Lowe’s Companies (NYSE: LOW) reports third-quarter 2026 results on Wednesday, November 18, 2026, before the market opens. The earnings webcast is at 9:00 a.m. Eastern, with supplemental materials posted 15 minutes earlier; the company’s last two releases came out at 6:00 a.m. Eastern. In August the company moved its full-year guidance to the low end of its earlier ranges. This preview lines up the recent quarters against the same quarters a year earlier, works out what the guidance implies for the second half, and covers analyst consensus, the dividend and what to watch.
The recent quarters, each against the same quarter a year earlier
| Metric | Q3 2025 (vs Q3 2024) | Q4 2025 (vs Q4 2024) | Q1 2026 (vs Q1 2025) | Q2 2026 (vs Q2 2025) |
|---|---|---|---|---|
| Total sales | $20,813 million (+3.2% from $20,170 million) | $20,584 million (+10.9% from $18,553 million) | $23,078 million (+10.3% from $20,930 million) | $25,956 million (+8.3% from $23,959 million) |
| Comparable sales | +0.4% | +1.3% | +0.6% | +0.2% |
| Adjusted diluted EPS | $3.06 (from $2.89: +5.9%) | $1.98 (from $1.93: +2.6%) | $3.03 (from $2.92: +3.8%) | $4.40 (from $4.33: +1.6%) |
| Diluted EPS (GAAP) | $2.88 (from $2.99: -3.7%) | $1.78 (from $1.99: -10.6%) | $2.90 (from $2.92: -0.7%) | $4.27 (from $4.27: 0.0%) |
| Operating margin (GAAP) | 11.92% (from 12.57%) | 8.30% (from 9.87%) | 11.07% (from 11.92%) | 13.67% (from 14.48%) |
Sources: the four Lowe’s earnings releases listed under Sources (Q3 2025 on November 19, 2025; Q4 2025 on February 25, 2026; Q1 2026 on May 20, 2026; Q2 2026 on August 19, 2026). Comparable sales are the company’s own year-over-year measure. The percentage changes for sales and for diluted EPS are my calculations from the figures in the releases; the changes in adjusted EPS are as stated in the releases. Adjusted EPS excludes the amortization of intangible assets from the Artisan Design Group (ADG) and Foundation Building Materials (FBM) acquisitions; in Q3 2025 the company also reported $129 million of pre-tax acquisition expenses, and the Q3 2024 adjusted figure excludes a $54 million pre-tax gain on the Canadian retail business transaction. Total sales grew much faster than comparable sales in Q4 2025 through Q2 2026; the Q2 release does not break out how much came from FBM and ADG.
In Q2 2026 both diluted and adjusted EPS include a $0.11 benefit from tariff refunds under the IEEPA, according to the release. Taking that out of adjusted EPS gives $4.29 against $4.33 a year earlier, or -0.9% (my calculation). Q2 operating margin fell to 13.67% from 14.48%, gross margin to 33.04% from 33.81%, and net interest expense rose to $374 million from $313 million; online sales grew 15.7%.
Full-year guidance: three updates, same metrics
| Metric (full year 2026) | February 25, 2026 | May 20, 2026 | August 19, 2026 |
|---|---|---|---|
| Total sales | $92.0 to $94.0 billion (about +7% to +9%) | $92.0 to $94.0 billion (affirmed) | about $92.0 billion |
| Comparable sales | flat to up 2% | flat to up 2% (affirmed) | flat |
| Operating margin | 11.2% to 11.4% | 11.2% to 11.4% (affirmed) | 11.2% |
| Adjusted operating margin | 11.6% to 11.8% | 11.6% to 11.8% (affirmed) | 11.6% |
| Diluted EPS | about $11.75 to $12.25 | about $11.75 to $12.25 (affirmed) | about $11.75 |
| Adjusted diluted EPS | about $12.25 to $12.75 | about $12.25 to $12.75 (affirmed) | about $12.25 |
| Net interest expense / tax rate | about $1.6 billion / about 24.5% | affirmed | about $1.6 billion / about 24.5% |
| Capital expenditures | about $2.5 billion | up to $2.5 billion | up to $2.5 billion |
Sources: the Lowe’s releases of February 25, May 20 and August 19, 2026. The August outlook includes the Q2 tariff refunds and excludes any further refunds in the second half. Management’s Q3 comments (see the consensus section) come from the Q2 call.
What the guidance implies for the second half (my calculation)
| Item | Adjusted EPS | Total sales |
|---|---|---|
| First half 2025 (Q1 + Q2) | $7.25 ($2.92 + $4.33) | $44,888 million |
| Second half 2025 (Q3 + Q4) | $5.04 ($3.06 + $1.98) | about $41.4 billion ($20,813 + $20,584 million) |
| First half 2026 (Q1 + Q2) | $7.43 ($3.03 + $4.40), +2.5% vs first half 2025 | $49,034 million (+9.2% vs first half 2025) |
| Full-year 2026 guidance (August 19) | about $12.25 | about $92.0 billion |
| Implied second half 2026 | about $4.82 | about $43.0 billion |
| Implied change vs second half 2025 | about -4.4% | about +3.8% |
Full-year 2025 adjusted EPS is the sum of the four quarters ($2.92 + $4.33 + $3.06 + $1.98 = $12.29); the Q4 release does not state it as one figure. The guidance is given as rounded point figures (about $12.25 and about $92.0 billion), so the implied second half moves by about 0.1 percentage points of growth for each $0.05 billion of rounding in sales. These are my own calculations from company figures; the company does not publish a second-half forecast. In plain terms, the guidance leaves the second half’s adjusted EPS lower than a year earlier, partly because the first half included the $0.11 tariff-refund benefit.
What analysts expect, and the share price
This section uses third-party data, which is not from the company; each figure carries its source and date. Consensus is for the same quarter, compared with the same quarter a year earlier.
| Q3 metric | Consensus for Q3 2026 | Q3 2025 actual (company) | Change |
|---|---|---|---|
| Adjusted EPS | $2.86 (Zacks, article dated November 11, 2026); $2.87 (AAII, November 11); $2.80 (Hudson Labs, October 19) | $3.06 | -6.5% (at $2.86) |
| Total sales | $22.38 billion (Zacks, November 11); $22.34 billion (Hudson Labs, October 19) | $20,813 million | +7.5% (at $22.38 billion) |
Management’s comments on Q3, as summarized by Zacks and Trefis (I did not read the call transcript, so treat these as reported rather than confirmed): comparable sales expected to be flat, and adjusted EPS about 7% below the prior year, which would be roughly $2.85. If Q3 comes in at the $2.86 consensus, the implied second half of about $4.82 leaves about $1.96 for the fourth quarter, against $1.98 in Q4 2025: about -1.0% (my calculation). On sales, a Q3 at $22.38 billion would leave about $20.6 billion for Q4 against $20,584 million a year earlier, essentially flat (my calculation, and sensitive to the rounding noted above).
On Thursday, November 12, 2026, LOW traded at $228.28 in the afternoon (source: Schaeffer’s Research via Finviz, November 12, 2026; intraday, not a closing price). Against the August 19 guidance and the current dividend, this gives (my calculation):
| Measure | Value |
|---|---|
| Share price (intraday, Nov 12, 2026) | $228.28 |
| Price to 2026 adjusted EPS guidance of about $12.25 | about 18.6x |
| Quarterly dividend of $1.25, $5.00 a year | yield about 2.2% on the price above |
| Annual dividend as a share of guided EPS | about 41% of adjusted ($12.25); about 43% of diluted ($11.75) |
Price and consensus move daily, so check both with your broker before the release. Schaeffer’s Research notes that Lowe’s has moved an average of 2.4% in either direction the day after its last 12 earnings reports.
What to watch on November 18
- Adjusted EPS against $3.06 in Q3 2025 and against the $2.86 consensus. Adjusted EPS grew 5.9%, 2.6%, 3.8% and 1.6% in the last four quarters; consensus asks for a 6.5% decline in Q3.
- Comparable sales. They were +0.4%, +1.3%, +0.6% and +0.2% in the last four quarters, and the full-year guide is now flat. The Q2 release credited Pro, online and home services and pointed to DIY pressure.
- Total sales against $22.38 billion, which would be +7.5% from $20,813 million, and how much of the gap over comparable sales comes from the FBM and ADG acquisitions.
- Operating margin. Q2 GAAP operating margin was 13.67% against 14.48%, and the full-year adjusted margin guide is 11.6%.
- The guidance itself. The August outlook excludes any further tariff refunds in the second half; any change to the $92.0 billion sales, flat comparable sales or about $12.25 adjusted EPS figures would be the main signal for the fourth quarter.
- Interest cost. Net interest expense was $374 million in Q2 against $313 million, and the full-year guide is about $1.6 billion.
The dividend
On May 29, 2026, Lowe’s raised its quarterly dividend by 4%, from $1.20 to $1.25 per share ($5.00 a year). On August 28, 2026, it declared the $1.25 dividend with a record date of October 21, 2026, and it was payable on November 4, 2026, so that payment has already been made. I did not find a declaration of the next quarterly dividend. Cash dividends per share were $4.75 in fiscal 2025 against $4.55 in fiscal 2024.
For investors in Europe
- LOW pays in U.S. dollars, and U.S. withholding tax applies by default; the rate for non-U.S. investors depends on your broker having a valid Form W-8BEN. See our W-8BEN guide and dividend withholding tax by country.
- The dollar and euro exchange rate moves the euro value of the dividend independently of anything Lowe’s reports.
Sources
- Lowe’s: Q3 2026 earnings conference call announcement (November 11, 2026)
- Lowe’s: Q3 2025 results (press release, November 19, 2025)
- Lowe’s: Q4 and full-year 2025 results and 2026 outlook (February 25, 2026)
- Lowe’s: Q1 2026 results (May 20, 2026)
- Lowe’s: Q2 2026 results and updated outlook (August 19, 2026)
- Lowe’s: quarterly dividend increase to $1.25 (May 29, 2026)
- Lowe’s: cash dividend declaration (August 28, 2026)
- Third-party data (consensus, price and management comments as summarized), not from the company: Zacks Equity Research (article dated November 11, 2026); AAII (November 11, 2026); Hudson Labs (October 19, 2026); Zacks, summary of the Q2 call; Trefis (November 4, 2026); Schaeffer’s Research via Finviz (November 12, 2026)
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Company figures are taken from the releases listed; consensus, the share price and management’s Q3 comments as summarized come from the third-party sources listed, as of the dates stated; and the second-half, fourth-quarter and valuation figures are my own arithmetic, not a company forecast. Confirm current figures with your broker or the company’s investor relations page. Investing involves risk, including the possible loss of capital, and a dividend payment is never guaranteed.
