Consumer Discretionary · NYSE: HD
Home Depot: how the business works
Home Depot sells home improvement goods, building materials and appliances to homeowners and contractors, with net sales of $164.7 billion in FY2025 (February 2025 to January 2026).
By Hardik Bhandare · Checked against filings:
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The Home Depot, Inc. · Atlanta, Georgia · Founded 1978
Last updated
- Net sales, FY2025 (ended Feb 1, 2026)
- $164.7B
- Operating income, FY2025
- $20.9B
- Net income, FY2025
- $14.2B
- Stores, Aug 2, 2026
- 2,364
- Associates, Feb 1, 2026
- 472,400
The short version
Home Depot in 5 points
1 · What it sells
Home Depot sells home improvement goods, building materials and garden products in 2,364 stores at Aug 2, 2026 and online, plus trade supplies through SRS, with net sales of $164.7 billion in FY2025 (February 2025 to January 2026).
2 · Who pays it
Home Depot's filings give no split between homeowners and professionals, and management said on Dec 9, 2025 that small to medium Pros are roughly half of sales; by filed segment, FY2025 net sales were 92.3% Primary and 7.7% Other (SRS).
3 · What it keeps from $100
Of every $100 that came in during FY2025, Home Depot kept $8.6 as net income, with no large one-off item that year; operating income per $100 of net sales was $12.7.
4 · Where the operating profit comes from
In FY2025, Primary (stores, websites and HD Supply) earned $20.6 billion, or 98.5% of operating income, and Other (SRS) earned $316 million, or 1.5%.
5 · The one thing to watch
Q2 FY2026 (May 4 to Aug 2, 2026) operating margin was 14.3%, including about $685 million of tariff refunds in cost of goods sold, against 14.5% a year earlier.
Sources: From Home Depot's FY2025 10-K, its Q2 FY2026 earnings release and 10-Q, and its Dec 9, 2025 investor conference · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025 (February 2025 to January 2026)
Where does $100 of Home Depot's money go?
Home Depot · FY2025 (February 2025 to January 2026)
Receipt for every $100
| Cost of sales | $66.6 |
|---|---|
| Selling, general and administrative (SG&A) | $18.6 |
| Depreciation and amortization outside cost of sales | $2.0 |
| Interest expense | $1.5 |
| Income taxes | $2.7 |
| Kept as net income | $8.6 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (net sales plus $124 million of interest income and other): each line = line ÷ $164.8 billion × 100. FY2025 has no large one-off item.
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02The business in one line
What does Home Depot do?
Homeowners and contractors pay Home Depot for goods and services; most of that goes on buying the goods and running stores, and $8.6 of every $100 that came in during FY2025 was left as net income.
- FY2025 ran from February 2025 to January 2026 (it ended Feb 1, 2026). Home Depot names each year after the calendar year it starts in.
- Growth since FY2023 came from buying companies. Sales through stores, websites and HD Supply were $152.0 billion in FY2025, against $152.7 billion in FY2023, and SRS added $12.7 billion.
03Who pays it
Who pays Home Depot?
Customers of stores, websites and HD Supply
92%
of revenue
Homeowners doing their own projects, homeowners who hire Pros, and professionals: 92.3% of FY2025 net sales ($152.0 billion). Filings give no split. Management said on Dec 9, 2025 that small to medium Pros "make up roughly half of our sales", and did not say whether that base includes SRS.
Trade contractors buying from SRS
8%
of revenue
Roofers, landscapers, pool contractors and drywall and ceiling installers: 7.7% of FY2025 net sales ($12.7 billion).
- Customers of stores, websites and HD Supply92%
- Trade contractors buying from SRS8%
How spread out the customers are
Home Depot says no customer was above 10% of revenue in any of the last three fiscal years.
04Why it makes money
Why does Home Depot make money?
Home Depot keeps about a third of each sale after product costs, and running costs and SRS decide how much of that stays.
Gross margin, the share left after cost of sales, barely moved: 33.6% in FY2021 and 33.3% in FY2025. Operating margin fell from 15.2% to 12.7% over those years. SG&A rose from $25.4 billion to $30.7 billion. In FY2025 Primary's operating margin was 13.5% and SRS's was 2.5%.
Operating income per $100 of net sales
$15.2$12.7
FY2021 to FY2025
- Customers made about 1.6 billion store and online transactions in FY2025, averaging $90.56
- Stores carry 30,000 to 40,000 items, and about half of US online orders go through a store
- $33.3 of each $100 of net sales is left after cost of sales
- SG&A takes about $18.6 of that $33.3
- SRS adds $12.7 billion of sales to trade contractors, at a 2.5% operating margin
- What is left pays interest, tax, dividends and debt
↺ Step 6 feeds back into step 1.
05Business segments · FY2025 (February 2025 to January 2026)
Which businesses make up Home Depot?
Primary
92%Stores, websites and HD Supply: 92.3% of net sales. Operating income was $20.6 billion, 98.5% of the total. Operating margin was 13.5%, down from 14.2% in FY2023. This is the only reportable segment.
Revenue $152.0B · Operating profit $20.6B
Other (SRS)
8%SRS and GMS, which are not a reportable segment: 7.7% of net sales. Operating income was $316 million, 1.5% of the total. Operating margin was 2.5%, after $398 million of amortization of acquired intangibles.
Revenue $12.7B · Operating profit $316M
How the mix changed
- Primary
- Other (SRS)
Revenue by segment, FY2023 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Home Depot done?
Revenue
$164.7BFY2025
Net sales rose from $152.7 billion in FY2023 to $164.7 billion in FY2025 (February 2025 to January 2026), mainly from the SRS and GMS acquisitions.
US$
See the numbers
Net profit
$14.2BFY2025
Net income fell from $17.1 billion in FY2022 to $14.2 billion in FY2025, and the $4.8 billion in Q2 FY2026 includes about $685 million of tariff refunds that lowered cost of goods sold.
US$
See the numbers
Profit kept per $100 of revenue
$8.6FY2025
Net income per $100 of net sales fell from $10.9 in FY2022 to $8.6 in FY2025, while operating income per $100 fell from $15.3 to $12.7.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$12.6BFY2025
Cash from operations minus spending on property and equipment, Cityfort calculation from FY2025 10-K, fell from $16.3 billion in FY2024 to $12.6 billion in FY2025; a deferred federal tax payment affects both years.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Sunday nearest Jan 31. Home Depot names each fiscal year after the calendar year it starts in. FY2025 ran from Feb 3, 2025 to Feb 1, 2026, and Q2 FY2026 from May 4 to Aug 2, 2026. Some data vendors call FY2025 "FY2026". FY2024 had 53 weeks, and the extra week added about $2.5 billion of sales.). Net profit is the share belonging to the company's owners.
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
07Who runs it
Who runs Home Depot, and did they deliver?
Edward P. Decker
Chair, President and Chief Executive Officer · since 2022
CEO since March 2022 and Chair since October 2022. An 8-K filed Aug 12, 2026 says he will take a temporary medical leave. His FY2025 pay was $16,191,127, a ratio of 427 to 1 against the median associate's $37,881.
Ann-Marie Campbell
Senior Executive Vice President · since 2023
Per the Aug 12, 2026 8-K, she is providing oversight of day-to-day operations during Mr. Decker's absence. She joined in 1985 as a cashier.
Richard V. McPhail
Executive Vice President and Chief Financial Officer; interim principal executive officer · since 2019
Per the Aug 12, 2026 8-K, he is providing oversight of financial management and Pro subsidiaries during Mr. Decker's absence. An Aug 21, 2026 8-K says he also took on the Office of Pro Acceleration and received a $500,000 restricted stock award.
Gregory D. Brenneman
Independent Lead Director
Per the Aug 12, 2026 8-K, he is chairing the Board during Mr. Decker's absence.
What they said, and what happened
2 missed · 1 partly delivered · 1 delivered · 3 too early to tell
Said on Feb 20, 2024
Home Depot guided on Feb 20, 2024 to FY2024 comparable sales down about 1.0% and an operating margin of about 14.1%, before the SRS deal.
MissedWhat happened
Comparable sales fell 1.8% and operating margin was 13.5%, with SRS included from June 2024.
Said on Feb 25, 2025
Home Depot guided on Feb 25, 2025 to FY2025 comparable sales up about 1.0% and diluted EPS down about 3%.
MissedWhat happened
Comparable sales rose 0.3% and diluted EPS fell 4.6%. On Nov 18, 2025 it lowered its comparable sales, operating margin and EPS guidance, citing lack of storms, consumer uncertainty and housing pressure.
Said on Feb 25, 2025
Home Depot guided on Feb 25, 2025 to FY2025 total sales growth of about 2.8% and about 13 new stores.
Partly deliveredWhat happened
Sales rose 3.2%, with GMS added, which was not in the first guide. It opened 12 stores.
Said on Nov 18, 2025
Home Depot guided on Nov 18, 2025 to a FY2025 operating margin of about 12.6%.
DeliveredWhat happened
Operating margin was 12.7%.
Said on Feb 24, 2026
Home Depot guided on Feb 24, 2026 to FY2026 total sales growth of about 2.5% to 4.5% and an operating margin of about 12.4% to 12.6%.
Too early to tellWhat happened
Reaffirmed on May 19 and Aug 18, 2026. In the first half, sales rose 5.3% and operating margin was 13.2%, including about $685 million of tariff refunds. Home Depot's events page lists Q3 FY2026 results for Nov 17, 2026.
Said on Mar 18, 2026
Home Depot's 10-K said on Mar 18, 2026 that it does "not have plans to resume share repurchases in fiscal 2026 as we seek to reduce our outstanding debt".
Too early to tellWhat happened
It bought none in the first half of FY2026, and total debt fell to $52.9 billion at Aug 2, 2026 from $55.8 billion at Feb 1, 2026.
Said on Aug 18, 2026
Management said on Aug 18, 2026 that Home Depot plans about 15 new stores and 40 to 50 SRS branches in FY2026.
Too early to tellWhat happened
Store count was 2,364 at Aug 2, 2026, up from 2,359 at Feb 1, 2026.
08What could go wrong
What could go wrong for Home Depot?
- Demand
Housing and home improvement demand
Home Depot's 10-K says results depend on housing and home improvement markets, and names interest rates, credit, unemployment and tariffs. Comparable sales fell 3.2% in FY2023 and 1.8% in FY2024, then rose 0.3% in FY2025.
Watch Comparable sales and transactions in each quarterly release.
- Regulation
Tariffs and refunds inside 2026 profit
Q2 FY2026 includes about $685 million of tariff refunds in cost of goods sold, 10.0% of that quarter's operating income. The 10-Q says the $730 million received is the vast majority of expected refunds. Management said on Aug 18, 2026 that refunds "are being used to offset unplanned and rising cost pressures throughout the year".
Watch Gross margin each quarter against the guide of about 33.1%, reaffirmed on Aug 18, 2026.
- Debt
Debt from acquisitions
Total debt was $52.9 billion and cash $2.1 billion at Aug 2, 2026. Debt was $44.1 billion at Jan 28, 2024, before SRS. Maturities were $4.7 billion for FY2026 and $3.6 billion for FY2027, excluding finance leases, at Feb 1, 2026.
Watch Total debt and commercial paper in each 10-Q.
- Execution
Integrating acquisitions
SRS cost $18.25 billion (subject to adjustments), GMS about $5.5 billion and Mingledorff's about $1.1 billion. Goodwill and intangibles were 31.1% of assets at Feb 1, 2026. The 10-K says the benefits of such deals are uncertain.
Watch Other (SRS) sales and operating margin in each 10-Q.
- Competition
Many kinds of rivals
Home Depot's 10-K describes a highly competitive and fragmented market of retailers, online marketplaces, distributors and manufacturers selling directly. It names no competitor.
Watch Comparable transactions, and Primary sales against prior years.
- Other
Credit extended to trade customers
The 10-K says specialty trade and maintenance customers increasingly buy on credit, which raises exposure to non-payment. Receivables were $7.0 billion at Aug 2, 2026, up from $5.9 billion a year earlier.
Watch Receivables in each 10-Q.
- Demand
Storms and seasons
Home Depot cited lack of storms when it lowered its FY2025 comparable sales, operating margin and EPS guidance on Nov 18, 2025. Q2 is its highest sales quarter: $47.9 billion in Q2 FY2026, against $38.2 billion in Q4 FY2025.
Watch Compare each quarter with the same quarter a year earlier.
- Raw-material prices
Commodity and input costs
The 10-K names commodity prices, including lumber, as a risk. The Q2 FY2026 release cites unplanned fuel, energy and other product input costs.
Watch Gross margin, and what the company says about costs each quarter.
09Both sides
What do supporters and critics point to?
What supporters point to
- Home Depot has paid a dividend every quarter since 1987, and paid $9.20 a share in FY2025.
- Comparable sales rose in each of the five quarters through Q2 FY2026, when they rose 1.7%.
- Online sales were 16.6% of Q2 FY2026 net sales, up from 15.6% a year earlier, and rose 11.0%.
- Total debt fell to $52.9 billion at Aug 2, 2026 from $55.8 billion at Feb 1, 2026.
- Management estimated on Dec 9, 2025 that its share is about 15% of a $1.1 trillion market.
What critics point to
- Operating margin fell from 15.2% in FY2021 to 12.7% in FY2025.
- Primary sales were $152.0 billion in FY2025, against $152.7 billion in FY2023; total growth came from SRS and GMS.
- Comparable transactions fell in each of the six quarters through Q2 FY2026.
- Total debt rose from $44.1 billion at Jan 28, 2024 to $55.8 billion at Feb 1, 2026, and share repurchases have been paused since March 2024.
- Q2 FY2026 operating margin was 14.3%, including about $685 million of tariff refunds, against 14.5% a year earlier, and adjusted figures do not remove the refunds.
10What to watch next
What should you watch next at Home Depot?
Next event
Q3 FY2026 results
Nov 17, 2026
Date confirmed by the company
Margin with refunds in it
Q2 FY2026 operating margin was 14.3%, including about $685 million of tariff refunds, against 14.5% a year earlier. Home Depot's FY2026 guide of about 12.4% to 12.6%, reaffirmed on Aug 18, 2026, includes refunds.
Transactions and ticket
In Q2 FY2026, comparable transactions fell 1.0% and comparable average ticket rose 2.8%. Comparable sales rose 1.7%.
Debt and repurchases
Total debt was $52.9 billion at Aug 2, 2026. Home Depot said in its 10-K (Mar 18, 2026) that it has no plans to resume repurchases in FY2026 as it seeks to reduce debt.
11Key facts
Key facts about Home Depot
- What does Home Depot do, and who buys from it?
- The Home Depot sells building materials, appliances, paint, flooring, hardware and garden goods to homeowners and professional contractors. It had 2,364 stores on Aug 2, 2026, in the US, Canada and Mexico. Net sales were $164.7 billion in FY2025 (February 2025 to January 2026), and 92.4% of them were in the US.
- How does Home Depot make money?
- Home Depot's business model is buying goods and reselling them, in stores and online, plus smaller income from installation and tool rental. In FY2025 (February 2025 to January 2026), products were $159.0 billion of its $164.7 billion of net sales and services were $5.7 billion. Online sales were 15.9% of net sales, leaving out HD Supply and SRS.
- Is Home Depot profitable?
- Yes. Home Depot's net income was $14.2 billion and its operating income $20.9 billion in FY2025 (February 2025 to January 2026). In Q2 FY2026 (May 4 to Aug 2, 2026), net income was $4.8 billion and operating income $6.8 billion. Those figures include about $685 million of tariff refunds that lowered cost of goods sold. Operating margin was 14.3%, against 14.5% a year earlier.
- What is Home Depot's revenue by segment?
- Home Depot reports one reportable segment, Primary, and groups SRS as Other. In FY2025 (February 2025 to January 2026), Primary (stores, online and HD Supply) had net sales of $152.0 billion, or 92.3%. Other (SRS, including GMS) had $12.7 billion, or 7.7%. Primary earned 98.5% of operating income.
- Who owns Home Depot?
- Home Depot has one class of common stock, with one vote per share and 997.7 million shares on Aug 18, 2026. Its directors and executive officers together beneficially owned 0.08% on Mar 6, 2026, including options exercisable within 60 days. Filings show Vanguard Capital Management with 7.51% (Mar 31, 2026) and BlackRock with 7.1% (Dec 31, 2023 data, as used in the 2026 proxy).
- How much do Building Materials bring Home Depot?
- Home Depot's Building Materials line, which covers building materials, electrical, lumber, millwork and plumbing, had net sales of $52.4 billion in FY2025 (February 2025 to January 2026). That was 31.8% of net sales. It was $52.9 billion in FY2024.
- How much does Decor bring Home Depot?
- Home Depot's Decor line, which covers appliances, bath, flooring, kitchen and blinds, lighting and paint, had net sales of $51.7 billion in FY2025 (February 2025 to January 2026). That was 31.4% of net sales. It was $52.5 billion in FY2024.
- How much do Hardlines bring Home Depot?
- Home Depot's Hardlines line, which covers hardware, indoor and outdoor garden, power and storage, had net sales of $47.8 billion in FY2025 (February 2025 to January 2026). That was 29.1% of net sales. It was $47.7 billion in FY2024.
- How much does SRS bring Home Depot?
- SRS, the trade distributor Home Depot bought in June 2024, had net sales of $12.7 billion in FY2025 (February 2025 to January 2026), or 7.7% of Home Depot's total. That included GMS from Sep 4, 2025. SRS's operating income was $316 million, a margin of 2.5%.
- How much of Home Depot's sales come from professionals?
- Home Depot's filings do not split sales between homeowners and professionals. Management said at its Dec 9, 2025 investor conference that Pros "make up roughly half of our sales". The speaker was describing small to medium Pros who shop in stores, and did not say whether that base includes SRS.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does Home Depot sell?
Building Materials ($52.4B in FY2025)
Building materials, electrical, lumber, millwork and plumbing. 31.8% of net sales.
Decor ($51.7B)
Appliances, bath, flooring, kitchen and blinds, lighting and paint. 31.4% of net sales.
Hardlines ($47.8B)
Hardware, indoor and outdoor garden, power and storage. 29.1% of net sales.
SRS trade distribution ($12.7B)
Roofing, drywall, ceilings, steel framing, landscape and pool supplies, sold through over 1,250 locations at Feb 1, 2026. HVAC was added in May 2026.
HD Supply
Maintenance, repair and operations products for property managers and facilities. Its sales sit inside the three lines above, with no separate total.
Services ($5.7B)
Installation and tool and equipment rental, sold alongside goods. Services were 3.4% of FY2025 net sales and sit inside the lines above.
What it does
- Does: Sells goods it buys from suppliers, including its own brands such as HDX, Husky and Hampton Bay
- Does: Uses stores for online orders: about 50% of US online orders are fulfilled through a store
- Does: Rents tools and sells installation in categories such as flooring, water heaters and windows
What it does not do
- Does not: Does not install with its own crews: it acts as general contractor and uses licensed third-party installers
- Does not: Does not rely on one buyer: no customer was above 10% of revenue in the last three years
- Does not: Does not report sales by customer group in its filings
13How the money flows
13How the money flows · FY2025 (February 2025 to January 2026)
How does money flow through Home Depot?
Money in
- Products$159.0B
- Services$5.7B
- Interest income and other, net$124M
The company
Home Depot
$164.8B came in
Money out
- Cost of sales$109.8B
- Selling, general and administrative (SG&A)$30.7B
- Depreciation and amortization outside cost of sales$3.3B
- Interest expense$2.4B
- Income taxes$4.4B
- Net income$14.2B
- Customers paid Home Depot $164.7 billion of net sales in FY2025 (February 2025 to January 2026), mostly for products.
- The cost of the goods and services sold took $109.8 billion.
- Selling, general and administrative costs, which include stores and staff, took $30.7 billion.
- Depreciation and amortization outside cost of sales took $3.3 billion, leaving $20.9 billion of operating income.
- After $2.4 billion of interest expense, $124 million of interest income and $4.4 billion of tax, $14.2 billion was net income.
14What it needs to run
14What it needs to run
What does Home Depot need to run?
Stores
2,364 stores at Aug 2, 2026. At Feb 1, 2026, stores averaged about 104,000 square feet plus about 24,000 of garden area, and 90% were owned.
Supply chain
Over 500 distribution and fulfillment centers at Feb 1, 2026, plus more than 1,340 SRS locations at Aug 2, 2026.
Inventory
$26.8 billion of inventory at Aug 2, 2026, up from $24.8 billion a year earlier. Inventory turned 4.4 times in FY2025.
Goods from suppliers
Management said on Feb 24, 2026 that "more than 50% of our products are sourced domestically and haven't been subject to tariffs". Filings do not state this share.
People
472,400 associates at Feb 1, 2026: 89.4% in the US, 6.7% in Canada and 3.8% in Mexico. The median associate's pay in FY2025 was $37,881.
15Where it sells
15Where it sells · FY2025 (February 2025 to January 2026)
Where does Home Depot sell?
- United States92%
- Outside the US (Canada and Mexico)8%
16Competitors and what protects it
16Competitors and what protects it
Who does Home Depot compete with?
Lowe's
Lowe's 10-K calls it the world's second largest home improvement retailer, with 1,759 US stores and outlets and net sales of $86.3 billion in the year ended Jan 30, 2026.
QXO
QXO's 10-K describes a distributor of roofing, waterproofing and complementary building products, which overlaps with SRS. Its 2025 net sales of $6.8 billion include Beacon only from Apr 29, 2025.
Builders FirstSource
Its 10-K describes a supplier of building materials, components and construction services to professional contractors, sub-contractors and consumers. 2025 net sales were $15.2 billion.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Store network4 of 5
2,364 stores at Aug 2, 2026, and 90% of stores were owned at Feb 1, 2026.
- Scale4 of 5
FY2025 net sales of $164.7 billion, and about 1.6 billion transactions in stores and online. Management's own market share estimate is about 15%.
- Stores tied to online orders4 of 5
About 50% of US online orders are fulfilled through a store. Online sales were 16.6% of Q2 FY2026 net sales and rose 11.0%.
- Trade distribution3 of 5
SRS had more than 1,340 locations at Aug 2, 2026, and FY2025 operating margin of 2.5%, against 13.5% for Primary.
Weak spot
Fewer transactions
Comparable transactions (the number of purchases at locations open over 52 weeks, leaving out HD Supply and SRS) fell in each of the six quarters through Q2 FY2026. Comparable average ticket rose in the last five. Primary sales were lower in FY2025 than in FY2023.
17Where growth could come from
17Where growth could come from
Where could Home Depot's growth come from?
Home Depot reaffirmed its FY2026 guidance (the year ending Jan 31, 2027) on Aug 18, 2026. It expects total sales growth of about 2.5% to 4.5% and comparable sales flat to up 2.0%. It expects an operating margin of about 12.4% to 12.6%, and diluted EPS flat to up 4.0% from $14.23. It says the guidance includes tariff refunds, expected to partly offset unplanned fuel, energy and other input costs.
Deals in trade distribution
MixedOther (SRS) $5.1B, Q2 FY2026
SRS sales were 10.6% of Q2 FY2026 net sales, up from 6.9% a year earlier, with GMS and Mingledorff's added. Management said on Aug 18, 2026 it expects mid-single-digit organic sales growth at SRS. On the May 19, 2026 call it said Q1 SRS comparable sales were slightly negative.
Status: Mixed, partly on track.
Online sales
Working16.6% of net sales, Q2 FY2026
Online sales rose 11.0% in Q2 FY2026 and were 16.6% of net sales, up from 15.6% a year earlier. These figures leave out HD Supply and SRS.
Status: Working, on track against what the company said.
Pros
WorkingPositive comps, Q2 FY2026
Management said on Aug 18, 2026 that Pro comparable sales were positive in Q2 FY2026 and ahead of do-it-yourself customers. Filings give no Pro sales figure.
Status: Working, on track against what the company said.
Comparable sales and a housing recovery
MixedComparable sales +1.7%, Q2 FY2026
Comparable sales rose 0.3% in FY2025 and 1.7% in Q2 FY2026, while comparable transactions fell 1.0%. Management described a case on Dec 9, 2025 of 4% to 5% comparable sales once housing recovers, with no date attached.
Status: Mixed, partly on track.
New stores and branches
Working2,364 stores, Aug 2, 2026
Management said on Aug 18, 2026 it plans about 15 new stores and 40 to 50 SRS branches in FY2026. Store count rose from 2,359 at Feb 1, 2026 to 2,364.
Status: Working, on track against what the company said.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
18The company's own measures (non-GAAP)
18The company's own measures · FY2025 (February 2025 to January 2026) and Q2 FY2026 (May 4 to Aug 2, 2026)
What do Home Depot's own measures show?
Official (GAAP): Operating income, FY2025
$20.9B
Company's own measure: Adjusted operating income, FY2025
$21.5B
Home Depot leaves out $607 million of amortization of acquired intangibles.
Official (GAAP): Operating margin, FY2025
12.7%
Company's own measure: Adjusted operating margin, FY2025
13.1%
Same adjustment as adjusted operating income.
Official (GAAP): Diluted EPS, FY2025
$14.23
Company's own measure: Adjusted diluted EPS, FY2025
$14.69
Home Depot leaves out amortization of acquired intangibles and its tax effect.
Official (GAAP): Operating income, Q2 FY2026 (includes the refunds)
$6.8B
Company's own measure: Adjusted operating income, Q2 FY2026 (includes the refunds)
$7.0B
Home Depot leaves out $178 million of amortization. Both figures include about $685 million of tariff refunds, because its adjusted figures do not remove them.
Official (GAAP): Diluted EPS, Q2 FY2026 (includes the refunds)
$4.79
Company's own measure: Adjusted diluted EPS, Q2 FY2026 (includes the refunds)
$4.92
Both figures include the tariff refunds, about $685 million before tax. Home Depot does not state a per-share amount for them.
Official (GAAP): Net income per $100 of net sales, FY2025
8.6%
Company's own measure: Return on invested capital (ROIC), FY2025
25.7%
Home Depot's measure: after-tax operating profit ÷ average debt and equity. It was 31.3% in FY2024. Home Depot attributes the fall to higher average equity and long-term debt.
Official (GAAP): Net sales growth, FY2025
3.2%
Company's own measure: Comparable sales growth, FY2025
0.3%
Sales at stores and websites open more than 52 weeks, leaving out closed stores. Acquisitions usually join after 52 weeks. Home Depot notes that retailers calculate this differently.
Official (GAAP): Net sales growth, Q2 FY2026
5.7%
Company's own measure: Comparable sales growth, Q2 FY2026
1.7%
Same definition. Comparable transactions fell 1.0% and comparable average ticket rose 2.8%.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Sources
Form 10-K for fiscal 2025 (year ended Feb 1, 2026); Earnings release, Q4 and fiscal 2025 (8-K Ex. 99.1); Form 10-Q for Q2 fiscal 2026 (quarter ended Aug 2, 2026) and 1 more
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
19Financial strength and debt
19Financial strength · Aug 2, 2026
How much debt does Home Depot have?
- Total debt$52.9B
- Cash and investments$2.1B
- Net debt (debt minus cash)$50.8B
- Net worth (shareholders' money)$16.6B
- Debt to equity
- 3.18×
- $ of debt for every $1 of shareholders' money
- Debt includes commercial paper ($4.2 billion at 3.8%) and finance leases ($3.0 billion at Feb 1, 2026). It leaves out operating leases ($9.6 billion at Feb 1, 2026). Net figures are a Cityfort calculation from Q2 FY2026 10-Q.
- Total debt was $44.1 billion at Jan 28, 2024, before the SRS deal, and $55.8 billion at Feb 1, 2026. Home Depot repaid $2.8 billion of notes in the first half of FY2026 and issued none.
- Stockholders' equity was negative $1.7 billion at Jan 30, 2022, and $16.6 billion at Aug 2, 2026. It has risen since share repurchases paused in March 2024.
- For FY2025, net debt was 2.17 times EBITDA, and EBITDA was 10.4 times interest expense (Cityfort calculation from FY2025 10-K).
- Goodwill and intangibles were $33.4 billion at Aug 2, 2026. Back-up credit facilities total $11.0 billion.
20Who owns it
20Who owns it · ownership as of Mar 6, 2026
Who owns Home Depot?
- Officers and directors (as a group), shares
- 0.1%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Sources
Form 10-Q for Q2 fiscal 2026 (quarter ended Aug 2, 2026); Form 10-K for fiscal 2025 (year ended Feb 1, 2026); Proxy statement (DEF 14A), 2026 annual meeting and 5 more
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
21What it does with profit
21What it does with profit
What does Home Depot do with its profit?
Dividend per share
$9.20FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Jan 30, 2022
FY2021: paid $14.8 billion for its own shares.
$14.8B
Buyback · Jan 29, 2023
FY2022: paid $6.7 billion for its own shares.
$6.7B
Buyback · Jan 28, 2024
FY2023: paid $8.0 billion for its own shares.
$8.0B
Buyback · Feb 2, 2025
FY2024: paid $649 million before the pause in March 2024. FY2025 had none.
$649M
22Governance signals
22Governance signals
What do Home Depot's governance filings show?
- Auditor
- KPMG LLP, since 1979
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The 2026 proxy's independence review notes that director Asha Sharma is an executive of Microsoft, which both sells to and buys from Home Depot. The Aug 12, 2026 8-K says neither Ms. Campbell nor Mr. McPhail has a related party transaction requiring disclosure.
- Credit rating
- No public credit rating found
Flags to know about
other
CEO's temporary medical leave
An 8-K filed Aug 12, 2026 says Chair, President and CEO Edward P. Decker will take a temporary medical leave. Ann-Marie Campbell oversees day-to-day operations. Richard V. McPhail oversees financial management and Pro subsidiaries, and is interim principal executive officer. Independent lead director Gregory D. Brenneman chairs the Board during Mr. Decker's absence.
regulatory
EPA consent decree ended
The 10-K says an April 2021 civil consent decree with the Justice Department, the EPA and three states covered lead-safe work practices in installation services. It was terminated in Q4 FY2025. Penalties totaled about $1.7 million, and Home Depot says it collected that amount from third-party installers.
auditor
Internal control review left out GMS
KPMG's FY2025 opinion was unqualified and internal control over financial reporting was found effective. That review excluded GMS, about 3% of assets excluding goodwill and intangibles.
other
2026 shareholder votes
On May 21, 2026, say-on-pay received 671.3 million votes for and 44.2 million against. A proposal for an independent chair failed, with 186.3 million for and 529.4 million against.
shares as collateral
Home Depot stock as collateral
Officers and directors covered by Section 16 may not use Home Depot stock as collateral or hold it in margin accounts.
disclosure
What Home Depot does not report
Filings give no sales split between homeowners and professionals. Sales per square foot stopped being reported after FY2024. The 10-K does not state credit ratings, and none are shown here.
23What the market paid
23What the market paid · price as of Oct 30, 2026
What did the market pay for Home Depot on Oct 30, 2026?
Price as of Oct 30, 2026 (shown for education; prices change daily).
Price as of Oct 30, 2026: $329.20, the close shown in Nasdaq's historical price table for Home Depot. The shares list on the NYSE, and this price is from Nasdaq's site, not NYSE's. Times 997.7 million shares (Aug 18, 2026), that is a market value of about $328.4 billion (Cityfort calculation from the Oct 30, 2026 closing price and the Q2 FY2026 10-Q cover). P/E is price ÷ earnings per share. It is 23.0 on diluted EPS of $14.29 for the four quarters to Aug 2, 2026, which include about $685 million of tariff refunds before tax. It is 23.1 on FY2025 diluted EPS of $14.23. The stated dividend of $9.32 a year is 2.83% of this price.
- Share price
- $329.20
- Market value (market cap)
- $328.4B
- P/E
- 23×
Source: HD historical closing prices, Oct 26-30, 2026; Form 10-Q for Q2 fiscal 2026 (quarter ended Aug 2, 2026); Form 10-K for fiscal 2025 (year ended Feb 1, 2026) and 4 more
24How it got here
24How it got here
How did Home Depot get here?
1978
Milestone
Incorporated in Delaware
The Home Depot, Inc. was incorporated in 1978.
1984
Milestone
Listed on the NYSE
The shares listed on the New York Stock Exchange on Apr 19, 1984.
1987
Milestone
First dividend
Home Depot paid its first cash dividend on Jun 22, 1987, and has paid one every quarter since.
2020
Business-model change
HD Supply
Home Depot bought HD Supply, a maintenance, repair and operations distributor, in December 2020.
2022
Milestone
Decker becomes CEO
Edward P. Decker became President and CEO in March 2022, and Chair in October 2022.
2024
Business-model change
SRS bought, repurchases paused
Home Depot agreed in March 2024 to buy SRS for $18.25 billion, subject to adjustments, and paused share repurchases. The deal closed on Jun 18, 2024.
2025
Business-model change
SRS buys GMS
SRS closed its purchase of GMS on Sep 4, 2025, at $110 a share, about $5.5 billion including debt repaid.
2026
Milestone
Mingledorff's adds HVAC
SRS closed its purchase of Mingledorff's, an HVAC distributor, on May 11, 2026, for about $1.1 billion on preliminary figures.
2026
Milestone
Tariff refunds
After the Supreme Court decision invalidating tariffs under an emergency powers law (IEEPA), Home Depot received about $730 million of refunds in Q2 FY2026. About $685 million lowered cost of goods sold.
2026
Milestone
CEO's temporary medical leave
An 8-K filed Aug 12, 2026 says Edward P. Decker will take a temporary medical leave, and names who oversees the business during Mr. Decker's absence.
25Sources and changes
Where every number on this page comes from
Sources (41 documents)
- S1Form 10-K for fiscal 2025 (year ended Feb 1, 2026) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 18, 2026
- S2Form 10-K for fiscal 2024 (53 weeks, year ended Feb 2, 2025) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 21, 2025
- S3Form 10-K for fiscal 2023 (year ended Jan 28, 2024) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 13, 2024
- S5Form 10-K for fiscal 2021 (year ended Jan 30, 2022) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 23, 2022
- S6Form 10-K for fiscal 2020 (year ended Jan 31, 2021) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 24, 2021
- S7Form 10-Q for Q2 fiscal 2026 (quarter ended Aug 2, 2026) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 25, 2026
- S8Form 10-Q for Q1 fiscal 2026 (quarter ended May 3, 2026) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 27, 2026
- S9Form 10-Q for Q3 fiscal 2025 (quarter ended Nov 2, 2025) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 25, 2025
- S10Form 10-Q for Q2 fiscal 2025 (quarter ended Aug 3, 2025) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 26, 2025
- S11Form 10-Q for Q1 fiscal 2025 (quarter ended May 4, 2025) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 28, 2025
- S12Form 10-Q for Q3 fiscal 2024 (quarter ended Oct 27, 2024) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 19, 2024
- S15Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 18, 2026
- S16Earnings release, Q1 fiscal 2026 (8-K Ex. 99.1) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 19, 2026
- S17Earnings release, Q4 and fiscal 2025 (8-K Ex. 99.1) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2026
- S18Earnings release, Q3 fiscal 2025 (8-K Ex. 99.1) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 18, 2025
- S19Earnings release, Q2 fiscal 2025 (8-K Ex. 99.1) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 19, 2025
- S20Earnings release, Q1 fiscal 2025 (8-K Ex. 99.1) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 20, 2025
- S21Earnings release, Q4 and fiscal 2024 (8-K Ex. 99.1) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 25, 2025
- S22Earnings release, Q3 fiscal 2024 (8-K Ex. 99.1) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 12, 2024
- S25Earnings release, Q4 and fiscal 2023 (8-K Ex. 99.1) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2024
- S26Proxy statement (DEF 14A), 2026 annual meeting · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 7, 2026
- S27Form 8-K: CEO temporary medical leave (Items 5.02, 7.01) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 12, 2026
- S28Form 8-K: executive responsibilities and restricted stock awards (Item 5.02) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 21, 2026
- S29Form 8-K: 2026 annual meeting votes and charter amendments (Items 5.03, 5.07) · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 26, 2026
- S31Form 8-K: SRS acquisition completed · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 18, 2024
- S32Form 8-K: agreement to acquire SRS · The Home Depot, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 28, 2024
- S33Schedule 13G: Vanguard Capital Management · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S34Schedule 13G/A: The Vanguard Group (realignment; reports 0 shares) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
- S35Schedule 13G/A: The Vanguard Group · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Dec 3, 2025
- S36Schedule 13G/A: BlackRock, Inc. · BlackRock, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 26, 2024
- S37Q2 fiscal 2026 earnings call transcript · The Home Depot, Inc. (company IR) · Tier 1: company or exchange filing · Aug 18, 2026
- S38Q1 fiscal 2026 earnings call transcript · The Home Depot, Inc. (company IR) · Tier 1: company or exchange filing · May 19, 2026
- S39Q4 fiscal 2025 earnings call transcript · The Home Depot, Inc. (company IR) · Tier 1: company or exchange filing · Feb 24, 2026
- S422025 Investor Conference transcript · The Home Depot, Inc. (company IR) · Tier 1: company or exchange filing · Dec 9, 2025
- S44HD historical closing prices, Oct 26-30, 2026 · Nasdaq, Inc. (HD lists on NYSE) · Tier 1: company or exchange filing · Oct 30, 2026
- S45EDGAR submissions list for CIK 0000354950 · SEC EDGAR · Tier 1: company or exchange filing · Nov 1, 2026
- S46SEC XBRL company facts for CIK 0000354950 · SEC EDGAR · Tier 1: company or exchange filing · Nov 1, 2026
- S47Lowe's Companies, Inc. Form 10-K for fiscal 2025 (year ended Jan 30, 2026) · Lowe's Companies, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 23, 2026
- S48QXO, Inc. Form 10-K for 2025 · QXO, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 27, 2026
- S49Builders FirstSource, Inc. Form 10-K for 2025 · Builders FirstSource, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 17, 2026
- S50Home Depot investor relations: events and presentations · The Home Depot, Inc. · Tier 3: context only · Nov 1, 2026
Changes to this page (v2 · Nov 1, 2026)
- v2 · Nov 1, 2026Standardized calculation labels to name the filing they come from; no figures changed. (editorial update, Q2 FY2026)
- v1 · Nov 1, 2026First version, through Q2 FY2026 (quarter ended Aug 2, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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