LOWES COMPANIES (LOW) Company Report

Positive comps for two consecutive quarters and double-digit growth in home insulation despite a stagnant housing macro, driven by cautious DIY big-ticket spend.
Emphasis on a 30 million-member DIY loyalty program (members shop 50 % more and spend twice as much) and substantial investments to modernize store showrooms and digital platforms.
Acquisition of FBM and ADG to access a $250 billion total addressable market in single-family, multifamily, and commercial construction, diversifying Lowe’s beyond its core DIY and small-medium pro segments.
Deployment of AI tools, including the “Milo” virtual assistant, to accelerate associate training, enhance customer service, and unlock productivity gains.

Dec 2, 2025, 1:45 PM

Transcript

Lowe’s outlines strategic pivot and acquisitions at Morgan Stanley conference

LOW

M&A

Demand Weakening

New Projects/Investments

In 2025, Lowe’s navigated a stagnant housing market with elevated mortgage rates, delivering positive comps for two consecutive quarters and gaining share in small-to-medium pro and home insulation services via double-digit comps in Q3.
The company has invested in digital and store upgrades, building a 30 million active DIY loyalty program whose members shop 50% more and spend twice as much.
Lowe’s acquired ADG and FBM to capture a $250 billion+ addressable single-family, multifamily, and commercial construction market, aiming to integrate drywall, cabinets, appliances, and other interior solutions across a unified IT platform.
Management targets reducing leverage to 2.75× by 2027 while maintaining capital priorities of investing in the business, dividends, and share buybacks, with only smaller tuck-ins planned to support the new platforms.
The firm is deploying AI tools like the “Milo” companion to cut training costs and boost associate productivity, with further AI-driven top-line enhancements under evaluation.

Dec 2, 2025, 1:45 PM

Transcript

Lowe’s outlines strategy and acquisitions at Morgan Stanley Global Consumer & Retail Conference

LOW

M&A

New Projects/Investments

Demand Weakening

Lowe’s noted the 2025 housing backdrop was broadly stagnant as forecasted, with elevated mortgage rates weighing on big-ticket DIY spend, yet still delivered two consecutive quarters of positive comparable sales and gained share in small-to-medium pro and home services insulation.
The company highlighted investments in its store environment and digital platforms, including a 30 million DIY loyalty member base that shops 50% more frequently and spends twice as much, and refreshed showrooms to position for recovery.
Lowe’s completed acquisitions of FBM and ADG to access a $250 billion total addressable market in single-family, multifamily, and commercial construction, unifying ERP platforms and aiming to offer a one-stop “interior solutions” service.
Capital allocation will continue to prioritize reinvestment in the business, dividends, and share buybacks, targeting leverage of 2.75× by 2027 without pursuing further large acquisitions; AI tools like “Milo” are being deployed to enhance productivity and customer service.

Dec 2, 2025, 1:45 PM

Transcript

Lowe’s reports Q3 2026 results

LOW

Earnings

Guidance Update

M&A

Lowe’s reported third quarter sales of $20.8 billion, comparable sales up 0.4%, and adjusted EPS of $3.06, with adjusted operating margin expanding by 10 bps to 12.4%
Completed the acquisition of Foundation Building Materials for $8.8 billion, financed via $5 billion of bonds (4.38% coupon), a $2 billion term loan and $1.8 billion of cash
Updated FY 2026 guidance to flat comparable sales, $86 billion in total revenue (including FBM), adjusted operating margin of 12.1%, and adjusted EPS of $12.25
Ended Q3 with adjusted debt/EBITDA of 3.36x, targeting 2.75x by mid-2027, generated $687 million in operating cash flow and paid $673 million in dividends

Nov 19, 2025, 2:00 PM

Transcript

Lowe’s reports Q3 2026 results and updates full-year guidance

LOW

Earnings

M&A

Guidance Update

Q3 sales were $20.8 billion with 0.4% comparable growth, adjusted EPS of $3.06 (+6%), and gross margin of 34.2% (+50 bp)
Completed acquisition of Foundation Building Materials for $8.8 billion, financed with $5 billion of bonds at 4.38%, a $2 billion term loan, and $1.8 billion cash; recognized $105 million in pre-tax transaction costs
Revised full-year outlook to roughly flat comp sales, $86 billion in total sales (including $1.3 billion of FBM sales in Q4), adjusted operating margin of 12.1%, and adjusted EPS of $12.25
Digital and pro initiatives driving growth: online sales up 11.4% in Q3; home services delivered double-digit comps; 30 million MyLowe’s Rewards members shop twice as often and spend over 50% more

Nov 19, 2025, 2:00 PM

Transcript

Lowe’s reports Q3 2026 results and updates guidance

LOW

Earnings

Guidance Update

M&A

Q3 sales of $20.8 B with comparable sales up 0.4% and adjusted diluted EPS of $3.06 (+6% YoY) (GAAP EPS $2.88).
Completed the $8.8 B acquisition of Foundation Building Materials in October, financed with $5 B of bonds, a $2 B term loan and $1.8 B of cash, incurring $105 M of pre-tax transaction costs.
Updated full-year guidance: sales of ~$86 B (including ~$1.3 B from FBM in Q4) with flat comps; adjusted operating margin of ~12.1%; adjusted EPS of ~$12.25; and capital expenditures of up to $2.5 B.
Continued momentum in digital and services: online sales grew 11.4%, home services comps delivered double-digit growth; AI virtual assistants handle ~1 M customer queries/month and more than double conversion; early marketplace launch exceeding expectations.

Nov 19, 2025, 2:00 PM

Transcript

Lowe’s reports Q3 2026 results

LOW

Earnings

Dividends

M&A

Lowe’s delivered 0.4% comp sales growth, with gross margin at 34.2% (+50 bps vs. LY) and operating margin at 11.9% (–65 bps vs. LY).
Adjusted operating margin improved by 10 bps to 12.4%, and adjusted diluted EPS rose 5.9% to $3.06.
Returned $673 million to shareholders through dividends during the quarter.
Closed the acquisition of Foundation Building Materials to expand its Pro customer offerings.

Nov 19, 2025, 2:00 PM

Presentation

Lowe’s reports Q3 2026 sales and earnings

LOW

Earnings

Guidance Update

M&A

Diluted EPS of $2.88; adjusted diluted EPS of $3.06, up 5.9% year-over-year
Net sales of $20.8 billion; comparable sales increased 0.4%, led by online, home services and Pro segments
Recognized $129 million in pre-tax expenses related to Foundation Building Materials and Artisan Design Group acquisitions; invested $8.8 billion in FBM and paid $673 million in dividends; operates 1,756 stores
Raised full-year 2025 outlook: total sales to $86.0 billion, comparable sales flat, adjusted diluted EPS to $12.25, and adjusted operating margin to 12.1%

Nov 19, 2025, 1:45 PM

8-K

Lowe’s raises FY25 sales guidance to $86B on Q3 growth

LOW

Earnings

Guidance Update

M&A

Q3 2025 sales rose 3.2% year-over-year to $20.8 billion, with adjusted EPS of $3.06 beating estimates.
FY25 sales guidance increased to $86 billion, surpassing prior targets and analyst expectations.
Full-year adjusted operating margin forecast revised to 12.1%, slightly below earlier guidance.
Online sales climbed 11.4%, and professional segment momentum—bolstered by the Foundation Building Materials acquisition—offset DIY softness.
Recorded $129 million in pre-tax acquisition expenses, contributing to a 15.8% drop in net earnings.

Nov 19, 2025, 1:41 PM

Bloomberg

Lowe's reports Q3 2025 sales and earnings results

LOW

Earnings

Guidance Update

M&A

Diluted EPS of $2.88 and net earnings of $1.6 billion in Q3 2025, compared with $2.99 EPS in Q3 2024; adjusted diluted EPS rose 5.9% to $3.06 excluding acquisition-related costs.
Total sales of $20.8 billion, up from $20.2 billion a year ago; comparable sales increased 0.4%, led by 11.4% online growth, double-digit home services growth, and gains in Pro sales.
Invested $8.8 billion to complete the Foundation Building Materials acquisition, paid $673 million in dividends, and operated 1,756 stores as of October 31, 2025.
Updated full-year 2025 outlook: $86.0 billion in sales, flat comps, 12.1% adjusted operating margin, approximately $12.25 adjusted EPS, $1.4 billion net interest expense, and up to $2.5 billion in capital expenditures.

Nov 19, 2025, 11:00 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for LOWES COMPANIES.

Q3 2026

Nov 19, 2025

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Q2 2026

Aug 20, 2025

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Q1 2026

May 21, 2025

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LOWES COMPANIES (LOW)

Analyst Earnings Quarterly Reports

Q3 2026

Q2 2026

Q1 2026

Q4 2025

Executives

Marvin R. Ellison

Brandon J. Sink

Joseph M. McFarland III

Juliette W. Pryor

Seemantini Godbole

William P. Boltz

Board Members

Bertram L. Scott

Brian C. Rogers

Colleen Taylor

Laurie Z. Douglas

Lawrence Simkins

Mary Beth West

Navdeep Gupta

Raul Alvarez

Richard W. Dreiling

Sandra B. Cochran

Scott H. Baxter

Analyst Coverage

Christopher Horvers

Simeon Gutman

Peter Benedict

Seth Sigman

Steven Forbes

Steven Zaccone

David Bellinger

Gregory Melich

Brian Nagel

Kate McShane

Michael Lasser

Robbie Ohmes

Robert Ohmes

Scot Ciccarelli

Zach Fadem

Zhihan Ma

Charles Grom

Eric Bosshard

Jonathan Matuszewski

Karen Short

Katharine McShane

Zachary Fadem

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