Lowe's cuts 2026 sales outlook to $92 billion as premarket stock falls
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Lowe's cut its 2026 total sales outlook to $92 billion, the low end of its prior range, after reporting second-quarter revenue of $26 billion that missed the $26.1 billion analysts expected. Shares fell as much as 3% in premarket trading, while adjusted earnings per share of $4.27 beat the $4.22 consensus. Comparable sales rose 0.2%, below the 0.7% expected, as the retailer cited pressure in discretionary DIY spending even as Pro, Online, and Home Services drove a fifth consecutive quarter of positive comparable sales.
Key Facts
- Lowe's expects adjusted diluted earnings per share of approximately $12.25 for 2026, at the low end of its previously expected range of $12.25 to $12.75.
- The company said comparable sales for 2026 are expected to be flat, after previously forecasting a high-end increase of 2%.
- DIY customers represented roughly 60% to 65% of Lowe's revenue as of the first quarter.
Guidance Cut
Lowe's now projects total sales of $92 billion in 2026, down from its previous forecast of $92 billion to $94 billion. Comparable sales are expected to be flat for the year, whereas the high end of the prior range called for a 2% increase. Adjusted diluted earnings per share are forecast at approximately $12.25, the low end of the previously expected $12.25 to $12.75 range. The guidance update follows CEO Marvin Ellison's statement that sustained growth in Pro, Online, and Home Services drove a fifth consecutive quarter of positive comparable sales despite pressure in discretionary DIY spending.
Quarterly Performance
Second-quarter revenue was $26 billion, just below the $26.1 billion analysts expected. Adjusted earnings per share of $4.27 beat the $4.22 estimate and included a $0.11 benefit from IEEPA tariff refunds. Same-store sales grew 0.2%, below the 0.7% expected, as home services, Pro, and online transactions were partially offset by persistent DIY macro pressures. DIY customers made up roughly 60% to 65% of Lowe's revenue as of the first quarter. Home Depot CFO Richard McPhail said customers continue to pursue smaller projects and described housing conditions as 'frozen' with 30-year fixed mortgage rates around 6.7%.
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Lowe's cuts 2026 sales outlook to $92 billion as premarket stock falls
