Lowe's Companies (LOW) Q1 FY2026 earnings: revenue $23.1 billion, up 10.3% on the year

Lowe's Companies Inc. (LOW) reported revenue of $23.1 billion for Q1 FY2026, the quarter ended 1 May 2026, up 10.3% on the same quarter a year earlier. Net income was $1.6 billion, down 0.8% on the year, and diluted earnings per share $2.90. The figures are the company's own, from the 10-Q it filed with the SEC on 28 May 2026.

Revenue

$23.1 billion

+10.3% on the year · +12.1% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

11.1%

11.9% a year earlier

Q2 FY2024Q1 FY2026

Net income

$1.6 billion

-0.8% on the year · +63.0% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$2.90

-0.7% on the year · +62.9% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 9 kept.

Sales rose to $23.1 billion: Total sales were $23.1 billion against $20.9 billion a year earlier. Comparable sales rose 0.6%, driven by spring execution and online growth, the release states.
Diluted EPS $2.90, adjusted $3.03: Diluted EPS was $2.90 against $2.92 a year earlier, on net earnings of $1,628 million against $1,641 million. Adjusted diluted EPS rose 3.8% to $3.03 after excluding acquisition-related expenses.
Gross margin fell 70 basis points: Gross margin was 32.68% of sales against 33.38% a year earlier, with cost of sales at 67.32% against 66.62%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	23,078	20,584	20,930	+12.1%	+10.3%
Cost of revenue	15,535	13,902	13,944	+11.7%	+11.4%
Gross profit	7,543	6,682	6,986	+12.9%	+8.0%
Gross margin	32.7%	32.5%	33.4%
Selling, general and administrative	4,423	4,410	4,046	+0.3%	+9.3%
Operating income	2,554	1,709	2,494	+49.4%	+2.4%
Operating margin	11.1%	8.3%	11.9%
Interest expense	399	404	337	-1.2%	+18.4%
Pre-tax income	2,155	1,305	2,157	+65.1%	-0.1%
Income tax	527	306	516	+72.2%	+2.1%
Effective tax rate	24.5%	23.4%	23.9%
Net income	1,628	999	1,641	+63.0%	-0.8%
Net margin	7.1%	4.9%	7.8%
Diluted EPS	$2.90	$1.78	$2.92	+62.9%	-0.7%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	3,350	1,567	3,379	+113.8%	-0.9%
Capital expenditure	521	603	518	-13.6%	+0.6%
Free cash flow	2,829	964	2,861	+193.5%	-1.1%
Free cash flow margin	12.3%	4.7%	13.7%
Cash from investing	-501	-577	-533
Cash from financing	-3,045	-629	-1,553
Depreciation and amortisation	644	637	507	+1.1%	+27.0%
Share-based compensation	65.0	70.0	58.0	-7.1%	+12.1%
Buybacks	363	0.0	112		+224.1%
Dividends paid	674	673	645	+0.1%	+4.5%
Dividend per share	$1.20	n/a	$1.15		+4.3%
Diluted shares, weighted	560m	561m	560m	-0.2%	0.0%
Shares outstanding at period end	561m	561m	560m	0.0%	+0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	-9,270	-9,917	-13,254
Short-term borrowings	n/a	0.0	n/a
Debt	37,941	39,819	34,724	-4.7%	+9.3%
Operating lease liabilities	3,937	4,043	3,669	-2.6%	+7.3%
Finance lease liabilities	n/a	310	n/a
Other liabilities	22,333	19,889	20,233	+12.3%	+10.4%
Total liabilities and equity	54,941	54,144	45,372	+1.5%	+21.1%
Goodwill	3,945	3,945	311	0.0%	+1,168.5%
Intangible assets	5,807	5,908	274	-1.7%	+2,019.3%
Investments	705	689	668	+2.3%	+5.5%
Cash and equivalents	786	982	3,054	-20.0%	-74.3%
Receivables	1,151	1,090	96.0	+5.6%	+1,099.0%
Inventory	18,447	17,300	18,335	+6.6%	+0.6%
Other assets	24,100	24,230	22,634	-0.5%	+6.5%
Total assets	54,941	54,144	45,372	+1.5%	+21.1%

Questions

What was Lowe's Companies' revenue in Q1 FY2026?

Lowe's Companies (LOW) reported revenue of $23.1 billion for Q1 FY2026, the quarter ended 1 May 2026, up 10.3% on the same quarter a year earlier.

How much did Lowe's Companies earn in Q1 FY2026?

Net income for Q1 FY2026 was $1.6 billion, down 0.8% on the year, and diluted earnings per share $2.90.

When did Lowe's Companies report Q1 FY2026 results?

Lowe's Companies filed its 10-Q for the quarter ended 1 May 2026 with the SEC on 28 May 2026.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	22,918	21,340	23,659	27,476	23,479	22,445	22,347	24,956	20,471	18,603	21,364	23,586	20,170	18,554	20,930	23,959	20,813	20,584	23,078	25,956
Cost of revenue	15,331	14,313	15,609	18,343	15,661	15,189	14,820	16,557	13,580	12,576	14,274	15,691	13,374	12,458	13,944	15,858	13,697	13,902	15,535	17,379
Gross profit	7,587	7,027	8,050	9,133	7,818	7,256	7,527	8,399	6,891	6,027	7,090	7,895	6,796	6,096	6,986	8,101	7,116	6,682	7,543	8,577
Gross margin	33%	33%	34%	33%	33%	32%	34%	34%	34%	32%	33%	33%	34%	33%	33%	34%	34%	32%	33%	33%
SG&A	4,373	4,741	4,303	4,455	6,443	5,131	3,824	4,086	3,761	3,899	4,009	4,025	3,827	3,821	4,046	4,175	4,160	4,410	4,423	4,456
Operating income	2,789	1,849	3,302	4,229	924	1,704	3,288	3,886	2,696	1,687	2,653	3,447	2,536	1,830	2,494	3,469	2,481	1,709	2,554	3,549
Operating margin	12%	9%	14%	15%	4%	8%	15%	16%	13%	9%	12%	15%	13%	10%	12%	14%	12%	8%	11%	14%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	345	n/a	352	317	317	327	337	313	352	404	399	374
Pre-tax income	2,566	1,614	3,059	3,965	629	1,383	2,939	3,545	2,351	1,340	2,301	3,130	2,219	1,503	2,157	3,156	2,129	1,305	2,155	3,175
Tax rate	26%	25%	24%	25%	76%	31%	23%	25%	25%	24%	24%	24%	24%	25%	24%	24%	24%	23%	24%	24%
Net income	1,896	1,207	2,333	2,992	154	958	2,260	2,673	1,773	1,020	1,755	2,383	1,695	1,124	1,641	2,398	1,616	999	1,628	2,399
Net margin	8%	6%	10%	11%	1%	4%	10%	11%	9%	5%	8%	10%	8%	6%	8%	10%	8%	5%	7%	9%
Diluted EPS	$2.73	$1.85	$3.51	$4.67	$0.25	$1.58	$3.77	$4.56	$3.06	$1.77	$3.06	$4.17	$2.99	$1.99	$2.92	$4.27	$2.88	$1.78	$2.90	$4.27
Operating cash flow	2,266	934	2,977	3,035	2,126	451	2,106	3,862	1,064	1,108	4,262	3,153	1,299	911	3,379	4,231	687	1,567	3,350	3,659
Capital expenditure	410	597	343	344	403	739	380	385	579	620	382	426	571	548	518	495	597	603	521	542
Free cash flow	1,856	337	2,634	2,691	1,723	-288	1,726	3,477	485	488	3,880	2,727	728	363	2,861	3,736	90.0	964	2,829	3,117
Buybacks	2,825	4,013	4,037	4,091	3,999	1,997	2,106	2,250	1,581	201	923	1,007	751	1,372	112	1.0	98.0	0.0	363	3.0
Dividends paid	563	551	537	524	666	643	633	624	642	632	633	629	654	650	645	645	673	673	674	672
Shares outstanding	686m	670m	652m	631m	611m	601m	592m	582m	575m	574m	572m	568m	565m	560m	560m	561m	561m	561m	561m	561m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 1 May 2026, filed 28 May 2026: the filing.