Lowe's(US:LOW)2025-11-26 21:34Financial Performance - For the three months ended October 31, 2025, net earnings were $1,616 million, representing 7.77% of sales, compared to $1,695 million (8.41% of sales) for the same period in 2024[12] - Comprehensive income for the nine months ended October 31, 2025, was $5,641 million, or 8.59% of sales, down from $5,825 million (8.94% of sales) in the prior year[12] - The company reported a net earnings of $5,654 million for the nine months ended October 31, 2025, down from $5,833 million in the same period of the previous year[15] - Net earnings for the nine months ended October 31, 2025, were $5,654 million, a decrease from $5,833 million for the same period in 2024, representing a decline of approximately 3.1%[17] - Basic earnings per common share for the three months ended October 31, 2025, was $2.88, a decrease of 3.69% from $2.99 in the same period of 2024[62] Sales and Revenue - Net sales for the nine months ended October 31, 2025, were $65,701 million, an increase from $65,120 million for the same period in 2024, reflecting a growth of approximately 0.9%[32] - For the three months ended October 31, 2025, total net sales reached $20,813 million, a 3.2% increase from $20,170 million for the same period last year[37] - Net sales for the three months ended October 31, 2025, were $20.813 billion, an increase of 3.19% from $20.170 billion in the same period of 2024[66] Assets and Liabilities - Total assets increased to $53,453 million as of October 31, 2025, compared to $44,743 million on November 1, 2024[14] - Current liabilities were reported at $19,451 million as of October 31, 2025, slightly up from $19,447 million on November 1, 2024[14] - Long-term debt, excluding current maturities, rose to $37,498 million as of October 31, 2025, compared to $32,906 million a year earlier[14] - The accumulated deficit as of October 31, 2025, was $(11,165) million, an improvement from $(13,993) million on November 1, 2024[14] Cash Flow - Net cash provided by operating activities was $8,297 million for the nine months ended October 31, 2025, compared to $8,714 million for the same period in 2024, indicating a decrease of about 4.8%[17] - Cash and cash equivalents decreased to $621 million as of October 31, 2025, from $3,271 million on November 1, 2024[14] - Cash and cash equivalents at the end of the period were $621 million, down from $3,271 million at the end of the same period in 2024, representing a decrease of about 81%[17] - The company reported a net cash used in investing activities of $11,687 million for the nine months ended October 31, 2025, compared to $1,320 million for the same period in 2024[17] Dividends and Share Repurchase - The company declared cash dividends of $1.20 per share for the three months ended October 31, 2025, totaling $673 million[15] - As of October 31, 2025, the company has $10.8 billion remaining in its share repurchase program, which was paused in fiscal 2025[59] - For the three months ended October 31, 2025, total shares repurchased were 0.374 million, with a total cost of $10.3 million, compared to 2.515 million shares at a cost of $2.5 billion for the same period in 2024[61] Acquisitions - The company completed the acquisition of Artisan Design Group (ADG) for $1.3 billion on June 2, 2025, which is expected to enhance its Pro customer offerings[25] - The acquisition of Foundation Building Materials (FBM) was completed for $8.8 billion on October 9, 2025, aimed at accelerating the company's Total Home strategy[28] - Intangible assets acquired from FBM totaled $5,041 million, including customer relationships valued at $3,920 million with a useful life of 20 years[29] Segment Performance - Home Décor segment generated $7,802 million in net sales, accounting for 37.5% of total sales, consistent with the previous year[37] - Building Products segment reported $6,875 million in net sales, representing 33.0% of total sales, up from 33.3% in the prior year[37] - Hardlines segment net sales decreased to $5,116 million, down from $5,306 million, with its share of total sales dropping from 26.3% to 24.6%[37] Debt and Financing - The company entered into a $2.0 billion unsecured term loan credit agreement on September 16, 2025, with an interest rate of 4.935%[55] - The company issued $5.0 billion of unsecured fixed-rate notes on September 30, 2025, with maturities ranging from October 2027 to October 2035[55] - The fair value of the company's long-term debt, excluding finance lease obligations, was estimated at $34,968 million as of October 31, 2025[47] - The company has a supplier finance program that facilitated $1,705 million in financed payment obligations as of October 31, 2025[48] - As of October 31, 2025, the company had no outstanding borrowings under its commercial paper program or long-term credit agreements[51] Market Risks - The company is exposed to market risks, including changes in interest rates and commodity prices, which have not changed materially from previous disclosures[119]