Lowe's Companies, Inc. (LOW) Cash Flow Statement
Where LOW’s cash came from and went, FY2026
January 31, 2026 · U.S. dollars- Cash from operations
- $9.86B +2.5% vs FY2025
- Capital expenditures
- $2.21B 2.6% of revenue
- Free cash flow
- $7.65B 8.9% margin
- Returned to shareholders
- $2.85B 37% of free cash flow
- Change in cash
- −$779.0M cash at year-end $982.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
LOW operating cash flow, capex and free cash flow
LOW cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $5.62BFY2017 | $9.86BFY2026 | +6.5%/yr | |
| Capital expenditures | $1.17BFY2017 | $2.21BFY2026 | +7.4%/yr | |
| Free cash flow | $4.45BFY2017 | $7.65BFY2026 | +6.2%/yr | |
| Free cash flow margin | 6.8%FY2017 | 8.9%FY2026 | +2.0 pts | |
| Operating cash flow / net income | 1.82FY2017 | 1.48FY2026 | −0.33 | |
| Stock-based compensation | $90.0MFY2017 | $247.0MFY2026 | +11.9%/yr | |
| Dividends paid | $1.12BFY2017 | $2.64BFY2026 | +10.0%/yr | |
| Share buybacks (net) | $3.60BFY2017 | $211.0MFY2026 | −27.0%/yr | |
| Capex / revenue | 1.8%FY2017 | 2.6%FY2026 | +0.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LOW cash flow by activity
LOW net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
LOW cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $6.65B | $6.96B | $7.73B | $6.44B | $8.44B | $5.83B | $4.28B | $2.31B | $3.45B | $3.09B |
| Depreciation & amortization | $2.19B | $1.97B | $1.92B | $1.98B | $1.88B | $1.59B | $1.41B | $1.61B | $1.54B | $1.59B |
| Stock-based compensation | $247.0M | $221.0M | $210.0M | $223.0M | $230.0M | $155.0M | $98.0M | $74.0M | $99.0M | $90.0M |
| Change in working capital | −$112.0M | $118.0M | −$2.23B | −$2.88B | −$1.13B | $1.90B | −$2.27B | $758.0M | −$496.0M | $371.0M |
| Other non-cash items | $881.0M | $357.0M | $509.0M | $2.83B | $686.0M | $1.57B | $774.0M | $1.44B | $475.0M | $473.0M |
| Cash from operating activities | $9.86B | $9.62B | $8.14B | $8.59B | $10.11B | $11.05B | $4.30B | $6.19B | $5.07B | $5.62B |
| Investing activities | ||||||||||
| Capital expenditures | −$2.21B | −$1.93B | −$1.96B | −$1.83B | −$1.85B | −$1.79B | −$1.48B | −$1.17B | −$1.12B | −$1.17B |
| Investments (net) | −$35.0M | −$1.74B | −$1.90B | −$1.31B | $228.0M | −$1.89B | −$48.0M | $20.0M | −$1.44B | −$3.36B |
| Acquisitions & other investing | −$10.02B | $1.93B | $1.96B | $1.83B | −$21.0M | $1.79B | $163.0M | $74.0M | $1.12B | $1.17B |
| Cash from investing activities | −$12.26B | −$1.74B | −$1.90B | −$1.31B | −$1.65B | −$1.89B | −$1.37B | −$1.08B | −$1.44B | −$3.36B |
| Financing activities | ||||||||||
| Dividends paid | −$2.64B | −$2.57B | −$2.53B | −$2.37B | −$1.98B | −$1.70B | −$1.62B | −$1.46B | −$1.29B | −$1.12B |
| Share repurchases & issuance (net) | −$211.0M | −$4.05B | −$6.14B | −$14.12B | −$13.01B | −$4.97B | −$4.31B | −$3.04B | −$3.19B | −$3.60B |
| Net borrowing (repayment) | $4.39B | −$545.0M | $1.88B | $9.30B | $2.85B | $1.37B | $3.08B | −$741.0M | $744.0M | $2.56B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $81.0M | $117.0M | $120.0M | $146.0M | $126.0M | $114.0M | $117.0M | $109.0M | $129.0M | $64.0M |
| Cash from financing activities | $1.62B | −$7.05B | −$6.67B | −$7.05B | −$12.02B | −$5.19B | −$2.73B | −$5.12B | −$3.61B | −$2.09B |
| Summary | ||||||||||
| Net change in cash | −$779.0M | $840.0M | −$427.0M | $215.0M | −$3.56B | $3.97B | $205.0M | −$77.0M | $30.0M | $153.0M |
| Cash at end of period | $982.0M | $1.76B | $921.0M | $1.35B | $1.13B | $4.69B | $716.0M | $511.0M | $588.0M | $558.0M |
| Free cash flow | $7.65B | $7.70B | $6.18B | $6.76B | $8.26B | $9.26B | $2.81B | $5.02B | $3.94B | $4.45B |
| Free cash flow margin | 8.9% | 9.2% | 7.2% | 7.0% | 8.6% | 10.3% | 3.9% | 7.0% | 5.7% | 6.8% |
| Capex / revenue | 2.6% | 2.3% | 2.3% | 1.9% | 1.9% | 2.0% | 2.1% | 1.6% | 1.6% | 1.8% |
| Operating cash flow / net income | 1.48 | 1.38 | 1.05 | 1.33 | 1.20 | 1.89 | 1.00 | 2.68 | 1.47 | 1.82 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $2.40B | $1.63B | $1.00B | $1.62B | $2.40B | $1.64B | $1.12B | $1.69B | $2.38B | $1.75B | $1.02B | $1.77B |
| Depreciation & amortization | $648.0M | $644.0M | $637.0M | $535.0M | $515.0M | $507.0M | $511.0M | $494.0M | $481.0M | $486.0M | $496.0M | $486.0M |
| Stock-based compensation | $67.0M | $65.0M | $70.0M | $60.0M | $59.0M | $58.0M | $57.0M | $54.0M | $55.0M | $55.0M | $50.0M | $47.0M |
| Change in working capital | $403.0M | $184.0M | −$547.0M | −$2.07B | $1.17B | $896.0M | −$842.0M | −$1.92B | $215.0M | $1.71B | −$653.0M | −$1.34B |
| Other non-cash items | $142.0M | $829.0M | $407.0M | $542.0M | $90.0M | $277.0M | $61.0M | $982.0M | $20.0M | $264.0M | $198.0M | $94.0M |
| Cash from operating activities | $3.66B | $3.35B | $1.57B | $687.0M | $4.23B | $3.38B | $911.0M | $1.30B | $3.15B | $4.26B | $1.11B | $1.06B |
| Investing activities | ||||||||||||
| Capital expenditures | −$542.0M | −$521.0M | −$603.0M | −$597.0M | −$495.0M | −$518.0M | −$548.0M | −$571.0M | −$426.0M | −$382.0M | −$620.0M | −$579.0M |
| Investments (net) | $289.0M | −$18.0M | $3.0M | −$9.34B | −$1.81B | −$533.0M | −$418.0M | −$520.0M | −$422.0M | −$378.0M | −$595.0M | −$591.0M |
| Acquisitions & other investing | −$7.0M | $38.0M | $23.0M | $597.0M | $495.0M | $518.0M | $548.0M | $571.0M | $426.0M | $382.0M | $620.0M | $579.0M |
| Cash from investing activities | −$260.0M | −$501.0M | −$577.0M | −$9.34B | −$1.81B | −$533.0M | −$418.0M | −$520.0M | −$422.0M | −$378.0M | −$595.0M | −$591.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$672.0M | −$674.0M | −$673.0M | −$673.0M | −$645.0M | −$645.0M | −$650.0M | −$654.0M | −$629.0M | −$633.0M | −$632.0M | −$642.0M |
| Share repurchases & issuance (net) | −$3.0M | −$363.0M | −$62.0M | −$98.0M | −$1.0M | −$112.0M | −$1.37B | −$751.0M | −$1.01B | −$923.0M | −$201.0M | −$1.58B |
| Net borrowing (repayment) | −$399.0M | −$2.00B | −$19.0M | $5.20B | −$18.0M | −$778.0M | −$23.0M | −$475.0M | — | — | — | −$531.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $61.0M | −$10.0M | $125.0M | −$13.0M | $49.0M | −$18.0M | $42.0M | $12.0M | $28.0M | −$12.0M | $31.0M | −$3.0M |
| Cash from financing activities | −$1.01B | −$3.04B | −$629.0M | $4.42B | −$615.0M | −$1.55B | −$2.00B | −$1.87B | −$1.61B | −$1.57B | −$802.0M | −$2.76B |
| Summary | ||||||||||||
| Net change in cash | $2.39B | −$196.0M | $361.0M | −$4.24B | $1.81B | $1.29B | −$1.51B | −$1.09B | $1.12B | $2.32B | −$289.0M | −$2.28B |
| Cash at end of period | $3.17B | $786.0M | $982.0M | $621.0M | $4.86B | $3.05B | $1.76B | $3.27B | $4.36B | $3.24B | $921.0M | $1.21B |
| Free cash flow | $3.12B | $2.83B | $964.0M | $90.0M | $3.74B | $2.86B | $363.0M | $728.0M | $2.73B | $3.88B | $488.0M | $485.0M |
| Free cash flow margin | 12.0% | 12.3% | 4.7% | 0.4% | 15.6% | 13.7% | 2.0% | 3.6% | 11.6% | 18.2% | 2.6% | 2.4% |
| Capex / revenue | 2.1% | 2.3% | 2.9% | 2.9% | 2.1% | 2.5% | 3.0% | 2.8% | 1.8% | 1.8% | 3.3% | 2.8% |
| Operating cash flow / net income | 1.53 | 2.06 | 1.57 | 0.43 | 1.77 | 2.06 | 0.81 | 0.77 | 1.32 | 2.44 | 1.09 | 0.60 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
LOW cash generation
In fiscal 2026 (ended January 31, 2026), Lowe's generated $9.9 billion of cash from operations (up 2.5%) and spent $2.2 billion on capital expenditures, leaving free cash flow of $7.7 billion, 8.9% of revenue. It returned $2.8 billion to shareholders through dividends ($2.6 billion) and net share buybacks ($211.0 million). Cash and equivalents fell by $779.0 million over the year.
Related: LOW income statement, LOW balance sheet, LOW dividend history. See the LOW stock overview for the latest quote and news.
LOW cash flow FAQ
What is Lowe's's free cash flow?
Lowe's's free cash flow was $7.7 billion in fiscal 2026: $9.9 billion of operating cash flow minus $2.2 billion of capital expenditures It was $7.7 billion a year earlier..
How much cash does Lowe's generate from operations?
Lowe's generated $9.9 billion of cash from operating activities in fiscal 2026, 1.48 times its net income of $6.7 billion.
How much does Lowe's spend on capital expenditures?
Lowe's spent $2.2 billion on capital expenditures in fiscal 2026, 2.6% of revenue, compared with $1.9 billion the year before.
How much stock does Lowe's buy back?
Lowe's spent $211.0 million on net share repurchases in fiscal 2026.
How much does Lowe's pay in dividends?
Lowe's paid $2.6 billion in dividends in fiscal 2026, 34.5% of free cash flow.