LOWE’S REPORTS FIRST QUARTER 2026 SALES AND EARNINGS RESULTS (Form 8-K)

LOWE'S REPORTS FIRST QUARTER 2026 SALES AND EARNINGS RESULTS

- Diluted EPS of $2.90; Adjusted Diluted EPS1 of $3.03 -

- Comparable Sales increased 0.6% -

- Affirms Full Year 2026 Outlook -

MOORESVILLE, N.C., May 20, 2026 - Lowe's Companies, Inc. (NYSE: LOW) today reported net earnings of $1.6 billion and diluted earnings per share (EPS) of $2.90 for the quarter ended May 1, 2026, compared to diluted EPS of $2.92 in the first quarter of 2025. During the first quarter, the company recognized $96 million in pre-tax expenses associated with the acquisitions of Foundation Building Materials (FBM) and Artisan Design Group (ADG). Excluding these expenses, first quarter 2026 adjusted diluted EPS1 increased 3.8% to $3.03 compared to the prior-year diluted EPS.

Total sales for the quarter were $23.1 billion, compared to $20.9 billion in the prior-year quarter. Comparable sales for the quarter increased 0.6%, driven by strong spring execution as well as a 15.5% online sales growth and continued strength in appliances, home services and Pro sales.

"Strong spring execution and continued momentum in Pro, Appliances, Online, and Home Services supported a solid start to the year as we delivered our fourth consecutive quarter of positive comp sales," said Marvin R. Ellison, Lowe's chairman, president and CEO. "In spite of a challenging housing macro, we remain focused on advancing our Total Home strategy to provide the best experience for our customer. I'd also like to thank our associates for their dedication to serving our customers throughout the busy spring season."

As of May 1, 2026, Lowe's operated 1,759 stores, representing 196.0 million square feet of retail selling space.

Capital Allocation

The company remains committed to generating sustainable shareholder value through a disciplined focus on its capital allocation program. During the quarter, the company paid $674 million in dividends.

1 Adjusted diluted earnings per share is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures Reconciliation" section of this release for additional information, as well as reconciliations between the company's GAAP and non-GAAP financial results.

Lowe's Business Outlook

The company is affirming its outlook for fiscal year 2026.

Full Year 2026 Outlook

•Total sales of $92.0 to 94.0 billion or an increase of approximately 7% to 9% compared to prior year

•Comparable sales expected to be flat to up 2% as compared to prior year

•Operating income as a percentage of sales (operating margin) of 11.2% to 11.4%

•Adjusted1 operating income as a percentage of sales (adjusted operating margin) of 11.6% to 11.8%

•Net interest expense of approximately $1.6 billion

•Effective income tax rate of approximately 24.5%

•Diluted earnings per share of approximately $11.75 to $12.25

•Adjusted1 diluted earnings per share of approximately $12.25 to $12.75

•Capital expenditures of up to $2.5 billion

A conference call to discuss first quarter 2026 operating results is scheduled for today, Wednesday, May 20, at 9 a.m. ET. The conference call will be available by webcast and can be accessed by visiting Lowe's website at ir.lowes.com and clicking on Lowe's First Quarter 2026 Earnings Conference Call Webcast. Supplemental slides will be available prior to the start of the conference call. A replay of the call will be archived at ir.lowes.com.

Lowe's Companies, Inc.

Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 100 home improvement company with total fiscal year 2025 sales of more than $86 billion. Lowe's employs approximately 300,000 associates and operates over 1,750 home improvement stores, 540 branches and 120 distribution centers. Based in Mooresville, N.C., Lowe's supports the communities it serves through programs focused on creating safe, affordable housing, improving community spaces, helping to develop the next generation of skilled trade experts and providing disaster relief to communities in need. For more information, visit Lowes.com.

1 Adjusted diluted earnings per share is a non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures Reconciliation" section of this release for additional information, as well as reconciliations between the company's GAAP and non-GAAP financial results.

Disclosure Regarding Forward-Looking Statements