# EDGAR Filing Document

**Accession Number:** 0000060667
**File Stem:** 0000060667-26-000020
**Filing Date:** 2026-2
**Character Count:** 40535
**Document Hash:** 43542a139596f0db1ca97f59c0d6d07b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000060667-26-000020.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000060667-26-000020

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20260225

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LOWES COMPANIES INC
- **CENTRAL INDEX KEY:** 0000060667
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-LUMBER & OTHER BUILDING MATERIALS DEALERS [5211]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 560578072
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-07898
- **FILM NUMBER:** 26674395

**BUSINESS ADDRESS:**
- **STREET 1:** 1000 LOWES BLVD.
- **CITY:** MOORESVILLE
- **STATE:** NC
- **ZIP:** 28117
- **BUSINESS PHONE:** 704-758-1000

**MAIL ADDRESS:**
- **STREET 1:** 1000 LOWES BLVD.
- **CITY:** MOORESVILLE
- **STATE:** NC
- **ZIP:** 28117

?xml version='1.0' encoding='ASCII'? low-20260225

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): February 25, 2026**

![lowesgraphicimage01.jpg](low-20260225_g1.jpg)

**LOWE'S COMPANIES, INC.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **North Carolina** | **1-7898** | **56-0578072** |
| (State or other jurisdiction<br>of incorporation) | (Commission File<br>Number) | (IRS Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **1000 Lowes Blvd., Mooresville, NC** | **28117** |
| (Address of principal executive offices) | (Zip Code) |
| Registrant's telephone number, including area code: | **(704) 758-1000** |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common Stock, par value $0.50 per share** | **LOW** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ 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.

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On February 25, 2026, Lowe's Companies, Inc. (the "Company") issued a press release and related infographic, furnished as Exhibits 99.1 and 99.2, respectively, and incorporated herein by reference, announcing the Company's financial results for its fourth quarter and year ended January 30, 2026.

The information provided pursuant to Item 2.02, including the exhibits attached hereto, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) Exhibits:

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](exhibit991-01302026.htm)</u> | <u>[Press Release, dated February 2](exhibit991-01302026.htm)[5](exhibit991-01302026.htm)[, 202](exhibit991-01302026.htm)[6](exhibit991-01302026.htm)[, announcing the financial results of Lowe's Companies, Inc. for its fourth quarter and year ended January 3](exhibit991-01302026.htm)[0](exhibit991-01302026.htm)[, 202](exhibit991-01302026.htm)[6](exhibit991-01302026.htm)[.](exhibit991-01302026.htm)</u> |
| <u>[99.2](exhibit992-02252026.htm)</u> | <u>[Infographic relating to the financial results of Lowe's Companies, Inc. for its fourth quarter and year ended January 3](exhibit992-02252026.htm)[0](exhibit992-02252026.htm)[, 202](exhibit992-02252026.htm)[6](exhibit992-02252026.htm)[.](exhibit992-02252026.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**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 hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **LOWE'S COMPANIES, INC.** | **LOWE'S COMPANIES, INC.** |
| Date: February 25, 2026 | By: | <u>/s/ Dan C. Griggs, Jr.</u> |
|  | Name: | Dan C. Griggs, Jr. |
|  | Title: | Senior Vice President, Tax and Chief Accounting Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![lowesgraphicimage01.jpg](lowesgraphicimage01.jpg)

**February 25, 2026**

**For 6:00 a.m. ET Release**

**LOWE'S REPORTS FOURTH QUARTER 2025 SALES AND EARNINGS RESULTS**

**— Comparable Sales Increased 1.3% —**

**— Diluted EPS of $1.78; Adjusted Diluted EPS**<sup>1</sup> **of $1.98 —**

**— Provides Full Year 2026 Outlook —**

**MOORESVILLE, N.C., Feb. 25, 2026** – Lowe's Companies, Inc. (NYSE: LOW) today reported net earnings of $1.0 billion and diluted earnings per share (EPS) of $1.78 for the quarter ended Jan. 30, 2026, compared to diluted EPS of $1.99 in the fourth quarter of 2024. During the fourth quarter, the company recognized $149 million in pre-tax expenses associated with the acquisitions of Foundation Building Materials (FBM) and Artisan Design Group (ADG). Excluding these expenses, fourth quarter 2025 adjusted diluted EPS<sup>1</sup> increased 2.6% to $1.98 compared to the prior year adjusted diluted EPS<sup>1</sup>.

Total sales for the quarter were $20.6 billion, compared to $18.6 billion in the prior-year quarter. Comparable sales for the quarter increased 1.3%, driven by continued growth in Pro, online, and home services sales, as well as strong holiday performance.

"We delivered strong results this quarter, as our Total Home strategy is resonating with both our Pro and DIY customers, which was evident during a great holiday season. Given our outperformance this quarter, we awarded $125 million in discretionary bonuses to our frontline associates in recognition of their hard work and outstanding customer service," said Marvin R. Ellison, Lowe's chairman, president and CEO. "While the housing macro remains pressured, we are focused on directing what is within our control, which includes our ongoing productivity initiatives. We remain confident that we are well-positioned to take share regardless of the macro environment."

As of Jan. 30, 2026, Lowe's operated 1,759 stores representing approximately 196 million square feet of retail selling space.

**Capital Allocation**

With a disciplined focus on its capital allocation program, the company remains committed to generating sustainable shareholder value. During the quarter, the company paid $673 million in dividends. For the fiscal year, the company returned $2.6 billion to shareholders through dividends.

<sup>1</sup> Adjusted diluted earnings per share is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures Reconciliation" section of this release for additional information, as well as reconciliations between the Company's GAAP and non-GAAP financial results.

------

<u>Lowe's Business Outlook</u>

The company is introducing its outlook for fiscal 2026, which reflects ongoing uncertainty in the home improvement market.

**Full Year 2026 Outlook** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total sales of $92.0 to $94.0 billion or an increase of approximately 7% to 9% compared to prior year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable sales expected to be flat to up 2% as compared to prior year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating income as a percentage of sales (operating margin) of 11.2% to 11.4%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted<sup>1</sup> operating income as a percentage of sales (adjusted operating margin) of 11.6% to 11.8%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest expense of approximately $1.6 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effective income tax rate of approximately 24.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted earnings per share of approximately $11.75 to $12.25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted<sup>1</sup> diluted earnings per share of approximately $12.25 to $12.75

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital expenditures of approximately $2.5 billion

A conference call to discuss fourth quarter 2025 operating results is scheduled for today, Wednesday, Feb. 25, at 9 a.m. ET. The conference call will be available by webcast and can be accessed by visiting Lowe's website at ir.lowes.com and clicking on Lowe's Fourth Quarter 2025 Earnings Conference Call Webcast. Supplemental slides will be available approximately 15 minutes prior to the start of the conference call. A replay of the call will be archived at ir.lowes.com.

<u>Lowe's Companies, Inc.</u>

Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 100 home improvement company serving approximately 16 million customer transactions a week, with total fiscal year 2025 sales of more than $86 billion. Lowe's employs approximately 300,000 associates and operates over 1,700 home improvement stores, 530 branches and 130 distribution centers. Based in Mooresville, N.C., Lowe's supports the communities it serves through programs focused on creating safe, affordable housing, improving community spaces, helping to develop the next generation of skilled trade experts and providing disaster relief to communities in need. For more information, visit Lowes.com.

<sup>1</sup> Adjusted operating margin and adjusted diluted earnings per share are non-GAAP financial measures. Refer to the "Non-GAAP Financial Measures Reconciliation" section of this release for additional information, as well as reconciliations between the Company's GAAP and non-GAAP financial results.

------

<u>Disclosure Regarding Forward-Looking Statements</u>

This press release 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, 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" in our most recent Annual Report on Form 10-K and as may be updated from time to time in Item 1A 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.

LOW-IR

&nbsp;&nbsp;&nbsp;&nbsp;

###

---

| | | |
|:---|:---|:---|
| **Contacts:** | **Shareholder/Analyst Inquiries:** | **Media Inquiries:** |
| | Kate Pearlman | Steve Salazar |
| | 704-775-3856 | steve.j.salazar@lowes.com |
| | kate.pearlman@lowes.com | |

---

------

**Lowe's Companies, Inc.**

**Consolidated Statements of Current Earnings and Accumulated Deficit (Unaudited)**

In Millions, Except Per Share and Percentage Data

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **January 30, 2026** | **January 30, 2026** | **January 31, 2025** | **January 31, 2025** | **January 30, 2026** | **January 30, 2026** | **January 31, 2025** | **January 31, 2025** |
|<br>**Current Earnings** | **Amount** | **% Sales** | **Amount** | **% Sales** | **Amount** | **% Sales** | **Amount** | **% Sales** |
| **Net sales** | $**20584** | **100.00** | $**18553** | **100.00** | $**86286** | **100.00** | $**83674** | **100.00** |
| Cost of sales | 13903 | 67.54 | 12456 | 67.14 | 57401 | 66.52 | 55797 | 66.68 |
| **Gross margin** | **6681** | **32.46** | **6097** | **32.86** | **28885** | **33.48** | **27877** | **33.32** |
| Expenses: |  |  |  |  |  |  |  |  |
| Selling, general and administrative | 4409 | 21.42 | 3822 | 20.59 | 16791 | 19.46 | 15682 | 18.74 |
| Depreciation and amortization | 564 | 2.74 | 445 | 2.40 | 1941 | 2.25 | 1729 | 2.07 |
| **Operating income** | **1708** | **8.30** | **1830** | **9.87** | **10153** | **11.77** | **10466** | **12.51** |
| Interest – net | 403 | 1.96 | 328 | 1.77 | 1406 | 1.63 | 1313 | 1.57 |
| **Pre-tax earnings** | **1305** | **6.34** | **1502** | **8.10** | **8747** | **10.14** | **9153** | **10.94** |
| Income tax provision | 306 | 1.49 | 377 | 2.04 | 2093 | 2.43 | 2196 | 2.63 |
| **Net earnings** | $**999** | **4.85** | $**1125** | **6.06** | $**6654** | **7.71** | $**6957** | **8.31** |
| &nbsp;&nbsp;Weighted average common shares outstanding – basic | 560 |  | 562 |  | 559 |  | 567 |  |
| &nbsp;&nbsp;**Basic earnings per common share** <sup>(1)</sup> | $**1.78** |  | $**2.00** |  | $**11.87** |  | $**12.25** |  |
| &nbsp;&nbsp;Weighted average common shares outstanding – diluted | 561 |  | 563 |  | 560 |  | 568 |  |
| &nbsp;&nbsp;**Diluted earnings per common share** <sup>(1)</sup> | $**1.78** |  | $**1.99** |  | $**11.85** |  | $**12.23** |  |
| &nbsp;&nbsp;**Cash dividends per share** | $**1.20** |  | $**1.15** |  | $**4.75** |  | $**4.55** |  |
| **Accumulated Deficit** |  |  |  |  |  |  |  |  |
| **Balance at beginning of period** | $**(11165)** |  | $**(13993)** |  | $**(14799)** |  | $**(15637)** |  |
| Net earnings | 999 |  | 1125 |  | 6654 |  | 6957 |  |
| Cash dividends declared | (673) |  | (645) |  | (2664) |  | (2578) |  |
| Share repurchases |  |  | (1286) |  | (30) |  | (3541) |  |
| **Balance at end of period** | $**(10839)** |  | $**(14799)** |  | $**(10839)** |  | $**(14799)** |  |

---

<sup>(1)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Under the two-class method, earnings per share is calculated using net earnings allocable to common shares, which is derived by reducing net earnings by the earnings allocable to participating securities. Net earnings allocable to common shares used in the basic and diluted earnings per share calculation were $997 million and $1,122 million for the three months ended January 30, 2026, and January 31, 2025, respectively. Net earnings allocable to common shares used in the basic and diluted earnings per share calculation were $6,636 million and $6,940 million for the fiscal years ended January 30, 2026, and January 31, 2025, respectively.

**Lowe's Companies, Inc.**

**Consolidated Statements of Comprehensive Income (Unaudited)**

In Millions, Except Percentage Data

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **January 30, 2026** | **January 30, 2026** | **January 31, 2025** | **January 31, 2025** | **January 30, 2026** | **January 30, 2026** | **January 31, 2025** | **January 31, 2025** |
| | **Amount** | **% Sales** | **Amount** | **% Sales** | **Amount** | **% Sales** | **Amount** | **% Sales** |
| **Net earnings** | $**999** | **4.85** | $**1125** | **6.06** | $**6654** | **7.71** | $**6957** | **8.31** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flow hedges – net of tax | (3) | (0.01) | (4) | (0.02) | (17) | (0.02) | (13) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other |  |  |  |  |  |  | 1 | 0.01 |
| **Other comprehensive loss** | **(3)** | **(0.01)** | **(4)** | **(0.02)** | **(17)** | **(0.02)** | **(12)** | **(0.01)** |
| **Comprehensive income** | $**996** | **4.84** | $**1121** | **6.04** | $**6637** | **7.69** | $**6945** | **8.30** |

---

------

**Lowe's Companies, Inc.**

**Consolidated Balance Sheets (Unaudited)**

In Millions, Except Par Value Data

---

| | | |
|:---|:---|:---|
| | **January 30, 2026** | **January 31, 2025** |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;**Current assets:** | | |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $982 | $1761 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 370 | 372 |
| &nbsp;&nbsp;&nbsp;Receivables - net | 1090 | 94 |
| &nbsp;&nbsp;&nbsp;Merchandise inventory - net | 17300 | 17409 |
| &nbsp;&nbsp;&nbsp;Other current assets | 1213 | 722 |
| &nbsp;&nbsp;&nbsp;**Total current assets** | **20955** | **20358** |
| &nbsp;&nbsp;&nbsp;Property, less accumulated depreciation | 18362 | 17649 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 4303 | 3738 |
| &nbsp;&nbsp;&nbsp;Long-term investments | 319 | 277 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes - net |  | 244 |
| &nbsp;&nbsp;&nbsp;Goodwill | 3945 | 311 |
| &nbsp;&nbsp;&nbsp;Intangible assets - net | 5908 | 277 |
| &nbsp;&nbsp;&nbsp;Other assets | 352 | 248 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $**54144** | $**43102** |
| **Liabilities and shareholders' deficit** |  |  |
| &nbsp;&nbsp;&nbsp;**Current liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Current maturities of long-term debt | $2431 | $2586 |
| &nbsp;&nbsp;&nbsp;Current operating lease liabilities | 713 | 563 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 9762 | 9290 |
| &nbsp;&nbsp;&nbsp;Accrued compensation and employee benefits | 1285 | 1008 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 1477 | 1358 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 3795 | 3952 |
| &nbsp;&nbsp;&nbsp;**Total current liabilities** | **19463** | **18757** |
| &nbsp;&nbsp;&nbsp;Long-term debt, excluding current maturities | 37490 | 32901 |
| &nbsp;&nbsp;&nbsp;Noncurrent operating lease liabilities | 4043 | 3628 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes - net | 1039 |  |
| &nbsp;&nbsp;&nbsp;Deferred revenue - Lowe's protection plans | 1262 | 1268 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 764 | 779 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | **64061** | **57333** |
| &nbsp;&nbsp;&nbsp;**Shareholders' deficit:** |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock, $5 par value: Authorized - 5.0 million shares; Issued and outstanding - none |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.50 par value: Authorized - 5.6 billion shares; Issued and outstanding - 561 million and 560 million, respectively | 281 | 280 |
| &nbsp;&nbsp;&nbsp;Capital in excess of par value | 370 |  |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (10839) | (14799) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 271 | 288 |
| &nbsp;&nbsp;&nbsp;**Total shareholders' deficit** | **(9917)** | **(14231)** |
| &nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' deficit** | $**54144** | $**43102** |

---

------

**Lowe's Companies, Inc.**

**Consolidated Statements of Cash Flows (Unaudited)**

In Millions

---

| | | |
|:---|:---|:---|
| | **Fiscal Year Ended** | **Fiscal Year Ended** |
| | **January 30, 2026** | **January 31, 2025** |
| **Cash flows from operating activities:** | | |
| &nbsp;&nbsp;&nbsp; Net earnings | $6654 | $6957 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 2194 | 1972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noncash lease expense | 572 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes | 256 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on property and other assets – net | 53 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on sale of business |  | (177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based payment expense | 247 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merchandise inventory – net | 703 | (514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating assets | (243) | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 73 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating liabilities | (645) | (94) |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by operating activities** | **9864** | **9625** |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | (1693) | (1286) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale/maturity of investments | 1658 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures | (2213) | (1927) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of property and other long-term assets | 82 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of business |  | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of businesses - net | (10088) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other – net | (10) | (11) |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities** | **(12264)** | **(1738)** |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from issuance of debt | 6974 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of debt | (2587) | (545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock under share-based payment plans | 149 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash dividend payments | (2636) | (2566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchases of common stock | (211) | (4053) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other – net | (68) | (42) |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by/(used in) financing activities** | **1621** | **(7047)** |
| Net (decrease)/increase in cash and cash equivalents | (779) | 840 |
| Cash and cash equivalents, beginning of period | 1761 | 921 |
| **Cash and cash equivalents, end of period** | $**982** | $**1761** |

---

------

**Lowe's Companies, Inc.**

**Non-GAAP Financial Measure Reconciliation (Unaudited)**

To provide additional transparency, the Company has presented the non-GAAP financial measure of adjusted diluted earnings per share for the three months ended January 30, 2026 and January 31, 2025. This measure excludes the impact of certain items, further described below, not contemplated in Lowe's Business Outlook to assist analysts and investors in understanding operational performance for the fourth quarter of fiscal 2025.

*<u>Fiscal 2025 Impacts:</u>*

During fiscal 2025, the Company recognized financial impacts from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the fourth quarter of fiscal 2025, the Company recognized pre-tax expenses of $149 million consisting of transaction costs and intangible asset amortization related to the acquisitions of Artisan Design Group and Foundation Building Materials (Acquisition of businesses).

*<u>Fiscal 2024 Impacts:</u>*

During fiscal 2024, the Company recognized financial impacts from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the fourth quarter of fiscal 2024, the Company recognized pre-tax income of $80 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).

In addition, the Company has presented full year fiscal 2026 guidance of the non-GAAP financial measures adjusted operating margin and adjusted diluted earnings per share, which exclude the impact of intangible asset amortization, and related tax effects if applicable, related to the acquisitions of Artisan Design Group and Foundation Building Materials. When evaluated with our GAAP results, we believe these non-GAAP measures provide investors with meaningful measures of comparable performance.

Adjusted operating margin and adjusted diluted earnings per share should not be considered an alternative to, or more meaningful indicator of, the Company's operating margin or diluted earnings per 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.

A reconciliation between the Company's GAAP and non-GAAP financial results is shown below and available on the Company's website at ir.lowes.com.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **January 30, 2026** | **January 30, 2026** | **January 30, 2026** | **January 31, 2025** | **January 31, 2025** | **January 31, 2025** |
|<br>**Adjusted Diluted Earnings Per Share** | **Pre-Tax Earnings** | **Tax**<sup>1</sup> | **Net Earnings** | **Pre-Tax Earnings** | **Tax**<sup>1</sup> | **Net Earnings** |
| **Diluted Earnings Per Share, As Reported** |  |  | $**1.78** |  |  | $**1.99** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of businesses | 0.27 | (0.07) | 0.20 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian retail business transaction |  |  |  | (0.14) | 0.08 | (0.06) |
| **Adjusted Diluted Earnings Per Share** |  |  | $**1.98** |  |  | $**1.93** |

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<sup>1</sup> *Represents the tax benefit or expense related to the item excluded from adjusted diluted earnings per share.*

Our adjusted operating margin and adjusted diluted earnings per share guidance for fiscal 2026 excludes an expected 40 basis point and $0.50 after tax impact, respectively, from intangible asset amortization.

<sup>1</sup>

## Exhibit 99.2

![](exhibit992-02252026001.jpg)

1. Adjusted Gross Margin, Adjusted Operating Margin, and Adjusted Diluted EPS are non-GAAP financial measures. Refer to ir.lowes.com for a reconciliation of non-GAAP measures. GROSS MARGIN -40 basis points vs. LY +0.4% -1.0% +5.8% -2.5% +4.8% -2.2% 2025 2024 Marvin R. Ellison, Chairman & CEO "We delivered strong results this quarter, as our Total Home strategy is resonating with both our Pro and DIY customers. While the housing macro remains pressured, we are focused on directing what is within our control. We remain confident that we are well-positioned to take share regardless of the macro environment." Comparable Sales Summary COMP TRANSACTIONS COMP $107.28 AVERAGE TICKET ONLINE SALES GROWTH -2.3% +3.6% +10.5% -1.4% -0.1% +4.0%>$500 $100-$500 <$100 Monthly Comp Sales Performance Comp Sales by Ticket Size NOV We returned $673 MILLION to our shareholders through dividends Financial Highlights $1.78 DILUTED EPS -10.6% vs. LY 8.3% OPERATING MARGIN -157 basis points vs. LY $1.98 ADJ. DILUTED EPS1 +2.6% vs. LY ADJ DILUTED EPS1 9.0% ADJ. OPERATING MARGIN1 -41 basis points vs. LY ADJ. OPERATING MARGIN1 DEC JAN Total Home Strategy Updates Product Category Performance Positive Comp Sales in 9 of 14 product categories 12 of 15 Regions Delivered positive comp sales growth $125M Frontline discretionary bonuses LAWN & GARDEN HARDWARE MILLWORK APPLIANCES ELECTRICAL KITCHENS & BATH PAINT ROUGH PLUMBING SEASONAL & OUTDOOR LIVING Record-setting Black Friday & Cyber Monday weekend supported by Lowe's Creator Network Positive Pro comp sales driven by broad-based growth across categories and regions Completed pet & workwear rollout to 1,000 stores 32.5% 32.7% ADJ. GROSS MARGIN1 -18 basis points vs. LY ADJ. GROSS MARGIN1 +1.3% COMP SALES Q4 2025 RESULTS Exhibit 99.2

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![](exhibit992-02252026002.jpg)

Positive Comp Sales in 5 of 14 product categories ROUGH PLUMBING PAINT FY 2025 RESULTS Financial Highlights 33.5% GROSS MARGIN +16 basis points 33.5% ADJ. GROSS MARGIN1 +22 basis points $11.85 DILUTED EPS -3.1% 1. Adjusted Gross Margin, Adjusted Operating Margin, and Adjusted Diluted EPS are non-GAAP financial measures. Refer to ir.lowes.com for a reconciliation of non-GAAP measures. $12.28 ADJ. DILUTED EPS1 +2.4% 11.8% OPERATING MARGIN -74 basis points 12.1% ADJ. OPERATING MARGIN1 -19 basis points We returned $2.6 BILLION to our shareholders through dividends Delivered positive comp sales growth 7 of 15 Regions $86.3B IN SALES Fortune #1 Most Admired Specialty Retailer \* For J.D. Power 2025 award information, visit jdpower.com/awards J.D. Power #1 in customer satisfaction Annual pledge to make America's communities a better place to live and work APPLIANCES Positive Pro comps as we relaunched MyLowe's Pro Rewards and began multi-year buildout of Pro Extended Aisle Closed on acquisitions of Foundation Building Materials and Artisan Design Group Launched Mylow, the first AI- powered home improvement virtual advisor for customers and associates Total Home Strategy Updates BUILDING MATERIALS LAWN & GARDEN +0.2% COMP SALES Product Category Performance Comparable Sales Summary COMP TRANSACTIONS COMP $106.17 AVERAGE TICKET ONLINE SALES GROWTH -2.8% +3.0% +8.8% -1.7% +1.1% +0.4% 1.3% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Quarterly Comp Sales Performance

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![](exhibit992-02252026003.jpg)

Q4 and Fiscal 2025 Reconciliation of Non-GAAP Measures Management of Lowe's Companies, Inc. (the Company) uses certain non-GAAP financial measures to provide additional insight for analysts and investors in evaluating the Company's financial and operating performance. These non-GAAP financial measures should not be considered alternatives to, or more meaningful indicators of, the Company's financial measures as prepared in accordance with GAAP. The Company's methods of determining these non-GAAP financial measures may differ from the methods used by other companies and may not be comparable. The Company has provided the following non-GAAP financial measures to assist in comparing its operating performance for the three months ended and years ending January 30, 2026 and January 31, 2025, respectively: adjusted gross margin; adjusted operating margin; and adjusted diluted earnings per share. These measures exclude the impacts of certain items, further described below, not contemplated in Lowe's Business Outlook. Fiscal 2025 Impacts: • In the fourth quarter of fiscal 2025, the Company recognized pre-tax expenses of $149 million consisting of transaction costs and intangible asset amortization related to the acquisitions of Artisan Design Group and Foundation Building Materials (Acquisition of businesses). • In the third quarter of fiscal 2025, the Company recognized pre-tax expenses of $129 million consisting of transaction costs and intangible asset amortization related to the acquisitions of Artisan Design Group and Foundation Building Materials (Acquisition of businesses). • In the second quarter of fiscal 2025, the Company recognized pre-tax expenses of $43 million consisting of transaction costs and intangible asset amortization related to the acquisition of Artisan Design Group (Acquisition of businesses). Fiscal 2024 Impacts: • In the fourth quarter of fiscal 2024, the Company recognized pre-tax income of $80 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). • In the third quarter of fiscal 2024, the Company recognized pre-tax income of $54 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). • 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). The following provides a reconciliation of the Company's non-GAAP financial measures to the most directly comparable GAAP financial measures:

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![](exhibit992-02252026004.jpg)

Three Months Ended Year Ended Adjusted Gross Margin (in millions, except percentage data) January 30, 2026 January 30, 2026 Gross Margin, As Reported $6,681 $28,885 Acquisition of businesses 46 54 Adjusted Gross Margin $6,727 $28,939 Gross Margin, % of Sales 32.46 % 33.48 % Adjusted Gross Margin, % of Sales 32.68 % 33.54 % Three Months Ended Years Ended Adjusted Operating Income (in millions, except percentage data) January 30, 2026 January 31, 2025 January 30, 2026 January 31, 2025 Operating Income, As Reported $1,708 $1,830 $10,153 $10,466 Acquisition of businesses 149 — 293 — Canadian retail business transaction — (80) — (177) Adjusted Operating Income $1,857 $1,750 $10,446 $10,289 Operating Margin, % of Sales 8.30 % 9.87 % 11.77 % 12.51 % Adjusted Operating Margin, % of Sales 9.02 % 9.43 % 12.11 % 12.30 % Three Months Ended January 30, 2026 January 31, 2025 Adjusted Diluted Earnings Per Share Pre-Tax Earnings Tax 1 Net Earnings Pre-Tax Earnings Tax 1 Net Earnings Diluted Earnings Per Share, As Reported $1.78 $1.99 Acquisition of businesses 0.27 (0.07) 0.20 — — — Canadian retail business transaction — — — (0.14) 0.08 (0.06) Adjusted Diluted Earnings Per Share $1.98 $1.93 1 Represents the tax benefit or expense related to the item excluded from adjusted diluted earnings per share. Adjusted Diluted Earnings Per Share Years Ended January 30, 2026 January 31, 2025 Pre-Tax Earnings Tax 1 Net Earnings Pre-Tax Earnings Tax 1 Net Earnings Diluted Earnings Per Share, As Reported $11.85 $12.23 Acquisition of businesses 0.57 (0.14) 0.43 — — — Canadian retail business transaction — — — (0.31) 0.07 (0.24) Adjusted Diluted Earnings Per Share $12.28 $11.99

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![](exhibit992-02252026005.jpg)

Forward-Looking Statements This presentation 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, 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" in our most recent Annual Report on Form 10-K and as may be updated from time to time in Item 1A 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.

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