Lowe’s (LOW) Q1 2026 earnings

Lowe’s on Wednesday reported quarterly results that beat expectations on the top and bottom lines and reaffirmed its full-year outlook.

Revenue jumped about 10% compared to the previous year. Comparable sales increased 0.6% for the quarter, driven by what Lowe’s said was its spring execution and a 15.5% growth in online sales.

“Roughly 60% to 65% of our revenue is from the do-it-yourself customer, and this has been a really difficult do-it-yourself housing market, so for us to do four consecutive quarters of positive comps, we were pleased with that,” CEO Marvin Ellison told CNBC.

Here’s how the company performed in its first fiscal quarter compared with Wall Street estimates, according to a survey of analysts by LSEG:

• Earnings per share: $3.03 adjusted vs. $2.97 expected
• Revenue: $23.08 billion vs. $22.97 billion expected

Shares of the company sank slightly in morning trading.

For the three-month period ended May 1, Lowe’s reported net income of $1.63 billion, or $2.90 per share, down just slightly from $1.64 billion, or $2.92 per share, in the year-ago period. Excluding one-time factors like acquisition costs, the company reported adjusted earnings per share of $3.03.

Lowe’s said strength in appliances, home services and sales to home professionals like contractors also contributed to its performance.

“While DIY demand remains under pressure, we’re continuing to grow market share in a challenging housing environment shaped by elevated interest rates, higher costs and low housing turnover,” Ellison said on a call with analysts on Wednesday. “While we expect a broader market to remain flat in 2026, our focus remains on disciplined execution of our total home strategy, driving continued growth regardless of market conditions.”

Despite soaring gas prices taking a hit to consumer sentiment and discretionary spending, Ellison told CNBC that the Lowe’s core homeowner customer is largely unaffected by high gas prices. Still, the combination of gas prices with “broader macro concerns” is what’s pushing their sentiment lower, he said.

“The year is playing out about where we forecast and when we gave our guidance, and we’re just trying to work our way through it,” he said.

Ellison said on the analyst call that the company is seeing a K-shaped economy dynamic play out, where higher-income consumers are spending more and lower-income consumers are pulling back on their spending.

“We have a track record of performing well, managing expenses and finding ways to grow sales, irrespective of the macro, and we plan to take share this quarter,” he said.

The company also reaffirmed its full-year guidance, expecting total sales between $92 billion and $94 billion, an increase of between 7% and 9% compared to the prior year. It expects comparable sales to be flat to up 2% compared to last year.

Lowe’s said it expects adjusted earnings per share of between $12.25 and $12.75 for the full year.

The earnings come against a backdrop of housing market struggles and consumer caution…