Item 1. Financial Statements

Lowe’s Companies, Inc.

Consolidated Statements of Earnings (Unaudited)

In Millions, Except Per Share and Percentage Data

			Three Months Ended																								Nine Months Ended
			October 31, 2025												November 1, 2024												October 31, 2025												November 1, 2024
Current Earnings			Amount						% Sales						Amount						% Sales						Amount						% Sales						Amount						% Sales
Net sales			$	20,813					100.00		%				$	20,170					100.00		%				$	65,701					100.00		%				$	65,120					100.00		%
Cost of sales			13,697						65.81						13,374						66.31						43,497						66.20						43,340						66.55
Gross margin			7,116						34.19						6,796						33.69						22,204						33.80						21,780						33.45
Expenses:
Selling, general and administrative			4,160						19.99						3,827						18.97						12,381						18.85						11,860						18.22
Depreciation and amortization			475						2.28						433						2.15						1,378						2.10						1,284						1.97
Operating income			2,481						11.92						2,536						12.57						8,445						12.85						8,636						13.26
Interest – net			352						1.69						317						1.57						1,002						1.52						985						1.51
Pre-tax earnings			2,129						10.23						2,219						11.00						7,443						11.33						7,651						11.75
Income tax provision			513						2.46						524						2.59						1,789						2.72						1,818						2.79
Net earnings			$	1,616					7.77%						$	1,695					8.41%						$	5,654					8.61		%				$	5,833					8.96		%
Weighted average common shares outstanding – basic			559												565												559												568
Basic earnings per common share			$	2.88											$	2.99											$	10.09											$	10.24
Weighted average common shares outstanding – diluted			560												566												560												569
Diluted earnings per common share			$	2.88											$	2.99											$	10.07											$	10.22

See accompanying notes to the consolidated financial statements (unaudited).

Lowe’s Companies, Inc.

Consolidated Statements of Comprehensive Income (Unaudited)

In Millions, Except Percentage Data

			Three Months Ended																								Nine Months Ended
			October 31, 2025												November 1, 2024												October 31, 2025												November 1, 2024
			Amount						% Sales						Amount						% Sales						Amount						% Sales						Amount						% Sales
Net earnings			$	1,616					7.77		%				$	1,695					8.41		%				$	5,654					8.61		%				$	5,833					8.96		%
Cash flow hedges – net of tax			(7)						(0.04)						(3)						(0.02)						(14)						(0.02)						(9)						(0.02)
Other			1						—						—						—						1						—						1						—
Other comprehensive loss			(6)						(0.04)						(3)						(0.02)						(13)						(0.02)						(8)						(0.02)
Comprehensive income			$	1,610					7.73		%				$	1,692					8.39		%				$	5,641					8.59		%				$	5,825					8.94		%

See accompanying notes to the consolidated financial statements (unaudited).

1

Lowe’s Companies, Inc.

Consolidated Balance Sheets (Unaudited)

In Millions, Except Par Value Data

						October 31, 2025						November 1, 2024						January 31, 2025
Assets
Current assets:
Cash and cash equivalents						$	621					$	3,271					$	1,761
Short-term investments						412						335						372
Receivables - net						1,216						108						94
Merchandise inventory - net						17,183						17,566						17,409
Other current assets						788						697						722
Total current assets						20,220						21,977						20,358
Property, less accumulated depreciation						18,309						17,586						17,649
Operating lease right-of-use assets						4,345						3,771						3,738
Long-term investments						280						312						277
Deferred income taxes - net						—						261						244
Intangible assets - net						5,994						281						277
Goodwill						3,982						311						311
Other assets						323						244						248
Total assets						$	53,453					$	44,743					$	43,102
Liabilities and shareholders' deficit
Current liabilities:
Current maturities of long-term debt						$	2,437					$	2,576					$	2,586
Current operating lease liabilities						691						497						563
Accounts payable						10,236						10,602						9,290
Accrued compensation and employee benefits						1,023						828						1,008
Deferred revenue						1,537						1,359						1,358
Other current liabilities						3,527						3,585						3,952
Total current liabilities						19,451						19,447						18,757
Long-term debt, excluding current maturities						37,498						32,906						32,901
Noncurrent operating lease liabilities						4,070						3,741						3,628
Deferred income taxes - net						808						—						—
Deferred revenue - Lowe's protection plans						1,273						1,260						1,268
Other liabilities						735						808						779
Total liabilities						63,835						58,162						57,333
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, 565 million, and 560 million, respectively						280						282						280
Capital in excess of par value						228						—						—
Accumulated deficit						(11,165)						(13,993)						(14,799)
Accumulated other comprehensive income						275						292						288
Total shareholders' deficit						(10,382)						(13,419)						(14,231)
Total liabilities and shareholders' deficit						$	53,453					$	44,743					$	43,102

See accompanying notes to the consolidated financial statements (unaudited).

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Lowe’s Companies, Inc.

Consolidated Statements of Shareholders’ Deficit (Unaudited)

In Millions

			Three Months Ended October 31, 2025
			Common Stock												Capital in Excess of Par Value						Accumulated Deficit						Accumulated Other Comprehensive Income																		Total
			Shares						Amount
Balance August 1, 2025			561						$	280					$	147					$	(12,108)					$	281																	$	(11,400)
Net earnings			—						—						—						1,616						—																		1,616
Other comprehensive loss			—						—						—						—						(6)																		(6)
Cash dividends declared, $1.20 per share			—						—						—						(673)						—																		(673)
Share-based payment expense			—						—						54						—						—																		54
Repurchases of common stock			—						—						(4)						—						—																		(4)
Issuance of common stock under share-based payment plans			—						—						11						—						—																		11
Other			—						—						20						—						—																		20
Balance October 31, 2025			561						$	280					$	228					$	(11,165)					$	275																	$	(10,382)
			Nine Months Ended October 31, 2025
			Common Stock												Capital in Excess of Par Value						Accumulated Deficit						Accumulated Other Comprehensive Income																		Total
			Shares						Amount
Balance January 31, 2025			560						$	280					$	—					$	(14,799)					$	288																	$	(14,231)
Net earnings			—						—						—						5,654						—																		5,654
Other comprehensive loss			—						—						—						—						(13)																		(13)
Cash dividends declared, $3.55 per share			—						—						—						(1,991)						—																		(1,991)
Share-based payment expense			—						—						171						—						—																		171
Repurchases of common stock			—						(1)						(44)						(29)						—																		(74)
Issuance of common stock under share-based payment plans			1						1						81						—						—																		82
Other			—						—						20						—						—																		20
Balance October 31, 2025			561						$	280					$	228					$	(11,165)					$	275																	$	(10,382)

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			Three Months Ended November 1, 2024
			Common Stock												Capital in Excess of Par Value						Accumulated Deficit						Accumulated Other Comprehensive Income																		Total
			Shares						Amount
Balance August 2, 2024			568						$	284					$	—					$	(14,342)					$	295																	$	(13,763)
Net earnings			—						—						—						1,695						—																		1,695
Other comprehensive income			—						—						—						—						(3)																		(3)
Cash dividends declared, $1.15 per share			—						—						—						(650)						—																		(650)
Share-based payment expense			—						—						49						—						—																		49
Repurchases of common stock			(3)						(2)						(60)						(696)						—																		(758)
Issuance of common stock under share-based payment plans			—						—						11						—						—																		11
Balance November 1, 2024			565						$	282					$	—					$	(13,993)					$	292																	$	(13,419)
			Nine Months Ended November 1, 2024
			Common Stock												Capital in Excess of Par Value						Accumulated Deficit						Accumulated Other Comprehensive Income																		Total
			Shares						Amount
Balance February 2, 2024			574						$	287					$	—					$	(15,637)					$	300																	$	(15,050)
Net earnings			—						—						—						5,833						—																		5,833
Other comprehensive loss			—						—						—						—						(8)																		(8)
Cash dividends declared, $3.40 per share			—						—						—						(1,933)						—																		(1,933)
Share-based payment expense			—						—						159						—						—																		159
Repurchases of common stock			(10)						(6)						(253)						(2,256)						—																		(2,515)
Issuance of common stock under share-based payment plans			1						1						94						—						—																		95
Balance November 1, 2024			565						$	282					$	—					$	(13,993)					$	292																	$	(13,419)

See accompanying notes to the consolidated financial statements (unaudited).

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Lowe’s Companies, Inc.

Consolidated Statements of Cash Flows (Unaudited)

In Millions

			Nine Months Ended
			October 31, 2025						November 1, 2024
Cash flows from operating activities:
Net earnings			$	5,654					$	5,833
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization			1,557						1,461
Noncash lease expense			405						392
Deferred income taxes			24						(10)
Loss on property and other assets – net			45						11
Gain on sale of business			—						(97)
Share-based payment expense			177						164
Changes in operating assets and liabilities:
Merchandise inventory – net			816						(672)
Other operating assets			26						114
Accounts payable			552						1,944
Other operating liabilities			(959)						(426)
Net cash provided by operating activities			8,297						8,714
Cash flows from investing activities:
Purchases of investments			(1,290)						(999)
Proceeds from sale/maturity of investments			1,252						918
Capital expenditures			(1,610)						(1,379)
Proceeds from sale of property and other long-term assets			25						54
Acquisitions of businesses - net			(10,055)						—
Proceeds from sale of business			—						97
Other – net			(9)						(11)
Net cash used in investing activities			(11,687)						(1,320)
Cash flows from financing activities:
Net proceeds from issuance of debt			6,974						—
Repayment of debt			(2,568)						(522)
Proceeds from issuance of common stock under share-based payment plans			82						95
Cash dividend payments			(1,963)						(1,916)
Repurchases of common stock			(211)						(2,681)
Other – net			(64)						(20)
Net cash provided by/(used in) financing activities			2,250						(5,044)
Net (decrease)/increase in cash and cash equivalents			(1,140)						2,350
Cash and cash equivalents, beginning of period			1,761						921
Cash and cash equivalents, end of period			$	621					$	3,271

See accompanying notes to the consolidated financial statements (unaudited).

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Lowe’s Companies, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Note 1: Summary of Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements (unaudited) and notes to the condensed consolidated financial statements (unaudited) are presented in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The condensed consolidated financial statements (unaudited), in the opinion of management, contain all normal recurring adjustments necessary to present fairly the consolidated balance sheets as of October 31, 2025, and November 1, 2024, and the statements of earnings, comprehensive income, and shareholders’ deficit for the three and nine months ended October 31, 2025, and November 1, 2024, and cash flows for the nine months ended October 31, 2025, and November 1, 2024. The January 31, 2025, consolidated balance sheet was derived from the audited financial statements.

The Company consolidates the financial results of Artisan Design Group (ADG) and Foundation Building Materials (FBM) on a one-month lag due to differences in reporting calendars.

These interim condensed consolidated financial statements (unaudited) should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Lowe’s Companies, Inc. (the Company) Annual Report on Form 10-K for the fiscal year ended January 31, 2025 (the Annual Report). The financial results for the interim periods may not be indicative of the financial results for the entire fiscal year.

Business Combinations

The assets and liabilities of acquired businesses are recorded at their fair values at the date of acquisition. The excess of the purchase price over the fair values of the identifiable assets acquired and liabilities assumed is recorded as goodwill. During the measurement period, which is up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon conclusion of the measurement period, any subsequent adjustments are recorded to earnings.

Accounting Pronouncements Not Yet Adopted

In September 2025, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2025-06, Intangibles - Goodwill and Other Internal-Use Software. The ASU amends certain aspects of the accounting for and disclosure of internal-use software and clarifies the threshold that entities apply to begin capitalizing costs. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended February 2, 2029. The Company is currently evaluating the impact of adopting this ASU.

Accounting pronouncements not disclosed in this Form 10-Q or in the Annual Report are either not applicable to the Company or are not expected to have a material impact to the Company.

Note 2: Acquisitions

Artisan Design Group (ADG)

On June 2, 2025, the Company completed the acquisition of ADG for an aggregate cash purchase price of $1.3 billion, which is included in the investing section of the consolidated statements of cash flows, net of cash acquired. Acquisition-related costs were expensed as incurred. ADG is a leading nationwide provider of design, distribution and installation services for interior surface finishers, including flooring, cabinets and countertops, to national, regional and local home builders and property managers. The acquisition is expected to expand the Company’s Pro customer offering into a new distribution channel within a highly fragmented market.

Intangible assets acquired totaled $714 million and include trademarks of $130 million with a useful life of 15 years, customer relationships of $550 million with a useful life of 20 years, backlog of $26 million, and non-compete agreements of $8 million with a useful life of 5 years, each of which are included in the intangible assets - net line item within the accompanying

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consolidated balance sheet. Goodwill of $382 million is primarily attributable to the synergies expected to arise after the acquisition. We expect $312 million of goodwill to be deductible for tax purposes.

Foundation Building Materials (FBM)

On October 9, 2025, the Company completed the acquisition of FBM for an aggregate cash purchase price of $8.8 billion, which is included in the investing section of the consolidated statements of cash flows, net of cash acquired. Acquisition-related costs were expensed as incurred. FBM is expected to accelerate the Company’s Total Home strategy by enhancing its offering to Pro customers through expanded capabilities, faster fulfillment, improved digital tools, a robust trade credit platform, and significant cross-selling opportunities between FBM and Lowe's.

Intangible assets acquired totaled $5,041 million, and include trademarks of $950 million with a useful life of 15 years, customer relationships of $3,920 million with a useful life of 20 years, backlog of $75 million, and a non-compete agreement of $96 million with a useful life of 5 years, each of which are included in the intangible assets - net line item within the accompanying consolidated balance sheet. Goodwill of $3,289 million is primarily attributable to the synergies expected to arise after the acquisition. We expect $993 million of goodwill to be deductible for tax purposes.

The following table summarizes our preliminary aggregate purchase price allocations:

			ADG			FBM
(In millions)			June 2, 2025			October 9, 2025
Allocation:
Cash acquired			$	2		$	71
Receivables			208			913
Merchandise inventory			106			484
Other current assets			22			77
Property			36			513
Operating lease right-of-use assets			137			471
Goodwill			382			3,289
Intangible assets			714			5,041
Other assets			34			16
Current operating lease liabilities			(31)			(92)
Accounts payable			(73)			(321)
Accrued compensation and employee benefits			(29)			(78)
Deferred revenue			(22)			(67)
Other current liabilities			(36)			(134)
Noncurrent operating lease liabilities			(95)			(349)
Deferred income taxes, net			(36)			(996)
Other liabilities			(4)			(26)
Net assets acquired			$	1,315		$	8,812

We have prepared analyses necessary to assess the fair values of the assets acquired and liabilities assumed and the amount of goodwill to be recognized as of the acquisition dates. These fair values were based on management’s estimates and assumptions; however, the amounts indicated above are preliminary in nature and are subject to adjustment as additional information is obtained about the facts and circumstances that existed as of the acquisition dates. Accordingly, there may be adjustments to the assigned values of acquired assets and liabilities assumed. The final determination of acquisition date fair values and residual goodwill will be completed as soon as practicable, and within the measurement period of up to one year from the acquisition dates as permitted under GAAP. Any adjustments to provisional amounts that are identified during the measurement period will be recorded in the reporting period in which the adjustment is determined.

Pro forma revenue and earnings since the acquisitions have not been provided as the acquisitions were not material to the consolidated financial statements.

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Note 3: Revenue

Net sales consists primarily of revenue, net of sales tax, associated with contracts with customers for the sale of goods and services in amounts that reflect consideration the Company is entitled to in exchange for those goods and services.

The following table presents the Company’s sources of revenue:

(In millions)			Three Months Ended												Nine Months Ended
October 31, 2025						November 1, 2024						October 31, 2025						November 1, 2024
Products			$	19,676					$	19,304					$	62,817					$	62,699
Services			753						532						1,953						1,612
Other			384						334						931						809
Net sales			$	20,813					$	20,170					$	65,701					$	65,120

A provision for anticipated merchandise returns is provided through a reduction of sales and cost of sales in the period that the related sales are recorded. The merchandise return reserve is presented on a gross basis, with a separate asset and liability included in the consolidated balance sheets. The balances and classification within the consolidated balance sheets for anticipated sales returns and the associated right of return assets are as follows:

(In millions)			Classification			October 31, 2025						November 1, 2024						January 31, 2025
Anticipated sales returns			Other current liabilities			$	207					$	212					$	167
Right of return assets			Other current assets			122						123						99

Deferred revenue - retail and stored-value cards

Retail deferred revenue consists of amounts received for which customers have not yet taken possession of the merchandise or for which installation has not yet been completed. The majority of revenue for goods and services is recognized in the quarter following revenue deferral. Stored-value cards deferred revenue includes outstanding stored-value cards such as gift cards and returned merchandise credits that have not yet been redeemed. Deferred revenue for retail and stored-value cards are as follows:

(In millions)			October 31, 2025						November 1, 2024						January 31, 2025
Retail deferred revenue			$	1,080					$	878					$	770
Stored-value cards deferred revenue			457						481						588
Deferred revenue			$	1,537					$	1,359					$	1,358

Deferred revenue - Lowe’s protection plans

The Company defers revenues for its separately-priced long-term extended protection plan contracts (Lowe’s protection plans) and recognizes revenue on a straight-line basis over the respective contract term. Expenses for claims are recognized in cost of sales when incurred.

(In millions)			October 31, 2025						November 1, 2024						January 31, 2025
Deferred revenue - Lowe’s protection plans			$	1,273					$	1,260					$	1,268

			Three Months Ended												Nine Months Ended
(In millions)			October 31, 2025						November 1, 2024						October 31, 2025						November 1, 2024
Lowe’s protection plans deferred revenue recognized into sales			$	144					$	141					$	430					$	420
Lowe’s protection plans claim expenses			63						54						182						158

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Disaggregation of Revenues

The following table presents the Company’s net sales disaggregated by merchandise division:

			Three Months Ended																								Nine Months Ended
			October 31, 2025												November 1, 2024												October 31, 2025												November 1, 2024
(In millions)			Net Sales						%						Net Sales						%						Net Sales						%						Net Sales						%
Home Décor1			$	7,802					37.5		%				$	7,565					37.5		%				$	23,729					36.1		%				$	23,421					36.0		%
Building Products2			6,875						33.0						6,726						33.3						20,508						31.2						20,452						31.4
Hardlines3			5,116						24.6						5,306						26.3						19,324						29.4						19,639						30.2
Other			1,020						4.9						573						2.9						2,140						3.3						1,608						2.4
Total			$	20,813					100.0		%				$	20,170					100.0		%				$	65,701					100.0		%				$	65,120					100.0		%

Note: Merchandise division net sales for the prior period have been reclassified to conform to the current period presentation.

1 Home Décor includes the following product categories: Appliances, Décor, Flooring, Kitchens & Bath, and Paint.

2 Building Products includes the following product categories: Building Materials, Electrical, Lumber, Millwork, and Rough Plumbing.

3 Hardlines includes the following product categories: Hardware, Lawn & Garden, Seasonal & Outdoor Living, and Tools.

Note 4: Restricted Investments

Short-term and long-term investments include restricted balances pledged as collateral primarily for the Lowe’s protection plans program and are as follows:

(In millions)						October 31, 2025						November 1, 2024						January 31, 2025
Short-term restricted investments						$	412					$	335					372
Long-term restricted investments						280						312						277
Total restricted investments						$	692					$	647					$	649

Note 5: Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value measurements establishes a three-level hierarchy, which encourages an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the hierarchy are defined as follows:

• Level 1 - inputs to the valuation techniques that are quoted prices in active markets for identical assets or liabilities

• Level 2 - inputs to the valuation techniques that are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly

• Level 3 - inputs to the valuation techniques that are unobservable for the assets or liabilities

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Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of October 31, 2025, November 1, 2024, and January 31, 2025:

												Fair Value Measurements at
(In millions)			Classification			Measurement Level						October 31, 2025						November 1, 2024						January 31, 2025
Available-for-sale debt securities:
U.S. Treasury securities			Short-term investments			Level 1						$	210					$	184					$	199
Money market funds			Short-term investments			Level 1						76						71						91
Commercial paper			Short-term investments			Level 2						52						47						49
Certificates of deposit			Short-term investments			Level 1						29						13						13
Foreign government debt securities			Short-term investments			Level 2						25						—						4
Corporate debt securities			Short-term investments			Level 2						18						20						16
Municipal obligations			Short-term investments			Level 2						2						—						—
U.S. Treasury securities			Long-term investments			Level 1						151						194						150
Corporate debt securities			Long-term investments			Level 2						106						74						88
Foreign government debt securities			Long-term investments			Level 2						16						41						37
Municipal obligations			Long-term investments			Level 2						7						3						2
Derivative instruments:
Fixed-to-floating interest rate swaps			Other current liabilities			Level 2						$	—					$	11					$	11
Fixed-to-floating interest rate swaps			Other liabilities			Level 2						25						46						35

There were no transfers between Levels 1, 2, or 3 during any of the periods presented.

When available, quoted prices were used to determine fair value. When quoted prices in active markets were available, financial assets were classified within Level 1 of the fair value hierarchy. When quoted prices in active markets were not available, fair values for financial assets and liabilities classified within Level 2 were determined using pricing models, and the inputs to those pricing models were based on observable market inputs. The inputs to the pricing models were typically benchmark yields, reported trades, broker-dealer quotes, issuer spreads and benchmark securities, among others.

The Company has performance-based contingent consideration related to the fiscal 2022 sale of the Canadian retail business which is classified as a Level 3 long-term investment, and such contingent consideration had an estimated fair value of zero as of October 31, 2025, November 1, 2024, and January 31, 2025. The Company’s measurements of fair value of the contingent consideration are based on an income approach, which requires certain assumptions considering operating performance of the business and a risk-adjusted discount rate. Changes in the estimated fair value of the contingent consideration are recognized within selling, general and administrative expenses (SG&A) in the consolidated statements of earnings.

The rollforward of the fair value of contingent consideration for the three and nine months ended October 31, 2025 and November 1, 2024, is as follows:

			Three Months Ended												Nine Months Ended
(In millions)			October 31, 2025						November 1, 2024						October 31, 2025						November 1, 2024
Beginning balance			$	—					$	—					$	—					$	—
Change in fair value			—						54						—						97
Proceeds received			—						(54)						—						(97)
Ending balance			$	—					$	—					$	—					$	—

Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis

During the three and nine months ended October 31, 2025, and November 1, 2024, the Company had no material measurements of assets and liabilities at fair value on a nonrecurring basis subsequent to their initial recognition.

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Other Fair Value Disclosures

The Company’s financial assets and liabilities not measured at fair value on a recurring basis include cash and cash equivalents, accounts receivable, short-term borrowings, accounts payable, and long-term debt and are reflected in the financial statements at cost. With the exception of long-term debt, cost approximates fair value for these items due to their short-term nature. As further described in Note 8, certain long-term debt is associated with a fair value hedge and the changes in fair value of the hedged debt is included in the carrying value of long-term debt in the consolidated balance sheets. The fair values of the Company’s unsecured notes were estimated using quoted market prices.

Carrying amounts and the related estimated fair value of the Company’s long-term debt, excluding finance lease obligations and the 2025 Term Loan, are as follows:

			October 31, 2025												November 1, 2024												January 31, 2025
(In millions)			Carrying Amount						Fair Value						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Unsecured notes (Level 1)			$	37,514					$	34,968					$	34,996					$	31,651					$	35,011					$	31,557

Note 6: Accounts Payable

The Company has an agreement with a third party to provide a supplier finance program which facilitates participating suppliers’ ability to finance payment obligations from the Company with designated third-party financial institutions. Participating suppliers may, at their sole discretion, make offers to finance one or more payment obligations of the Company prior to their scheduled due dates at a discounted price to participating financial institutions. The Company’s outstanding payment obligations that suppliers financed to participating financial institutions, which are included in accounts payable on the consolidated balance sheets, are as follows:

(In millions)						October 31, 2025						November 1, 2024						January 31, 2025
Financed payment obligations						$	1,705					$	1,707					$	1,511

Note 7: Debt

Revolving Credit Facilities

On September 16, 2025, the Company entered into a $2.0 billion five-year unsecured credit agreement (2025 Credit Agreement) with a syndicate of banks, which has a maturity date of September 2030, replacing the Company’s $2.0 billion five-year unsecured revolving credit agreement entered into in December 2021, and as amended (Third Amended and Restated Credit Agreement).

On September 16, 2025, the Company also amended the five-year unsecured revolving credit agreement dated September 1, 2023 (the 2023 Credit Agreement) with a syndicate of banks, which has a maturity date of September 2028 and an aggregate availability of $2.0 billion. Under the amendment, borrowings under the 2023 Credit Agreement will no longer be subject to a SOFR credit spread adjustment.

The 2025 Credit Agreement and the 2023 Credit Agreement (collectively the Long-Term Credit Agreements) support the Company’s commercial paper program. The amounts available to be drawn under the Long-Term Credit Agreements are reduced by the amount of borrowings under the commercial paper program. As of October 31, 2025, November 1, 2024, and January 31, 2025, there were no outstanding borrowings under the Company’s commercial paper program or the Long-Term Credit Agreements.

On September 16, 2025, the Company also entered into a $1.0 billion 364-day unsecured revolving credit agreement (collectively with the Long-Term Credit Agreements the “Revolving Credit Facilities”) which has a maturity date of September 2026 and had no outstanding borrowings as of October 31, 2025.

Total combined availability under the Revolving Credit Facilities was $5.0 billion as of October 31, 2025.

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Long-Term Debt

On September 16, 2025, the Company entered into a $2.0 billion unsecured term loan credit agreement (2025 Term Loan) which has a maturity date of October 2028. There was $2.0 billion in outstanding borrowings under the 2025 Term Loan as of October 31, 2025, with an interest rate of 4.935%.

In addition, on September 30, 2025, the Company issued $5.0 billion of unsecured fixed rate notes (collectively, the September 2025 Notes) as follows:

Principal Amount (in millions)						Maturity Date						Interest Rate						Discount (in millions)
$	650					October 2027						3.950%						$	2
$	750					October 2028						4.000%						$	3
$	1,100					March 2031						4.250%						$	6
$	1,300					October 2032						4.500%						$	8
$	1,200					October 2035						4.850%						$	8

Interest on the September 2025 Notes with October maturity dates is payable semiannually in arrears in April and October of each year until maturity. Interest on the September 2025 Notes with March maturity dates is payable semiannually in arrears in March and September of each year until maturity.

The indenture governing the September 2025 Notes contains a provision that allows the Company to redeem these notes at any time, in whole or in part, at specified redemption prices, plus accrued and unpaid interest. The indenture also contains a provision that allows the holders of the notes to require the Company to repurchase all or any part of their notes if a change of control triggering event occurs. If elected under the change of control provisions, the repurchase of the notes will occur at a purchase price of 101% of the principal amount, plus accrued and unpaid interest. The indenture governing the September 2025 Notes does not limit the aggregate principal amount of debt securities that the Company may issue and does not require the Company to maintain specified financial ratios or levels of net worth or liquidity.

Note 8: Derivative Instruments

The Company utilizes fixed-to-floating interest rate swap agreements as fair value hedges on certain debt. The notional amounts for the Company’s material derivative instruments are as follows:

(In millions)			October 31, 2025						November 1, 2024						January 31, 2025
Fair value hedges:
Fixed-to-floating interest rate swap agreements			$	550					$	850					$	850

See Note 5 for the gross fair values of the Company’s outstanding derivative financial instruments and corresponding fair value classifications. The cash flows related to settlement of the Company’s hedging derivative financial instruments are classified in the consolidated statements of cash flows based on the nature of the underlying hedged items.

The Company accounts for the fixed-to-floating interest rate swap agreements as fair value hedges using the shortcut method of accounting under which the hedges are assumed to be perfectly effective. Thus, the change in fair value of the derivative instruments offsets the change in fair value on the hedged debt, and there is no net impact in the consolidated statements of earnings from the fair value of the derivatives.

Note 9: Shareholders’ Deficit

The Company has a share repurchase program that is executed through purchases made from time to time either in the open market, which may be made under pre-set trading plans meeting the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934, or through private off-market transactions. Shares purchased under the repurchase program are returned to authorized and unissued status. Any excess of cost over par value is charged to additional paid-in capital to the extent that a balance is present. Once additional paid-in capital is fully depleted, remaining excess of cost over par value is charged to accumulated deficit. As of October 31, 2025, the Company had $10.8 billion remaining in its share repurchase program. In fiscal 2025, the Company paused its share repurchase program.

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The Company also withholds shares from employees to satisfy either the exercise price of stock options exercised or the statutory withholding tax liability resulting from the vesting of share-based awards.

Total shares repurchased for the three and nine months ended October 31, 2025, and November 1, 2024, were as follows:

			Three Months Ended
			October 31, 2025												November 1, 2024
(In millions)			Shares						Cost						Shares						Cost
Share repurchase program1			—						$	—					2.8						$	756
Shares withheld from employees			—						4						0.1						2
Total share repurchases			—						$	4					2.9						$	758

			Nine Months Ended
			October 31, 2025												November 1, 2024
(In millions)			Shares						Cost						Shares						Cost
Share repurchase program1			—						$	—					10.0						$	2,421
Shares withheld from employees			0.3						74						0.3						94
Total share repurchases			0.3						$	74					10.3						$	2,515

1 Includes excise tax on share repurchases in excess of issuances as part of the cost basis of the shares acquired.

Note 10: Earnings Per Share

The Company calculates basic and diluted earnings per common share using the two-class method. The following table reconciles earnings per common share for the three and nine months ended October 31, 2025, and November 1, 2024:

			Three Months Ended												Nine Months Ended
(In millions, except per share data)			October 31, 2025						November 1, 2024						October 31, 2025						November 1, 2024
Basic earnings per common share:
Net earnings			$	1,616					$	1,695					$	5,654					$	5,833
Less: Net earnings allocable to participating securities			(4)						(4)						(15)						(15)
Net earnings allocable to common shares, basic			$	1,612					$	1,691					$	5,639					$	5,818
Weighted-average common shares outstanding			559						565						559						568
Basic earnings per common share			$	2.88					$	2.99					$	10.09					$	10.24
Diluted earnings per common share:
Net earnings			$	1,616					$	1,695					$	5,654					$	5,833
Less: Net earnings allocable to participating securities			(4)						(4)						(15)						(15)
Net earnings allocable to common shares, diluted			$	1,612					$	1,691					$	5,639					$	5,818
Weighted-average common shares outstanding			559						565						559						568
Dilutive effect of non-participating share-based awards			1						1						1						1
Weighted-average common shares, as adjusted			560						566						560						569
Diluted earnings per common share			$	2.88					$	2.99					$	10.07					$	10.22
Anti-dilutive securities excluded from diluted weighted-average common shares			0.3						0.1						0.2						0.2

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Note 11: Supplemental Disclosure

Net interest expense is comprised of the following:

			Three Months Ended												Nine Months Ended
(In millions)			October 31, 2025						November 1, 2024						October 31, 2025						November 1, 2024
Long-term debt			$	362					$	363					$	1,071					$	1,092
Lease obligations			5						6						15						18
Interest income			(41)						(50)						(108)						(124)
Interest capitalized			(3)						(2)						(7)						(4)
Interest on tax uncertainties			1						—						3						3
Other			28						—						28						—
Interest – net			$	352					$	317					$	1,002					$	985

Supplemental disclosures of cash flow information:

			Nine Months Ended
(In millions)			October 31, 2025						November 1, 2024
Cash paid for interest, net of amount capitalized			$	1,371					$	1,410
Cash paid for income taxes – net1			2,150						1,384
Non-cash investing and financing activities:
Leased assets obtained in exchange for new finance lease liabilities			$	16					$	37
Leased assets obtained in exchange for new operating lease liabilities2			425						442
Cash dividends declared but not paid			673						650

1 Cash paid for income taxes - net for the nine months ended October 31, 2025, and November 1, 2024, includes $781 million and $800 million, respectively, of cash paid for the purchase of federal transferable tax credits.

2 Excludes $50 million of leases signed but not yet commenced as of October 31, 2025.

Note 12: Segment Information

The Company’s home improvement operations represent a single operating segment designed to enable customers to purchase products and services seamlessly through all channels. The Company’s chief operating decision maker (CODM) is the Chairman, President, and Chief Executive Officer. The CODM has the ultimate decision-making authority for resource allocation and assessing the performance of the Company. Thereby, the CODM regularly reviews consolidated net earnings as the measure of segment profit or loss, as well as significant segment expenses included in the below table, to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. The CODM also uses these measures in monitoring plan versus actual results. The CODM does not review segment assets at a different asset level or category than those disclosed in the consolidated balance sheets.

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The following presents the Company’s operating results, including significant segment expenses.

			Three Months Ended																								Nine Months Ended
			October 31, 2025												November 1, 2024												October 31, 2025												November 1, 2024
(In millions, except percentage data)			Amount						% Sales						Amount						% Sales						Amount						% Sales						Amount						% Sales
Net sales			$	20,813					100.00%						$	20,170					100.00%						$	65,701					100.00%						$	65,120					100.00%
Less:
Cost of sales			13,697						65.81						13,374						66.31						43,497						66.20						43,340						66.55
Selling, general and administrative:
Employee compensation and benefits			2,802						13.46						2,634						13.06						8,450						12.86						8,198						12.59
Occupancy and facility costs			487						2.34						487						2.42						1,428						2.17						1,417						2.18
Advertising			236						1.13						212						1.05						684						1.04						650						1.00
Other SG&A items1			635						3.06						494						2.44						1,819						2.78						1,595						2.45
Depreciation and amortization			475						2.28						433						2.15						1,378						2.10						1,284						1.97
Interest – net			352						1.69						317						1.57						1,002						1.52						985						1.51
Income tax provision			513						2.46						524						2.59						1,789						2.72						1,818						2.79
Net earnings			$	1,616					7.77%						$	1,695					8.41%						$	5,654					8.61%						$	5,833					8.96		%

1 Other SG&A items primarily include financial services costs, technology service costs, insurance costs, impairment costs, and store environment initiative and display costs.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of Lowe’s Companies, Inc.

Results of Review of Interim Financial Information

We have reviewed the accompanying condensed consolidated balance sheets of Lowe’s Companies, Inc. and subsidiaries (the “Company”) as of October 31, 2025 and November 1, 2024, the related condensed consolidated statements of earnings, comprehensive income, and shareholders’ deficit for the fiscal three-month and nine-month periods ended October 31, 2025 and November 1, 2024, and of cash flows for the fiscal nine-month period ended October 31, 2025 and November 1, 2024, and the related notes (collectively referred to as the “interim financial information”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of January 31, 2025, and the related consolidated statements of earnings, comprehensive income, shareholders’ deficit, and cash flows for the year then ended (not presented herein); and in our report dated March 24, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of January 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ DELOITTE & TOUCHE LLP

Charlotte, North Carolina

November 26, 2025

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