DIY inspiration.

    In addition, our Perpetual Productivity Initiatives (PPI) continue to deliver improvements throughout the business. Through our SKU rationalizations, we are making our inventory and space more productive. Reducing total SKU count in our stores will allow us to reinvest in deeper inventory quantities of our best-selling SKUs to drive sales and reduce out-of-stocks. We are also focused on reducing seasonal markdowns through our enhanced assortment planning tools to help us better anticipate demand
    lowes logo.jpg
    16

    Table of Contents
    and optimize our inventory allocation. Lastly, we are streamlining our Freight Flow process, creating more efficient truck organization, improved labeling, and redesigned carts creating a more direct path from truck to shelf. These enhancements should reduce unnecessary touch points and footsteps, reducing the overall time to complete these processes.

    Overall, we delivered solid results in the second quarter as we continued to navigate the uncertain macro environment and provide our customers with compelling value across our product assortments. We have leaned into our tools and processes to quickly adjust to changing demand trends through the quarter to deliver on our operating commitments and continue to execute our long-term strategy to invest in areas that position us for sustainable growth.


    OPERATIONS

    The following table sets forth the percentage relationship to net sales of each line item of the consolidated statements of earnings (unaudited), as well as the percentage change in dollar amounts from the prior period. This table should be read in conjunction with the following discussion and analysis and the consolidated financial statements (unaudited), including the related notes to the consolidated financial statements (unaudited).
    Three Months EndedBasis Point Increase/(Decrease) in Percentage of Net SalesSix Months EndedBasis Point Increase/(Decrease) in Percentage of Net Sales
    August 1, 2025August 2, 2024August 1, 2025August 2, 2024
    Net sales100.00 %100.00 %N/A100.00 %100.00 %N/A
    Gross margin33.81 33.47 3433.61 33.34 27
    Expenses:
    Selling, general and administrative17.42 17.07 3518.31 17.88 43
    Depreciation and amortization1.91 1.79 122.01 1.89 12
    Operating income14.48 14.61 (13)13.29 13.57 (28)
    Interest – net1.31 1.34 (3)1.45 1.49 (4)
    Pre-tax earnings13.17 13.27 (10)11.84 12.08 (24)
    Income tax provision3.16 3.17 (1)2.84 2.88 (4)
    Net earnings10.01 %10.10 %(9)9.00 %9.20 %(20)

    The following table sets forth key metrics utilized by management in assessing business performance. This table should be read in conjunction with the following discussion and analysis and the consolidated financial statements (unaudited), including the related notes to the consolidated financial statements (unaudited).
    Three Months EndedSix Months Ended
    Other MetricsAugust 1, 2025August 2, 2024August 1, 2025August 2, 2024
    Comparable sales increase/(decrease) 1
    1.1 %(5.1)%(0.3)%(4.6)%
    Total customer transactions (in millions)
    225 229 424 436 
    Average ticket 2,3
    $106.45 $103.04 $105.83 $103.12 
    At end of period:
    Number of stores1,753 1,746 
    Sales floor square feet (in millions)196 195 
    Average store size selling square feet (in thousands) 4
    112 112 
    Net earnings to average debt and shareholders’ deficit25.3 %26.5 %
    Return on invested capital 5
    29.5 %30.9 %
    1    A comparable location is defined as a retail location that has been open longer than 13 months. A location that is identified for relocation is no longer considered comparable in the month of its relocation. The relocated location must then remain open longer than 13 months to be considered comparable. A location we decide to close is no longer considered comparable as of the beginning of the month in which we announce its closing. Operating locations which are sold are included in comparable sales until the date of sale. Comparable sales are presented on a transacted basis when tender is accepted from a customer. Comparable sales include online sales, which positively impacted second quarter fiscal 2025 and fiscal 2024 comparable sales by approximately 85 basis points and 30 basis points, respectively,
    17
    lowes logo.jpg

    Table of Contents
    and year-to-date fiscal 2025 and fiscal 2024 sales by approximately 75 basis points and 20 basis points, respectively. The comparable store sales calculation included in the preceding table was calculated using comparable 13-week and 26-week periods.
    2    In the first quarter of fiscal 2025, the Company adjusted its customer transactions metric to exclude certain order modifications which were previously included as a separate transaction. The prior year period has been adjusted to align with the current period presentation.
    3 Average ticket is defined as net sales divided by the total number of customer transactions.
    4    Average store size selling square feet is defined as sales floor square feet divided by the number of stores open at the end of the period.
    5    Return on invested capital is calculated using a non-GAAP financial measure. See below for additional information and reconciliations of non-GAAP measures.

    Non-GAAP Financial Measures

    Adjusted Diluted Earnings Per Share

    Adjusted diluted earnings per share is considered a non-GAAP financial measure. The Company believes this non-GAAP financial measure provides useful insight for analysts and investors in understanding the comparison of operational performance for fiscal 2025. Adjusted diluted earnings per share excludes the impact of certain items, further described below, not contemplated in the Company’s business outlook for fiscal 2025.

    Fiscal 2025 Impacts
    •In the second quarter of fiscal 2025, the Company recognized pre-tax expenses of $43 million consisting of transaction costs and purchase accounting adjustments related to the acquisition of Artisan Design Group (Artisan Design Group acquisition).

    Fiscal 2024 Impacts
    •In the second quarter of fiscal 2024, the Company recognized pre-tax income of $43 million consisting of a realized gain on the contingent consideration associated with the fiscal 2022 sale of the Canadian retail business (Canadian retail business transaction).

    Adjusted diluted earnings per share should not be considered an alternative to, or more meaningful indicator of, the Company’s diluted earnings per common share as prepared in accordance with GAAP. The Company’s methods of determining non-GAAP financial measures may differ from the method used by other companies and may not be comparable.

    Three Months Ended
    August 1, 2025August 2, 2024
    Pre-Tax Earnings
    Tax1
    Net EarningsPre-Tax Earnings
    Tax1
    Net Earnings
    Diluted earnings per share, as reported$4.27 $4.17 
    Non-GAAP adjustments – per share impacts
    Artisan Design Group acquisition0.08 (0.02)0.06 — — — 
    Canadian retail business transaction— — — (0.07)— (0.07)
    Adjusted diluted earnings per share$4.33 $4.10 
    1 Represents the corresponding tax benefit or expense specifically related to the item excluded from adjusted diluted earnings per share.

    Return on Invested Capital

    Return on Invested Capital (ROIC) is calculated using a non-GAAP financial measure. Management believes ROIC is a meaningful metric for analysts and investors as a measure of how effectively the Company is using capital to generate financial returns. Although ROIC is a common financial metric, numerous methods exist for calculating ROIC.  Accordingly, the method used by our management may differ from the methods used by other companies.  We encourage you to understand the methods used by another company to calculate ROIC before comparing its ROIC to ours.

    We define ROIC as the rolling 12 months’ lease adjusted net operating profit after tax (Lease adjusted NOPAT) divided by the average of current year and prior year ending debt and shareholders’ deficit. Lease adjusted NOPAT is a non-GAAP financial measure, and net earnings is considered to be the most comparable GAAP financial measure. The calculation of ROIC, together with a reconciliation of net earnings to Lease adjusted NOPAT, is as follows:
    lowes logo.jpg
    18

    Table of Contents
    For the Periods Ended
    (In millions, except percentage data)August 1, 2025August 2, 2024
    Calculation of Return on Invested Capital
    Numerator
    Net Earnings$6,858 $6,931 
    Plus:
    Interest expense – net1,295 1,361 
    Operating lease interest176 169 
    Provision for income taxes2,177 2,191 
    Lease adjusted net operating profit10,506 10,652 
    Less:
    Income tax adjustment1
    2,531 2,559 
    Lease adjusted net operating profit after tax$7,975 $8,093 
    Denominator
    Average debt and shareholders’ deficit2
    $27,069 $26,160 
    Net earnings to average debt and shareholders’ deficit25.3 %26.5 %
    Return on invested capital29.5 %30.9 %
    1    Income tax adjustment is defined as lease adjusted net operating profit multiplied by the effective tax rate, which was 24.1% and 24.0% for the periods ended August 1, 2025, and August 2, 2024, respectively.
    2    Average debt and shareholders’ deficit is defined as average current year and prior year ending debt, including current maturities, short-term borrowings, and operating lease liabilities, plus the average current year and prior year ending total shareholders’ deficit.


    Results of Operations

    Net Sales – Net sales in the second quarter of 2025 increased 1.6% to $24.0 billion. Comparable sales increased 1.1%, consisting of a 2.9% increase in comparable average ticket, partially offset by a 1.8% decline in comparable customer transactions.

    During the second quarter of 2025, nine of our 14 product categories experienced positive comparable store sales, led by Building Materials, Appliances, Lawn & Garden, and Tools. Strength in these categories reflects continued growth with our Pro customer and online, as well as our broad assortment of appliances available next-day to our customers in the majority of the United States.

    Net sales decreased 0.1% to $44.9 billion for the first six months of 2025 compared to 2024. Comparable sales also declined 0.3% over the same period, driven by a 2.8% decline in comparable customer transactions, partially offset by a comparable average ticket increase of 2.5%.

    Gross Margin – For the second quarter of 2025, gross margin as a percentage of sales increased 34 basis points compared to 2024. The gross margin improvement for the quarter was driven by ongoing productivity initiatives, along with improvements in inventory shrink and credit revenue.

    Gross margin as a percentage of sales increased 27 basis points in the first six months of 2025 compared to 2024, primarily due to the same factors that impacted gross margin for the second quarter.

    SG&A – For the second quarter of 2025, SG&A expense deleveraged 35 basis points as a percentage of sales compared to the second quarter of 2024, primarily due to cycling the prior year gain on contingent consideration associated with the fiscal 2022 sale of the Canadian retail business, expenses associated with the acquisition of ADG, and employee compensation and benefits.

    SG&A expense as a percentage of sales deleveraged 43 basis points as a percentage of sales for the first six months of 2025 compared to 2024, primarily due to the same factors that impacted SG&A for the second quarter.

    19
    lowes logo.jpg

    Table of Contents
    Depreciation and Amortization – Depreciation and amortization deleveraged 12 basis points as a percentage of sales for the second quarter of 2025 compared to 2024.

    Depreciation and amortization deleveraged 12 basis points as a percentage of sales for the first six months of 2025 compared to 2024.

    Interest – Net – Net interest expense for the second quarter of 2025 leveraged three basis points as a percentage of sales.

    Net interest expense for the first six months of 2025 deleveraged four basis points as a percentage of sales.

    Income Tax Provision – Our effective income tax rates were 24.0% and 23.9% for the three months ended August 1, 2025 and August 2, 2024, respectively, and 24.0% and 23.8% for the six months ended August 1, 2025 and August 2, 2024, respectively.

    FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

    Sources of Liquidity

    Cash flows from operations, combined with our continued access to capital markets on both a short-term and long-term basis, as needed, remain adequate to fund our operations, make strategic investments to support long-term growth, return cash to shareholders in the form of dividends, and repay debt maturities as they become due. We believe these sources of liquidity will continue to support our business for the next twelve months. As of August 1, 2025, we held $4.9 billion of cash and cash equivalents, as well as $4.0 billion in undrawn capacity on our revolving credit facilities.

    Cash Flows Provided by Operating Activities
    Six Months Ended
    (In millions)August 1, 2025August 2, 2024
    Net cash provided by operating activities$7,610 $7,415 

    Cash flows from operating activities continued to provide the primary source of our liquidity.  The increase in net cash provided by operating activities for the six months ended August 1, 2025, compared to the six months ended August 2, 2024, was primarily driven by timing of prior year income tax payments and other changes in working capital, partially offset by lower net earnings.

    Cash Flows Used in Investing Activities
    Six Months Ended
    (In millions)August 1, 2025August 2, 2024
    Net cash used in investing activities$(2,343)$(800)

    Net cash used in investing activities primarily consists of transactions related to capital expenditures and the acquisition of ADG. Our capital expenditures generally consist of investments in our strategic initiatives to enhance our ability to serve customers, improve existing stores, and support expansion plans. Total capital expenditures and business acquisition activity totaled $2 billion and $808 million for the six months ended August 1, 2025, and August 2, 2024, respectively. For fiscal 2025, our guidance for capital expenditures is approximately $2.5 billion.

    Cash Flows Used in Financing Activities
    Six Months Ended
    (In millions)August 1, 2025August 2, 2024
    Net cash used in financing activities$(2,168)$(3,176)

    Net cash used in financing activities primarily consists of transactions related to our debt, share repurchases, and cash dividend payments.

    lowes logo.jpg
    20

    Table of Contents
    Debt

    Our commercial paper program is supported by the 2023 Credit Agreement and the Third Amended and Restated Credit Agreement. The amounts available to be drawn under the 2023 Credit Agreement and the Third Amended and Restated Credit Agreement are reduced by the amount of borrowings under our commercial paper program. There were no outstanding borrowings under our commercial paper program, 2023 Credit Agreement, or the Third Amended and Restated Credit Agreement as of August 1, 2025. Total combined availability under the 2023 Credit Agreement and the Third Amended and Restated Credit Agreement as of August 1, 2025, was $4.0 billion.

    The 2023 Credit Agreement and the Third Amended and Restated Credit Agreement contain customary representations, warranties, and covenants. We were in compliance with those covenants at August 1, 2025.

    The following table includes additional information related to our debt for the six months ended August 1, 2025, and August 2, 2024:
    Six Months Ended
    (In millions)August 1, 2025August 2, 2024
    Repayment of debt(796)(47)
    Maximum commercial paper outstanding at any period— 250 

    Share Repurchases

    We have an ongoing share repurchase program, authorized by the Company’s Board of Directors, that is executed through purchases made from time to time either in the open market or through private off-market transactions. We also withhold shares from employees to satisfy tax withholding liabilities. Shares repurchased are retired and returned to authorized and unissued status. The following table provides, on a settlement date basis, the total number of shares repurchased, average price paid per share, and the total cash used to repurchase shares for the six months ended August 1, 2025, and August 2, 2024:
    Six Months Ended
    (In millions, except per share data)August 1, 2025August 2, 2024
    Total amount paid for share repurchases1
    $113 $1,930 
    Total number of shares repurchased0.5 8.4 
    Average price paid per share$243.02 $230.91 
    1 Excludes unsettled share repurchases and unpaid excise taxes.

    As of August 1, 2025, we had $10.8 billion remaining available under our share repurchase program with no expiration date.

    Dividends

    Dividends are paid in the quarter immediately following the quarter in which they are declared. Dividends paid per share increased from $2.20 per share for the six months ended August 2, 2024, to $2.30 per share for the six months ended August 1, 2025.

    Capital Resources

    We expect to continue to have access to the capital markets on both a short-term and long-term basis when needed for liquidity purposes by issuing commercial paper or new long-term debt. The availability and the borrowing costs of these funds could be adversely affected, however, by a downgrade of our debt ratings or a deterioration of certain financial ratios.  The table below reflects our debt ratings by Standard & Poor’s (S&P) and Moody’s as of August 28, 2025, which we are disclosing to enhance understanding of our sources of liquidity and the effect of our ratings on our cost of funds.  Our commercial paper and senior debt ratings may be subject to revision or withdrawal at any time by the assigning rating organization, and each rating should be evaluated independently of any other rating.
    21
    lowes logo.jpg

    Table of Contents
    Debt RatingsS&PMoody’s
    Commercial PaperA-2P-2
    Senior DebtBBB+Baa1
    Senior Debt OutlookStableStable

    There are no provisions in any agreements that would require early cash settlement of existing debt or leases as a result of a downgrade in our debt rating or a decrease in our stock price.

    CRITICAL ACCOUNTING POLICIES AND ESTIMATES

    Our significant accounting policies are described in Note 1 to the consolidated financial statements presented in the Annual Report. Our critical accounting policies and estimates are described in “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Annual Report. Our significant and critical accounting policies and estimates have not changed significantly since the filing of the Annual Report, except as set forth below.

    Business Combinations

    Description
    We account for business combinations using the acquisition method of accounting, which requires that once control is obtained, all the assets acquired and liabilities assumed are recorded at their respective fair values at the date of acquisition. Goodwill is measured as of the acquisition date as the excess of consideration transferred over the net acquisition‑date fair value of the net identifiable assets acquired and liabilities assumed. During the measurement period, which is up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill due to the use of preliminary information in our initial estimates. Subsequent to the measurement period, any adjustments are recorded to earnings.

    Judgments and uncertainties involved in the estimate
    The determination of fair values of identifiable assets and liabilities requires estimates and the use of valuation techniques when fair value is not readily available and requires a significant amount of management judgment. For the valuation of intangible assets acquired in a business combination, we typically use an income approach. Specifically, for the acquisition of ADG, we used the multi-period excess earnings method to value Customer Relationships and the relief from royalty method to value Tradenames. The significant assumptions used to estimate the fair value of intangibles included forecasted revenues and expenses, growth rates, royalty rates, attrition rates, and discount rates.

    Effect if actual results differ from assumptions
    Although the Company believes its estimates of fair value are reasonable, actual financial results could differ from those estimates due to the inherent uncertainty involved in making such estimates. Changes in assumptions concerning future financial results or other underlying assumptions could have a significant impact on the determination of the fair value of the intangible assets acquired.

    Item 3. - Quantitative and Qualitative Disclosures about Market Risk

    The Company is exposed to certain market risks, including changes in interest rates and commodity prices. The Company’s market risks have not changed materially from those disclosed in the Annual Report for the fiscal year ended January 31, 2025.

    Item 4. - Controls and Procedures

    The Company’s management, with the participation of the Chief Executive Officer and the Chief Financial Officer, has evaluated the effectiveness of the Company’s “disclosure controls and procedures,” (as such term is defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act)). Based upon their evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that, as of August 1, 2025, the Company’s disclosure controls and procedures were effective for the purpose of ensuring that the information required to be disclosed in the reports that the Company files or submits under the Exchange Act with the SEC (1) is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and (2) is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

    lowes logo.jpg
    22

    Table of Contents
    The Company is undergoing a multi-year technology transformation which includes updating and modernizing our merchandise selling system, as well as certain accounting and finance systems. These updates are expected to continue for the next few years, and management will continue to evaluate the design and implementation of the Company’s internal controls over financial reporting as the transformation continues. No change in the Company’s internal control over financial reporting occurred during the quarter ended August 1, 2025, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
    23
    lowes logo.jpg

    Table of Contents
    Part II – OTHER INFORMATION

    Item 1. - Legal Proceedings

    In addition to the matter referenced in our annual report on Form 10-K for the fiscal year ended January 31, 2025, the Company is from time to time a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. With respect to such lawsuits, claims and proceedings, the Company records reserves when it is probable a liability has been incurred, and the amount of loss can be reasonably estimated. The Company applies a threshold of $1,000,000 for purposes of disclosing environmental proceedings involving a governmental authority, if any, under this Item 1. The Company does not believe that any of these proceedings, individually or in the aggregate, would be expected to have a material adverse effect on its results of operations, financial position or cash flows. The Company maintains liability insurance for certain risks that are subject to certain self-insurance limits.

    Item 1A. - Risk Factors

    There have been no material changes in the Company’s risk factors from those disclosed in Part I, “Item 1A. Risk Factors” in our Annual Report filed with the SEC on March 24, 2025.

    Item 2. - Unregistered Sales of Equity Securities and Use of Proceeds    

    Issuer Purchases of Equity Securities

    The following table sets forth information with respect to purchases of the Company’s common stock on a trade date basis made during the three months ended August 1, 2025:
    Total Number of Shares Purchased1
    Average Price Paid per Share
    Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs2
    Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs2, 3
    May 3, 2025 - May 30, 2025105 $225.95 — $10,786,142,988 
    May 31, 2025 - July 4, 20257,352 217.32 — 10,786,142,988 
    July 5, 2025 - August 1, 202577 225.88 — 10,786,142,988 
    As of August 1, 20257,534 $217.53 — $10,786,142,988 
    1The total number of shares repurchased includes shares withheld from employees to satisfy either the exercise price of stock options or the statutory withholding tax liability upon the vesting of share-based awards.
    2On December 7, 2022, the Company announced that its Board of Directors authorized an additional $15.0 billion of share repurchases with no expiration.
    3Excludes excise tax on share repurchases in excess of issuances, which is recognized as part of the cost basis of the shares acquired in the consolidated statements of shareholders’ deficit.

    Item 5. - Other Information

    During the three months ended August 1, 2025, none of the Company’s directors or executive officers adopted or terminated any contract, instruction, or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” (as those terms are defined in Regulation S-K, Item 408).
    lowes logo.jpg
    24

    Table of Contents
    Item 6. - Exhibits
    Exhibit
    Number
    Incorporated by Reference
    Exhibit DescriptionFormFile No.ExhibitFiling Date
    3.1
    Restated Charter of Lowe’s Companies, Inc.
    10-Q001-078983.1September 1, 2009
    3.2
    Bylaws of Lowe’s Companies, Inc., as amended and restated November 11, 2022.
    8-K001-078983.1November 16, 2022
    10.7
    Form of Lowe’s Companies, Inc. Change in Control Agreement for Tier 1 Senior Officers*
    15.1
    Deloitte & Touche LLP Letter re Unaudited Interim Financial Information.‡
    31.1
    Certification of Principal Executive Officer Pursuant to Rule 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.‡
    31.2
    Certification of Principal Financial Officer Pursuant to Rule 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.‡
    32.1
    Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.†
    32.2
    Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.†
    101.INSInline XBRL Instance Document – the XBRL Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.‡
    101.SCHInline XBRL Taxonomy Extension Schema Document.‡
    101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.‡
    101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.‡
    101.LABInline XBRL Taxonomy Extension Label Linkbase Document.‡
    101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.‡
    104Cover Page Interactive Data File (formatted as Inline XBRL document and included in Exhibit 101).‡
    *Indicates a management contract or compensatory plan or arrangement.
    ‡Filed herewith.
    †Furnished herewith.
    25
    lowes logo.jpg

    Table of Contents
    SIGNATURE


    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
    LOWE’S COMPANIES, INC.
    (Registrant)
    August 28, 2025By: /s/ Dan C. Griggs, Jr.
    DateDan C. Griggs, Jr.
    Senior Vice President, Tax and Chief Accounting Officer
    lowes logo.jpg
    26
    Get the next $LOW alert in real time by email

    Crush Q3 2025 with the Best AI Superconnector

    Stay ahead of the competition with Standout.work - your AI-powered talent-to-startup matching platform.

    AI-Powered Inbox
    Context-aware email replies
    Strategic Decision Support
    Get Started with Standout.work

    Recent Analyst Ratings for
    $LOW

    DatePrice TargetRatingAnalyst
    4/25/2025$266.00Sector Weight → Overweight
    KeyBanc Capital Markets
    11/8/2024$275.00 → $305.00Market Perform → Outperform
    Telsey Advisory Group
    10/22/2024$323.00Outperform
    Bernstein
    10/9/2024$250.00 → $300.00Hold → Buy
    Loop Capital
    10/2/2024$230.00 → $275.00Market Perform
    Telsey Advisory Group
    9/24/2024$230.00 → $305.00Perform → Outperform
    Oppenheimer
    4/3/2024$245.00Accumulate → Hold
    Gordon Haskett
    3/27/2024$270.00Buy → Neutral
    DA Davidson
    More analyst ratings

    $LOW
    Press Releases

    Fastest customizable press release news feed in the world

    View All

    LOWE'S COMPANIES, INC. DECLARES CASH DIVIDEND

    MOORESVILLE, N.C. , Aug. 29, 2025 /PRNewswire/ -- The board of directors of Lowe's Companies, Inc. (NYSE:LOW) has declared a quarterly cash dividend of one dollar and 20 cents ($1.20) per share, payable Nov. 5, 2025, to shareholders of record as of Oct. 22, 2025.  About Lowe's Lowe's Companies, Inc. (NYSE:LOW) is a FORTUNE® 100 home improvement company serving approximately 16 million customer transactions a week in the United States. With total fiscal year 2024 sales of more than $83 billion, Lowe's operates over 1,700 home improvement stores and employs approximately 300,000

    8/29/25 4:30:00 PM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary

    LOWE'S TO PARTICIPATE IN GOLDMAN SACHS 32ND ANNUAL GLOBAL RETAILING CONFERENCE

    MOORESVILLE, N.C., Aug. 26, 2025 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE:LOW) announces that Marvin R. Ellison, chairman and chief executive officer, will participate in a fireside chat at the Goldman Sachs 32nd Annual Global Retailing Conference. What: Marvin Ellison participating in a fireside chat at the Goldman Sachs 32nd Annual Global Retailing Conference When: 1:10 p.m. ET on Wednesday, Sept. 3, 2025 Where: Listen to the audio webcast at ir.lowes.com under "Events & Presentations" The archived webcast will be available at the same location approximately 24 hours af

    8/26/25 4:30:00 PM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary

    Foundation Building Materials, Building Products Distribution Company Owned By American Securities and CD&R, To Be Sold To Lowe's In $8.8 Billion Transaction

    NEW YORK, Aug. 20, 2025 /PRNewswire/ -- American Securities LLC ("American Securities") and CD&R today announced they have entered into a definitive agreement to sell Foundation Building Materials, Inc. ("FBM" or the "Company") to Lowe's Companies, Inc. ("Lowe's") (NYSE:LOW) for $8.8 billion. FBM is a leading North American distributor of interior building products, including drywall, metal framing, ceiling systems, commercial doors and hardware, insulation and complementary products serving large residential and commercial professionals in both new construction and repair and

    8/20/25 6:15:00 AM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary

    $LOW
    SEC Filings

    View All

    SEC Form 10-Q filed by Lowe's Companies Inc.

    10-Q - LOWES COMPANIES INC (0000060667) (Filer)

    8/28/25 4:35:06 PM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary

    SEC Form 144 filed by Lowe's Companies Inc.

    144 - LOWES COMPANIES INC (0000060667) (Subject)

    8/26/25 4:57:06 PM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary

    Lowe's Companies Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Regulation FD Disclosure, Financial Statements and Exhibits

    8-K - LOWES COMPANIES INC (0000060667) (Filer)

    8/20/25 6:18:36 AM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary

    $LOW
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    View All

    Director Simkins Lawrence bought $245,532 worth of shares (1,000 units at $245.53) (SEC Form 4)

    4 - LOWES COMPANIES INC (0000060667) (Issuer)

    12/23/24 4:10:11 PM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary

    $LOW
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    View All

    Lowe's upgraded by KeyBanc Capital Markets with a new price target

    KeyBanc Capital Markets upgraded Lowe's from Sector Weight to Overweight and set a new price target of $266.00

    4/25/25 8:25:07 AM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary

    Lowe's upgraded by Telsey Advisory Group with a new price target

    Telsey Advisory Group upgraded Lowe's from Market Perform to Outperform and set a new price target of $305.00 from $275.00 previously

    11/8/24 8:17:50 AM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary

    Bernstein initiated coverage on Lowe's with a new price target

    Bernstein initiated coverage of Lowe's with a rating of Outperform and set a new price target of $323.00

    10/22/24 6:19:01 AM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary

    $LOW
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    View All

    EVP, CLO & Corp. Sec. Pryor Juliette Williams sold $238,939 worth of shares (929 units at $257.20), decreasing direct ownership by 3% to 30,099 units (SEC Form 4)

    4 - LOWES COMPANIES INC (0000060667) (Issuer)

    8/27/25 4:46:22 PM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary

    Chairman, President & CEO Ellison Marvin R sold $10,564,071 worth of shares (40,000 units at $264.10), decreasing direct ownership by 14% to 249,043 units (SEC Form 4)

    4 - LOWES COMPANIES INC (0000060667) (Issuer)

    8/21/25 4:17:04 PM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary

    SEC Form 4 filed by Director Alvarez Ralph

    4 - LOWES COMPANIES INC (0000060667) (Issuer)

    7/2/25 4:14:06 PM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary

    $LOW
    Financials

    Live finance-specific insights

    View All

    LOWE'S COMPANIES, INC. DECLARES CASH DIVIDEND

    MOORESVILLE, N.C. , Aug. 29, 2025 /PRNewswire/ -- The board of directors of Lowe's Companies, Inc. (NYSE:LOW) has declared a quarterly cash dividend of one dollar and 20 cents ($1.20) per share, payable Nov. 5, 2025, to shareholders of record as of Oct. 22, 2025.  About Lowe's Lowe's Companies, Inc. (NYSE:LOW) is a FORTUNE® 100 home improvement company serving approximately 16 million customer transactions a week in the United States. With total fiscal year 2024 sales of more than $83 billion, Lowe's operates over 1,700 home improvement stores and employs approximately 300,000

    8/29/25 4:30:00 PM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary

    LOWE'S ANNOUNCES AGREEMENT TO ACQUIRE FOUNDATION BUILDING MATERIALS, A LEADING NORTH AMERICAN DISTRIBUTOR OF INTERIOR BUILDING PRODUCTS

    --Enhances offering for Pro customers—--Increases Pro Penetration1----Positions Company for Long-Term Sustainable Sales Growth and Profit Expansion-- MOORESVILLE, N.C., Aug. 20, 2025 /PRNewswire/ -- Lowe's Companies, Inc. ("Lowe's" or the "Company") (NYSE:LOW) today announced it has entered into a definitive agreement (the "Agreement") to acquire Foundation Building Materials ("FBM") for approximately $8.8 billion. FBM is a leading North American distributor of interior building products, including drywall, metal framing, ceiling systems, commercial doors and hardware, insulat

    8/20/25 6:01:00 AM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary

    LOWE'S REPORTS SECOND QUARTER 2025 SALES AND EARNINGS RESULTS

    — Diluted EPS of $4.27; Adjusted Diluted EPS1 of $4.33 —— Comparable Sales increased 1.1% — — Updates Full Year 2025 Outlook — MOORESVILLE, N.C., Aug. 20, 2025 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE:LOW) today reported net earnings of $2.4 billion and diluted earnings per share (EPS) of $4.27 for the quarter ended Aug. 1, 2025, compared to diluted EPS of $4.17 in the second quarter of 2024. During the second quarter, the company recognized $43 million pre-tax expenses associated with the acquisition of Artisan Design Group (ADG). This negatively impacted second quarter diluted EPS by $0.06. Excluding these expenses, second quarter 2025 adjusted diluted EPS1 increased 5.6% to $4.33 comp

    8/20/25 6:00:00 AM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary

    $LOW
    Leadership Updates

    Live Leadership Updates

    View All

    Shareholders Elect Four Independent Directors to the Six Flags Board

    Six Flags Entertainment Corporation (NYSE:FUN), the largest regional amusement park operator in North America, announced today that its shareholders elected Sandra (Sandy) Cochran, Michael Colglazier, Felipe Dutra, and Steven Hoffman to the Board of Directors of Six Flags Entertainment Corporation for 3-year terms expiring in 2028. Shareholders also confirmed the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm, approved an advisory vote on the compensation of the Company's named executive officers, and confirmed a 1-year frequency for shareholder advisory votes on executive compensation. "I want to welcome Sandy, Michael, Felipe and St

    6/25/25 5:00:00 PM ET
    $BUD
    $CBRL
    $DG
    Beverages (Production/Distribution)
    Consumer Staples
    Restaurants
    Consumer Discretionary

    Lowe's Taps Creator Economy to Launch First Home Improvement Creator Network, With MrBeast Among the First to Join

    Launch includes MrBeast's curated storefront on Lowes.com and exclusive partnership to build the next iteration of BeastCity for "Beast Games" season two, blending creativity, community and commerce. MOORESVILLE, N.C., June 10, 2025 /PRNewswire/ -- Lowe's announces the launch of the first home improvement creator network, designed for creators who bring DIY skills to life through projects, spaces and community. Built to support creators of all sizes, the Lowe's Creator Network helps creators share project-driven stories that build affinity for their own brands and for Lowe's.

    6/10/25 8:00:00 AM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary

    The Sterling Group Agrees to Sell Artisan Design Group to Lowe's Companies, Inc.

    Culmination of Six Year Period of Growth and Strategic Expansion in Partnership with Sterling HOUSTON, April 14, 2025 /PRNewswire/ -- The Sterling Group ("Sterling"), a middle market private equity firm, announced today that it has agreed to sell Artisan Design Group ("ADG" or the "Company") to Lowe's Companies, Inc. (NYSE:LOW) for $1.325 billion. ADG is a leading nationwide provider of design, distribution and installation services for interior surface finishes, including flooring, cabinets and countertops, to national, regional, and local homebuilders and property managers. Headquartered in Dallas, Texas, ADG operates 132 distribution, design and service facilities and coordinates install

    4/14/25 4:05:00 PM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary

    $LOW
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    View All

    SEC Form SC 13G/A filed by Lowe's Companies Inc. (Amendment)

    SC 13G/A - LOWES COMPANIES INC (0000060667) (Subject)

    2/10/22 8:22:26 AM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary

    SEC Form SC 13G/A filed

    SC 13G/A - LOWES COMPANIES INC (0000060667) (Subject)

    2/10/21 11:22:44 AM ET
    $LOW
    RETAIL: Building Materials
    Consumer Discretionary