2022 ANNUAL REPORT 3
2022 Annual Report
LOWE’S COMPANIES, INC. 2022 ANNUAL REPORT
4 LOWE’S COMPANIES, INC.
Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE
®
50 home improvement company serving
approximately 17 million customer transactions a week in the U.S. With total fiscal year 2022 sales
of over $97 billion, approximately $92 billion of sales were generated in the U.S., where Lowe's operates
over 1,700 home improvement stores and employs approximately 300,000 associates. Based in
Mooresville, N.C., Lowe’s supports the communities it serves through programs focused on creating
safe, affordable housing and helping to develop the next generation of skilled trade experts.
For more information, visit Lowes.com.
Together, deliver the right
home improvement products,
with the best service and
value, across every channel
and community we serve.
Dear Shareholders,
As I reflect on 2022, I feel privileged to work for a team that
continues to drive such tremendous progress across the business,
despite macroeconomic uncertainty. As a company, we are
seeing clear momentum with our Total Home strategy as
we position Lowe’s as the one-stop shop for do-it-your-
self (DIY) and Pro customers to get everything they
need for their home improvement projects.
We continue to enhance our omnichannel
capabilities, increase our Pro penetration and
deliver everyday value for our DIY customers.
As a result of this focus, we grew adjusted
operating margin
1
to 13% in 2022 —which is
more than a 440-basis point improvement from
2018—reflecting our persistent focus on driving
productivity across every aspect of our business.
Through our disciplined capital allocation
strategy, we remain committed to generating
long-term sustainable value for our share-
holders. In 2022, we returned $16.5 billion to
our shareholders through a combination
of share repurchases and
dividends. This includes a
31% increase in our quar-
terly cash dividend,
on top of a 33%
increase in 2021.
2022 ANNUAL REPORT 1
1
Adjusted operating margin is a non-GAAP financial measure. Refer to the “Non-GAAP
Financial Measures Reconciliation” section for additional information as well as recon-
ciliations between the Company’s GAAP and non-GAAP financial results.
We continue to focus on taking market share
by executing the five pillars of our growth-
oriented Total Home strategy:
→ Improve Pro penetration
→ Accelerate our online business
→ Expand installation services
→ Drive localization
→ Elevate our product assortment
Specific to our Pro focus, our investments to
better serve this important customer segment
are paying dividends. By the fourth quarter of
2022, we delivered 11 consecutive quarters of
double-digit Pro comparable sales growth in
the U.S. We are capitalizing on this momentum
by growing our MVPs Pro Rewards loyalty pro-
gram, building relationships with Pros through
our CRM platform and continuing to expand
our product assortment to meet Pro needs.
As an essential part of our journey, we continue
to invest in our supply chain transformation. As
part of the continued rollout of our market-
based delivery model, to date, we have con-
verted 11 geographic regions supporting over
1,000 stores. This model allows us to flow big and
bulky products directly to customer homes—
unlocking significant capacity and enabling us
to further consolidate our leadership position in
appliances and set the company up for profit-
able growth in other big and bulky categories,
like grills, riding lawn mowers and vanities.
As a demonstration to our commitment to
sustainability, we announced a 2050 science-
based net-zero target across our full value
chain, along with targets for renewable energy
and product sustainability. We also announced
a five-year, $100 million investment in the com-
munities we serve, with a new community
impact program called Lowe’s Hometowns
that will complete nearly 1,800 community
impact projects each year.
None of the progress we made in 2022 would
have been possible without the hard work and
dedication of our 300,000 associates. To
attract and retain top talent, we’re focused on
becoming the employer of choice in retail,
where associates choose to stay and build
their careers. That is why we have invested
over $3 billion in incremental wage and share-
based compensation for our front-line
associates since 2018, including
increasing associate wage rates
by over 20%. We also recently
opened the Lowe’s Tech Hub,
a leading-edge collaborative
workplace that’s helping us
attract top technology talent.
2 LOWE’S COMPANIES, INC.
This year we also completed the sale of our
Canadian retail business, enabling us to invest
more capital into higher-return opportunities in
the U.S. to drive long-term, sustainable growth.
Despite a macroeconomic environment with
many crosscurrents, the home improvement
market remains resilient. Disposable personal
income is still strong, homeowners have
record levels of equity and we have the oldest
U.S. housing stock since World War II. More
millennials are buying homes, baby boomers
are choosing to age in place and remote work
is more widespread. While we expect residen-
tial investment to remain under pressure in
2023, this unique confluence of demand drivers
gives us confidence in the medium- to long-term
industry outlook.
Through our Total Home strategy and our
culture of continuous improvement, we are con-
fident that we will continue to capture market
share, improve our operating margin and
deliver long-term, sustainable value to our
shareholders. Our associates share my passion
for serving our customers and striving to win
each day, and that’s exactly what we’ll do to
continue to deliver winning results. I believe if
we give our associates a great place to work,
offer our customers a seamless shopping expe-
rience in-store and online and make our com-
munities better, Lowe’s will continue to create
shareholder value. This is why Lowe’s is well
positioned for 2023 and beyond as we continue
our journey to become a world-class, customer-
centric, omnichannel retailer.
God bless,
Marvin R. Ellison
Chairman, President and Chief Executive Officer
2022 ANNUAL REPORT 3
4 LOWE’S COMPANIES, INC.
Total Home Strategy
Providing a full complement of products and services for Pros and consumers alike,
enabling a Total Home solution for every need in the home
→ Increased U.S. Pro penetration from 19% in 2019 to 25% in 2022, and increased Pro
customer service scores by more than 500 basis points in the last four years
→ Expanded MVPs Pro Rewards and Partnership Program
TM
, providing small and
midsize Pros with access to rewards, bonus points, savings and exclusive offers
that they can’t get elsewhere
→ Enhanced our Pro product assortment, including announcing new partnerships
with trusted national brands like Klein Tools, Hubbell and Carhartt
→ Doubled online sales penetration, from nearly 5% in 2018 to 10% in 2022, and
tripled the number of items sold online in the same timeframe
→ Significantly improved our online user experience with redesigned search
functionality, enhanced navigation and improved product content with more
ratings and reviews
→ Enhanced the online experience to make home projects easier to visualize,
estimate and shop—including an upgraded kitchen design tool
→ Supported more customers who choose to age in place through our Lowe’s
Livable Home program, which makes it easier to upgrade homes to meet
changing mobility needs
→ Enabled customers to more easily purchase professional installation services
online by offering one-click functionality at checkout
→ Further tailored our assortment to serve the needs of local communities based
on building codes, housing types, lifestyle trends, climate and demographics
→ Continued to improve space productivity and support product margins by
offering the right product in the right markets
→ Expanded our brand offerings to meet our customers’ needs across various
lifestyle and generational trends
→ Continued to grow private brand penetration through a focused strategy in targeted
categories to drive loyalty and differentiation, while supporting our product margins
→ Extended STAINMASTER’S
®
premium characteristics to hard flooring—including
laminate, sheet vinyl, tile and luxury tile—and to our first private-branded paint
Drive
Pro Penetration
Accelerate
Online Business
Expand
Installation Services
Drive
Localization
Elevating Our
Product Assortment
2022 Corporate
Responsibility Highlights
PRODUCT SUSTAINABILITY
OPERATIONAL EXCELLENCE
Announced goal to reach net-zero emissions across the company's scope 1,
2 and 3 greenhouse gas (GHG) emissions by 2050, in accordance with
guidelines from the Science Based Targets initiative (SBTi).
Recognized Owens Corning with our
vendor Sustainability Award for its
commitment to building a sustainable
future through material innovation.
$6+ Billion
customer lifetime savings from Lowe’s
ENERGY STAR
®
products purchased in 2022.
→ To view Lowe’s Corporate Responsibility Report, visit responsibility.lowes.com
Reduced absolute scope 1
and 2 GHG emissions by
more than 40% since 2016.
Included in the Dow Jones Sustainability
Index for North America for the fourth
consecutive year.
PEOPLE & COMMUNITIES
58%
of our board are diverse,
with 42% identifying as
people of color and 33%
identifying as women.
of our executive officers are
diverse, with 50% identifying
as people of color and 25%
identifying as women.
50%
Board and executive
officer diversity
Announced a five-year,
$100 million commitment
to improving hometowns
across the U.S.
2022 ANNUAL REPORT 5
$10+ Billion
customer lifetime savings from
Lowe’s WaterSense
®
products
purchased in 2022.
$580+ Million
awarded in bonuses to our
U.S. frontline associates in 2022.
2022 Financial Highlights
10.5%
OPERATING
MARGIN
13.0%
ADJUSTED
OPERATING MARGIN
2
$10.17
DILUTED
EPS
$13.81
ADJUSTED
DILUTED EPS
2
$97.1B
IN
SALES
30.4%
RETURN ON
INVESTED CAPITAL
1
6 LOWE’S COMPANIES, INC.
1
Return on Invested Capital (“ROIC”) is calculated using a non-GAAP financial measure, and fiscal 2022 ROIC was negatively impacted
approximately 800 basis points as a result of the Company’s sale of its Canadian retail business. Refer to the “Non-GAAP Financial
Measures Reconciliation” section for the calculation of ROIC and a reconciliation of non-GAAP financial measures.
2
Adjusted operating margin and adjusted diluted earnings per share (EPS) are non-GAAP financial measures. Refer to the “Non-GAAP
Financial Measures Reconciliation” section for additional information as well as reconciliations between the Company’s GAAP and
non-GAAP financial results.
2022 Form 10-K
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979A69F69HK99B&CK9ZG
CAD5B=9G#B75B8/-5B?(5H=CB5@
GGC7=5H=CB5GGI779GGCFHFIGH99=B7@I8=B;
5G9L<=6=HGH<9F9HC5:CFAC:&CK9ZG
CAD5B=9G#B7ZG(CH9GA5HIF=B;
=B-9DH9A69F5B85:CFAC:&CK9ZG
CAD5B=9G#B7ZG(CH9GA5HIF=B;
=B-9DH9A69F
% -9DH9A69F
G7818C
#D<14A
=2>A?>A0C431H'454A4=24
G7818C4B2A8?C8>= >A< 8;4#> G7818C 8;8=60C4
-=LH<-IDD@9A9BH5@#B89BHIF985H985GC:
DF=@HCH<9A9B8985B8
,9GH5H98#B89BHIF985H985GC:
979A69F69HK99B&CK9ZG
CAD5B=9G#B75B8/-5B?(5H=CB5@
GGC7=5H=CB5GGI779GGCFHFIGH99=B7@I8=B;
5G9L<=6=HGH<9F9HC5:CFAC:&CK9ZG
CAD5B=9G#B7ZG(CH9GA5HIF=B;
=BDF=@5B85:CFAC:&CK9ZG
CAD5B=9G#B7ZG(CH9GA5HIF=B;
=BDF=@
% DF=@
=;<H<-IDD@9A9BH5@#B89BHIF985H985GC:
(CJ9A69FHCH<9A9B8985B8
,9GH5H98#B89BHIF985H985GC:
979A69F69HK99B&CK9ZG
CAD5B=9G#B75B8/-5B?(5H=CB5@
GGC7=5H=CB5GGI779GGCFHFIGH99=B7@I8=B;
5G9L<=6=HGH<9F9HC5:CFAC:&CK9ZG
CAD5B=9G#B7ZG(CH9GA5HIF=B;
=B(CJ9A69F5B85:CFAC:&CK9ZG
CAD5B=9G#B7ZG(CH9GA5HIF=B;
=B(CJ9A69F
% (CJ9A69F
(=BH<-IDD@9A9BH5@#B89BHIF985H985GC:
DF=@HCH<9A9B8985B8
,9GH5H98#B89BHIF985H985GC:
979A69F69HK99B&CK9ZG
CAD5B=9G#B75B8/-5B?(5H=CB5@
GGC7=5H=CB5GGI779GGCFHFIGH99=B7@I8=B;
5G9L<=6=HGH<9F9HC5:CFAC:&CK9ZG
CAD5B=9G#B7ZG(CH9GA5HIF=B;
=BDF=@5:CFAC:&CK9ZG
CAD5B=9G#B7ZG(CH9GA5HIF=B;
=BDF=@5B85:CFAC:&CK9ZG
CAD5B=9G#B7ZG(CH9GA5HIF=B;
=BDF=@
% DF=@
.9BH<-IDD@9A9BH5@#B89BHIF985H985GC:
-9DH9A69FHCH<9A9B8985B8
,9GH5H98#B89BHIF985H985GC:
979A69F69HK99B&CK9ZG
CAD5B=9G#B75B8/-5B?(5H=CB5@
GGC7=5H=CB5GGI779GGCFHFIGH99=B7@I8=B;
5G9L<=6=HGH<9F9HC5:CFAC:&CK9ZG
CAD5B=9G#B7ZG(CH9GA5HIF=B;
=B-9DH9A69F5B85:CFAC:&CK9ZG
CAD5B=9G#B7ZG(CH9GA5HIF=B;
=B-9DH9A69F
% -9DH9A69F
@9J9BH<-IDD@9A9BH5@#B89BHIF985H985G
C:-9DH9A69FHCH<9A9B898
5B8,9GH5H98#B89BHIF985H985GC:
979A69F69HK99B&CK9ZG
CAD5B=9G#B75B8/-5B?(5H=CB5@
GGC7=5H=CB5GGI779GGCFHFIGH99=B7@I8=B;
5G9L<=6=HGH<9F9HC5:CFAC:&CK9ZG
CAD5B=9G#B7ZG @C5H=B;,5H9(CH9G
A5HIF=B;=B-9DH9A69F5:CFAC:
&CK9ZGCAD5B=9G#B7ZG(CH9G
A5HIF=B;=B-9DH9A69F5B85:CFAC:
&CK9ZGCAD5B=9G#B7ZG(CH9G
A5HIF=B;=B-9DH9A69F
% -9DH9A69F
G7818C
#D<14A
=2>A?>A0C431H'454A4=24
G7818C4B2A8?C8>= >A< 8;4#> G7818C 8;8=60C4
.K9@:H<-IDD@9A9BH5@#B89BHIF985H985G
C:-9DH9A69FHCH<9A9B898
5B8,9GH5H98#B89BHIF985H985GC:
979A69F69HK99B&CK9ZG
CAD5B=9G#B75B8/-5B?(5H=CB5@
GGC7=5H=CB5GGI779GGCFHFIGH99=B7@I8=B;
5G9L<=6=HGH<9F9HC5:CFAC:&CK9ZG
CAD5B=9G#B7ZG @C5H=B;,5H9(CH9G
A5HIF=B;=B-9DH9A69F5:CFAC:
&CK9ZGCAD5B=9G#B7ZG(CH9G
A5HIF=B;=B-9DH9A69F5B85:CFAC:
&CK9ZGCAD5B=9G#B7ZG(CH9G
A5HIF=B;=B-9DH9A69F
% -9DH9A69F
.<=FH99BH<-IDD@9A9BH5@#B89BHIF985H98
5GC:DF=@HCH<9A9B8985B8
,9GH5H98#B89BHIF985H985GC:979A69F
69HK99B&CK9ZGCAD5B=9G#B7
5B8/-5B?(5H=CB5@GGC7=5H=CB5G
HFIGH99=B7@I8=B;5G9L<=6=HGH<9F9HC5:CFA
C:&CK9ZGCAD5B=9G#B7ZG @C5H=B;,5H9
(CH9GA5HIF=B;=BDF=@5:CFAC:
&CK9ZGCAD5B=9G#B7ZG(CH9G
A5HIF=B;=BDF=@5:CFAC:&CK9ZG
CAD5B=9G#B7ZG(CH9GA5HIF=B;
=BDF=@5B85:CFAC:&CK9ZG
CAD5B=9G#B7ZG(CH9GA5HIF=B;
=BDF=@
% DF=@
CIFH99BH<-IDD@9A9BH5@#B89BHIF985H98
5GC:'5M69HK99B&CK9ZG
CAD5B=9G#B75B8/-5B?(5H=CB5@
GGC7=5H=CB5GGI779GGCFHFIGH99=B7@I8=B;
5G9L<=6=HGH<9F9HC5:CFAC:(CH9G
8I9'5M5B85:CFAC:
(CH9G8I9'5M
% '5M
=:H99BH<-IDD@9A9BH5@#B89BHIF985H985G
C:DF=@69HK99B&CK9ZG
CAD5B=9G#B75B8/-5B?(5H=CB5@
GGC7=5H=CB5GGI779GGCFHFIGH99
=B7@I8=B;5G9L<=6=HGH<9F9HC5:CFAC:
(CH9G8I9DF=@5B85
:CFAC:(CH9G8I9DF=@
% DF=@
-=LH99BH<-IDD@9A9BH5@#B89BHIF985H985G
C:'5F7<69HK99B&CK9ZG
CAD5B=9G#B75B8/-5B?(5H=CB5@
GGC7=5H=CB5GGI779GGCFHFIGH99
=B7@I8=B;5G9L<=6=HGH<9F9HC5:CFAC:
(CH9G8I9DF=@5:CFA
C:(CH9G8I9DF=@5
:CFAC:(CH9G8I9DF=@
5B85:CFAC:(CH9G8I9DF=@
% '5F7<
G7818C
#D<14A
=2>A?>A0C431H'454A4=24
G7818C4B2A8?C8>= >A< 8;4#> G7818C 8;8=60C4
-9J9BH99BH<-IDD@9A9BH5@#B89BHIF985H98
5GC:)7HC69F69HK99B&CK9ZG
CAD5B=9G#B75B8/-5B?(5H=CB5@
GGC7=5H=CB5GGI779GGCFHFIGH99
=B7@I8=B;5G9L<=6=HGH<9F9HC5:CFAC:
(CH9G8I9DF=@5:CFA
C:(CH9G8I9)7HC69F5B8
5:CFAC:(CH9G8I9)7HC69F
% )7HC69F
=;<H99BH<-IDD@9A9BH5@#B89BHIF985H98
5GC:'5F7<69HK99B&CK9ZG
CAD5B=9G#B75B8/-5B?(5H=CB5@
GGC7=5H=CB5GGI779GGCFHFIGH99
=B7@I8=B;5G9L<=6=HGH<9F9HC5:CFAC:
(CH9G8I9DF=@5B85
:CFAC:(CH9G8I9DF=@
% '5F7<
(=B9H99BH<-IDD@9A9BH5@#B89BHIF985H98
5GC:-9DH9A69F69HK99B&CK9ZG
CAD5B=9G#B75B8/-5B?
GGC7=5H=CB5GGI779GGCFHFIGH99
=B7@I8=B;5G9L<=6=HGH<9F9HC5:CFAC:
(CH9G8I9-9DH9A69F5B8
5:CFAC:(CH9G8I9-9DH9A69F
% -9DH9A69F
.K9BH=9H<-IDD@9A9BH5@#B89BHIF985H98
5GC:'5F7<69HK99B&CK9ZG
CAD5B=9G#B75B8/-5B?.FIGH
CAD5BM(5H=CB5@GGC7=5H=CB5G
GI779GGCF=B=BH9F9GHHC/-5B?(5H=CB5@
GGC7=5H=CB5GGI779GGCFHFIGH99=B7@I8=B;
5G9L<=6=HGH<9F9HC5:CFAC:(CH9G
8I9DF=@5:CFAC:(CH9G
8I9DF=@5:CFAC:BCH9G
8I9DF=@5B85:CFAC:
(CH9G8I9DF=@
% '5F7<
.K9BHM =FGH-IDD@9A9BH5@#B89BHIF9
85H985GC:-9DH9A69F69HK99B
&CK9ZGCAD5B=9G#B75B8/-5B?
.FIGHCAD5BM(5H=CB5@GGC7=5H=CB5G
GI779GGCF=B=BH9F9GHHC/-5B?(5H=CB5@
GGC7=5H=CB5GGI779GGCFHFIGH99=B7@I8=B;
5G9L<=6=HGH<9F9HC5:CFAC:(CH9G
8I9-9DH9A69F5:CFAC:
(CH9G8I9DF=@5:CFAC:
BCH9G8I9DF=@5B85
:CFAC:(CH9G8I9-9DH9A69F
% -9DH9A69F
G7818C
#D<14A
=2>A?>A0C431H'454A4=24
G7818C4B2A8?C8>= >A< 8;4#> G7818C 8;8=60C4
F98=H;F99A9BH85H985GC:'5F7<
6M5B85ACB;&CK9ZGCAD5B=9G
#B75B?C:A9F=75(5G
58A=B=GHF5H=J95;9BHGK=B;@=B9@9B89F
5B85@9HH9FC:7F98=H=GGI9F/-5B?
(5H=CB5@GGC7=5H=CB5GGMB8=75H=CB5;9BH
5B85@9HH9FC:7F98=H=GGI9F=H=65B?(
!C@8A5B-57<G5B?/-$*'CF;5B
<5G95B?(5B819@@G 5F;C5B?
(5H=CB5@GGC7=5H=CB5G7C8C7IA9BH5H=CB
5;9BHG5B8H<9CH<9F@9B89FGD5FHMH<9F9HC
% '5F7<
A9B8A9BH(CHCF98=H;F99A9BH
85H985GC:979A69F6M5B8
5ACB;&CK9ZGCAD5B=9G#B75B?C:
A9F=75(5G58A=B=GHF5H=J95;9BH
GK=B;@=B9@9B89F5B85@9HH9FC:7F98=H
=GGI9F5B8H<9CH<9F@9B89FGD5FHMH<9F9HC
% 979A69F
A9B8A9BH(CHCF98=H;F99A9BH
85H985GC:$5BI5FM6M5B8
5ACB;&CK9ZGCAD5B=9G#B75B?C:
A9F=75(5G58A=B=GHF5H=J95;9BH
% $5BI5FM
85M.9FA&C5B 57=@=HM85H985GC:
DF=@6M5B869HK99B&CK9ZG
CAD5B=9G#B75B819@@G 5F;C5B?
(5H=CB5@GGC7=5H=CB
% DF=@
.<=F8A9B8985B8,9GH5H98F98=H
;F99A9BH85H985GC:979A69F
6M5B85ACB;&CK9ZGCAD5B=9G
#B75B?C:A9F=75(5G
58A=B=GHF5H=J95;9BHGK=B;@=B9@9B89F5B8
5@9HH9FC:7F98=H=GGI9F/-5B?(5H=CB5@
GGC7=5H=CB5B819@@G 5F;C5B?
(5H=CB5@GGC7=5H=CB5G7CGMB8=75H=CB
5;9BHG5B8@9HH9FC:7F98=H=GGI9FG5B8
=H=65B?(!C@8A5B-57<G5B?
/-$*'CF;5B<5G95B?(5B8
5F7@5MG5B?*&5G7C8C7IA9BH5H=CB
5;9BHG5B8H<9CH<9F@9B89FGD5FHMH<9F9HC
% 979A69F
A9B8A9BH(CHC.<=F8A9B8985B8
,9GH5H98F98=H;F99A9BH85H985GC:
$5BI5FM6M5B85ACB;&CK9ZG
CAD5B=9G#B75B?C:A9F=75(
5G58A=B=GHF5H=J95;9BHGK=B;@=B9@9B89F
5B85@9HH9FC:7F98=H=GGI9F5B8H<9CH<9F
@9B89FGD5FHMH<9F9HC
% $5BI5FM
9G7F=DH=CBC:-97IF=H=9G % '5F7<
&CK9ZGCAD5B=9G#B7=F97HCFGZ
9:9FF98CAD9BG5H=CB*@5B5G5A9B898
5B8F9GH5H98'5M
+ I;IGH
G7818C
#D<14A
=2>A?>A0C431H'454A4=24
G7818C4B2A8?C8>= >A< 8;4#> G7818C 8;8=60C4
&CK9ZGCAD5B=9G#B7AD@CM99
-HC7?*IF7<5G9*@5B
- )7HC69F
&CK9ZGCAD5B=9G9B9:=H,9GHCF5H=CB
*@5B5G5A9B8985B8F9GH5H985GC:
$5BI5FM
+ 979A69F
A9B8A9BH(CHCH<9&CK9ZG
CAD5B=9G9B9:=H,9GHCF5H=CB*@5B
% '5F7<
A9B8A9BH(CHCH<9&CK9ZG
CAD5B=9G9B9:=H,9GHCF5H=CB*@5B
% '5F7<
A9B8A9BH(CHCH<9&CK9ZG
CAD5B=9G9B9:=H,9GHCF5H=CB*@5B
+ 979A69F
A9B8A9BH(CHCH<9&CK9ZG
CAD5B=9G9B9:=H,9GHCF5H=CB*@5B
+ -9DH9A69F
A9B8A9BH(CHCH<9&CK9ZG
CAD5B=9G9B9:=H,9GHCF5H=CB*@5B
+ 979A69F
A9B8A9BH(CHCH<9&CK9ZG
CAD5B=9G9B9:=H,9GHCF5H=CB*@5B
% '5F7<
A9B8A9BH(CHCH<9&CK9ZG
CAD5B=9G9B9:=H,9GHCF5H=CB*@5B
% DF=@
&CK9ZGCAD5B=9G5G<9:9FF5@*@5B + $IB9
A9B8A9BH(CHCH<9&CK9ZG
CAD5B=9G5G<9:9FF5@*@5B
+ 979A69F
A9B8A9BH(CHCH<9&CK9ZG
CAD5B=9G5G<9:9FF5@*@5B
+ 979A69F
CFAC:&CK9ZGCAD5B=9G#B79:9FF98
-HC7?/B=H;F99A9BH:CF)IHG=89
=F97HCFG
+ -9DH9A69F
CFAC:&CK9ZGCAD5B=9G#B79:9FF98
-HC7?/B=H;F99A9BH:CF(CB9AD@CM99
=F97HCFG
+ I;IGH
&CK9ZGCAD5B=9G#B7&CB;.9FA
#B79BH=J9*@5B5G5A9B8985B8F9GH5H98
9::97H=J95GC:'5M
% $IB9
&CK9ZGCAD5B=9G#B7BBI5@
#B79BH=J9*@5B9::97H=J95GC: 96FI5FM
DD9B8=L DF=@
)::9F&9HH9F69HK99B'5FJ=B,@@=GCB
5B8&CK9ZGCAD5B=9G#B79BH9F98=BHC
CB'5M
% '5M
G7818C
#D<14A
=2>A?>A0C431H'454A4=24
G7818C4B2A8?C8>= >A< 8;4#> G7818C 8;8=60C4
)::9F&9HH9F69HK99B&CK9ZGCAD5B=9G
#B75B8$CG9D<''7 5F@5B8###9BH9F98
=BHCCB$I@M
+ -9DH9A69F
)::9F&9HH9F69HK99B&CK9ZGCAD5B=9G
#B75B85J=8'9BHCB9BH9F98=BHCCB
I;IGH
+ -9DH9A69F
)::9F&9HH9F69HK99B&CK9ZGCAD5B=9G
#B75B81=@@=5A*C@HN9BH9F98=BHCCB
$I@M
% '5F7<
)::9F&9HH9F69HK99B&CK9ZGCAD5B=9G
#B75B8-99A5BH=B=!C86C@99BH9F98=BHC
CB)7HC69F
% '5F7<
)::9F&9HH9F69HK99B&CK9ZGCAD5B=9G
#B75B8F5B8CB$-=B?9BH9F98=BHCCB
DF=@
% DF=@
CFAC:&CK9ZGCAD5B=9G#B7
,9GHF=7H98-HC7?K5F8;F99A9BH:CF
.=9F#)::=79FG
% '5F7<
CFAC:&CK9ZGCAD5B=9G#B7
*9F:CFA5B79-<5F9/B=HK5F8;F99A9BH
:CF.=9F#)::=79FG
+ $IB9
CFAC:&CK9ZGCAD5B=9G#B7(CB
+I5@=:=98-HC7?)DH=CB;F99A9BH:CF.=9F
#)::=79FG
+ $IB9
CFAC:&CK9ZGCAD5B=9G#B7<5B;9
=BCBHFC@;F99A9BH:CF.=9F#-9B=CF
)::=79FG
+ -9DH9A69F
CFAC:&CK9ZGCAD5B=9G#B7
*9F:CFA5B79-<5F9/B=HK5F8
;F99A9BH
+ (CJ9A69F
CFAC:&CK9ZGCAD5B=9G#B7(CB
+I5@=:=98-HC7?)DH=CB;F99A9BH
+ '5M
CFAC:&CK9ZGCAD5B=9G#B7=F97HCF
#B89AB=:=75H=CB;F99A9BH
+ 979A69F
CFAC:&CK9ZGCAD5B=9G#B7)::=79F
#B89AB=:=75H=CB;F99A9BH
% DF=@
CFAC:&CK9ZGCAD5B=9G#B7
,9GHF=7H98-HC7?K5F8;F99A9BH
+ '5M
CFAC:&CK9ZGCAD5B=9G#B7
*9F:CFA5B79-<5F9/B=HK5F8
;F99A9BH
+ '5M
CFAC:&CK9ZGCAD5B=9G#B7
(CB+I5@=:=98-HC7?)DH=CB;F99A9BH
+ '5M
G7818C
#D<14A
=2>A?>A0C431H'454A4=24
G7818C4B2A8?C8>= >A< 8;4#> G7818C 8;8=60C4
CFAC:&CK9ZGCAD5B=9G#B7
*9F:CFA5B79-<5F9/B=HK5F8
;F99A9BH
+ '5M
&CK9ZGCAD5B=9G#B7-9J9F5B79*@5B
:CF-9B=CF)::=79FG5G5A9B8985B8
F9GH5H98'5M
+ I;IGH
&=GHC:-I6G=8=5F=9G[
CBG9BHC:9@C=HH9.CI7<9&&*[
*CK9FC:HHCFB9M=B7@I898CBH<9
-=;B5HIF9GD5;9C:H<=GBBI5@,9DCFHCB
CFA%[
9FH=:=75H=CBC:*F=B7=D5@L97IH=J9)::=79F
*IFGI5BHHC,I@955855G
8CDH98*IFGI5BHHC-97H=CBC:H<9
-5F65B9G)L@9M7HC:[
9FH=:=75H=CBC:*F=B7=D5@ =B5B7=5@)::=79F
*IFGI5BHHC,I@955855G
8CDH98*IFGI5BHHC-97H=CBC:H<9
-5F65B9G)L@9M7HC:[
9FH=:=75H=CBC:*F=B7=D5@L97IH=J9)::=79F
*IFGI5BHHC/--97H=CB5G
8CDH98*IFGI5BHHC-97H=CBC:H<9
-5F65B9G)L@9M7HC:Q
9FH=:=75H=CBC:*F=B7=D5@ =B5B7=5@)::=79F
*IFGI5BHHC/--97H=CB5G
8CDH98*IFGI5BHHC-97H=CBC:H<9
-5F65B9G)L@9M7HC:Q
.<=FH99BH<A9B8A9BHHCH<9&CK9ZG
?*@5B9L97IH98CB$IB9
:=@98HC=B7@I89H<=G5A9B8A9BH5G5B
9L<=6=HHCH<9,9;=GHF5H=CB-H5H9A9BHCB
CFA-,9;=GHF5H=CB(C[
CIFH99BH<A9B8A9BHHCH<9&CK9ZG
?*@5B9::97H=J9979A69F
:=@98HC=B7@I89H<=G5A9B8A9BH5G5B
9L<=6=HHCH<9,9;=GHF5H=CB-H5H9A9BHCB
CFA-,9;=GHF5H=CB(C[
#(- 2,&#BGH5B79C7IA9BHVH<92,&
#BGH5B79C7IA9BH8C9GBCH5DD95F=BH<9
#BH9F57H=J95H5 =@96975IG9=HG2,&
H5;G5F99A698898K=H<=BH<9#B@=B92,&
8C7IA9BH[
-" 2,&.5LCBCAMLH9BG=CB-7<9A5
C7IA9BH[
G7818C
#D<14A
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"END OF FORM 10-K"
Reconciliation of Non-GAAP Financial Measures
Management of Lowe's Companies, Inc. (the Company) uses certain non-GAAP financial measures to provide additional
insight for analysts and investors in evaluating the Company's financial and operating performance. These non-GAAP financial
measures should not be considered alternatives to, or more meaningful indicators of, the Company's financial measures as
prepared in accordance with GAAP. The Company's methods of determining these non-GAAP financial measures may differ
from the methods used by other companies and may not be comparable.
Year Ended
Adjusted Operating Income
(in millions, except percentage data) February 3, 2023 February 1, 2019
Operating Income, As Reported $ 10,159 $ 4,018
Canada retail business transaction costs
1
2,501 —
Canadian goodwill impairment
2
— 952
Orchard Supply Hardware charges
3
— 561
U.S. and Canada charges
4
— 271
Mexico impairment charges
5
— 244
Non-core activities charges
6
— 46
Project Specialists Interiors charge
7
— 13
Adjusted Operating Income $ 12,660 $ 6,105
Operating Margin, % of sales 10.47 % 5.64 %
Adjusted Operating Margin, % of sales 13.04 % 8.56 %
Year Ended
February 3, 2023
Adjusted Diluted Earnings Per Share
Pre-Tax Earnings Tax
8
Net Earnings
Diluted Earnings Per Share, As Reported $ 10.17
Canada retail business transaction costs
1
3.95 (0.31) 3.64
Adjusted Diluted Earnings Per Share $ 13.81
1
Represents costs associated with the sale of the Canadian retail business, consisting of long-lived asset impairment, loss on the sale, and
other closing costs.
2
Represents goodwill impairment associated with its Canadian operations.
3
Represents long-lived asset impairment, discontinued project charges, and closing costs associated with the exit of the Company's
Orchard Supply Hardware operations.
4
Represents long-lived asset impairment and severance-related costs associated with the closure of 20 U.S. and 31 Canada locations.
5
Represents long-lived asset impairment associated with the Company's exit of its retail operations in Mexico.
6
Represents long-lived asset impairment and inventory write-downs related to the decision to exit certain non-core activities.
7
Represents severance costs due to the elimination of the Project Specialists Interiors position.
8
Represents the corresponding tax benefit or expense specifically related to the item excluded from adjusted diluted earnings per share.
Return on Invested Capital (ROIC) is calculated using a non-GAAP financial measure. Lowe's believes ROIC is a meaningful
metric for analysts and investors as a measure of how effectively the Company is using capital to generate financial returns.
Although ROIC is a common financial metric, numerous methods exist for calculating ROIC. Accordingly, the method used by
our management may differ from the methods used by other companies. We encourage you to understand the methods used by
another company to calculate ROIC before comparing its ROIC to ours.
We define ROIC as the rolling 12 months’ lease adjusted net operating profit after tax (Lease adjusted NOPAT) divided by the
average of current year and prior year ending debt and shareholders' (deficit)/equity. Lease adjusted NOPAT is a non-GAAP
financial measure, and net earnings is considered to be the most comparable GAAP financial measure. The calculation of
ROIC, together with a reconciliation of net earnings to Lease adjusted NOPAT, is as follows:
Four Quarters Ended
ROIC
(in millions, except percentage data) February 3, 2023
Numerator
Net Earnings $ 6,437
Plus:
Interest expense, net 1,123
Operating lease interest 163
Provision for income taxes 2,599
Lease adjusted net operating profit 10,322
Less:
Income tax adjustment
1
2,970
Lease adjusted net operating profit after tax $ 7,352
Denominator
Average debt and shareholders' (deficit)/equity
2
$ 24,155
Net Earnings to Average Debt and Shareholders' (Deficit)/Equity 26.6 %
Return on Invested Capital
3
30.4 %
1
Income tax adjustment is defined as lease adjusted net operating profit multiplied by the effective tax rate, which was 28.8% for the period
ended February 3, 2023.
2
Average debt and shareholders' (deficit)/equity is defined as average current year and prior year ending debt, including current maturities,
short-term borrowings, and operating lease liabilities, plus the average current year and prior year ending total shareholders' (deficit)/
equity.
3
As of February 3, 2023, ROIC was negatively impacted approximately 800 basis points as a result of the sale of the Canadian retail
business.
Committee Membership
1– Audit Committee
2– Compensation Committee
3– Nominating and Governance Committee
MARVIN R. ELLISON
Chairman, President and
Chief Executive Officer
BRIAN C. ROGERS
1, 3*
Retired Chairman and
Chief Investment Officer,
T. Rowe Price Group, Inc.
COLLEEN TAYLOR
1,4
President, U.S.
Merchant Services,
American Express
Company
RAUL ALVAREZ
2*, 4, 5
Operating Partner,
Advent International
Corporation
SCOTT H. BAXTER
2, 5
President, Chief
Executive Officer
and Chair of Board,
Kontoor Brands, Inc.
WILLIAM P. (BILL)
BOLTZ
Executive Vice President,
Merchandising
BERTRAM L. SCOTT
1*, 3
Retired Senior Vice
President of Population
Health and Value
Based Care,
Novant Health
DAVID H. BATCHELDER
2, 3
Co-Founder and Former
Principal, Relational
Advisors, LLC
MARY BETH WEST
1, 4
Retired Senior Vice
President, Chief
Growth Officer,
The Hershey Company
SANDRA B. COCHRAN
1, 4*
President and Chief
Executive Officer,
Cracker Barrel Old
Country Store, Inc.
ROSS W. (BILL)
MCCANLESS
Executive Vice President,
General Counsel and
Corporate Secretary
JOSEPH M.
MCFARLAND III
Executive Vice President,
Stores
BRANDON J. SINK
Executive Vice President,
Chief Financial Officer
LAURIE Z. DOUGLAS
1, 3, 5*
Senior Vice President,
Chief Information
Officer and Chief Digital
Officer, Publix Super
Markets, Inc.
JANICE M. DUPRÉ
Executive Vice President,
Human Resources
DONALD E. FRIESON
Executive Vice President,
Supply Chain
SEEMANTINI GODBOLE
Executive Vice President,
Chief Digital and
Information Officer
RICHARD W. DREILING
3
Lead Independent
Director of Lowe's
Companies, Inc.,
Chairman and Chief
Executive Officer,
Dollar Tree, Inc.
DANIEL J. HEINRICH
2, 5
Retired Executive
Vice President, Chief
Financial Officer,
The Clorox Company
MARVIN R. ELLISON
Chairman, President and
Chief Executive Officer,
Lowe's Companies, Inc.
Board of Directors
Executive Officers
4– Sustainability Committee
5– Technology Committee
*Committee Chair
Annual Report Design by Curran & Connors, Inc. | www.curran-connors.com
BUSINESS DESCRIPTION
Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE
®
50 home
improvement company serving approximately 17 million customer
transactions a week in the U.S. With total fiscal year 2022 sales of
over $97 billion, approximately $92 billion of sales were generated
in the U.S., where Lowe's operates over 1,700 home improvement
stores and employs approximately 300,000 associates. Based in
Mooresville, N.C., Lowe’s supports the communities it serves
through programs focused on creating safe, affordable housing
and helping to develop the next generation of skilled trade
experts. For more information, visit Lowes.com.
Lowe’s files reports with the Securities and Exchange Commission
(SEC), including annual reports on Form 10-K, quarterly reports on
Form 10-Q, current reports on Form 8-K and any other filings
required by the SEC.
The reports Lowe’s files with, or furnishes to, the SEC, and all amend-
ments to those reports, are available without charge on Lowe’s web-
site (ir.lowes.com) as soon as reasonably practicable after Lowe’s files
them with, or furnishes them to, the SEC.
Copies of Lowe’s 2022 Annual Report on Form 10-K are available
without charge upon written request to Lowe’s Investor Relations
Department, at Lowe’s corporate offices or by calling 800-813-7613.
Additional information available on our website (ir.lowes.com)
includes our Corporate Governance Guidelines, Board of Directors
Committee Charters, and Code of Business Conduct and Ethics as
well as other financial information. Lowe's Corporate Responsibility
Report and Culture, Diversity & Inclusion Report are available at
responsibility.lowes.com.
STOCK TRANSFER AGENT & REGISTRAR, DIVIDEND DISBURSING
AGENT AND DIVIDEND REINVESTING AGENT
Computershare Trust Company, N.A.
P.O. Box 43006
Providence, RI 02940-3006
Registered shareholders can update account details, enroll in
direct deposit of dividends, perform transactions, and submit
account inquiries online through Computershare’s website,
computershare.com/investor. Registered shareholders can also
visit Computershare’s Quick Access Hub at cshare.us/qahub
to view statements, tax forms, obtain stock value, share balances,
replace checks, add or change account beneficiaries, update an
address, enroll in direct deposit and receive text message
notifications. Registered shareholders requiring assistance with
account inquiries may also call Computershare at 877-282-1174.
Investors can join Lowe’s Stock Advantage Direct Stock Purchase
Plan by visiting ir.lowes.com and clicking on Buy Stock Direct.
This communication does not constitute an offer to sell or the
solicitation of any offer to buy securities.
DIVIDENDS
Lowe’s has declared a cash dividend each quarter since becoming
a public company in 1961.
Dividend record dates are usually the third week of fiscal April, July,
October and January.
Dividend payment dates are usually the first week of fiscal May,
August, November and February.
ANNUAL MEETING DATE
May 26, 2023 at 10:00 a.m.
This year's annual meeting is online only. You will not be able to
attend the annual meeting in person.
STOCK TRADING INFORMATION
Lowe’s common stock (LOW) is listed on the New York Stock Exchange.
GENERAL COUNSEL
Ross W. (Bill) McCanless
Executive Vice President, General Counsel and Corporate Secretary
704-758-1000
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
650 South Tryon Street
Suite 1800
Charlotte, NC 28202
704-887-1500
SHAREHOLDER SERVICES
Shareholders’ and security analysts’ inquiries should be directed to:
Kate Pearlman
Vice President, Investor Relations & Treasurer
704-775-3856
For copies of financial information:
800-813-7613 or visit ir.lowes.com
This report is printed on paper containing fiber from well-managed,
independently certified forests and contains a minimum of 10%
post-consumer recycled fiber. To further reduce resource use, Lowe’s
is relying on e-proxy rules to make the proxy materials for its 2023
Annual Meeting, including this Annual Report, available online to
many of our shareholders instead of mailing hard copies to them.
This use of technology has allowed us to reduce the number of
copies we print of our Annual Report.
Corporate Information
Corporate Offices
1000 Lowes Boulevard
Mooresville, NC 28117
704-758-1000
Lowe’s Website
www.Lowes.com
To view Lowe’s Corporate
Responsibility Report, visit
responsibility.lowes.com
1 LOWE’S COMPANIES, INC.
Lowe’s Companies, Inc.
1000 Lowes Boulevard, Mooresville, NC 28117
www.Lowes.com
