Lowe's, which has sponsored Hendrick Motorsports driver Jimmie Johnson since his NASCAR Cup Series debut in 2001, won't return to the seven-time champion's car after this season.
The company is leaving the sport and will not sponsor any car next year.
"Rick Hendrick and his organization have been exceptional partners, and we could not have asked for more from Jimmie -- a consummate champion and an incredible representative for our brand and his sport," Michael P. McDermott. Lowe's chief customer officer, said in a statement.
"The No. 48 team is a valuable property and has been an integral part of building the Lowe's brand, which makes today's decision difficult as we now look to invest in other strategic initiatives. Although we are evolving our strategy, there's no question that being a part of seven championships and many history-making moments has been valuable for Lowe's."
The announcement comes two weeks following Lowe's reporting its 2017 earnings. It reported a 4 percent increase in sales last year while its rival, The Home Depot, had an increase of sales of 6.5 percent. Lowe's 2017 earnings, at 74 cents per share, were 13 cents below financial analyst estimates.
Lowe's was likely paying Hendrick more than $20 million to be the full-season sponsor on Johnson's car. According to a lawsuit filed last year, Farmer's Insurance was paying $8 million for 12 races in 2017 to be on Hendrick driver Kasey Kahne's car, which works out to $666,666 per race. At that rate, a full season of 38 events would be $25.3 million.
Lowe's became a sponsor in 1995 with team owner Junior Johnson and driver Brett Bodine, and then moved to driver Mike Skinner at Richard Childress Racing in 1997. Lowe's started with Hendrick at the same time as Johnson.
Johnson, 42, signed a three-year contract extension last year to race for Hendrick Motorsports through 2020, but Lowe's only signed a one-year extension. He won five consecutive Cup titles from 2006 to 2010 and has 83 career Cup wins. He has gotten off to a slow start in 2018 and sits 26th in the standings.
"I'll always be grateful to Lowe's for taking a chance on me and believing that I could win," Johnson said in a news release. "I'm not sure where I'd be right now if they hadn't committed to the No. 48 team. It's hard to see them move on, but we've made history together and celebrated so much success on and off the track. There's still a lot left to do in 2018.
"I have more to accomplish in this sport. I feel the best I've ever felt physically. I'm motivated. I'm focused on winning races and chasing more championships. ... I'm not going anywhere."
NASCAR declined comment on Lowe's leaving.
"Jimmie is one of the greatest champions and ambassadors in all of sports and still at the top of his game," team owner Rick Hendrick said. "This change opens up all kinds of possibilities, and we look forward to having conversations with potential new partners. It's a special opportunity with an iconic athlete and team."