LOW

Lowe's Companies, Inc.

Buying a House '24: Home Services Buying a House '26: Home Improvement Retailers Global Home Improvement '26: U.S. & Canada Home Improvment HaveNots Longs '25: Mass Market Home & Auto High Tax Refund '26: Deferred Durables & Home Natural Disasters Long '24: Home Improvement & Building Retail Shopping '25: Big Box Retailers Small Themes '26: Housing Turnover

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Overview

Lowe's Companies, Inc. is a home improvement retailer serving DIY homeowners and professional contractors with products for construction, repair, and decorating

Lowe's Companies, Inc. is a home improvement retailer serving DIY homeowners and professional contractors with products for construction, repair, and decorating, plus installation and home maintenance services like HomeCare+. Its Total Home strategy, leveraging AI tools like Mylow and recent acquisitions (FBM, ADG), expands its reach into wholesale distribution for builders, operating across approximately 1,742 stores in the U.S..

What They Do (Plain English & Analogies): Lowe's is like a giant supermarket for your home. Instead of groceries, it sells everything you need to build, fix, improve, or decorate your house, from a tiny screw to a whole new kitchen. They cater to everyday homeowners doing small DIY projects, as well as professional contractors building or renovating homes and commercial properties. Beyond just selling products, they also offer services like installation for big projects and even a subscription for routine home maintenance. Through recent acquisitions, they've also expanded into supplying larger home builders and commercial clients with specialized interior materials.
Very Brief History: Lowe's Companies, Inc. was founded in 1921 in North Wilkesboro, North Carolina. Over the decades, it grew from a local hardware store into a major national home improvement retailer. It expanded significantly across the United States, and while it previously had international operations in Canada and Mexico, it has since divested those, focusing primarily on the U.S. market.
"Street Stereotype": Lowe's is generally seen by investors and analysts as a leading home improvement retailer and a key indicator for the health of the broader housing market and consumer spending on home-related projects. It's often viewed as highly sensitive to macroeconomic factors like interest rates, housing turnover, and consumer confidence, particularly concerning big-ticket discretionary purchases. It's also recognized as a direct competitor to other large home improvement chains, serving both DIY and professional contractor segments.
Subsidiaries On Linked In*: Lowe's Pro Supply
Artisan Design Group (ADG) — Acquired in 2025
Foundation Building Materials (FBM) — Acquired in 2025
Customer Sectors & Example Clients: Lowe's serves a diverse customer base, including individual homeowners and renters (Do-It-Yourself or DIY customers), as well as professional customers (Pros). The Pro segment includes small to medium-sized contractors, remodelers, and, increasingly, larger residential and commercial builders. Through its acquisitions, Lowe's now also targets clients undertaking large-scale projects such as data centers, stadiums, and other municipal contracts.
New Customers / Segments They'Re Targeting: Lowe's is actively targeting several new customer segments and expanding its offerings. This includes: enhancing its loyalty program, MyLowe's Pro Rewards, specifically for small to medium-sized Pros; launching HomeCare+, a subscription service for routine home maintenance, aimed at DIY customers and MyLowe's Rewards members; and significantly expanding into the residential homebuilding and commercial construction markets through the acquisitions of Foundation Building Materials (FBM) and Artisan Design Group (ADG), aiming to be an 'interior solutions platform' for these builders. Additionally, the Lowe's Foundation is investing $250 million to train skilled tradespeople, indirectly supporting future Pro customers, and the company is rolling out workwear and pet assortments to all stores, and extending offerings to 150 more rural stores.
Supply Chain And Sourcing Geographies: Lowe's manages its supply chain with a focus on efficiency and strong in-stock positions. While specific sourcing countries or regions are not explicitly detailed in the provided information, the company actively engages in 'country award and diversification strategies' and navigates a 'fluid tariff policy' to manage costs and ensure product availability.
Sales Geographies And Expansion Plans: Lowe's primarily operates in the United States. As of May 1, 2026, the company operated 1,759 home improvement stores. Lowe's previously had international operations in Canada and Mexico but has since divested these. The company plans to expand its national presence by opening 10 to 15 new stores annually in 2026 and over the next several years, with a strategy that includes extending offerings to 150 more rural stores.
How Key Themes May Help/Hurt: Lowe's is significantly impacted by the 'Home Improvement & Building' theme. It benefits from strong structural demand drivers such as an aging housing stock, record home equity, and the long-term need for new homes, which provide a solid foundation for future growth. The acquisitions of FBM and ADG are strategically positioned to capitalize on the recovery of the residential homebuilding market and expand into commercial construction. However, the company is hurt by the volatile housing macro environment, characterized by elevated interest rates and a 'lock-in effect' that suppresses housing turnover and new home starts, leading to pressure on big-ticket discretionary DIY projects. Regarding 'Natural Disasters Long '24: Home Improvement & Building,' while not explicitly detailed for this quarter, severe weather events generally drive demand for repair and reconstruction materials, which could benefit Lowe's. The company did note that February storms slowed the start of the spring season, but sales rebounded as weather normalized. Conversely, potential supply chain disruptions or labor shortages following widespread natural disasters could hinder their ability to meet increased demand.

3 Main Long-Term Bull Details

Total Home Strategy & Market Share Gains: Lowe's is successfully executing its 'Total Home' strategy, driving robust growth in its Pro, online, and home services segments. Strategic acquisitions of Foundation Building Materials (FBM) and Artisan Design Group (ADG) further expand its market presence, particularly in wholesale distribution and interior solutions for home builders, positioning the company for long-term market share gains.
Operational Excellence & AI Integration: The company's Perpetual Productivity Improvement (PPI) initiatives are targeting $1 billion in productivity for 2026, offsetting cost pressures and funding strategic investments. Lowe's is also a leader in leveraging AI, with tools like Mylow (AI-powered shopping assistant) and Mylow Companion (for associates) significantly improving customer service, online conversion rates, and operational efficiency across the enterprise.
Strong Structural Demand Drivers: Despite near-term macro headwinds, the long-term structural demand drivers for home improvement remain robust. Record home equity, an aging housing stock (average 44 years), and a chronic supply-demand imbalance requiring millions of new homes over the next decade provide a solid foundation for sustained growth as macro conditions normalize.

3 Main Long-Term Bear Details

Persistent Housing Market Volatility & DIY Pressure: Elevated interest rates contribute to a 'lock-in effect,' suppressing housing turnover and new home starts. This uncertainty continues to pressure big-ticket discretionary DIY projects, as consumers remain reluctant to make significant home investments, leading to a forecasted flat broader home improvement market in 2026.
Acquisition Integration Risks & Margin Dilution: The recent acquisitions of Foundation Building Materials (FBM) and Artisan Design Group (ADG) are navigating a challenging residential construction market and are expected to be dilutive to operating margin by 30 basis points in 2026. While integration efforts are underway, potential risks related to capturing cost synergies and realizing cross-selling opportunities could impact financial performance.
Macroeconomic Headwinds & Cost Pressures: The company faces ongoing challenges from a fluid tariff policy and renewed inflationary pressures, particularly from oil prices impacting fuel and commodity-based products. These factors introduce risks to profitability, requiring continuous and effective mitigation through productivity initiatives and vendor partnerships to maintain competitiveness and manage profitability.

Competitors And Differentiation: While not explicitly named in the transcript, Lowe's primary competitor in the home improvement retail space is typically Home Depot. Lowe's differentiates itself through several key strategies: offering a competitive assortment of national and exclusive brands, maintaining strong in-stock positions, and providing outstanding service levels. Key differentiators include its MyLowe's Pro Rewards loyalty program, continuous enhancements to its online user experience with features like Mylow (an AI-powered shopping assistant) and free same-day delivery for loyalty members on qualifying purchases. The company also stands out with its comprehensive Home Services, including an enhanced installation experience and the unique HomeCare+ subscription service, and its industry-leading capability to deliver and install major appliances next day in virtually every U.S. ZIP Code. Furthermore, Lowe's leverages AI tools like Mylow Companion for associates and a materials list tool for Pros to improve efficiency and customer service.
Recent Performance & What The Market'S Focused On: Lowe's reported Q1 2026 sales of $23.1 billion, a 10.3% increase year-over-year, with comparable sales up 0.6%, driven by strong spring execution and continued strength in Pro, Appliances, Online, and Home Services. Adjusted diluted earnings per share increased 3.8% to $3.03. Gross margin declined 70 basis points, primarily due to the dilutive impact of the FBM and ADG acquisitions. The company affirmed its fiscal year 2026 outlook, expecting sales between $92 billion and $94 billion and comparable sales to be flat to up 2%. For Q2, comparable sales are expected to be in line with the full-year midpoint, but adjusted operating margins are anticipated to be pressured by acquisitions, sales-driving actions, and higher transportation costs, leading to an expected 2% decline in adjusted diluted EPS compared to the prior year. The market is focused on the ongoing impact of the challenging housing macro on DIY demand, the performance and integration of the FBM and ADG acquisitions, and the effectiveness of Lowe's Perpetual Productivity Improvement (PPI) initiatives and AI deployment in driving productivity and offsetting cost pressures.

Revenue Segments And Estimated Mix: Building Products — Mix: ~31.5%; Source: FY24 filing data; Trend: Continued growth in Pro-driven categories, particularly rough plumbing and electrical in Q1 2026.
Hardlines — Mix: ~29.0%; Source: FY24 filing data; Trend: Positive comp sales across every merchandise division in Q1 2026, including lawn and garden, seasonal and cleaning, tools and hardware, and power equipment.
Home Decor — Mix: ~36.9%; Source: FY24 filing data; Trend: Positive comp sales in appliances and paint in Q1 2026.
Other Sales (Product) — Mix: ~2.6%; Source: FY24 filing data
Service — Mix: n/m; Source: FY24 filing data; Trend: Delivered growth in Q1 2026, reinforcing market share capture in a fragmented category.
Acquisitions (FBM and ADG) — Mix: n/m; Source: Q1 2026 transcript and search results; Trend: Expected to contribute approximately $8 billion to sales in fiscal year 2026. Contributed $1.75 billion to net sales in Q1 2026 as part of a new 'Other' segment.
Product Brands: Lowe's
Kobalt®
Project Source®
allen + roth®
Sta-Green®
Master Forge®
Style Selections®
Severe Weather®
Origin 21®
Heart & Herd™
RELIABILT®
Utilitech®
Moxie®
Lowe's Essentials™
Holiday Living®
Haunted Living®
Highland®
Blue Hawk
Garden Treasures
Harbor Breeze
Portfolio
Top Choice
Pella
Therma-Tru
LARSON
TOTO
Toro
EGO
John Deere
Husqvarna
CRAFTSMAN
Cobalt
Scott's
Oldcastle
Pavestone
Carhartt
Dickies
Wrangler Apparel
Sherwin-Williams
Weber
Char-Broil
Blackstone
Daltile
STAINMASTER
DEWALT
Whirlpool
Samsung
Frigidaire
KitchenAid
LG
GE
Café Appliances
FORNO Appliances
SHARP®
BISSELL
BLACK+DECKER
BLUE RHINO
BROIL KING
Backyard Discovery
Baldwin
CALI
CATALYST™ Fence Solutions
Cabot® Stain & Sealer
Cash Acme
FLEX Power Tools
Fanimation
Febreze Air Freshener
Filtrete™
Firman
GAF Roofing
GE Lighting
GRK
GROHE
HALO
Haier
Hanover
MAAX
MAPEI
MRCOOL
Masonite Doors
PORTER CABLE Tools & Accessories
Paslode
Peerless Faucets
SAFAVIEH Home Furnishings
SKIL
SMARTCORE Flooring

Bull / Bear Details

Lowe's demonstrates resilience through its Total Home strategy, driving growth in Pro, online, and home services, complemented by strategic acquisitions expandi

Thesis

Lowe's demonstrates resilience through its Total Home strategy, driving growth in Pro, online, and home services, complemented by strategic acquisitions expanding its market reach. Despite a cautious housing macro outlook and pressure on big-ticket DIY, strong structural demand drivers and significant productivity gains from AI and PPI initiatives position the company to outperform. The focus on operational excellence and customer-facing technology, including new AI tools and services, makes the bull case compelling for long-term value creation. (Updated: 2026-06-03)

Bull case

Lowe's Total Home strategy is successfully driving diversified growth, with Q1 2026 comparable sales up 0.6% and online sales growing 15.5%. Continued strength in Pro, Home Services, and Appliances, along with the launch of HomeCare+ and the national rollout of workwear and pet, expands market reach and customer engagement. Acquisitions of FBM and ADG are on track, with FBM's commercial business securing new data center, stadium, and municipality contracts.
The company is a leader in leveraging AI to enhance customer experience and operational efficiency. Mylow, the AI shopping assistant, supports over 1 million inquiries monthly, tripling conversion rates for users. Mylow Companion for associates has handled over 5 million questions, improving customer satisfaction by 200 basis points. An AI-enabled tool for Pros reduces materials list quote times from days to minutes, significantly boosting productivity.
Despite near-term macro headwinds, Lowe's continues to outperform the market and is well-positioned for long-term gains. The company delivered four consecutive quarters of positive comparable sales and affirmed its fiscal 2026 outlook. Structural demand drivers like an aging housing stock and record home equity remain strong. A $250 million investment in skilled trades addresses a critical industry need, supporting future Pro demand.

Bear case

A challenging housing macro environment continues to pressure DIY demand. Elevated interest rates, higher costs, and low housing turnover contribute to a 'lock-in effect,' suppressing big-ticket discretionary DIY projects. The broader home improvement market is expected to remain flat in 2026, and comparable transactions declined 0.9% in Q1, reflecting ongoing consumer caution, particularly among lower-income segments.
Acquisitions of FBM and ADG, while strategic, continue to dilute gross margin and are expected to pressure Q2 operating margins. Integration efforts are underway to capture cost synergies, but these businesses are navigating a challenging residential construction market. Additionally, Q2 adjusted diluted earnings per share are expected to be approximately 2% below the prior year, partly due to sales-driving investments and higher transportation costs.
The company faces ongoing cost pressures and a fluid inflationary environment. Immediate impacts from oil prices are affecting fuel and commodity-based products like resin and plastics, creating near-term pressure on transportation costs. While Perpetual Productivity Improvement (PPI) initiatives are delivering results, the continuous need to offset these underlying cost pressures and mitigate inflation remains a significant operational challenge.

Bull / Bear Case

Bear Case: A challenging housing macro environment, characterized by elevated interest rates, higher costs, and low housing turnover, continues to pressure DIY demand, particularly for big-ticket discretionary projects. The broader home improvement market is expected to remain flat or see only modest growth in 2026, with comparable transactions declining 0.9% in Q1 due to consumer caution, especially among lower-income segments. The recent acquisitions of FBM and ADG, while strategic, are diluting gross margin and are expected to pressure Q2 operating margins. Q2 adjusted diluted earnings per share are projected to be approximately 2% below the prior year, partly due to these acquisitions, sales-driving investments, and higher transportation costs. Lowe's also faces ongoing cost pressures and a fluid inflationary environment from rising oil prices and commodities, requiring continuous productivity initiatives to mitigate these challenges. The stock's significant underperformance year-to-date reflects negative market sentiment regarding these persistent headwinds.
Bull Case: Lowe's is successfully executing its Total Home strategy, driving diversified growth across its Pro, Online (15.5% growth in Q1), and Home Services segments. The company is a leader in leveraging AI, with tools like Mylow and Mylow Companion significantly enhancing customer experience and operational efficiency, leading to tripled online conversion rates for users and improved associate productivity. Strategic acquisitions of FBM and ADG are on track to capitalize on the future residential homebuilding market, with FBM's commercial business already securing new contracts. Despite near-term macro headwinds, Lowe's has delivered four consecutive quarters of positive comparable sales and affirmed its fiscal 2026 outlook, demonstrating resilience and market share gains. Long-term structural demand drivers, including an aging housing stock and record home equity, along with a $250 million investment in skilled trades, further support sustained growth as macro conditions normalize.
More Compelling & Why: Given the current market sentiment and stock underperformance, the Bear Case is more compelling. Lowe's current P/E ratio of approximately 17.56-18.42 is near its historical average but the stock has significantly underperformed the broader market year-to-date. The strongest argument for the bear case is the persistent pressure on the DIY discretionary segment, which constitutes roughly two-thirds of Lowe's business, coupled with the acknowledged Q2 operating margin and EPS pressure from acquisitions and rising costs. My view would flip to bullish with clear signs of a sustained rebound in DIY discretionary spending and transaction trends, or significantly faster-than-expected synergy realization from acquisitions that materially offsets margin dilution.

Key Factors5 rows

Key Factor	Why It Matters	What To Watch	What It Signals	Where/How To Track	Free Alt Data	Paid Alt Data
Adoption rates and measured productivity/customer experience improvements from AI tools (Mylow, Mylow Companion, Pro AI tools for materials lists).	AI tools are driving significant improvements in online conversion, customer satisfaction, and operational efficiency, directly contributing to sales growth and cost savings, supporting the bullish thesis on technology integration.	Mylow customer inquiries per month (currently over 1 million), online conversion rate for Mylow users (currently triple that of non-users), Mylow Companion questions asked by associates (currently over 5 million), and reduction in time for Pro materials list quotes (from days to minutes).	Continued increase in Mylow inquiries (e.g., exceeding 1 million/month consistently), sustained triple conversion rate for Mylow users, continued high adoption of Mylow Companion (e.g., exceeding 5 million questions), and further reduction in Pro quote times = bullish. Stagnation or decline in these metrics = bearish.	Company earnings calls and investor presentations. Next update: Q2 2026 earnings call (expected August 2026).	Google Trends: "Mylow Lowe's", "Lowe's AI shopping assistant" search volume.	Similarweb: Lowe's.com conversion rate trends, user engagement with AI features.
Initial adoption rates and member engagement with the newly launched HomeCare+ subscription service.	HomeCare+ is a new initiative to deepen loyalty and engagement with DIY customers, potentially creating a recurring revenue stream and strengthening the 'Total Home' strategy. Early success is a bullish signal for long-term customer value.	Management commentary on HomeCare+ member sign-ups, reported engagement levels with the service, and any early indications of increased MyLowe's Rewards member activity or spend.	Positive commentary on strong initial member sign-ups, high engagement rates with services, and evidence of increased loyalty program activity or cross-category spend from HomeCare+ members = bullish. Slow adoption or lack of positive commentary = bearish.	Company earnings calls and investor presentations. Next update: Q2 2026 earnings call (expected August 2026).	Social media sentiment analysis for "Lowe's HomeCare+", online reviews of the service.	Consumer survey data: Awareness and interest in home maintenance subscription services.
Trends in DIY discretionary purchases and comparable transactions, particularly for big-ticket items.	DIY discretionary spending remains under pressure due to macro headwinds. Any improvement would signal a broader consumer recovery, while continued weakness would confirm ongoing challenges, impacting overall sales and profitability.	Commentary from management on DIY comparable sales performance, average ticket size for DIY customers, and comparable transactions (currently declined 0.9%). Specifically, watch for a reversal of the decline in comparable transactions.	Sustained increase in DIY comparable sales, positive shift in average ticket size for DIY, or an improvement/positive growth in comparable transactions = bullish. Continued pressure, further decline in these categories, or continued negative comparable transactions = bearish.	Company earnings calls and investor presentations. Next update: Q2 2026 earnings call (expected August 2026).	Consumer confidence indices (e.g., University of Michigan, Conference Board), retail sales data (government releases) for home furnishings/building materials.	Consumer card data: Spending on discretionary home improvement items at Lowe's. Placer.ai: Foot traffic trends at Lowe's stores, segmented by potential DIY vs. Pro patterns.
Realization of cost synergies from FBM and ADG acquisitions and continued securing of new commercial contracts for FBM (e.g., data center, stadium, municipality projects).	Successful integration and synergy capture from these acquisitions are crucial to offset initial margin dilution and position Lowe's for long-term growth in the residential homebuilding and commercial markets.	Updates on cost synergy capture (e.g., specific dollar amounts or percentages), announcements of new data center, stadium, or municipality contracts for FBM, commentary on the performance of the residential construction market for ADG.	Ahead-of-schedule synergy realization, multiple new significant commercial contract announcements for FBM, or positive commentary on ADG's performance despite market challenges = bullish. Delays in synergy capture, lack of new commercial wins, or worsening performance in residential construction for ADG = bearish.	Company earnings calls and investor presentations, press releases. Next update: Q2 2026 earnings call (expected August 2026).	Industry news on commercial construction projects, government contract databases (for municipality projects).	BuildFax: Residential and commercial remodeling/construction activity in key FBM/ADG markets.
Continued positive comparable sales growth in the Pro segment and expansion of the Pro Extended Aisle with new suppliers and capabilities.	The Pro segment is a key growth driver outperforming DIY, and the Extended Aisle enhances product offerings and delivery, directly contributing to market share gains and overall sales.	Reported comparable sales growth for the Pro segment (e.g., continued positive comps), number of new suppliers added to Pro Extended Aisle, specific new product categories or capabilities launched (e.g., Daltile in flooring).	Pro comparable sales growth consistently outperforming overall comps, and regular announcements of new suppliers/capabilities for Pro Extended Aisle = bullish. Slowdown in Pro growth or lack of Extended Aisle updates = bearish.	Company earnings calls and investor presentations. Next update: Q2 2026 earnings call (expected August 2026).	Industry reports on professional contractor spending, construction activity indices.	Earnest Research: Pro customer spending at Lowe's vs. competitors.

Key Reported Metrics3 rows

Metric	Why It Matters	Last Period
Adjusted Diluted Earnings Per Share Growth	This is a key indicator of Lowe's profitability and operational efficiency, especially important given the challenging macro environment and expected Q2 pressure, reflecting shareholder value creation.	+3.8%
Online Sales Growth	Strong online growth demonstrates the success of Lowe's omnichannel strategy and its ability to capture market share through enhanced digital experiences, appealing to both DIY and Pro customers.	+15.5%
Comparable Sales	This metric is crucial as it reflects the health of Lowe's existing business and consumer demand in the home improvement market, indicating the effectiveness of its Total Home strategy and ability to gain market share.	+0.6%

Key Questions

Given the continued pressure on DIY discretionary projects and a cautious housing macro, can Lowe's achieve its Q2 comparable sales outlook (roughly in line wit

Given the continued pressure on DIY discretionary projects and a cautious housing macro, can Lowe's achieve its Q2 comparable sales outlook (roughly in line with the midpoint of its full-year guide of flat to up 2%) and demonstrate improving transaction trends in the second half?

Question 2: Will Lowe's successfully mitigate the Q2 operating margin pressure from the FBM and ADG acquisitions through effective integration and realization of targeted cost synergies, while also demonstrating progress on cross-selling opportunities?
Question 3: Can Lowe's Perpetual Productivity Improvement (PPI) initiatives and the scaling adoption of AI tools (Mylow, Mylow Companion, Pro AI tools) continue to drive significant productivity gains and enhance customer experience, effectively offsetting rising costs and enabling market share gains?

Earnings Transcript Summary2 rows

2026-05-20 · 2026Q1 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
1. Disciplined execution of the Total Home strategy: Management is focused on driving continued growth regardless of market conditions by strengthening Pro, Online, and Home Services, leveraging loyalty programs, and integrating acquisitions like FBM and ADG to capitalize on the future residential homebuilding market. 2. Leveraging AI for customer experience and productivity: Lowe's is focused on deploying AI-powered tools like Mylow (shopping assistant) and Mylow Companion (associate tool) to enhance the online shopping experience, improve customer service, and drive productivity, with Mylow adoption scaling meaningfully and tripling conversion rates for users. 3. Perpetual Productivity Improvement (PPI) initiatives and cost management: Management continues to prioritize PPI initiatives to deliver meaningful results, offset underlying cost pressures, mitigate inflation, and support reinvestment and value for customers, while also managing expenses and working to offset higher transportation costs.	The overall takeaway from the call is that Lowe's delivered resilient performance in the first quarter of 2026, achieving positive comparable sales despite a challenging DIY market and early-quarter weather disruptions. The company's Total Home strategy, focusing on Pro, Online, and Home Services, along with strong spring execution, drove these results. Management affirmed its full-year guidance, anticipating an acceleration in the second half of the year driven by strategic initiatives rather than an expected change in macro conditions. Significant investments in AI are enhancing both customer experience and operational productivity. The integration of FBM and ADG acquisitions is on track, positioning Lowe's for long-term growth in the residential construction market despite current headwinds. The tone of the call was cautiously optimistic and confident, with management acknowledging the difficult macro environment but expressing strong belief in their strategic execution and operational discipline to continue taking market share.	In the fourth quarter of 2025, comparable sales increased 1.3%. Online sales grew 10.5%. Home Services experienced high single-digit growth. The Pro segment achieved another quarter of growth, with one source indicating high single-digit growth.	1. Comp outlook, Q1 weather impact, and potential shift of spring demand to Q2: Analysts questioned if March's strength was deferred February demand and if spring sales shifted to Q2. Management responded that Q1 weather was mixed, with February impacted by winter storms, but March and April saw more normal spring temperatures. They expressed excitement for Q2, anticipating strong performance from products, values, and events, as well as benefits from tax refunds. 2. Impact of tax stimulus and potential consumer pullback in the back half of the year: Analysts inquired about the help from tax stimulus and concerns about consumer pullback. Management stated that Q1 tax refund impact was limited, with about 20% spent, 50% in savings, and the remainder offsetting fuel prices. They estimate nearly $50 billion in refunds are yet to be distributed, potentially benefiting Q2, and noted that consumer behavior aligns with a K-shaped economy. 3. The challenging cost environment and flexibility to meet margin goals: Analysts asked about the impact of a more challenging cost environment on margin goals. Management acknowledged new risks from oil prices impacting fuel and commodity-based products, noting Q2 is seeing some pressure. They are working with vendor and supply chain partners to mitigate impacts, adjusting contracts, and leveraging PPI initiatives to offset costs, expressing confidence in their proven playbook to manage profitability.	Comparable sales increased 0.6%. Online sales grew 15.5%. Adjusted diluted earnings per share increased 3.8%. The Pro segment delivered continued growth. Home Services again delivered growth. Appliances and Paint drove positive comparable sales. Hardlines, including Lawn and Garden, Seasonal and Cleaning, Tools and Hardware, and Power Equipment, delivered positive comparable sales across every merchandise division. Building Products, particularly rough plumbing and electrical, HVAC, water heaters, and millwork (driven by windows and doors), continued to drive growth. Comparable average ticket increased 1.5%, while comparable transactions declined 0.9%. Acquisitions of FBM and ADG had a dilutive impact on gross margin but an accretive impact on SG&A.

2026-02-25 · 2025Q4 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
1. Perpetual Productivity Improvement (PPI) initiatives: Management is relentlessly focused on PPI to create greater financial agility, manage expenses, and offset cost pressures. This includes workforce reductions, front-end transformation, enhanced freight flow, and AI-enabled full shelf replenishment. 2. Total Home Strategic Initiatives: The company is committed to its Total Home strategy, which involves strengthening its Pro, online, and home services offerings. This includes expanding product assortments (e.g., DEWALT power tools), enhancing digital experiences, and integrating recent acquisitions like FBM and ADG to serve larger home builders and capitalize on cross-selling opportunities. 3. Outperforming the market and taking share: Despite a cautious outlook on the housing macro environment due to persistent volatility, high interest rates, and subdued consumer confidence, management is confident that their investments and strategic execution will enable them to outperform the market and gain share.	The overall takeaway from the call is that Lowe's delivered resilient performance in Q4 2025 with positive comparable sales, driven by strength in its Pro, online, and home services segments, despite a challenging and volatile housing macro environment. The company is strategically focused on operational efficiency through its Perpetual Productivity Improvement (PPI) initiatives and expanding its 'Total Home' strategy, including the successful integration of recent acquisitions (FBM and ADG). Management is also actively embracing and deploying AI across various aspects of the business to enhance customer and associate experiences and drive productivity. The tone of the call was cautiously optimistic and confident, with management acknowledging external headwinds but expressing strong belief in their strategic investments and operational discipline to outperform the market and gain share in fiscal year 2026.	In the third quarter of 2025, comparable sales increased 0.4%. Online sales grew 11.4%. Home services experienced double-digit growth. Pro sales showed continued growth, with one source indicating high single-digit growth.	1. Pro Extended Aisle efforts and incremental margins post-acquisitions: Analysts asked about the progress of the Pro Extended Aisle and the outlook for incremental margins after integrating acquisitions. Management responded that the Pro Extended Aisle is a multi-year build-out exceeding expectations, helping with planned Pro spend and expanding product assortments. Regarding incremental margins, they highlighted Q4 performance, $1 billion in productivity for 2026, and ongoing investments, noting a 30 basis point dilution from FBM/ADG in 2026. 2. Demand trends, impact of weather, and potential pickup in Q1/H1: Analysts questioned the underlying demand, the specific impact of winter storms Fern and Gianna on Q4 sales, and the potential for a sales pickup in the first half of 2026 following a tough winter. Management stated that winter storms positively impacted Q4 comp sales by approximately 50 basis points (200 basis points in January) and acknowledged prior year headwinds. They expressed satisfaction with underlying demand trends across all business areas and cautious optimism for spring, expecting to outperform the macro environment. 3. Impact of AI on home improvement: Analysts inquired about the broader implications of artificial intelligence for the home improvement sector and Lowe's deployment strategy. Management explained that AI is being leveraged to improve how they 'sell, shop, and work.' They cited examples such as the Mylow Companion (a virtual assistant for customers and associates, improving product knowledge and customer service, including in Spanish) and the Pro Companion tool for sales associates, emphasizing its role in driving productivity and enhancing customer and associate experiences.	In the fourth quarter of 2025, comparable sales increased 1.3%. Online sales grew 10.5%, and home services delivered high single-digit growth. The Pro segment achieved another quarter of growth. Qualitatively, Building Products saw broad-based growth, with continued strength in rough plumbing. Millwork, home decor (including kitchens and bath, paint, and appliances), paint, and hardlines (hardware, seasonal and outdoor living, and lawn and garden) all delivered positive comps or growth. The recent acquisitions of Foundation Building Materials (FBM) and Artisan Design Group (ADG) are expected to contribute approximately $8 billion to sales in fiscal year 2026, with organically low single-digit positive growth for these businesses.

Transcript Tidbits2 rows

2026-05-20

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
Lowe's is expanding its market through continued growth in Pro, Online, and Home Services, driven by its Total Home strategy. The company launched HomeCare+, a first-of-its-kind subscription service for routine home maintenance, exclusively for MyLowe's Rewards members. Acquisitions of FBM and ADG are on track to capitalize on the future recovery of the residential homebuilding market, providing an interior solutions platform for builders. The national rollout of workwear and pet assortments to all stores is expected to be completed by the end of the year. The Pro Extended Aisle initiative continues to add suppliers and capabilities, and the company is rolling out Daltile into its flooring department.	Lowe's maintains momentum in its Pro segment with a competitive assortment of national brands, consistent strong in-stock positions, and outstanding service levels. The company differentiates its loyalty experience by offering free same-day delivery for purchases over $25 for MyLowe's Rewards and MyLowe's Pro Rewards members. Lowe's is positioned as the destination for urgent appliance replacement purchases, being the only retailer that can deliver and install major appliances next day in virtually every ZIP Code in the U.S. They also offer exclusive brands like Pella, Therma-Tru, and Larson in the home center channel for windows and doors, and an industry-leading lineup of outdoor power equipment brands.	The DIY demand remains under pressure within a challenging housing environment characterized by elevated interest rates, higher costs, and low housing turnover. The broader home improvement market is expected to remain flat in 2026. The industry faces a critical challenge with a growing need for skilled labor, which Lowe's is addressing through a $250 million investment by the Lowe's Foundation to train approximately 250,000 individuals. The macro environment has introduced new risks and uncertainties, with immediate impacts from oil prices pressuring fuel and commodity-based products like resin and plastics. Consumer spending is described as a 'K-shape economy,' where higher-income consumers are spending on innovation and home modernization, while lower-income consumers are more cautious.	Lowe's is affirming its fiscal 2026 outlook, expecting sales in the range of $92 billion to $94 billion, comparable sales flat to up 2%, adjusted operating margin between 11.6% and 11.8%, and adjusted diluted earnings per share of approximately $12.25 to $12.75. Capital expenditures are expected to be up to $2.5 billion. Second-quarter comparable sales are anticipated to be roughly in line with the midpoint of the full-year guide, but adjusted operating margins will be pressured by acquisitions, sales-driving actions, and higher transportation costs. Second-quarter adjusted diluted earnings per share are expected to be approximately 2% below the prior year. The company expects transactions to continue to improve in the second half, centered in repair and maintenance categories, and is confident in its ability to take market share and deliver meaningful upside as macro conditions normalize.	Home	Artificial Intelligence (AI) is a significant emerging theme. Lowe's is leveraging AI through Mylow, an AI-powered shopping assistant for customers, and Mylow Companion, an AI-powered tool for associates, both built on an open AI platform. Mylow adoption has scaled meaningfully, supporting over 1 million customer inquiries each month, with a conversion rate for users triple that of non-users. Mylow Companion has seen over 5 million questions asked by associates, reflecting strong adoption and improved customer satisfaction. AI is also being used to convert Pro materials lists from various formats into actionable quotes, reducing processing time from days to minutes, and by the tech team for development and code review, resulting in double-digit productivity gains. The skilled trades workforce gap is another broader theme, with Lowe's investing $250 million to train 250,000 individuals to address this industry-wide need.	Our results were driven by strong spring execution, along with continued strength in Pro, Appliances, Online and Home Services. The conversion rate for online customers who use Mylow is triple that of customers who do not use the tool. We believe Lowe's is well positioned not only to perform in this environment but to deliver meaningful upside as macro conditions normalize. We delivered positive comp sales for the fourth consecutive quarter. We're the only retailer that can deliver and install major appliances next day in virtually every ZIP Code in the U.S. We've delivered 4 quarters of positive comp in an environment where the DIY face more economic pressure than I've ever seen before. This team has proven the ability to effectively manage through that here in the past multiple inflationary cycles. We plan to take share this quarter, we plan to take share for the back half of the year.	DIY demand remains under pressure. Challenging housing environment shaped by elevated interest rates, higher cost, and low housing turnover. We expect the broader market to remain flat in 2026. The pressure that you're continuing to see is really around the DIY. This has been the most difficult housing market that I have faced in this business since the financial crisis. Our core Pro customers indicated their backlogs are generally stable, but they have concerns about the growing costs associated with labor as they continue to navigate a constrained labor market. Q2 adjusted operating margins to be pressured from: the impact of acquisitions... investments in our sales driving actions... and near-term pressure from higher transportation costs. Q2 adjusted diluted earnings per share to be approximately 2% below prior year. The lower income consumer is a little bit more cautious and a little bit more uncertain.	The Lowe's Foundation recently announced a $250 million investment to help train and develop the next generation of skilled trades people, aiming to support approximately 250,000 individuals to address the growing need for skilled labor across the industry and beyond. Pro customers have concerns about the growing costs associated with labor as they continue to navigate a constrained labor market and report difficulty in hiring trained workers to fill out their crews. AI-enabled tools like Mylow Companion are making it easier for associates to deliver a better customer experience while driving productivity. The company also recognized more than 26,000 military members and spouses who are Lowe's associates.

2026-02-25

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
Lowe's is expanding its Pro brand offering by carrying the largest selection of DEWALT power tools and accessories in stores and online. The recent acquisitions of Foundation Building Materials (FBM) and Artisan Design Group (ADG) position Lowe's to participate in the expected recovery in housing, with plans to develop cross-selling opportunities and provide home builders with a comprehensive interior solutions platform including doors, windows, ceiling systems, insulation, appliances, cabinets, and countertops. The company completed the rollout of pet and workwear to over 1,000 stores and plans to expand these convenience items to the remaining stores in 2026. Lowe's is also expanding its Pro sales force to reach new customers and grow share of wallet with existing Pros. The Pro Extended Aisle initiative is exceeding expectations by adding new suppliers and markets weekly, creating more traction with planned Pro spend for products like vinyl siding, building materials, doors, flooring, and electrical wiring. Additionally, Lowe's is now the exclusive national home improvement partner to the National Association of Home Builders (NAHB), connecting with over 140,000 Pros and offering member-only savings.	Lowe's is confident that its investments position the company to outperform the market and take share against competitors. The company highlights its unique competitive advantage as the only retailer that can deliver and install major appliances next day in virtually every zip code in the U.S. Lowe's has also secured exclusive offerings, such as being the first big box retailer to offer TOTO's innovative toilets in the Home Center channel. The new Sherwin-Williams ProBlock Quick Dry Primers are driving double-digit Pro comps in Q4 due to superior quality and performance versus the competition. Lowe's also boasts an unmatched outdoor power equipment lineup in the home center channel, offering exclusive brands like Toro (gas-powered) and EGO (battery-powered).	The home improvement industry faces a challenging backdrop with subdued consumer confidence due to inflationary pressures and overall economic uncertainty. Elevated mortgage rates and a persistent 'lock-in effect' continue to pressure housing turnover and new home starts, leading to expectations of gradual improvement in housing and home improvement markets. Despite these near-term headwinds, structural demand drivers remain strong, with home equity at record levels and homes averaging 44 years old. Analysts anticipate a need for approximately 16 million new homes in the U.S. over the next decade due to a chronic supply-demand imbalance. The home improvement market is forecasted to be roughly flat in 2026, ranging from down 1% to up 1%. The tariff policy is fluid, and Lowe's is continuously reviewing new rules and executing its global sourcing playbook.	Lowe's outlook for 2026 remains cautious due to persistent volatility in the housing macro, which continues to pressure big-ticket discretionary DIY projects. The company expects improvement in housing and home improvement markets to be gradual. Lowe's is committed to its perpetual productivity improvement (PPI) initiatives, targeting roughly $1 billion in productivity for 2026, which will offset cost pressures and fund strategic investments. The company forecasts 2026 sales ranging from $92 billion to $94 billion, with comparable sales in a range of flat to up 2%. FBM and ADG are expected to contribute approximately $8 billion to sales. Operating margin is anticipated to be between 11.2% and 11.4%, with adjusted operating margin between 11.6% and 11.8%, including a 30 basis point dilution from the acquisitions. Gross margin is expected to decline by approximately 75 basis points due to acquisition dilution. Adjusted diluted earnings per share are projected to be $12.25 to $12.75. Capital expenditures are expected to be around $2.5 billion, heavily concentrated in the retail business. Q1 2026 comparable sales are expected to be below the midpoint of the full-year guide, and adjusted operating margin rate approximately 20 basis points below the bottom end of the full-year guide due to acquisition dilution. Growth in the first half of 2026 is expected to be weighted towards ticket, with transaction trends improving in the second half as tariff price increases are cycled. Lowe's is also embracing AI to improve how it sells, shops, and works, collaborating with leading digital platforms for Agentic commerce.	Home	AI (Artificial Intelligence) is a significant emerging theme. Lowe's is actively integrating AI to improve how it sells, shops, and works. Examples include the Mylow Companion virtual assistant for customers and associates (built on OpenAI, learning with interactions, now in Spanish, showing dramatic improvements in customer service and online conversion rates), an AI-enabled Pro Companion tool for sales associates, AI tools for merchants to optimize product assortments and drive sales, and AI-enabled technology for stores to identify and prioritize out-of-stocks for full shelf replenishment. The tech team is also using AI for development and code review, seeing double-digit productivity gains and increased speed to market. Lowe's is also collaborating with leading digital platforms to participate in Agentic commerce.	Our total home strategic initiatives are resonating with our small to medium Pro and DIY customers alike. We delivered a 10.5% growth this quarter and set new sales records this holiday season on both Black Friday and Cyber Monday. Our Lowe's app was so popular that it was the #1 free app in the shopping category on Apple's App Store in the U.S. The structural demand drivers of the home improvement industry remain strong with home equity setting new record levels and homes continuing to age, averaging 44 years old. We're confident that these investments position the company to outperform the market, regardless of macro conditions. We're pleased with FBM's commercial business, which represents roughly half of its revenue, as they continue to win new data center contracts. Lowe's was recently recognized as Fortune's #1 most admired specialty retailer. We delivered positive comps in 9 of our 14 merchandising divisions. Lowe's remains the only retailer that can deliver and install major appliances next day in virtually every zip code in the U.S. We are building on our momentum by expanding our Pro sales force. Lowe's is now the exclusive national home improvement partner to the National Association of Home Builders. We are generating $1 billion incrementally in productivity for 2026. We will outperform the macro. We will take share. We took share in the fourth quarter. We took share in the third quarter. We'll take share in 2026. We've seen dramatic improvements in customer service in a 200 basis points range in our stores where associates are adopting this, and we're seeing our conversion rates online roughly double when customers engage with Mylow.	Our outlook for 2026 remains cautious given the persistent volatility in housing macro. This uncertainty continues to pressure big-ticket discretionary DIY projects as many consumers are reluctant to make significant investments in their homes. Consumer confidence remains subdued given inflationary pressures and overall economic uncertainty. Mortgage rates remain elevated. As a result, a persistent lock-in effect remains in place keeping housing turnover and new home stars under pressure. We expect improvement in both the housing and home improvement markets to be gradual. While FBM and ADG are navigating a challenging residential construction market. We forecast the home improvement market to be roughly flat this year in a range of down 1% to up 1%. Consumers are still cautious about discretionary big-ticket purchases. It is unclear how much of that [tax refunds] will be spent on home improvement. Q1 comp sales to be below the midpoint of our full-year guide. Adjusted operating margin rate is expected to be approximately 20 basis points below the bottom end of our full-year guide due to the dilutive impact of the acquisitions. The tariff policy is fluid.	Lowe's recently eliminated approximately 600 corporate and support roles to create greater financial agility. However, the company is expanding its Pro sales force and continuing to invest in customer-facing areas.

NotesTable

Date	Comment	Comment Type	Comment Sentiment	Link	IS CHANGE	Price Reaction
2026-05-20	Lowe's Q1 2026 earnings surpassed estimates with 0.6% comparable sales growth, driven by strong Pro and Online performance. Despite the beat, the stock declined around 1-3%, reflecting investor caution. The market's tempered reaction stemmed from projected Q2 operating margin pressure due to acquisitions and higher transportation costs, alongside persistent DIY market weakness, aligning with existing concerns about the challenging macro environment.	Earnings Transcript	Neutral	https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQFa7DeB1TV5Wg1RMPXHbm_gIG9ondnaifGGUdcPTV-8V9uPKCKx3AJ_CvAlj2s2kMyeTHW2Q2aImW76PE37UK65gRt2NlB9k3Lh_Cq8do1rT0nWAJ8iRnNT6Gfc0a42rrDekaiKmJ1X9WGrK0f7k1ri07TKz5H6p_ubMphVYKBIenI_DpY7B6CegCPZ5wy2K2DHgKP8VTe_w0RCjT11D5AE5Wlm3I0IBhTuCh5BLoLS3LeFIoQIArXU	False	N/A

Upcoming Events14 rows

Catalyst ID	Estimated Timing	Estimated Date Start	Estimated Date End	Catalyst	Why It Matters	Ticker Or Theme Specific	Transcript Date	Source Type
LOW_9186ae28	unclear when mortgage rates will ease, which will continue to exert pressure on existing home sales and new home construction	2026-03-03	2026-12-31	Easing of mortgage rates below 6% and a subsequent recovery in housing turnover and new home construction.	Lower mortgage rates could unlock pent-up demand for big-ticket discretionary DIY projects and housing transactions, positively impacting Lowe's sales and the broader home improvement market. Conversely, continued high rates would sustain pressure.	Theme	2026-02-25	earnings_transcript
LOW_b0c78272	fiscal 2026	2026-02-01	2027-01-31	Lowe's achieving its fiscal year 2026 sales guidance of $92 billion to $94 billion, comparable sales of flat to up 2%, operating margin of 11.2% to 11.4%, and adjusted diluted EPS of $12.25 to $12.75.	Meeting or exceeding guidance would signal successful execution of the Total Home strategy and PPI initiatives, positively impacting investor sentiment and valuation. Missing guidance could lead to negative sentiment.	Ticker	2026-02-25	earnings_transcript
LOW_6595dab8	again this year	2026-02-01	2027-01-31	Successful execution of Perpetual Productivity Improvement (PPI) initiatives, including Freight Flow 3.0 and full shelf replenishment, to achieve approximately $1 billion in productivity.	Achieving this productivity target is crucial for offsetting cost pressures and investments, supporting operating margins and profitability in a challenging macro environment. Failure to deliver could pressure margins.	Ticker	2026-02-25	earnings_transcript
LOW_585c4929	As we start the year with these two companies, our integration efforts are on track	2026-02-01	2027-01-31	Successful integration of Foundation Building Materials (FBM) and Artisan Design Group (ADG), leading to captured cost synergies and effective cross-selling opportunities.	Successful integration and synergy realization are critical for these acquisitions to be accretive to adjusted EPS and contribute to the interior solutions platform, offsetting initial margin dilution. Delays or failures could negatively impact profitability and strategic goals.	Ticker	2026-02-25	earnings_transcript
LOW_2d67ec13	Looking ahead to spring	2026-03-01	2026-07-31	Customer demand and sales performance during Lowe's biggest selling season (spring), particularly for outdoor power equipment, grills, and patio products.	Strong spring sales are crucial for Q1 and Q2 results, impacting full-year guidance. Given the tough winter, a rebound in outdoor projects could provide a significant boost.	Ticker	2026-02-25	earnings_transcript
LOW_8aa1dffc	The tariff policy is fluid. We're currently reviewing all the new rules like everyone else.	2026-03-03	2026-12-31	Further shifts or new policies in tariff rates by the government.	Changes in tariff policy can directly impact Lowe's product costs, pricing strategies, and ultimately, gross margins and profitability.	Ticker	2026-02-25	earnings_transcript
LOW_e32b1de0	as macro conditions normalize	2026-10-01	2028-12-31	Normalization or recovery of the broader housing market and macro conditions, including interest rates and housing turnover.	A normalization of macro conditions would likely lead to increased DIY discretionary spending and new home construction, providing meaningful upside to Lowe's sales and profitability. Conversely, continued challenging conditions would pressure results.	Theme	2026-05-20	earnings_transcript
LOW_c9e20d9d	by the end of the year	2026-10-01	2026-12-31	Completion of the national rollout of workwear and pet assortments to all Lowe's stores.	Successful completion and customer adoption of these expanded categories could drive incremental sales and market share gains, contributing to overall comparable sales growth.	Ticker	2026-05-20	earnings_transcript
LOW_374d4f5c	through quarter 2	2026-05-01	2026-07-04	Customer response to promotional events and offerings around key holidays like Memorial Day, Father's Day, and July 4th.	Strong customer engagement and sales during these key seasonal periods are crucial for Q2 performance and achieving full-year guidance, especially in categories like lawn and garden, patio furniture, and grills.	Ticker	2026-05-20	earnings_transcript
LOW_ac14712a	over the next 3 to 4 months	2026-05-20	2026-09-20	Distribution and subsequent spending of approximately $50 billion in remaining tax refunds, particularly by higher-income consumers.	Increased consumer spending from these refunds could provide a tailwind for Lowe's sales, especially in Q2 and potentially into Q3, contributing to overall comparable sales.	Theme	2026-05-20	earnings_transcript
LOW_9423c28a	Q2... actively working to offset through productivity initiatives in the back half of the year	2026-05-01	2026-12-31	Success of Lowe's initiatives (e.g., PPI, adjusting contracts) to offset rising transportation and commodity costs.	Effective mitigation is crucial to protect adjusted operating margins, which are expected to be pressured in Q2, and to achieve full-year profitability targets.	Ticker	2026-05-20	earnings_transcript
LOW_b8edb194	in the second half of the year, expecting new news as it relates to 301	2026-07-01	2026-12-31	Announcement or changes related to Section 301 tariffs.	Tariff changes can impact product costs, pricing strategies, and supply chain, potentially affecting gross margins and consumer demand for certain products.	Theme	2026-05-20	earnings_transcript
LOW_126bac0a	any potential HELOC activity that's unlocked	2026-07-01	2027-05-20	Increased Home Equity Line of Credit (HELOC) activity by consumers.	Unlocking HELOCs could provide consumers with funds for home improvement projects, boosting discretionary DIY spending and contributing to Lowe's sales growth.	Theme	2026-05-20	earnings_transcript
LOW_13902dd0	as we look at the second half and expectations, we do expect transactions to continue to improve	2026-07-01	2026-12-31	Improvement in comparable transaction trends, particularly in repair and maintenance categories.	An acceleration in transaction volume would signal broader customer engagement and contribute to overall comparable sales growth, shifting from a ticket-driven growth model.	Ticker	2026-05-20	earnings_transcript