Lowe’s second quarter (ended July 31, 2026) told two stories at once. Sales grew, comps went positive for a fifth quarter running and online kept climbing. But EPS barely moved, and instead of holding its full-year guidance where it was, Lowe’s trimmed it. Pro, online and home services pulled their weight this quarter. Everyday DIY spending didn’t.
The Numbers
- Total sales: $26.0B, up from $24.0B last year
- Comparable sales: up 0.2%, the fifth straight quarter of positive comps
- Net earnings: $2.4B; diluted EPS of $4.27, flat vs. Q2 2025
- Adjusted diluted EPS: $4.40, up 1.6% (both include an $0.11-per-share bump from IEEPA tariff refunds)
- Comparable transactions: down 2.1%
- Comparable average ticket: up 2.3% to $107.85
- Online sales: up 15.7%
- Store count: 1,761 stores, 196.0 million square feet of retail selling space
Image by https://corporate.lowes.com/sites/lowes-corp/files/q2-2026-earnings/lowes-q2-2026-infographic-final.pdf
What’s Behind It
CEO Marvin Ellison pointed to Pro, online and home services as the reasons comps stayed positive for a fifth quarter in a row, even with DIY spending still lagging. A few things jump out:
- Pros are spending, DIY isn’t. Transactions fell 2.1%, but the average ticket climbed 2.3% to $107.85, and the breakdown explains why: Purchases over $500 were up 2.7%, while purchases under $100 were down 1.4%. The bigger, Pro-driven jobs are growing. The small, everyday visits aren’t.
- Online hasn’t slowed down. Sales there grew 15.7%, which Lowe’s credits to an upgraded digital experience. At this point, it’s one of the more dependable parts of the business, not just a bright spot.
- The wins were concentrated, not widespread. Nine of 13 product categories posted positive comps: Lawn & Garden, Lumber, Millwork, Appliances, Electrical, Kitchen & Bath, Paint, Rough Plumbing and Tools & Hardware. Only 8 of 15 regions managed the same. This is a business finding pockets of strength rather than winning broadly.
- Guidance came down, not sideways. Lowe’s trimmed the top of its full-year range across the board: total sales to $92.0B (from $92.0–94.0B), comps to flat (from flat to 2.0%), diluted EPS to about $11.75 and adjusted EPS to about $12.25, both settling at the low end of where they’d been. The quarter also absorbed $96.0 million in integration costs from the Foundation Building Materials and Artisan Design Group acquisitions.
What it Means for Brands
Three things stand out for suppliers heading into the back half of the year:
- You’re really selling to two different customers. Big-ticket and Pro purchases are growing. Small, sub-$100 purchases are shrinking. That calls for a real Pro/project-scale pitch on one end and a sharp value message on the other, not one message trying to do both.
- Build where the growth already is. Lawn & Garden, Lumber, Millwork, Appliances, Electrical, Kitchen & Bath, Paint, Rough Plumbing and Tools & Hardware all came in positive. If you’re in one of those categories, there’s momentum worth leaning into. If not, it’s worth understanding what’s working there before your next push.
- Take the narrowed guidance seriously. Lowe’s is watching costs and DIY demand closely. Plan promotions and inventory with that same caution.
Porchlight’s Take
Pro, online and home services keep proving they’re durable growth engines. Everyday DIY spending is holding the rest of the business back. Lowe’s chose to trim guidance rather than hold it, which reads less like hedging and more like a company being straight about where the pressure actually is.
For brands, that means showing up with a real answer on both ends: a credible Pro story for the bigger, project-driven purchases and a sharp value message for the smaller, everyday ones. Whoever can do both without watering down either is the one best-positioned to grow with Lowe’s through the rest of the year.