Lowe's Q1 FY2026: sales up 10.3%, margin slips, outlook affirmed
Lowe's grew sales 10.3% to $23.08 billion and affirmed full-year guidance, but GAAP EPS slipped to $2.90 and gross margin fell to 32.7%. Comparable sales rose only 0.6%, so the headline growth is not coming from existing stores. Read this quarter as a solid but not clean print: adjusted EPS of $3.03 beat last year while GAAP earnings did not.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $2.90, slightly below last year's $2.92, while adjusted EPS rose 3.8% to $3.03 after excluding $96 million of pre-tax acquisition-related amortization. That $0.13 GAAP-to-adjusted gap is the entire difference between a flat quarter and a growing one. Operating margin also fell to 11.07% from 11.92%.
Sales rose 10.3% to $23.08 billion from $20.93 billion a year ago, with 15.5% online growth and strength in appliances, home services and Pro. But comparable sales — stores open a year — rose just 0.6%, so almost all of the dollar gain came from something other than existing customers. That split matters: the core DIY shopper is still not spending aggressively.
Lowe's affirmed fiscal 2026 total sales of $92.0–94.0 billion, comparable sales flat to up 2%, and GAAP EPS of roughly $11.75–$12.25. Adjusted EPS is guided to $12.25–$12.75 with adjusted operating margin of 11.6%–11.8%. Affirming rather than raising, after a 0.6% comparable-sales quarter, says management is not counting on a demand rebound.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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