Lowe's Companies Earnings Call Transcripts
Fiscal Year 2027
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Q1 saw $23.1B in sales, 0.6% comp growth, and adjusted EPS up 3.8% year-over-year, driven by Pro, online, and home services. Guidance for FY26 is $92–$94B in sales and $12.25–$12.75 EPS, with continued market share gains expected despite macro headwinds.
Fiscal Year 2026
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The discussion highlighted resilient consumer trends, ongoing margin expansion, and strategic investments in technology, AI, and acquisitions. The business is well-positioned for future growth, with a focus on omnichannel, Pro market expansion, and disciplined capital allocation.
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The meeting covered board elections, executive compensation, and auditor ratification, with all company proposals approved and all shareholder proposals rejected. Financial results showed stable sales and increased dividends, while strategic initiatives focused on growth, technology, and workforce investment.
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Fourth quarter sales rose to $20.6B with comps up 1.3%, and FY25 sales reached $86.3B. FY26 guidance projects $92–94B in sales and adjusted EPS of $12.25–$12.75, with acquisitions boosting revenue but diluting margins. Productivity initiatives and digital investments remain key.
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Q3 saw $20.8B in sales and 0.4% comp growth, with adjusted EPS up 6% to $3.06. Full-year sales are expected to reach $86B, with flat comps and a 12.1% adjusted operating margin. Integration of FBM and ADG is underway, and AI initiatives are driving productivity.
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Q2 2025 saw $24B in sales and 1.1% comp growth, with adjusted EPS up 5.6% year-over-year. The $8.8B FBM acquisition expands Pro offerings and is expected to drive long-term growth, while guidance for 2025 remains cautious amid a flat home improvement market.
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Q1 sales were $20.9B with comps down 1.7%, but pro and online segments showed growth. The company affirmed its 2025 outlook, announced the $1.3B ADG acquisition, and continues to invest in technology and supply chain while navigating macro and tariff headwinds.
Fiscal Year 2025
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2025 has matched expectations with a stagnant housing market, but investments in technology, store experience, and acquisitions have driven share gains and positioned the business for future growth. AI and productivity initiatives are enhancing efficiency, while capital priorities remain disciplined.
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Acquisitions of FBM and ADG expand capabilities and market reach, supporting a comprehensive strategy for Pro customers and home builders. Dynamic pricing, strong inventory, and disciplined capital allocation underpin growth, while a new digital marketplace drives online engagement.
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Homeowners remain financially strong, but high rates are delaying home improvement projects, creating significant pent-up demand. Strategic investments in IT, supply chain, and store segmentation have positioned the business for growth, with new store openings, e-commerce expansion, and the ADG acquisition targeting the Pro market.
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The meeting covered board elections, approval of executive compensation, and auditor ratification. Financial results showed a slight sales decline but strong margins and shareholder returns. Strategic updates included a dividend increase, new digital and AI initiatives, and an acquisition to expand the pro business.
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Q4 saw $18.6B in sales and positive comps, driven by Pro and online growth, despite ongoing DIY discretionary pressure. 2025 guidance calls for flat to 1% comp growth, with continued investment in productivity and digital initiatives.
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Q3 sales were $20.2B with comps down 1.1%, driven by strong Pro and online growth, while DIY big-ticket demand remained soft. FY2024 guidance was raised slightly, but macro headwinds and storm-related volatility persist. Pro segment and loyalty programs continue to outperform.
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Second quarter sales declined 5.1% year-over-year to $23.6 billion, with Pro and online segments showing growth despite continued DIY softness. Full-year guidance was revised downward due to macro uncertainty, but investments in productivity, technology, and omnichannel strategies continue to drive operational efficiency and position the company for future market share gains.
Fiscal Year 2024
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The updated strategy targets growth through Pro penetration, online sales, home services, and loyalty, supported by technology and supply chain transformation. 2024 guidance is reaffirmed, with 2025 outlook ranging from -3% to +3% and a focus on outperforming the market. $1B in annual productivity gains will fund investments in technology, Pro, and online.
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Consumer caution from inflation and high rates delays big-ticket DIY projects, but medium- to long-term demand drivers stay strong. Strategic supply chain, pro customer focus, and productivity investments position the business for future gains. Store productivity and digital media growth are prioritized, with no major cost or promo changes through 2025.
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DIY demand remains soft due to inflation and high rates, while pro customers are resilient and driving growth. Strategic investments in loyalty, omnichannel, and supply chain are positioning for future gains, with confidence in meeting 2024 guidance as market conditions stabilize.