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Lowe's Companies cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$3.1B in Q2 FY27 · $7.0B over twelve months

Operating cash flow$3.7B
Capital spending−$542M
Free cash flow+$3.1B
Cash / net income1.5×
Cash conversion cycle39 days

Analysis

In Q2 FY27, Lowe's Companies generated $3.7B of operating cash flow and spent $542M on capital projects, leaving free cash flow of $3.1B.

Over the twelve months to Jul 31, 2026, operating cash flow was $9.3B; the largest uses were acquisitions ($8.8B), net borrowing (+) / repaid (−) ($4.2B), dividends ($2.7B); besides operations, cash came from other financing ($6.9B), other investing ($277M); the cash balance fell by $1.7B.

Operating cash flow was $3.7B against net income of $2.4B — 1.5× profit, cash ran ahead of reported earnings. The largest differences: payables −$899M, inventory +$709M, depreciation & amortization +$648M.

Its cash conversion cycle was 39 days (receivables 4 + inventory 95 − payables 60).

Free cash flow

Lowe's Companies: free cash flow by quarterLowe's Companies: free cash flow by quarter$728MQ3 FY25$363MQ4 FY25$2.9BQ1 FY26$3.7BQ2 FY26$90.0MQ3 FY26$964MQ4 FY26$2.8BQ1 FY27$3.1BQ2 FY27
Operating cash flow less capital spending.
Lowe's Companies: operating cash flow against capital spendingLowe's Companies: operating cash flow against capital spendingOperating cash flowCapital spending$1.3B$571MQ3 FY25$911M$548MQ4 FY25$3.4B$518MQ1 FY26$4.2B$495MQ2 FY26$687M$597MQ3 FY26$1.6B$603MQ4 FY26$3.4B$521MQ1 FY27$3.7B$542MQ2 FY27
Latest (Q2 FY27): Operating cash flow $3.7B, Capital spending $542M.

Capital allocation, year by year

Lowe's Companies: where the cash came from (up) and went (down), by fiscal yearLowe's Companies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $10.1BFY22: Net borrowing $2.9BFY22: Shares issued $132MFY22: Asset sales $113MFY22: Capital spending −$1.9BFY22: Buybacks −$13.0BFY22: Dividends −$2.0B$13.2BFY22FY23: Operating cash flow $8.6BFY23: Net borrowing $9.3BFY23: Shares issued $151MFY23: Asset sales $536MFY23: Capital spending −$1.8BFY23: Buybacks −$14.1BFY23: Dividends −$2.4B$18.6BFY23FY24: Operating cash flow $8.1BFY24: Net borrowing $1.9BFY24: Shares issued $141MFY24: Asset sales $153MFY24: Capital spending −$2.0BFY24: Buybacks −$6.1BFY24: Dividends −$2.5B$10.3BFY24FY25: Operating cash flow $9.6BFY25: Net borrowing −$545MFY25: Shares issued $159MFY25: Asset sales $282MFY25: Capital spending −$1.9BFY25: Buybacks −$4.1BFY25: Dividends −$2.6B$10.1BFY25FY26: Operating cash flow $9.9BFY26: Net borrowing $4.4BFY26: Shares issued $149MFY26: Asset sales $82.0MFY26: Capital spending −$2.2BFY26: Acquisitions −$10.1BFY26: Buybacks −$211MFY26: Dividends −$2.6B$14.5BFY26
Over these 5 years operating cash flow totalled $46.3B; the largest uses were buybacks ($37.5B) and dividends ($12.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.4B
Debt$40.2B
Net debt$36.8B
Due within a year$2.4B

Lowe's Companies funds itself: free cash flow was $7.0B over the last twelve months, and $3.4B of cash and investments stands against $40.2B of debt ($2.4B due within a year, 1.4× covered by cash).

Lowe's Companies: debt maturities by year (FY26)Lowe's Companies: debt maturities by year (FY26)$2.4BYear 1$3.0BYear 2$5.0BYear 3$1.8BYear 4$2.5BYear 5$25.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $3.4B of cash and investments now.

Where the cash came from and went

Lowe's Companies: sources (+) and uses (−) of cash, Q2 FY27Lowe's Companies: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$3.7BCash drawn (+) / kept (−)−$2.4BDividends−$672MCapital spending−$542MOther financing−$386MOther investing$280MShares issued$69.0MNet borrowing (+) / repaid (−)−$21.0MBuybacks−$3.0MAsset & business sales$2.0M
Lowe's Companies: sources (+) and uses (−) of cash, TTM to Q2 FY27Lowe's Companies: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$9.3BAcquisitions−$8.8BOther financing$6.9BNet borrowing (+) / repaid (−)−$4.2BDividends−$2.7BCapital spending−$2.3BCash drawn (+) / kept (−)$1.7BBuybacks−$464MOther investing$277MShares issued$150MAsset & business sales$83.0M

From profit to cash

Lowe's Companies: net income to operating cash flow, Q2 FY27Lowe's Companies: net income to operating cash flow, Q2 FY27Net income$2.4BDepreciation & amortization$648MStock-based pay$67.0MDeferred taxes−$38.0MReceivables−$94.0MInventory$709MPayables−$899MPrepaid and other assets$361MOther liabilities$326MOperating cash flow$3.7B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY274956039
Q1 FY2741056445
Q4 FY2651136552
Q3 FY2631116649
Q2 FY261996041
Q1 FY2601176750
Q4 FY2501287356

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$3.7B−$542M—−$3.0M−$672M−$21.0M$69.0M−$2.4B$3.1B
Q1 FY27$3.4B−$521M—−$363M−$674M−$2.0B$2.0M$196M$2.8B
Q4 FY26$1.6B−$603M−$33.0M—−$673M−$19.0M$67.0M−$361M$964M
Q3 FY26$687M−$597M−$8.7B−$98.0M−$673M−$1.8B$12.0M$4.2B$90.0M
Q2 FY26$4.2B−$495M—−$1.0M−$645M−$18.0M$68.0M−$1.8B$3.7B
Q1 FY26$3.4B−$518M—−$112M−$645M−$778M$2.0M−$1.3B$2.9B
Q4 FY25$911M−$548M—−$1.4B−$650M−$23.0M$64.0M$1.5B$363M
Q3 FY25$1.3B−$571M—−$751M−$654M−$475M$11.0M$1.1B$728M

Lowe's Companies: income statement and cash flow

Lowe's Companies, Q2 FY27: revenue $26.0B (+8% year over year), operating margin 13.7%. The chart follows the revenue to costs, profit and cash.

Lowe's Companies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.