실적분석 Lowe's ($LOW) FY2026 Q2 Earnings Analysis — EPS Beat, Revenue Miss, Guidance Cut
Earnings Scorecard
Revenue: $25.956 billion (+8.3% YoY, vs. $26.209 billion expected) ❌ Miss
EPS: $4.40 adjusted ($4.27 GAAP, vs. $4.24 expected) ✅ Beat
Guidance: Lowered — FY2026 revenue $92.0 billion and adjusted diluted EPS of approximately $12.25, anchored to the bottom end of the prior range
Stock reaction: After-hours -3.32% ($208.49) — as of 08-19 20:45 KST
The Positives
Adjusted EPS: $4.40, beating the $4.24 estimate
Comparable-store sales: +0.2%, marking five consecutive quarters of growth
Online sales: +15.7% YoY
Pro (professional customers) and home services drove the growth, and on an adjusted basis — excluding acquisition-related costs — earnings power was preserved. Note that a tariff refund benefit contributed $0.11 to EPS, a factor to keep in mind when reading the results.
The Negatives
Revenue: $25.956 billion, missing the $26.209 billion estimate
Full-year guidance: Revenue and adjusted EPS moved to the bottom end of the prior range
DIY demand: Discretionary spending pressure constrained comparable-store sales growth
The total revenue increase was heavily driven by acquisition effects, comparable-store growth was muted, and gross margin was lower than a year ago. If second-half demand weakens further, even the bottom-end outlook could come under pressure.
What Management Said
Management reset the full-year outlook to reflect first-half results and current demand trends, embedding this quarter's tariff refund while excluding any additional refunds for the second half — a deliberately conservative framing. The market read this as a warning signal on near-term demand softness.
Market Reaction and What to Watch Next
The revenue miss and full-year guide-down overshadowed the EPS beat.
Watch whether second-half comparable-store sales hold up in line with the prior-year baseline embedded in guidance.
Track whether discretionary DIY demand recovers, or whether reliance on Pro and online channels becomes entrenched.
Check whether the adjusted EPS trajectory holds once tariff refund benefits roll off.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
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