LOWE'S REPORTS SECOND QUARTER 2025 SALES AND EARNINGS RESULTS

— Diluted EPS of $4.27; Adjusted Diluted EPS1 of $4.33 —— Comparable Sales increased 1.1% — — Updates Full Year 2025 Outlook — , /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) today reported net earnings of $2.4 billion and diluted earnings per share (EPS) of $4.27 for the quarter ended Aug. 1, 2025, compared to diluted EPS of $4.17 in the second quarter of 2024. During the second quarter, the company recognized $43 million pre-tax expenses associated with the acquisition of Artisan Design Group (ADG). This negatively impacted second quarter diluted EPS by $0.06. Excluding these expenses, second quarter 2025 adjusted diluted EPS1 increased 5.6% to $4.33 compared to the prior-year adjusted diluted EPS1. Total sales for the quarter were $24.0 billion, compared to $23.6 billion in the prior-year quarter and comparable sales for the quarter increased 1.1%. "This quarter, the company delivered positive comp sales driven by solid performance in both Pro and DIY. Despite challenging weather early in the quarter, our teams drove both sales growth and improved profitability. I'd also like to thank our front-line associates for their outstanding service which led to another increase in customer satisfaction scores." said Marvin R. Ellison, Lowe's chairman, president and CEO. "In June, we closed on the acquisition of ADG, which strengthens our ability to capture a greater portion of Pro planned spend and expands our reach into the new home construction market." As of Aug. 1, 2025, Lowe's operated 1,753 stores representing 195.5 million square feet of retail selling space. Capital AllocationThe company continues to execute a disciplined capital allocation program to deliver long-term, sustainable shareholder value. During the quarter, the company invested $1.3 billion for the acquisition of ADG and paid $645 million in dividends. The company's expectations for its core business performance in fiscal 2025 remains unchanged. The company is updating its outlook for the operating results of full year 2025 to reflect the inclusion of ADG. Adjusted operating income, adjusted operating margin, and adjusted diluted EPS are non-GAAP financial measures that exclude the transaction costs, purchase accounting adjustments and intangible asset amortization related to the acquisition of ADG. The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items (which may be significant) without unreasonable effort. Full Year 2025 Outlook Total sales of $84.5 to $85.5 billion (previously $83.5 to $84.5 billion) Comparable sales expected to be flat to up +1% as compared to prior year Operating income as a percentage of sales (operating margin) of 12.1% to 12.2% (previously 12.3% to 12.4%) Adjusted operating income as a percentage of sales (adjusted operating margin) of 12.2% to 12.3% Net interest expense of approximately $1.3 billion Effective income tax rate of approximately 24.5% Diluted earnings per share of approximately $12.10 to $12.35 (previously $12.15 to $12.40) Adjusted diluted earnings per share of approximately $12.20 to $12.45 Capital expenditures of approximately $2.5 billion A conference call to discuss second quarter 2025 operating results is scheduled for today, Wednesday, Aug. 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 Second Quarter 2025 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. (NYSE: LOW) is a FORTUNE® 100 home improvement company serving approximately 16 million customer transactions a week in the United States. With total fiscal year 2024 sales of more than $83 billion, Lowe's operates over 1,700 home improvement stores and employs approximately 300,000 associates. 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. Disclosure Regarding Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements including words such as "believe", "expect", "anticipate", "plan", "desire", "project", "estimate", "intend", "will", "should", "could", "would", "may", "strategy", "potential", "opportunity", "outlook", "scenario", "guidance", and similar expressions are forward-looking statements. Forward-looking statements involve, among other things, expectations, projections, and assumptions about future financial and operating results, objectives (including objectives related to environmental and social matters), business outlook, priorities, sales growth, shareholder value, capital expenditures, cash flows, the housing market, the home improvement industry, demand for products and services including customer acceptance of new offerings and initiatives, macroeconomic conditions and consumer spending, share repurchases, and Lowe's strategic initiatives, including those relating to acquisitions and dispositions and the impact of such transactions on our strategic and operational plans and financial results. Such statements involve risks and uncertainties, and we can give no assurance that they will prove to be correct. Actual results may differ materially from those expressed or implied in such statements. A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by these forward-looking statements including, but not limited to, changes in general economic conditions, such as volatility and/or lack of liquidity from time to time in U.S. and world financial markets and the consequent reduced availability and/or higher cost of borrowing to Lowe's and its customers, slower rates of growth in real disposable personal income that could affect the rate of growth in consumer spending, inflation and its impacts on discretionary spending and on our costs, shortages, and other disruptions in the labor supply, interest rate and currency fluctuations, home price appreciation or decreasing housing turnover, age of housing stock, the availability of consumer credit and of mortgage financing, trade policy changes or additional tariffs, outbreaks of pandemics, fluctuations in fuel and energy costs, inflation or deflation of commodity prices, natural disasters, geopolitical or armed conflicts, acts of both domestic and international terrorism, and other factors that can negatively affect our customers. Investors and others should carefully consider the foregoing factors and other uncertainties, risks and potential events including, but not limited to, those described in "Item 1A - Risk Factors" in our most recent Annual Report on Form 10-K and as may be updated from time to time in Item 1A in our quarterly reports on Form 10-Q or other subsequent filings with the SEC. All such forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update these statements other than as required by law. LOW-IR Lowe's Companies, Inc.Consolidated Statements of Current Earnings and Accumulated Deficit (Unaudited)In Millions, Except Per Share and Percentage Data Three Months Ended Six Months Ended August 1, 2025 August 2, 2024 August 1, 2025 August 2, 2024 Current Earnings Amount % Sales Amount % Sales Amount % Sales Amount % Sales Net sales $ 23,959 100.00 $ 23,586 100.00 $ 44,888 100.00 $ 44,950 100.00 Cost of sales 15,858 66.19 15,691 66.53 29,800 66.39 29,965 66.66 Gross margin 8,101 33.81 7,895 33.47 15,088 33.61 14,985 33.34 Expenses: Selling, general and administrative 4,175 17.42 4,025 17.07 8,222 18.31 8,034 17.88 Depreciation and amortization 457 1.91 423 1.79 902 2.01 851 1.89 Operating income 3,469 14.48 3,447 14.61 5,964 13.29 6,100 13.57 Interest – net 313 1.31 317 1.34 650 1.45 669 1.49 Pre-tax earnings 3,156 13.17 3,130 13.27 5,314 11.84 5,431 12.08 Income tax provision 758 3.16 747 3.17 1,276 2.84 1,294 2.88 Net earnings $ 2,398 10.01 $ 2,383 10.10 $ 4,038 9.00 $ 4,137 9.20 Weighted average common shares outstanding – basic 559 568 559 570 Basic earnings per common share (1) $ 4.28 $ 4.18 $ 7.21 $ 7.24 Weighted average common shares outstanding – diluted 560 570 560 571 Diluted earnings per common share (1) $ 4.27 $ 4.17 $ 7.19 $ 7.23 Cash dividends per share 1.15 $ 1.10 $ 3.40 $ 3.25 Accumulated Deficit Balance at beginning of period $ (13,833) $ (15,188) $ (14,799) $ (15,637) Net earnings 2,398 2,383 4,038 4,137 Cash dividends declared (673) (654) (1,317) (1,283) Share repurchases — (883) (30) (1,559) Balance at end of period $ (12,108) $ (14,342) $ (12,108) $ (14,342) (1) Under the two-class method, earnings per share is calculated using net earnings allocable to common shares, which is derived by reducing net earnings by the earnings allocable to participating securities. Net earnings allocable to common shares used in the basic and diluted earnings per share calculation were 2,391 million for the three months ended August 1, 2025, and 2,377 million for the three months ended August 2, 2024. Net earnings allocable to common shares used in the basic and diluted earnings per share calculation were 4,027 million for the six months ended August 1, 2025, and 4,127 million for the six months ended August 2, 2024. Lowe's Companies, Inc.Consolidated Statements of Comprehensive Income (Unaudited)In Millions, Except Percentage Data Three Months Ended Six Months Ended August 1, 2025 August 2, 2024 August 1, 2025 August 2, 2024 Amount % Sales Amount % Sales Amount % Sales Amount % Sales Net earnings $ 2,398 10.01 $ 2,383 10.10 $ 4,038 9.00 $ 4,137 9.20 Cash flow hedges – net of tax (4) (0.01) (3) (0.01) (7) (0.02) (6) (0.01) Other (1) (0.01) 2 0.01 — — 1 — Other comprehensive loss (5) (0.02) (1) — (7) (0.02) (5) (0.01) Comprehensive income $ 2,393 9.99 $ 2,382 10.10 $ 4,031 8.98 $ 4,132 9.19 Lowe's Companies, Inc.Consolidated Balance Sheets (Unaudited)In Millions, Except Par Value Data August 1, 2025 August 2, 2024 Assets Current assets: Cash and cash equivalents $ 4,860 $ 4,360 Short-term investments 396 330 Merchandise inventory - net 16,342 16,841 Other current assets 1,041 806 Total current assets 22,639 22,337 Property, less accumulated depreciation 17,708 17,515 Operating lease right-of-use assets 3,887 3,819 Long-term investments 273 292 Deferred income taxes - net 140 184 Intangibles - net 976 284 Goodwill 691 311 Other assets 300 192 Total assets $ 46,614 $ 44,934 Liabilities and shareholders' deficit Current liabilities: Current maturities of long-term debt $ 4,175 $ 1,290 Current operating lease liabilities 536 552 Accounts payable 9,513 10,336 Accrued compensation and employee benefits 1,098 1,055 Deferred revenue 1,558 1,417 Other current liabilities 4,742 3,596 Total current liabilities 21,622 18,246 Long-term debt, excluding current maturities 30,548 34,659 Noncurrent operating lease liabilities 3,801 3,738 Deferred revenue - Lowe's protection plans 1,283 1,256 Other liabilities 760 798 Total liabilities 58,014 58,697 Shareholders' deficit: Preferred stock, $5 par value: Authorized - 5.0 million shares; Issued and outstanding - none — — Common stock, $0.50 par value: Authorized - 5.6 billion shares; Issued and outstanding - 561 million, 568 million, and 560 million shares, respectively 280 284 Capital in excess of par value 147 — Accumulated deficit (12,108) (14,342) Accumulated other comprehensive income 281 295 Total shareholders' deficit (11,400) (13,763) Total liabilities and shareholders' deficit $ 46,614 $ 44,934 Lowe's Companies, Inc.Consolidated Statements of Cash Flows (Unaudited)In Millions Six Months Ended August 1, 2025 August 2, 2024 Cash flows from operating activities: Net earnings $ 4,038 $ 4,137 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 1,022 967 Noncash lease expense 267 260 Deferred income taxes 70 66 Loss/(gain) on property and other assets – net 30 (4) Gain on sale of business — (43) Share-based payment expense 117 110 Changes in operating assets and liabilities: Merchandise inventory – net 1,173 53 Other operating assets (2) 129 Accounts payable 150 1,679 Other operating liabilities 745 61 Net cash provided by operating activities 7,610 7,415 Cash flows from investing activities: Purchases of investments (845) (628) Proceeds from sale/maturity of investments 827 571 Capital expenditures (1,013) (808) Proceeds from sale of property and other long-term assets 7 22 Proceeds from sale of business — 43 Acquisition of business - net (1,314) — Other – net (5) — Net cash used in investing activities (2,343) (800) Cash flows from financing activities: Repayment of debt (796) (47) Proceeds from issuance of common stock under share-based payment plans 70 84 Cash dividend payments (1,290) (1,262) Repurchases of common stock (113) (1,930) Other – net (39) (21) Net cash used in financing activities (2,168) (3,176) Net increase in cash and cash equivalents 3,099 3,439 Cash and cash equivalents, beginning of period 1,761 921 Cash and cash equivalents, end of period $ 4,860 $ 4,360 Lowe's Companies, Inc.Non-GAAP Financial Measure Reconciliation (Unaudited) To provide additional transparency, the Company has presented the non-GAAP financial measure of adjusted diluted earnings per share for the three months ended August 1, 2025 and August 2, 2024. This measure excludes the impact of certain items, further described below, not contemplated in Lowe's Business Outlook to assist analysts and investors in understanding operational performance for the second quarter of fiscal 2025. Fiscal 2025 ImpactsDuring fiscal 2025, the Company recognized financial impacts from the following: In the second quarter of fiscal 2025, the Company recognized pre-tax expenses of $43 million, including transaction costs and purchase accounting adjustments, related to the acquisition of Artisan Design Group (Artisan Design Group acquisition). Fiscal 2024 Impacts:During fiscal 2024, the Company recognized financial impacts from the following: In the second quarter of fiscal 2024, the Company recognized pre-tax income of $43 million consisting of a realized gain on the contingent consideration associated with the fiscal 2022 sale of the Canadian retail business (Canadian retail business transaction). Adjusted diluted earnings per share should not be considered an alternative to, or more meaningful indicator of, the Company's diluted earnings per share as prepared in accordance with GAAP. The Company's methods of determining non-GAAP financial measures may differ from the method used by other companies and may not be comparable. A reconciliation between the Company's GAAP and non-GAAP financial results is shown below and available on the Company's website at ir.lowes.com. Three Months Ended August 1, 2025 August 2, 2024 Adjusted Diluted Earnings Per Share Pre-Tax Earnings Tax 1 Net Earnings Pre-Tax Earnings Tax 1 Net Earnings Diluted Earnings Per Share, As Reported $ 4.27 $ 4.17 Artisan Design Group acquisition 0.08 (0.02) 0.06 — — — Canadian retail business transaction — — — (0.07) — (0.07) Adjusted Diluted Earnings Per Share $ 4.33 $ 4.10 1 Represents the corresponding tax benefit or expense specifically related to the item excluded from adjusted diluted earnings per share. 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LOWE'S REPORTS SECOND QUARTER 2025 SALES AND EARNINGS RESULTS

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