Lowe's Delivers Strong First Quarter, Building Momentum for Long-Term Growth
Lowes Companies, Inc. recently reported its first quarter 2026 earnings, exceeding expectations with a sales growth of $23.1 billion and adjusted diluted earnings per share of $3.03, up 3.8% versus the prior year. The company's strong performance was driven by successful execution in key areas such as spring sales, pro services, online shopping, and Home Services.
Marvin Ellison, Chairman and Chief Executive Officer of Lowe's, highlighted the company's achievements during a conference call with investors on May 20th. "We're pleased with our results this quarter," he stated, despite the February storms that slowed the start of the spring season. The team executed at a high level throughout the quarter, particularly during SpringFest, where they were well-positioned with strong in-stocks, compelling offers, targeted member deals, and traffic-driving store events.
Lowe's continued growth in pro services reflects its Total Home strategy positioning the company for short- and long-term market share gains. Bill Boltz, Executive Vice President of Merchandising, attributed this success to a competitive assortment of national brands, consistent strong in-stock position, and outstanding service levels. Additionally, the loyalty program MyLowe's Pro Rewards continues to resonate with small to medium pro customers.
The online shopping experience also saw significant growth, with sales increasing by 15.5% this quarter. This was driven by continued enhancements to the user experience, standout online deals, and improved fulfillment capabilities, including same-day delivery. Lowe's further enhanced the value of its loyalty programs by offering free same-day delivery for purchases over $25 for MyLowe's Rewards and MyLowe's Pro Rewards members.
Lowe's Home Services segment also reported growth this quarter, underscoring the company's ability to capture market share in a highly fragmented category. The enhanced installation experience continues to resonate with homeowners undertaking complex projects. Additionally, Lowe's recently announced HomeCare+, a first-of-its-kind subscription service that taps high-performing, technically trained red vest store associates to help busy customers stay on top of their to-do list.
The company's use of AI-powered shopping assistant, Mylow, is also showing promising results, supporting over 1 million customer inquiries each month. The conversion rate for online customers who use Mylow is triple that of customers who do not use the tool, suggesting a well-designed agentic AI experience can be a clear driver in the purchasing decision.
Lowe's has clearly positioned itself for long-term growth and success through its Total Home strategy, leveraging its core competencies in pro services, online shopping, and Home Services. The company continues to invest in enhancing customer experiences, driving market share gains, and building strong relationships with its loyal customers.
