该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
Lowe's FY2025 revenue grew 3.1% to $86.3B, but net income fell 4.4% to $6.7B as SG&A expenses surged 7.1% and a major acquisition drove investing cash outflows up over 600%, while the company maintained strong operating cash flow of $9.9B.
营收
862.86亿美元
同比 +3.12%
每股收益（稀释）
11.85美元
同比 -3.11%
毛利率
33.5%
同比 +0.2 个百分点
营业利润
101.53亿美元
同比 -2.99%
SEC XBRL 原值
Lowes (LOW) FY2025 营收 862.86亿美元，同比增长 3.1%。 营业利润率 11.8%，较去年同期的 12.5% 收窄 0.7 个百分点。 经营活动现金流 98.64亿美元，同比增长 2.5%。
近 4 个季度：4 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年9月 | 4.40 | 4.27 | 超预期 +3.1% |
| 2026年6月 | 3.03 | 3.00 | 超预期 +0.9% |
| 2026年3月 | 1.98 | 1.96 | 超预期 +0.8% |
| 2025年12月 | 3.06 | 3.00 | 超预期 +2.1% |
由 AI 基于本次 SEC 报告整理
Lowe's grew total revenue 3.1% year-over-year to $86.3B in FY2025, up from $83.7B in the prior year, reflecting continued demand in the home improvement sector despite a challenging macroeconomic backdrop.
来源: 10-K Income Statement
Selling, General & Administrative expenses rose sharply by 7.1% to $16.8B (from $15.7B), outpacing revenue growth and compressing operating margin by approximately 74 basis points to 11.8%, contributing to a 3.0% decline in operating income to $10.2B.
来源: 10-K Income Statement
Investing cash flow swung dramatically to -$12.3B from -$1.7B in the prior year, a 605.6% increase in outflows, suggesting a significant capital deployment event such as a major acquisition that also drove total assets up 25.6% to $54.1B.
来源: 10-K Cash Flow Statement
Despite the decline in net income, Lowe's generated robust operating cash flow of $9.9B (up 2.5% YoY), supported by $2.2B in depreciation and amortization, demonstrating the underlying cash-generative strength of the business.
来源: 10-K Cash Flow Statement
Share repurchases dropped 94.8% to just $211M in FY2025 from $4.1B in the prior year, as the company redirected capital toward the large acquisition, while financing cash flow turned positive at $1.6B (from -$7.0B), likely reflecting new debt issuance to fund the deal.
来源: 10-K Cash Flow Statement
由 AI 基于本次 SEC 报告整理 · 高 2 中 3 低 0
Lowe's carries $39.8B in long-term debt and has a negative stockholders' equity of -$9.9B, a structural feature of its aggressive capital return and buyback history. While equity improved 30.3% YoY, the debt-to-equity ratio remains deeply negative at -6.46, making the balance sheet sensitive to interest rate increases and credit market conditions.
来源: 10-K Balance Sheet
The dramatic increase in investing cash outflows (-$12.3B vs. -$1.7B prior year) and the 25.6% jump in total assets strongly suggest a major acquisition was completed in FY2025. Integration of a large acquisition introduces operational, financial, and cultural risks that could pressure margins and management bandwidth in the near term.
来源: 10-K Cash Flow Statement & Balance Sheet
SG&A grew 7.1% to $16.8B while revenue grew only 3.1%, creating a meaningful operating leverage headwind. If this trend continues, operating margins could compress further, negatively impacting net income and earnings per share.
来源: 10-K Income Statement
Cash and equivalents fell 44.2% to $982M from $1.8B in the prior year, reducing the company's liquidity buffer. With current liabilities of $19.5B and a current ratio of only 1.08, the company has limited near-term liquidity cushion if business conditions deteriorate.
来源: 10-K Balance Sheet
Basic EPS declined 3.1% to $11.87 from $12.25, and diluted EPS fell similarly to $11.85, even as revenue grew. This divergence reflects rising costs and lower net income, which may disappoint investors expecting earnings growth to accompany top-line expansion.
来源: 10-K Income Statement
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 862.86 亿美元 | 836.74 亿美元 | +3.12% |
营业成本 亿美元 | 574.01 亿美元 | 557.97 亿美元 | +2.87% |
毛利润 亿美元 | 288.85 亿美元 | 278.77 亿美元 | +3.62% |
营业利润 亿美元 | 101.53 亿美元 | 104.66 亿美元 | -2.99% |
净利润 亿美元 | 66.54 亿美元 | 69.57 亿美元 | -4.36% |
每股收益（基本） 美元 | 11.87 美元 | 12.25 美元 | -3.10% |
每股收益（稀释） 美元 | 11.85 美元 | 12.23 美元 | -3.11% |
销售及管理费用 亿美元 | 167.91 亿美元 | 156.82 亿美元 | +7.07% |
答案基于本次 SEC 报告与本页数据