Lowe's Companies (LOW) FY2020 results: revenue $89.6 billion, up 24.2% on the year
Lowe's Companies Inc. (LOW) reported revenue of $89.6 billion for fiscal 2020, the year ended 29 January 2021, up 24.2% on the year before. Net income was $5.8 billion, up 36.3%, and diluted earnings per share $7.75. The figures are the company's own, from the 10-K it filed with the SEC on 22 March 2021.
Revenue
$89.6 billion
+24.2% on the year
FY2013FY2020
Operating margin
10.8%
8.8% a year earlier
FY2013FY2020
Net income
$5.8 billion
+36.3% on the year
FY2013FY2020
Diluted EPS
$7.75
+41.2% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
89,597
72,148
71,309
+24.2%
Cost of revenue
60,025
49,205
48,401
+22.0%
Gross profit
29,572
22,943
22,908
+28.9%
Gross margin
33.0%
31.8%
32.1%
Selling, general and administrative
18,526
15,367
17,413
+20.6%
Operating income
9,647
6,314
4,018
+52.8%
Operating margin
10.8%
8.8%
5.6%
Pre-tax income
7,739
5,623
3,394
+37.6%
Income tax
1,904
1,342
1,080
+41.9%
Effective tax rate
24.6%
23.9%
31.8%
Net income
5,835
4,281
2,314
+36.3%
Net margin
6.5%
5.9%
3.2%
Diluted EPS
$7.75
$5.49
$2.84
+41.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
11,049
4,296
6,193
+157.2%
Capital expenditure
1,791
1,484
1,174
+20.7%
Free cash flow
9,258
2,812
5,019
+229.2%
Free cash flow margin
10.3%
3.9%
7.0%
Cash from investing
-1,894
-1,369
-1,080
Cash from financing
-5,191
-2,735
-5,124
Depreciation and amortisation
1,594
1,410
1,607
+13.0%
Share-based compensation
155
98.0
74.0
+58.2%
Buybacks
4,971
4,313
3,037
+15.3%
Dividends paid
1,704
1,618
1,455
+5.3%
Dividend per share
$2.30
$2.13
$1.85
+8.0%
Diluted shares, weighted
750m
778m
812m
-3.6%
Shares outstanding at period end
731m
763m
801m
-4.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,437
1,972
3,644
-27.1%
Debt
21,780
19,306
16,223
+12.8%
Operating lease liabilities
3,890
3,943
0.0
-1.3%
Finance lease liabilities
564
612
n/a
-7.8%
Other liabilities
19,064
13,638
14,641
+39.8%
Total liabilities and equity
46,735
39,471
34,508
+18.4%
Fixed assets
19,155
18,769
18,432
+2.1%
Goodwill
311
303
303
+2.6%
Investments
706
532
474
+32.7%
Cash and equivalents
4,690
716
511
+555.0%
Inventory
16,193
13,179
12,561
+22.9%
Other assets
5,680
5,972
2,227
-4.9%
Total assets
46,735
39,471
34,508
+18.4%
10-K for the year ended 29 January 2021, filed 22 March 2021: the filing.