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Company Research7 May 2025
Lowe's Companies: Building a One-Stop Shop for Home Improvement
Lowe's Companies began as a single store in 1921 and has steadily expanded its footprint and offerings, now operating 1,750 stores across the U.S.
Floor & Decor
Floor & Decor (FND) investor relations material
Floor & Decor Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Delivered Q4 diluted EPS of $0.36, in line with guidance; full year EPS was $1.92, up from $1.90 year-over-year.
Full year sales grew 5.1% to $4.684 billion; Q4 sales rose 2% to $1.13 billion.
Opened 20 new stores in 2025, ending with 270 locations, an 8% increase.
Expanded market share despite softness in existing home sales and smaller project sizes.
Record Net Promoter Scores achieved, reflecting strong customer experience.
Financial highlights
Comparable store sales declined 4.8% in Q4 and 1.8% for the year.
Q4 gross profit increased $9.8 million (2.0%) year-over-year; gross margin was 43.5%, flat year-over-year.
Full year gross profit up $115.7 million (6.0%), with gross margin improving 30 bps to 43.6%.
SG&A expenses rose 4.0% in Q4 and 6.1% for the year, mainly due to new store openings; Q4 SG&A was 38.9% of sales, full year 37.8%.
Net cash from operations was $381.8 million, down from $603.2 million last year, mainly due to timing of inventory receipts.
Year-end liquidity was $909.8 million, including $249.3 million in cash and $660.5 million available under ABL.
Q4 operating income was $51.9 million, down 12.3% year-over-year; full-year operating income increased 5.4% to $270.1 million.
Q4 net income was $39.3 million, down 17.2% year-over-year; full-year net income rose 1.3% to $208.6 million.
Adjusted EBITDA for Q4 was $119.4 million (down 0.3%); full-year Adjusted EBITDA was $538.2 million (up 5.0%).
Outlook and guidance
Fiscal 2026 sales expected at $4.88–$5.03 billion, up 4–7%, including a 53rd week contributing ~$65 million.
Comparable sales guidance: down 2% to up 1%; average ticket to rise low single digits, transactions to decline mid- to low-single digits.
Gross margin expected at 43.5–43.8%; SG&A at 37.7–37.8% of sales.
Adjusted EBITDA guidance: $560–$590 million; diluted EPS: $1.98–$2.18, with the 53rd week adding ~$0.08.
Plan to open 20 new stores in 2026, with CapEx of $250–$300 million.
2026 comp sales: strategies for positive growth
Operating cash flow decline & lease asset strategy
SG&A leverage with flat operating margin
Pro Loyalty 2.0: expected impact on Pro stickiness
New store CapEx reduction: drivers and sustainability
2026 gross margin: tariff impact and pricing strategy
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Next Floor & Decor earnings date
Q1 202630 Apr, 2026
Floor & Decor
Next Floor & Decor earnings date
Q1 202630 Apr, 2026
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Floor & Decor: Scale, Selection, and Efficiency
Floor & Decor has successfully expanded into a nationwide specialist in hard-surface flooring, driven by its standout sourcing model and store format.
Frequently asked questions
Experts in Flooring
Floor & Decor is an American company specializing in the retail market of hard surface flooring, offering a broad range of tile, wood, laminate, and natural stone floors as well as decor items. Catering to both professionals and individual consumers, the company has established a niche for itself by providing a focused array of products at competitive prices. Its stores are located in massive buildings with a huge selection of products within said niche.
Laying the Groundwork
Established in 2000, Floor & Decor has its roots in Atlanta, Georgia. Over two decades, the company has experienced considerable growth, branching out from a single store to an expansive network spanning across the United States. The vision was clear from the beginning: to offer a one-stop shopping destination for customers looking for flooring regardless of whether they’re an architect, builder, designer, or simply a private individual conducting a DIY project. Throughout its journey, the brand has remained steadfast in its commitment to providing value, offering a wide selection, and maintaining an unwavering focus on hard surface flooring and decorative accessories. Floor & Decor is what is typically referred to as a “Big Box Retailer”, with other companies in the same category including names like Walmart, Target, Home Depot, and similar businesses.
Focused on Flooring
Floor & Decor’s strength lies in its comprehensive product range within its niche. Customers can choose from an impressive array of tiles - be it ceramic, porcelain, or decorative. For those inclined toward the classic look of wood, the store offers solid hardwood, engineered wood, and bamboo. The laminate options cater to those seeking durability combined with aesthetic appeal, while the natural stone products, encompassing granite, marble, travertine, and more, promise elegance and sturdiness. Each product category is complemented by a range of related accessories, ensuring that customers find everything they need under one roof.
The Stores
Today, Floor & Decor operates more than 200 retail stores across over half of the US’s 50 states. The company’s retail experience goes beyond just selling the products. Most stores feature dedicated design centers where customers can get expert advice on their projects. The company's operations are backed by its multiple distribution centers, ensuring efficient supply chain management and timely delivery. As the market dynamics evolve, Floor & Decor continues to innovate and adapt, ensuring that it remains at the forefront of specialty hard surface flooring retail, providing value and quality to its vast clientele.
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