Lowe's Companies Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 19 August 2026: press release. Guidance figures: 6 lowered, 4 kept. The quarter’s numbers.

Key takeaways

Sales rose to $26.0 billion: Total sales were $26.0 billion against $24.0 billion a year earlier; net sales were $25,956 million against $23,959 million. Source
Comparable sales rose 0.2%: Comparable sales increased 0.2%, with the company citing Pro and home services and online sales as drivers, partly offset by DIY pressure. Source
Adjusted EPS rose 1.6%: Diluted EPS was $4.27, equal to the prior-year quarter; adjusted diluted EPS rose 1.6% to $4.40 from $4.33 after excluding $96 million of pre-tax acquisition expense. Source
Tariff refunds added $0.11 per share: Diluted and adjusted EPS each include an $0.11 benefit from IEEPA tariff refunds recognized in the quarter. Source
Online sales rose 15.7%: Online sales grew 15.7% in the quarter, a figure management reported alongside its Pro and home services results. Source
Gross margin rate fell: Gross margin was 33.04% of sales against 33.81% a year earlier, with cost of sales at 66.96% of sales. Source
Operating margin fell to 13.67%: Operating income was $3,549 million, 13.67% of sales, against $3,469 million or 14.48% a year earlier. Source
Sales range narrowed to $92.0 billion: Full-year total sales is now $92.0 billion, against the previous $92.0 to $94.0 billion range. Source
Diluted EPS range lowered: Full-year diluted EPS is about $11.75 and adjusted diluted EPS about $12.25, previously $11.75 to $12.25 and $12.25 to $12.75. Source
DIY spending under pressure: Management said discretionary DIY spending remained under pressure, even as Pro, online and home services grew. Source
Acquisition expense tied to FBM and ADG: The company recognized $96 million of pre-tax expense in the quarter from the FBM and ADG acquisitions, which is intangible asset amortization. Source
Total Home strategy advancing: Management said it is advancing the Total Home strategy while investing to drive growth and profitability. Source

“Sustained growth in Pro, Online and Home Services led to our fifth consecutive quarter of positive comp sales, despite pressure in discretionary DIY spending,”
Marvin R. Ellison, Lowe’s chairman, president and CEO

Guidance

Area	Period	Figure	Against last quarter
Total sales Source	fiscal year 2026	$92.0 billion	Lowered from $92.0 to 94.0 billion
Comparable sales Source	fiscal year 2026	flat	Lowered from flat to up 2%
Operating margin Source	fiscal year 2026	11.2%	Lowered from 11.2% to 11.4%
Adjusted operating margin Source	fiscal year 2026	11.6%	Lowered from 11.6% to 11.8%
Net interest expense Source	fiscal year 2026	approximately $1.6 billion	Kept
Effective income tax rate Source	fiscal year 2026	approximately 24.5%	Kept
Diluted EPS Source	fiscal year 2026	approximately $11.75	Lowered from $11.75 to $12.25
Adjusted diluted EPS Source	fiscal year 2026	approximately $12.25	Lowered from $12.25 to $12.75
Capital expenditures Source	fiscal year 2026	up to $2.5 billion	Kept
Intangible asset amortization excluded from adjusted measures Source	fiscal year 2026	40 basis points of operating margin and $0.50 after tax per share	Kept

What changed from last quarter

Guidance lowered: Full-year comparable sales expectation moved to flat from flat to up 2%. Source
Guidance lowered: Full-year operating margin range was narrowed to 11.2% from 11.2% to 11.4%. Source
Guidance lowered: Full-year adjusted operating margin range was narrowed to 11.6% from 11.6% to 11.8%. Source
Guidance lowered: Full-year diluted EPS was reduced to approximately $11.75 from $11.75 to $12.25. Source
Guidance lowered: Full-year adjusted diluted EPS was reduced to approximately $12.25 from $12.25 to $12.75. Source
Guidance kept: Net interest expense, tax rate and capital expenditures guidance were unchanged from the prior release. Source

Quarter results and growth drivers

Sales rose to $26.0 billion: Total sales were $26.0 billion against $24.0 billion a year earlier; net sales were $25,956 million against $23,959 million. Source
Comparable sales rose 0.2%: Comparable sales increased 0.2%, with the company citing Pro and home services and online sales as drivers, partly offset by DIY pressure. Source
Adjusted EPS rose 1.6%: Diluted EPS was $4.27, equal to the prior-year quarter; adjusted diluted EPS rose 1.6% to $4.40 from $4.33 after excluding $96 million of pre-tax acquisition expense. Source
Tariff refunds added $0.11 per share: Diluted and adjusted EPS each include an $0.11 benefit from IEEPA tariff refunds recognized in the quarter. Source
Net earnings held at $2.4 billion: Net earnings were $2,399 million against $2,398 million a year earlier; comprehensive income was $2,395 million. Source

Pro, online and home services

Pro and home services drove comps: Management named Pro and home services sales among the drivers of the quarter's comparable sales growth. Source
Online sales rose 15.7%: Online sales grew 15.7% in the quarter, a figure management reported alongside its Pro and home services results. Source

“While the near-term remains dynamic, our teams are executing at a high level, advancing our Total Home strategy and investing to drive growth and profitability.”
Marvin R. Ellison, Lowe’s chairman, president and CEO

Margins and cost lines

Gross margin rate fell: Gross margin was 33.04% of sales against 33.81% a year earlier, with cost of sales at 66.96% of sales. Source
SG&A ratio improved: SG&A was $4,456 million, or 17.17% of sales, against $4,175 million or 17.42% in the prior-year quarter. Source
Depreciation and amortization rose: Depreciation and amortization rose to $572 million, or 2.20% of sales, from $457 million or 1.91% a year earlier. Source
Operating margin fell to 13.67%: Operating income was $3,549 million, 13.67% of sales, against $3,469 million or 14.48% a year earlier. Source
Net interest expense increased: Net interest was $374 million, 1.44% of sales, up from $313 million; the income tax provision was $776 million. Source

Full-year guidance update

Sales range narrowed to $92.0 billion: Full-year total sales is now $92.0 billion, against the previous $92.0 to $94.0 billion range. Source
Comparable sales now flat: Full-year comparable sales are now expected flat, previously flat to up 2%. Source
Diluted EPS range lowered: Full-year diluted EPS is about $11.75 and adjusted diluted EPS about $12.25, previously $11.75 to $12.25 and $12.25 to $12.75. Source
Margin ranges narrowed: Operating margin is 11.2% and adjusted operating margin 11.6%, previously 11.2% to 11.4% and 11.6% to 11.8%. Source
Interest, tax and capex unchanged: Net interest of about $1.6 billion, a 24.5% tax rate and capital expenditures up to $2.5 billion were unchanged from the prior release. Source

“The company is updating its outlook for fiscal year 2026 to reflect operational results for the first half of the year as well as current demand trends.”
Lowe's Companies Inc., press release

Demand and DIY spending

DIY spending under pressure: Management said discretionary DIY spending remained under pressure, even as Pro, online and home services grew. Source
Housing macro described as challenging: In the prior release, management described a challenging housing macro, a context it did not describe as changed in this release.

Cash, capital and shareholder returns

Dividends paid $673 million: The company paid $673 million in dividends in the quarter, with dividends per share of $1.25 against $1.20 a year earlier. Source
Operating cash flow lower over six months: Net cash from operating activities was $7,009 million for six months, against $7,610 million a year earlier. Source
Buybacks and debt repayment rose: Six-month share repurchases were $366 million against $113 million; debt repayments were $2,397 million against $796 million. Source
Capital spending slightly higher: Capital expenditures were $1,063 million for six months, against $1,013 million a year earlier. Source
Cash balance declined: Cash and cash equivalents were $3,172 million at July 31, 2026, against $4,860 million a year earlier. Source

Balance sheet and acquisitions

Acquisition expense tied to FBM and ADG: The company recognized $96 million of pre-tax expense in the quarter from the FBM and ADG acquisitions, which is intangible asset amortization. Source
Intangibles and goodwill higher: Intangible assets were $5,709 million and goodwill $3,957 million, against $976 million and $691 million a year earlier. Source
Inventory higher year on year: Merchandise inventory was $17,737 million at July 31, 2026, against $16,342 million a year earlier. Source
Long-term debt higher: Long-term debt excluding current maturities was $35,204 million, against $30,548 million; current maturities fell to $2,352 million from $4,175 million. Source

Strategy and store base

Total Home strategy advancing: Management said it is advancing the Total Home strategy while investing to drive growth and profitability. Source
Store base at 1,761 stores: The company operated 1,761 stores with 196.0 million square feet of retail selling space at July 31, 2026, up from 1,759 stores at May 1, 2026. Source

Coming up, as management said on 19 August 2026

Second-half tariff refunds excluded: Full-year figures exclude any potential additional tariff refunds in the second half of the year. Source

Figures management reported

Figure	Reported
Comparable sales Source	+0.2%
Online sales growth Source	15.7%
Inventory Source	$17,737 million
Store count Source	1,761 stores
Gross margin Source	33.04% of sales

Risks management discussed

Demand: Management named persistent DIY macro pressures as a partial offset to comparable sales growth in the quarter. Source
Demand: Management described the near-term environment as dynamic. Source

Earlier plans management reported on

Not stated: Management said it remains committed to generating sustainable shareholder value through a disciplined capital allocation program. Source
Not stated: In the prior release, management said it remained focused on advancing the Total Home strategy for customers.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

For 6:00 a.m. ET Release

LOWE’S REPORTS SECOND QUARTER 2026 SALES AND EARNINGS RESULTS

Diluted EPS of $4.27; Adjusted Diluted EPS of $4.40 -
Comparable Sales Increased 0.2% -
Updates Full Year 2026 Outlook -

MOORESVILLE, N.C., August 19, 2026 - 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 July 31, 2026, compared to diluted EPS of $4.27 in the second quarter of 2025. During the second quarter ended July 31, 2026, the company recognized $96 million in pre-tax expenses associated with the acquisitions of Foundation Building Materials (FBM) and Artisan Design Group (ADG). Excluding these expenses, second quarter 2026 adjusted diluted EPS increased 1.6% to $4.40 compared to the prior-year adjusted diluted EPS. Both diluted EPS and adjusted diluted EPS include an $0.11 benefit from IEEPA tariff refunds.

Total sales for the quarter were $26.0 billion, compared to $24.0 billion in the prior-year quarter. Comparable sales for the quarter increased 0.2%, driven by strong performance in Pro and home services sales, as well as a 15.7% increase in online sales, partially offset by persistent DIY macro pressures.

“Sustained growth in Pro, Online and Home Services led to our fifth consecutive quarter of positive comp sales, despite pressure in discretionary DIY spending,” said Marvin R. Ellison, Lowe’s chairman, president and CEO. “While the near-term remains dynamic, our teams are executing at a high level, advancing our Total Home strategy and investing to drive growth and profitability. I would like to thank all of our frontline associates for their hard work and dedication to our customers.”

As of July 31, 2026, Lowe’s operated 1,761 stores, representing 196.0 million square feet of retail selling space.

Capital Allocation

The company remains committed to generating sustainable shareholder value through a disciplined focus on its capital allocation program. During the quarter, the company paid $673 million in dividends.

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.

Lowe’s Business Outlook

The company is updating its outlook for fiscal year 2026 to reflect operational results for the first half of the year as well as current demand trends.

Fiscal year 2026 outlook also includes tariff refunds recognized during the second quarter and excludes any potential additional tariff refunds in the second half of the year.

Fiscal Year 2026 Outlook

Total sales of $92.0 billion (previously $92.0 to 94.0 billion)
Comparable sales expected to be flat as compared to prior year (previously flat to up 2%)
Operating income as a percentage of sales (operating margin) of 11.2% (previously 11.2% to 11.4%)
Adjusted operating income as a percentage of sales (adjusted operating margin) of 11.6% (previously 11.6% to 11.8%)
Net interest expense of approximately $1.6 billion
Effective income tax rate of approximately 24.5%
Diluted earnings per share of approximately $11.75 (previously $11.75 to $12.25)
Adjusted diluted earnings per share of approximately $12.25 (previously $12.25 to $12.75)
Capital expenditures of up to $2.5 billion

A conference call to discuss second quarter 2026 operating results is scheduled for today, Wednesday, August 19, 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 Second Quarter 2026 Earnings Conference Call Webcast. Supplemental slides will be available prior to the start of the conference call. A replay of the call will be archived at ir.lowes.com.

Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 100 home improvement company with total fiscal year 2025 sales of more than $86 billion. Lowe's employs approximately 300,000 associates and operates over 1,750 home improvement stores, 540 branches and 120 distribution centers. Lowe’s is a core value S&P 500 equity stock and a dividend aristocrat. 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.

Disclosure Regarding Forward-Looking Statements

Forward-looking statements notice

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, trade policy changes and additional tariffs and tariff refunds, 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

Consolidated Statements of Current Earnings and Accumulated Deficit (Unaudited)

In Millions, Except Per Share and Percentage Data

	Three Months Ended						Six Months Ended
	July 31, 2026			August 1, 2025			July 31, 2026		August 1, 2025
Current Earnings	Amount	% Sales		Amount	% Sales		Amount	% Sales	Amount	% Sales
Net sales	$25,956	100.00		$23,959	100.00		$49,034	100.00	$44,888	100.00
Cost of sales	17,379		66.96	15,858		66.19	32,914	67.13	29,800		66.39
Gross margin	8,577		33.04	8,101		33.81	16,120	32.87	15,088		33.61
Expenses:
Selling, general and administrative	4,456		17.17	4,175		17.42	8,879	18.10	8,222		18.31
Depreciation and amortization	572		2.20	457		1.91	1,138	2.32	902		2.01
Operating income	3,549		13.67	3,469		14.48	6,103	12.45	5,964		13.29
Interest - net	374		1.44	313		1.31	773	1.58	650		1.45
Pre-tax earnings	3,175		12.23	3,156		13.17	5,330	10.87	5,314		11.84
Income tax provision	776		2.99	758		3.16	1,303	2.66	1,276		2.84
Net earnings	$2,399		9.24	$2,398		10.01	$4,027	8.21	$4,038		9.00
Weighted average common shares outstanding - basic	559			559			559		559
Basic earnings per common share	$4.28			$4.28			$7.18		$7.21
Weighted average common shares outstanding - diluted	560			560			560		560
Diluted earnings per common share	$4.27			$4.27			$7.17		$7.19
Cash dividends per share	$1.25			$1.20			$2.45		$2.35
Accumulated Deficit
Balance at beginning of period	$(9,884)			$(13,833)			$(10,839)		$(14,799)
Net earnings	2,399			2,398			4,027		4,038
Cash dividends declared	(702)			(673)			(1,375)		(1,317)
Share repurchases	-			-			-		(30)
Balance at end of period	$(8,187)			$(12,108)			$(8,187)		$(12,108)

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 $2,392 million and for the three months ended July 31, 2026, and $2,391 million for the three months ended August 1, 2025. Net earnings allocable to common shares used in the basic and diluted earnings per share calculation were $4,016 million for the six months ended July 31, 2026, and $4,027 million for the six months ended August 1, 2025.

Consolidated Statements of Comprehensive Income (Unaudited)

In Millions, Except Percentage Data

	Three Months Ended				Six Months Ended
	July 31, 2026		August 1, 2025		July 31, 2026		August 1, 2025
	Amount	% Sales	Amount	% Sales	Amount	% Sales	Amount	% Sales
Net earnings	$2,399	9.24	$2,398	10.01	$4,027	8.21	$4,038	9.00
Cash flow hedges - net of tax	(3)	(0.01)	(4)	(0.01)	(7)	(0.02)	(7)	(0.02)
Other	(1)	-	(1)	(0.01)	(2)	-	-	-
Other comprehensive loss	(4)	(0.01)	(5)	(0.02)	(9)	(0.02)	(7)	(0.02)
Comprehensive income	$2,395	9.23	$2,393	9.99	$4,018	8.19	$4,031	8.98

Consolidated Balance Sheets (Unaudited)

In Millions, Except Par Value Data

	July 31, 2026	August 1, 2025
Assets
Current assets:
Cash and cash equivalents	$3,172	$4,860
Short-term investments	235	396
Receivables - net	1,238	320
Merchandise inventory - net	17,737	16,342
Other current assets	960	721
Total current assets	23,342	22,639
Property, less accumulated depreciation	18,276	17,708
Operating lease right-of-use assets	4,071	3,887
Long-term investments	179	273
Deferred income taxes - net	-	140
Intangible assets - net	5,709	976
Goodwill	3,957	691
Other assets	347	300
Total assets	$55,881	$46,614
Liabilities and shareholders' deficit
Current liabilities:
Current maturities of long-term debt	$2,352	$4,175
Current operating lease liabilities	733	536
Accounts payable	11,076	9,513
Accrued compensation and employee benefits	1,168	1,098
Deferred revenue	1,609	1,558
Other current liabilities	4,194	4,742
Total current liabilities	21,132	21,622
Long-term debt, excluding current maturities	35,204	30,548
Noncurrent operating lease liabilities	3,734	3,801
Deferred income taxes - net	1,201	-
Deferred revenue - Lowe's protection plans	1,253	1,283
Other liabilities	794	760
Total liabilities	63,318	58,014
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 and 561 million, respectively	281	280
Capital in excess of par value	207	147
Accumulated deficit	(8,187)	(12,108)
Accumulated other comprehensive income	262	281
Total shareholders' deficit	(7,437)	(11,400)
Total liabilities and shareholders' deficit	$55,881	$46,614

Consolidated Statements of Cash Flows (Unaudited)

In Millions

	Six Months Ended
	July 31, 2026	August 1, 2025
Cash flows from operating activities:
Net earnings	$4,027	$4,038
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	1,292	1,022
Noncash lease expense	338	267
Deferred income taxes	165	70
Loss on property and other assets - net	15	30
Share-based payment expense	132	117
Changes in operating assets and liabilities:
Receivables - net	(157)	(22)
Merchandise inventory - net	(436)	1,173
Other operating assets	236	20
Accounts payable	1,313	150
Other operating liabilities	84	745
Net cash provided by operating activities	7,009	7,610
Cash flows from investing activities:
Purchases of investments	(808)	(845)
Proceeds from sale/maturity of investments	1,079	827
Capital expenditures	(1,063)	(1,013)
Proceeds from sale of property and other long-term assets	8	7
Acquisition of business - net	(5)	(1,314)
Other - net	28	(5)
Net cash used in investing activities	(761)	(2,343)
Cash flows from financing activities:
Repayment of debt	(2,397)	(796)
Proceeds from issuance of common stock under share-based payment plans	71	70
Cash dividend payments	(1,346)	(1,290)
Repurchases of common stock	(366)	(113)
Other - net	(20)	(39)
Net cash used in financing activities	(4,058)	(2,168)
Net increase in cash and cash equivalents	2,190	3,099
Cash and cash equivalents, beginning of period	982	1,761
Cash and cash equivalents, end of period	$3,172	$4,860

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 July 31, 2026 and August 1, 2025. This measure excludes the impact of certain items, further described below, to assist analysts and investors in understanding operational performance for the second quarter of fiscal 2026.

Fiscal 2026 Impacts

During fiscal 2026, the Company recognized financial impacts from the following:

In the second quarter of fiscal 2026, the Company recognized pre-tax expenses of $96 million consisting of intangible asset amortization related to the acquisitions of Artisan Design Group and Foundation Building Materials (Acquisitions of businesses).

Fiscal 2025 Impacts

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

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

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 Foundation Building Materials and Artisan Design Group. 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.

	Three Months Ended
	July 31, 2026			August 1, 2025
Adjusted Diluted Earnings Per Share	Pre-Tax Earnings	Tax	Net Earnings	Pre-Tax Earnings	Tax	Net Earnings
Diluted Earnings Per Share, As Reported			$4.27			$4.27
Acquisitions of businesses	0.17	(0.04)	0.13	0.08	(0.02)	0.06
Adjusted Diluted Earnings Per Share			$4.40			$4.33

Represents the corresponding tax benefit or expense specifically 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 points and $0.50 after tax impact, respectively, from intangible asset amortization.

Contacts
Investor Inquiries: Shelly Hubbard · 704-775-3856 · shelly.hubbard@lowes.com
Media Inquiries: Steve Salazar · steve.j.salazar@lowes.com