Item 1. Financial Statements

Lowe’s Companies, Inc.

Consolidated Statements of Earnings (Unaudited)

In Millions, Except Per Share and Percentage Data

			Three Months Ended
			May 1, 2026												May 2, 2025
Current Earnings			Amount						% Sales						Amount						% Sales
Net sales			$	23,078					100.00		%				$	20,930					100.00		%
Cost of sales			15,535						67.32						13,944						66.62
Gross margin			7,543						32.68						6,986						33.38
Expenses:
Selling, general and administrative			4,423						19.16						4,046						19.33
Depreciation and amortization			566						2.45						446						2.13
Operating income			2,554						11.07						2,494						11.92
Interest – net			399						1.73						337						1.61
Pre-tax earnings			2,155						9.34						2,157						10.31
Income tax provision			527						2.29						516						2.47
Net earnings			$	1,628					7.05%						$	1,641					7.84%
Weighted average common shares outstanding - basic			559												559
Basic earnings per common share			$	2.90											$	2.93
Weighted average common shares outstanding - diluted			560												560
Diluted earnings per common share			$	2.90											$	2.92

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
			May 1, 2026												May 2, 2025
			Amount						% Sales						Amount						% Sales
Net earnings			$	1,628					7.05		%				$	1,641					7.84		%
Cash flow hedges – net of tax			(3)						(0.01)						(3)						(0.01)
Other			(2)						(0.01)						—						—
Other comprehensive loss			(5)						(0.02)						(3)						(0.01)
Comprehensive income			$	1,623					7.03		%				$	1,638					7.83		%

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

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Lowe’s Companies, Inc.

Consolidated Balance Sheets (Unaudited)

In Millions, Except Par Value Data

						May 1, 2026						May 2, 2025						January 30, 2026
Assets
Current assets:
Cash and cash equivalents						$	786					$	3,054					$	982
Short-term investments						458						368						370
Receivables - net						1,151						96						1,090
Merchandise inventory - net						18,447						18,335						17,300
Other current assets						1,320						822						1,213
Total current assets						22,162						22,675						20,955
Property, less accumulated depreciation						18,254						17,636						18,362
Operating lease right-of-use assets						4,182						3,799						4,303
Long-term investments						247						300						319
Deferred income taxes - net						—						118						—
Goodwill						3,945						311						3,945
Intangible assets - net						5,807						274						5,908
Other assets						344						259						352
Total assets						$	54,941					$	45,372					$	54,144
Liabilities and shareholders' deficit
Current liabilities:
Short-term borrowings						$	380					$	—					$	—
Current maturities of long-term debt						810						4,183						2,431
Current operating lease liabilities						662						562						713
Accounts payable						11,975						11,235						9,762
Accrued compensation and employee benefits						972						853						1,285
Deferred revenue						1,629						1,500						1,477
Other current liabilities						3,846						4,055						3,795
Total current liabilities						20,274						22,388						19,463
Long-term debt, excluding current maturities						36,751						30,541						37,490
Noncurrent operating lease liabilities						3,937						3,669						4,043
Deferred income taxes - net						1,239						—						1,039
Deferred revenue - Lowe's protection plans						1,248						1,266						1,262
Other liabilities						762						762						764
Total liabilities						64,211						58,626						64,061
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, 560 million, and 561 million, respectively						280						280						281
Capital in excess of par value						68						13						370
Accumulated deficit						(9,884)						(13,833)						(10,839)
Accumulated other comprehensive income						266						286						271
Total shareholders' deficit						(9,270)						(13,254)						(9,917)
Total liabilities and shareholders' deficit						$	54,941					$	45,372					$	54,144

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 May 1, 2026
			Common Stock												Capital in Excess of Par Value						Accumulated Deficit						Accumulated Other Comprehensive Income																		Total
			Shares						Amount
Balance January 30, 2026			561						$	281					$	370					$	(10,839)					$	271																	$	(9,917)
Net earnings			—						—						—						1,628						—																		1,628
Other comprehensive loss			—						—						—						—						(5)																		(5)
Cash dividends declared, $1.20 per share			—						—						—						(673)						—																		(673)
Share-based payment expense			—						—						60						—						—																		60
Repurchases of common stock			(1)						(1)						(364)						—						—																		(365)
Issuance of common stock under share-based payment plans			1						—						2						—						—																		2
Balance May 1, 2026			561						$	280					$	68					$	(9,884)					$	266																	$	(9,270)

			Three Months Ended May 2, 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			—						—						—						1,641						—																		1,641
Other comprehensive loss			—						—						—						—						(2)																		(2)
Cash dividends declared, $1.15 per share			—						—						—						(645)						—																		(645)
Share-based payment expense			—						—						53						—						—																		53
Repurchases of common stock			(1)						(1)						(41)						(30)						—																		(72)
Issuance of common stock under share-based payment plans			1						1						1						—						—																		2
Balance May 2, 2025			560						$	280					$	13					$	(13,833)					$	286																	$	(13,254)

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

			Three Months Ended
			May 1, 2026						May 2, 2025
Cash flows from operating activities:
Net earnings			$	1,628					$	1,641
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization			644						507
Noncash lease expense			169						131
Deferred income taxes			203						126
Loss on property and other assets - net			4						20
Share-based payment expense			65						58
Changes in operating assets and liabilities:
Accounts receivable			(63)						(3)
Merchandise inventory – net			(1,145)						(926)
Other operating assets			(125)						(103)
Accounts payable			2,212						1,945
Other operating liabilities			(242)						(17)
Net cash provided by operating activities			3,350						3,379
Cash flows from investing activities:
Purchases of investments			(337)						(391)
Proceeds from sale/maturity of investments			319						375
Capital expenditures			(521)						(518)
Proceeds from sale of property and other long-term assets			6						2
Other – net			32						(1)
Net cash used in investing activities			(501)						(533)
Cash flows from financing activities:
Net change in commercial paper			378						—
Repayment of debt			(2,376)						(778)
Proceeds from issuance of common stock under share-based payment plans			2						2
Cash dividend payments			(674)						(645)
Repurchases of common stock			(363)						(112)
Other – net			(12)						(20)
Net cash used in financing activities			(3,045)						(1,553)
Net (decrease)/increase in cash and cash equivalents			(196)						1,293
Cash and cash equivalents, beginning of period			982						1,761
Cash and cash equivalents, end of period			$	786					$	3,054

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 May 1, 2026, and May 2, 2025, and the statements of earnings, comprehensive income, shareholders’ deficit, and cash flows for the three months ended May 1, 2026, and May 2, 2025. The January 30, 2026, consolidated balance sheet was derived from the audited financial statements.

The Company consolidates the financial results of Foundation Building Materials (FBM) and Artisan Design Group (ADG) 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 30, 2026 (the Annual Report). The financial results for the interim periods may not be indicative of the financial results for the entire fiscal year.

Reclassifications

Receivables-net, Goodwill, and Intangible assets-net for the prior period ended May 2, 2025, were reclassified to conform with current period presentation and were previously included in Other current assets and Other assets on the consolidated balance sheets.

Accounting Pronouncements Not Yet Adopted

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. Acquisition-related costs were expensed as incurred. ADG is a leading nationwide provider of design, distribution and installation services for interior surface finishes, including flooring, cabinets and countertops, to national, regional and local home builders and property managers. The acquisition has enhanced the Company’s Pro customer offerings by expanding its presence 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 consolidated balance sheets. Goodwill of $366 million is primarily attributable to synergies associated with the acquisition. We expect $302 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. Acquisition-related costs were expensed as incurred. FBM strengthens the Company’s Total Home strategy by expanding our offerings to Pro customers through enhanced 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

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$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 sheets. Goodwill of $3,254 million is primarily attributable to synergies associated with 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			202			912
Merchandise inventory			106			485
Other current assets			28			95
Property			36			512
Operating lease right-of-use assets			137			470
Goodwill			366			3,254
Intangible assets			714			5,041
Other assets			35			17
Current operating lease liabilities			(31)			(92)
Accounts payable			(73)			(325)
Accrued compensation and employee benefits			(29)			(77)
Deferred revenue			(22)			(66)
Other current liabilities			(35)			(150)
Noncurrent operating lease liabilities			(95)			(348)
Deferred income taxes, net			(36)			(995)
Other liabilities			(5)			(26)
Net assets acquired			$	1,300		$	8,778

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. Measurement period adjustments recorded were immaterial as of May 1, 2026.

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

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.

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

(In millions)			Three Months Ended
May 1, 2026						May 2, 2025
Products			$	22,055					$	20,169
Services			706						544
Other			317						217
Net sales			$	23,078					$	20,930

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			May 1, 2026						May 2, 2025						January 30, 2026
Anticipated sales returns			Other current liabilities			$	251					$	245					$	178
Right of return assets			Other current assets			153						144						109

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)			May 1, 2026						May 2, 2025						January 30, 2026
Retail deferred revenue			$	1,157					$	1,001					$	936
Stored-value cards deferred revenue			472						499						541
Deferred revenue			$	1,629					$	1,500					$	1,477

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)			May 1, 2026						May 2, 2025						January 30, 2026
Deferred revenue - Lowe’s protection plans			$	1,248					$	1,266					$	1,262

			Three Months Ended
(In millions)			May 1, 2026						May 2, 2025
Lowe’s protection plans deferred revenue recognized into sales			$	144					$	143
Lowe’s protection plans claim expenses			61						58

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Disaggregation of Revenues

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

			Three Months Ended
			May 1, 2026												May 2, 2025
(In millions)			Net Sales						%						Net Sales						%
Home Décor1			$	7,174					31.1		%				$	7,095					33.9		%
Building Products2			6,813						29.5						6,839						32.7
Hardlines3			6,786						29.4						6,572						31.4
Other			551						2.4						424						2.0
Retail Home Improvement			21,324						92.4						20,930						100.0
Other segment net sales			1,754						7.6						—						—
Total			$	23,078					100.0		%				$	20,930					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, 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: Lawn & Garden, Power Equipment, Seasonal & Outdoor Living, and Tools & Hardware.

The following table presents the Company’s net sales disaggregated by geographical area:

(In millions)						Three Months Ended
			May 1, 2026						May 2, 2025
United States						$	23,010					$	20,930
Canada						68						—
Net Sales						$	23,078					$	20,930

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)						May 1, 2026						May 2, 2025						January 30, 2026
Short-term restricted investments						$	458					$	368					$	370
Long-term restricted investments						247						300						319
Total restricted investments						$	705					$	668					$	689

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 May 1, 2026, May 2, 2025, and January 30, 2026:

												Fair Value Measurements at
(In millions)			Classification			Measurement Level						May 1, 2026						May 2, 2025						January 30, 2026
Available-for-sale debt securities:
U.S. Treasury securities			Short-term investments			Level 1						$	185					$	205					$	195
Money market funds			Short-term investments			Level 1						90						79						81
Corporate debt securities			Short-term investments			Level 2						84						9						32
Certificates of deposit			Short-term investments			Level 1						53						10						31
Foreign government debt securities			Short-term investments			Level 2						34						4						21
Municipal obligations			Short-term investments			Level 2						9						2						10
Commercial paper			Short-term investments			Level 2						3						59						—
U.S. Treasury securities			Long-term investments			Level 1						199						140						211
Corporate debt securities			Long-term investments			Level 2						44						115						92
Foreign government debt securities			Long-term investments			Level 2						4						38						16
Municipal obligations			Long-term investments			Level 2						—						7						—
Derivative instruments:
Fixed-to-floating interest rate swaps			Other current liabilities			Level 2						$	16					$	6					$	15
Fixed-to-floating interest rate swaps			Other liabilities			Level 2						—						33						—

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 May 1, 2026, May 2, 2025, and January 30, 2026. 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.

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

During the three months ended May 1, 2026, and May 2, 2025, the Company had no material measurements of assets and liabilities at fair value on a nonrecurring basis subsequent to their initial recognition.

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 9, 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.

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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:

			May 1, 2026												May 2, 2025												January 30, 2026
(In millions)			Carrying Amount						Fair Value						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Unsecured notes (Level 1)			$	35,186					$	32,070					$	34,275					$	30,563					$	37,530					$	34,907

Note 6: Goodwill and Intangible Assets

Goodwill

There were no changes to the carrying amount of goodwill by reportable segment as of May 1, 2026, from the amounts previously disclosed in the Company’s Annual Report for the fiscal year ended January 30, 2026.

As of May 1, 2026, the Company does not have any goodwill impairment.

Intangible Assets

The gross carrying amount and accumulated amortization of intangible assets, consist of the following:

			May 1, 2026												May 2, 2025												January 30, 2026
(In millions)			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount						Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount						Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
Definite-lived intangible assets:
Customer-related			$	4,722		$	(233)		$	4,489					$	239		$	(100)		$	139					$	4,722		$	(174)		$	4,548
Trademarks and trade names			1,100			(58)			1,042						20			(19)			1						1,100			(40)			1,060
Other			207			(65)			142						—			—			—						208			(42)			166
Total definite-lived intangible assets			$	6,029		$	(356)		$	5,673					$	259		$	(119)		$	140					$	6,030		$	(256)		$	5,774
Indefinite-lived intangible assets:
Trademark			$	134		$	—		$	134					$	134		$	—		$	134					$	134		$	—		$	134
Total intangible assets			$	6,163		$	(356)		$	5,807					$	393		$	(119)		$	274					$	6,164		$	(256)		$	5,908

Our intangible asset amortization expense was $100 million and $3 million for the three months ended May 1, 2026, and May 2, 2025, respectively.

Note 7: 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)						May 1, 2026						May 2, 2025						January 30, 2026
Financed payment obligations						$	1,438					$	1,606					$	1,440

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Note 8: 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. Outstanding borrowings under the Company’s commercial paper program were $380 million, with a weighted average interest rate of 3.84%, as of May 1, 2026. There were no outstanding borrowings under the Company’s Long-Term Credit Agreements as of May 1, 2026. As of May 2, 2025 and January 30, 2026, 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 May 1, 2026.

Total combined availability under the Revolving Credit Facilities was $4.6 billion as of May 1, 2026.

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 May 1, 2026, with an interest rate of 4.661%.

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.

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The discounts associated with these issuances, which include the underwriting and issuance discounts, are recorded in long-term debt and are being amortized over the respective terms of the notes using the effective interest method.

Note 9: 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)			May 1, 2026						May 2, 2025						January 30, 2026
Fair value hedges:
Fixed-to-floating interest rate swap agreements			$	550					$	850					$	550

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 10: 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 May 1, 2026, the Company had $10.5 billion remaining in its share repurchase program.

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 months ended May 1, 2026, and May 2, 2025, were as follows:

			Three Months Ended
			May 1, 2026												May 2, 2025
(In millions)			Shares						Cost						Shares						Cost
Share repurchase program1			1.2						$	302					—						$	1
Shares withheld from employees			0.3						63						0.3						71
Total share repurchases			1.5						$	365					0.3						$	72

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

Note 11: 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 months ended May 1, 2026, and May 2, 2025:

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			Three Months Ended
(In millions, except per share data)			May 1, 2026						May 2, 2025
Basic earnings per common share:
Net earnings			$	1,628					$	1,641
Less: Net earnings allocable to participating securities			(5)						(5)
Net earnings allocable to common shares, basic			$	1,623					$	1,636
Weighted-average common shares outstanding			559						559
Basic earnings per common share			$	2.90					$	2.93
Diluted earnings per common share:
Net earnings			$	1,628					$	1,641
Less: Net earnings allocable to participating securities			(5)						(5)
Net earnings allocable to common shares, diluted			$	1,623					$	1,636
Weighted-average common shares outstanding			559						559
Dilutive effect of non-participating share-based awards			1						1
Weighted-average common shares, as adjusted			560						560
Diluted earnings per common share			$	2.90					$	2.92
Anti-dilutive securities excluded from diluted weighted-average common shares			0.3						0.2

Note 12: Supplemental Disclosure

Net interest expense is comprised of the following:

			Three Months Ended
(In millions)			May 1, 2026						May 2, 2025
Long-term debt			$	402					$	358
Short-term borrowings			2						—
Lease obligations			4						5
Interest income			(9)						(25)
Interest capitalized			(2)						(2)
Interest on tax uncertainties			1						1
Other			1						—
Interest – net			$	399					$	337

Supplemental disclosures of cash flow information:

			Three Months Ended
(In millions)			May 1, 2026						May 2, 2025
Cash paid for interest, net of amount capitalized			$	751					$	665
Cash paid for income taxes – net			47						45
Non-cash investing and financing activities:
Leased assets obtained in exchange for new finance lease liabilities			$	14					$	13
Leased assets obtained in exchange for new operating lease liabilities1			51						203
Cash dividends declared but not paid			673						645

1 Excludes $35 million of leases signed but not yet commenced as of May 1, 2026.

Note 13: Segment Information

The Company’s operations include one reportable operating segment, Retail Home Improvement, and the chief operating decision maker (CODM) is the Chairman, President, and Chief Executive Officer. Our operating segments reflect the way in

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which internally reported financial information is regularly reviewed by the CODM who has the ultimate decision-making authority for resource allocation and assessing performance of our segments.

• Retail Home Improvement Reportable Segment - We are engaged in retail operations that sell a wide assortment of home décor, hardlines, and building products both in stores and online throughout the United States. In addition, we have specialists on-site to provide services, including home improvement installation services, and tool and equipment rental.

• Other -** As discussed in Note 2, in 2025, Lowe’s acquired FBM, a leading distributor of interior building products, and ADG, a nationwide provider of design, distribution and installation services for interior surface finishes. FBM operations are organized into two lines of business and represent two operating segments, Ceilings and Wall Systems and Commercial Doors and Hardware. ADG is deemed to be a separate operating segment, referred to as Interior Finishes. These three operating segments do not meet the thresholds prescribed under ASC Topic 280 to be deemed a reportable segment, therefore, results from these operating segments are presented in “Other”.

The CODM regularly reviews operating income as the measure of each operating segment’s profit or loss, as well as significant segment expenses of our Retail Home Improvement segment to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. Corporate expenses are allocated to the individual operating segments. 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.

The following table presents the Company’s operating income results for its Retail Home Improvement reportable segment, including significant segment expenses:

						Three Months Ended
						May 1, 2026												May 2, 2025
(In millions, except percentage data)						Amount						% Sales						Amount						% Sales
Net Sales						$	21,324					100.00		%				$	20,930					100.00		%
Less:
Cost of sales						14,079						66.02						13,944						66.62
Expenses:
Employee compensation and benefits						2,847						13.35						2,812						13.44
Occupancy and facility costs						492						2.31						469						2.24
Advertising						207						0.97						199						0.95
Other segment items1						647						3.03						566						2.70
Selling, general and administrative:						4,193						19.66						4,046						19.33
Depreciation and amortization						466						2.19						446						2.13
Operating income						$	2,586					12.13		%				$	2,494					11.92		%

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

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The following table presents a reconciliation of our Retail Home Improvement results to our consolidated totals:

			May 1, 2026
			Retail Home Improvement												Other												Consolidated
(In millions, except percentage data)			Amount						% Sales						Amount						% Sales						Amount						% Sales
Net sales			$	21,324					100.00		%				$	1,754					100.00		%				$	23,078					100.00		%
Operating income			2,586						12.13						(32)						(1.82)						2,554						11.07
Interest – net																											399						1.73
Pre-tax earnings																											2,155						9.34
Income tax provision																											527						2.29
Net earnings																											$	1,628					7.05		%

Prior to the fourth quarter of 2025, Retail Home Improvement was our only operating segment and represented our total Company consolidated results. Therefore, a reconciliation to our consolidated totals is not applicable for the quarter ended May 2, 2025.

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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 May 1, 2026 and May 2, 2025, the related condensed consolidated statements of earnings, comprehensive income, shareholders’ deficit, and cash flows, for the three-month periods ended May 1, 2026 and May 2, 2025, 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 30, 2026, 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 23, 2026, 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 30, 2026, 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

May 28, 2026

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