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• Lowe's is like **Home Depot's main rival** in the home improvement market.
• Lowe's is like **Walmart, but focused entirely on home improvement, tools, and garden supplies.**
• Lowe's is like **Amazon, but for physical home renovation products and services.**

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• Home Improvement Products: A vast range of goods including appliances, tools, building materials, paint, flooring, and garden supplies for both DIY and professional projects.
• Installation Services: Professional installation of various home improvement products purchased from Lowe's, such as appliances, flooring, and kitchen cabinets.
• Project Design & Consultation: Expert design services for home improvement projects like kitchen or bathroom remodels, assisting customers in planning and material selection.
• Tool & Equipment Rental: Rental of specialized tools and equipment for short-term use, catering to customers who do not wish to purchase expensive items.

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Major Customers of Lowe's Companies (LOW)

Lowe's Companies (LOW) is a home improvement retailer that primarily sells products and services to individual consumers, also known as Do-It-Yourself (DIY) customers. However, it also serves a significant segment of professional contractors and tradespeople. Therefore, Lowe's major customers fall into distinct categories rather than being specific other companies.

Categories of Customers Served by Lowe's:

• Do-It-Yourself (DIY) Homeowners & Renters: This is the largest segment of Lowe's customer base, consisting of individual consumers who purchase products for their personal home improvement, repair, maintenance, and decorating projects. They buy everything from lumber, tools, and paint to appliances, garden supplies, and home decor items for their own residences.
• Professional Contractors & Tradespeople (The "Pro" Customer): This vital segment includes small to medium-sized businesses such as general contractors, remodelers, electricians, plumbers, landscapers, and property maintenance professionals. They purchase materials, tools, and supplies from Lowe's for their commercial projects, often in larger quantities, and benefit from specific programs and services tailored to their business needs.
• Customers Utilizing Lowe's Installation Services (Do-It-For-Me - DIFM): While still individual consumers, this category comprises homeowners who purchase products (e.g., major appliances, flooring, windows, kitchen cabinets, fencing) from Lowe's and also opt to have Lowe's arrange for professional installation services. They are seeking a complete solution rather than solely purchasing materials for a self-executed project.

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• Sherwin-Williams (SHW)
• Stanley Black & Decker (SWK)
• Whirlpool Corporation (WHR)
• Louisiana-Pacific Corporation (LPX)
• Owens Corning (OC)

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Marvin R. Ellison, Chairman, President and Chief Executive Officer

Marvin R. Ellison has served as chairman, president, and chief executive officer of Lowe's Companies, Inc. since July 2018. He has over 35 years of retail leadership and operational experience. Prior to joining Lowe's, Ellison served as chairman and CEO of J.C. Penney Co., where he implemented a turnaround strategy that improved the company's balance sheet and optimized operations. He also spent 12 years at The Home Depot Inc. in senior-level operations roles, including executive vice president of U.S. stores from 2008 to 2014. Before Home Depot, he worked for 15 years at Target Corp. in various operational and leadership roles, beginning his retail career as a store security officer.

Brandon J. Sink, Executive Vice President, Chief Financial Officer

Brandon J. Sink became executive vice president and chief financial officer of Lowe's Companies, Inc. in April 2022. He joined Lowe's in 2010 and has held several key roles within the company, including senior vice president of retail finance, vice president of merchandising finance, vice president of enterprise strategy, and vice president and corporate controller. Before his tenure at Lowe's, Sink held accounting and finance positions with Deloitte and Nucor Corporation. He is also a certified public accountant.

Seemantini Godbole, Executive Vice President, Chief Digital and Information Officer

Seemantini Godbole is the executive vice president and chief digital and information officer at Lowe's, responsible for the day-to-day operations of the company's information technology and digital initiatives.

William P. Boltz, Executive Vice President, Merchandising

William P. Boltz serves as the executive vice president of merchandising, overseeing both in-store and online merchandising efforts for Lowe's.

Joseph M. McFarland III, Executive Vice President, Stores

Joseph M. McFarland III holds the position of executive vice president of stores, with responsibility for overseeing the North, South, and West divisions of Lowe's operations.

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The key risks to Lowe's Companies (LOW) business primarily revolve around macroeconomic factors impacting consumer spending and the housing market, maintaining product and service quality, and the evolving landscape of cybersecurity and data privacy.

1. Macroeconomic and Housing Market Conditions: Lowe's financial performance is significantly affected by the broader macroeconomic environment, including periods of slow economic growth or recession, inflation, rising interest rates, and consumer debt levels. Specifically, factors such as home price appreciation, housing turnover, and the age of housing stock directly influence consumer demand for home improvement products and services. Economic uncertainties and cautious consumer spending can lead to lackluster sales and profit forecasts for the home improvement sector.
2. Product and Service Quality, and Reputation Management: The failure to maintain a high level of product and service quality can damage Lowe's public image, expose the company to litigation, and negatively impact sales, profitability, and cash flows. Issues with product safety standards or customer expectations regarding quality can lead to lost sales, increased costs, and reputational harm, affecting customer confidence and brand loyalty. Furthermore, Lowe's reputation can also be impacted by its actual or perceived stance on social, environmental, political, and public policy issues, as well as the practices of its vendors.
3. Cybersecurity and Data Privacy Risks: The rapid evolution of artificial intelligence and machine learning technologies, along with their integration into Lowe's internal and customer-facing systems, intensifies cybersecurity risks and can create new business, operational, and financial challenges. The constantly changing landscape of data privacy and cybersecurity laws also necessitates increased costs and operational adjustments to maintain compliance.

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The addressable markets for Lowe's Companies (symbol: LOW) main products and services are substantial, primarily within the United States and Canada.

United States Market

• Home Improvement Market: The U.S. home improvement market was valued at approximately USD 574.3 billion in 2024 and is projected to grow by an additional 3.4% in 2025. Other estimates place the U.S. home improvement market size at USD 522.25 billion in 2023, with a projection to reach USD 615.58 billion by 2029, growing at a CAGR of 2.78%. Another report valued the U.S. home improvement market at USD 534.57 billion in 2024, anticipating it to reach USD 682.40 billion by 2033, with a CAGR of 2.75% from 2025 to 2033.
• Residential Remodeling Market: A significant portion of home improvement, the U.S. residential remodeling market size was estimated at USD 527.36 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2030, reaching USD 716.18 billion by 2030.
• Home Appliance Market: The U.S. home appliance market was valued at USD 129.83 billion in 2024 and is estimated to grow to USD 136.24 billion in 2025, with a projection to reach USD 204.99 billion by 2032 at a CAGR of 6.01%. Another estimate places the U.S. household appliances market size at USD 99.34 billion in 2024, with an expected growth to USD 123.33 billion by 2030 at a CAGR of 3.8%.
• Construction Materials Market: The U.S. construction materials market is valued at USD 145.0 billion in 2024 and is expected to grow at a CAGR of 4.0% from 2025 to 2032, reaching USD 196.1 billion by 2032. The market size of Lumber & Building Material Stores in the US is $160.8 billion in 2025.

Canada Market

• Home Improvement Market: The Canadian residential renovation, maintenance, and repair sector is a $105-billion industry. The home improvement industry in Canada was worth $80.1 billion in 2019 and is expected to grow. The market size of the Home Improvement Stores industry in Canada is $38.3 billion in 2025. In 2019, the Canadian home improvement industry generated approximately $50 billion in sales.

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Lowe's Companies (LOW) is focusing on several key drivers to fuel its revenue growth over the next 2-3 years, primarily through its 2025 Total Home Strategy. These initiatives aim to enhance customer experience, expand market presence, and improve operational efficiency.

1. Increased Focus on Pro Customers: Lowe's is strategically expanding its market share among professional contractors. This includes the relaunch of the MyLowe's Pro Rewards program in early 2025, designed to be more intuitive and offer tailored benefits. The company is also introducing the Pro Extended Aisle to streamline large orders and facilitate jobsite deliveries, indicating a concerted effort to better serve its small to medium-sized Pro segment. In Q3 2024, Lowe's reported high single-digit positive comparable sales in its Pro business, underscoring the effectiveness of these investments.
2. Acceleration of Online Sales: A core component of the Total Home Strategy is to accelerate online sales. Lowe's is developing its first product marketplace in the U.S. home improvement industry to significantly expand its online inventory without the burden of traditional stock management. The company is also leveraging artificial intelligence to improve online search capabilities and product recommendations, contributing to a best-in-class omnichannel shopping experience.
3. Expansion of Home Services: Expanding home services is another key pillar within Lowe's Total Home Strategy aimed at meeting customers' comprehensive home improvement needs. This strategic focus is designed to offer more value and exceptional service to a broader range of customers.
4. New Store Openings and Rural Market Expansion: To drive long-term growth and attract new DIY and Pro customers, Lowe's plans to open 10-15 new stores annually over the next several years in fast-growing U.S. markets. Additionally, the company is extending its specialized rural assortments to 150 more stores, aiming for nearly 500 rural-focused locations, to better serve customers in underserved areas with a comprehensive range of products for both farm and home needs.
5. Leveraging AI and Technology for Enhanced Customer Experience and Productivity: Lowe's is making significant investments in artificial intelligence (AI) to improve both customer experience and operational efficiency. The company is piloting AI-driven solutions to empower frontline associates and enhance the in-store shopping experience. Furthermore, AI is being utilized for online search, product recommendations, sourcing engines, and demand planning tools, all contributing to a more seamless and efficient customer journey.

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Share Repurchases

• Lowe's Board of Directors authorized a new $15 billion common stock repurchase program on December 7, 2022.
• As of January 31, 2025, $10.8 billion remained available under this repurchase program.
• The company repurchased $6.138 billion in fiscal year 2024 (ended January 31, 2025), $14.124 billion in fiscal year 2023 (ended February 2, 2024), and $13.012 billion in fiscal year 2022 (ended February 3, 2023).

Share Issuance

• Lowe's issues common stock primarily through share-based payment plans for employees.
• Proceeds from these issuances were $95 million for the nine months ended November 1, 2024, and $79 million for the nine months ended November 3, 2023.

Outbound Investments

• On October 9, 2025, Lowe's completed the acquisition of Foundation Building Materials (FBM), a distributor of building materials and construction products.
• This acquisition aims to enhance Lowe's offerings to Pro customers through an expanded product assortment, faster fulfillment, and improved digital tools.
• The FBM acquisition, along with the previously acquired Artisan Design Group (ADG), is intended to create a comprehensive interior solutions platform to better serve homebuilders.

Capital Expenditures

• Lowe's capital expenditures were approximately $1.9 billion in fiscal year 2024 (ended January 31, 2025) and $2.0 billion in fiscal year 2023 (ended February 2, 2024).
• For fiscal year 2025, the company plans to allocate approximately $2.5 billion to capital expenditures.
• The primary focus of these expenditures includes strategic initiatives to enhance customer service, improve existing stores, support expansion plans, and develop omnichannel retail capabilities, including new store growth in fast-growing U.S. markets.