Lowe's Companies (LOW) FY2023 results: revenue $86.4 billion, down 11.0% on the year
Lowe's Companies Inc. (LOW) reported revenue of $86.4 billion for fiscal 2023, the year ended 2 February 2024, down 11.0% on the year before. Net income was $7.7 billion, up 20.0%, and diluted earnings per share $13.20. The figures are the company's own, from the 10-K it filed with the SEC on 25 March 2024.
Revenue
$86.4 billion
-11.0% on the year
FY2016FY2023
Operating margin
13.4%
10.5% a year earlier
FY2016FY2023
Net income
$7.7 billion
+20.0% on the year
FY2016FY2023
Diluted EPS
$13.20
+29.8% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
8,140
8,589
10,113
-5.2%
Capital expenditure
1,964
1,829
1,853
+7.4%
Free cash flow
6,176
6,760
8,260
-8.6%
Free cash flow margin
7.2%
7.0%
8.6%
Cash from investing
-1,901
-1,309
-1,646
Cash from financing
-6,666
-7,049
-12,016
Depreciation and amortisation
1,923
1,981
1,882
-2.9%
Share-based compensation
210
223
230
-5.8%
Buybacks
6,138
14,124
13,012
-56.5%
Dividends paid
2,531
2,370
1,984
+6.8%
Dividend per share
$4.35
$3.95
$3.00
+10.1%
Diluted shares, weighted
584m
631m
699m
-7.4%
Shares outstanding at period end
574m
601m
670m
-4.5%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
-15,050
-14,254
-4,816
Short-term borrowings
0.0
n/a
0.0
Debt
35,770
33,960
24,285
+5.3%
Operating lease liabilities
3,737
3,512
4,021
+6.4%
Finance lease liabilities
422
477
563
-11.5%
Other liabilities
16,916
20,013
20,587
-15.5%
Total liabilities and equity
41,795
43,708
44,640
-4.4%
Fixed assets
17,653
17,567
19,071
+0.5%
Goodwill
311
311
311
0.0%
Intangible assets
n/a
169
388
Investments
559
505
470
+10.7%
Cash and equivalents
921
1,348
1,133
-31.7%
Inventory
16,894
18,532
17,605
-8.8%
Other assets
5,457
5,276
5,662
+3.4%
Total assets
41,795
43,708
44,640
-4.4%
10-K for the year ended 2 February 2024, filed 25 March 2024: the filing.