Lowe’s earnings: guidance and what to watch
Lowe’s next results are expected on November 18, 2026. Watch comparable sales, transactions and the annual outlook together.
What has Lowe’s guided for the year ending January 2027?
On August 19, 2026, management guided to sales of $92,000 million and flat comparable sales for the year ending January 2027. Comparable sales measure the established business: an existing store selling the same amount as last year has flat comparable sales. Total sales can still rise through new stores, online growth or acquisitions such as FBM and ADG.
Management guided to adjusted diluted earnings per share of $12.25. Operating margin, which shows the share of sales left after operating costs, is guided to 11.2%, while adjusted operating margin is 11.6%. Reported diluted earnings per share are $11.75 because reported profit includes acquisition-related intangible-asset amortization. That accounting expense spreads the value assigned to acquired customer relationships and other assets across their useful lives; it is not a new quarterly cash payment.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Total sales | Year to Jan 2027 | 92,000 | 92,000 | Aug 19, 2026 |
| Comparable sales | Year to Jan 2027 | 0.0% | 0.0% | Aug 19, 2026 |
| Operating income as a percentage of sales (operating margin) | Year to Jan 2027 | 11.2% | 11.2% | Aug 19, 2026 |
| Adjusted operating income as a percentage of sales (adjusted operating margin) | Year to Jan 2027 | 11.6% | 11.6% | Aug 19, 2026 |
| Diluted earnings per share | Year to Jan 2027 | 11.75 | 11.75 | Aug 19, 2026 |
| Adjusted diluted earnings per share | Year to Jan 2027 | 12.25 | 12.25 | Aug 19, 2026 |
What this means. Adjusted diluted earnings per share is higher because it leaves out the expense of spreading acquisition-related intangible asset costs over time.
What is the trend in Lowe’s last eight quarters?
Revenue rose 8.3% to $25,956 million, while comparable sales increased only 0.2%. Professional customers, home services and online orders helped. Comparable transactions fell 2.1%, while ticket rose 2.3%. That again suggests larger purchases offset fewer visits.
Profit barely followed sales. Operating income rose to $3,549 million, but gross margin fell to 33.0% and net income was essentially unchanged at $2,399 million. Acquired-business mix, fuel costs and higher interest reduced the benefit of added revenue.
| Jul 2026 | May 2026 | Jan 2026 | Oct 2025 | Aug 2025 | May 2025 | Jan 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 25,956 | 23,078 | 20,584 | 20,813 | 23,959 | 20,930 | 18,553 | 20,170 |
| Gross margin | 33.0% | 32.7% | 32.5% | 34.2% | 33.8% | 33.4% | 32.9% | 33.7% |
| Operating income | 3,549 | 2,554 | 1,708 | 2,481 | 3,469 | 2,494 | 1,830 | 2,536 |
| Net income | 2,399 | 1,628 | 999 | 1,616 | 2,398 | 1,641 | 1,125 | 1,695 |
| EPS, diluted | 4.27 | 2.90 | 1.78 | 2.88 | 4.27 | 2.92 | 1.99 | 2.99 |
| = Free cash flow | 3,117 | 2,829 | 964 | 90 | 3,736 | 2,861 | 363 | 728 |
What should I watch in Lowe’s next results?
The next earnings release, estimated for November 18, 2026, should be read through three measures together: comparable sales, transactions and the annual outlook. More revenue from higher prices differs from more customers buying, and another earnings beat matters less if management cuts its full-year promise again.