What Lowe's Q4 2025 Earnings Say About Appliance Discounting

• In the fourth quarter, Lowe’s captured 43.8% of retailer dollar share in top load washing machines, well above Home Depot’s 31.4% share. Discounts during the Black Friday promotional period contributed to the share disparity, with Lowe’s offering an average discount of 28.6% and Home Depot an average discount of 26.4%. 
• Side-by-side refrigerators at Lowe’s were priced about $25 less than Home Depot’s, which has helped Lowe’s maintain its 39.2% unit share, above 31.7% at Home Depot.
• Lowe’s maintained its lead in the dishwasher market in the fourth quarter despite ceding 1.8 percentage points to other major retailers. The average discount rate on dishwashers at Lowe’s increased from 19.9% to 22.7%, which may have helped it maintain unit share over Home Depot. 
• In the range category, Lowe’s captured 48.3% unit share, surpassing Home Depot’s share by 11.3 percentage points. During the Black Friday promotional period, Lowe’s offered the highest average discount rate on slide-in ranges at 31.3%. 
• The two retailers competed the most closely in the market for French door refrigerators, likely because it was one of few categories where Home Depot’s average price was slightly lower than Lowe’s.

Despite Lowe’s emerging as the market leader in major appliances, OpenBrand’s data show Walmart continued to gain share in the fourth quarter. Walmart offers the lowest average selling price across appliances and has gained 1.2 ppt of dollar share, a reminder of consumers’ ongoing value discipline. 

For Lowe’s and Home Depot, defending and growing share will hinge on competing effectively on price while clearly articulating differentiated value—through exclusive models, services, or financing. In an economy increasingly defined by trade-offs, precise price positioning is essential to sustained growth.