The Home Depot, Inc. (HD) financials

NYSE · Consumer Cyclical · Home Improvement · 472,400 employees · CEO Edward Decker

Price: $329.20 +0.07%
Market cap: $328B
Enterprise value: $389B
Last report: Q2 '26 filed 2026-08-25
Next report: 2026-11-17 EPS est. $3.83

Revenue (TTM)$169B+2.5% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)12.4%-0.7 pp vs a year agoOperating income $21B

Net income (TTM)$14.2B-2.7% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$15.1B+6.1% vs a year agoCapex $3.68B

Diluted EPS (TTM)$14.29-2.9% vs a year agoSum of the last 4 quarters

Net cash-$60.5B-3.4% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $328B
Revenue: $169B
Revenue growth: +4%
Profit margin: 8.4%
P/E: 23.0×
P/S: 1.9×
EV / EBITDA: 15.3×
Free cash flow: $15.1B
Net income: $14.2B
Revenue estimate: $172B
Earnings: 2026-11-17
Dividend: $9.29

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-18): revenue beat by 1.3%, EPS beat by 4.0%Revenue $47.9B vs $47.2B expected (+1.3%); EPS $4.92 vs $4.73 (+4.0%).
Revenue growth accelerating: 5.7% year on yearQ2 '26 revenue $47.9B, against an average of 2.2% over the four quarters before.
Operating margin 12.4% (TTM), -0.7 pp on a year agoOperating income grew -2.7% while revenue grew 2.5%.
12.1% of pre-tax profit is eaten by non-operating lossesPre-tax income $18.7B vs operating income $21B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 2.2% of revenue (a year ago 2.2%)$3.68B invested in the last 4 quarters (+1.0% on a year earlier). Free cash flow $15.1B = 106.1% of net income.
Returned $9.22B to shareholders = 61.1% of free cash flowBuybacks $0 (a year earlier $0), dividends $9.22B, stock-based pay $560M (TTM).
Diluted share count up 0.2% in a year996M diluted shares in Q2 '26, 994M a year earlier.
Net debt $60.5BCash + short-term investments $2.09B, debt incl. leases $62.6B; a year ago net debt $58.5B.
All other segments: revenue +62.0%, margin 4.9% (was 6.4%)Fastest-growing reported segment in Q2 '26: operating income $247M on revenue $5.06B (from the segment note of the filing).

Last quarter: Q2 '26

Quarter ended 2026-08-02. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$47.9B	$45.3B	+5.7%
Gross margin	33.7%	33.4%	+0.3 pp
Operating income	$6.84B	$6.56B	+4.3%
Operating margin	14.3%	14.5%	-0.2 pp
Net income	$4.77B	$4.55B	+4.7%
Diluted EPS	$4.79	$4.58	+4.6%
Operating cash flow	$5.39B	$4.64B	+16.1%
Capex	$880M	$917M	-4.0%
Free cash flow	$4.51B	$3.73B	+21.1%
R&D	$0	$0	–
Stock-based compensation	$148M	$118M	+25.4%

Reported vs consensus

2026-08-18

	Actual	Consensus	vs consensus
Revenue	$47.9B	$47.2B	+1.3%
EPS (as estimated)	$4.92	$4.73	+4.0%

From the report of 2026-08-18 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Major Product Line - Hardlines	$14.4B	+2.2%	30.2%	–	–
Major Product Line - Building Materials	$14.4B	+1.8%	30.2%	–	–
Major Product Line, Décor	$13.9B	+0.5%	29.1%	–	–
Other Segment	$5.06B	+62.0%	10.6%	–	–

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y	12 quarters
United States	$43.9B	+5.2%	91.7%	–	–
Non-US	$3.95B	+11.4%	8.3%	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q2 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Primary Segment	$42.8B	+1.5%	$6.59B	+3.7%	15.4%	15.1%	$20.7B
All other segments	$5.06B	+62.0%	$247M	+22.9%	4.9%	6.4%	$291M
Other Segment	–	–	–	–	–	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $18.8B
Capex: -$3.68B
Buybacks: $0
Dividends: -$9.22B
Acquisitions: -$6.51B
Net debt issued: -$429M
Stock-based compensation: $560M
Free cash flow: $15.1B
Returned to shareholders / FCF: 61.1%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	23.0×	23.9×	18.8× – 27.3×
EV / EBITDA	15.3×	16.4×	13.6× – 18.3×
EV / Sales	2.3×	2.7×	2.3× – 2.9×
Price / FCF	21.7×	26.0×	19.8× – 29.7×
Price / Book	19.7×	159.1× 4 of 5 years	29.3× – 340.4×
FCF yield	4.6%	3.9%	3.4% – 5.1%
Return on invested capital	18.8%	28.0%	19.0% – 36.7%
Return on equity	102.7%	382.0%	-968.9% – 1,450.5%

Analysts

Consensus target $378.64 (+15.0%)
range $322.00 – $425.00 · rating Buy

Strong buy1

Buy36

Hold22

Sell4

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2027	$172B	+4.2%	$15.00	+5.4%	22.0×	21
FY2028	$177B	+3.4%	$15.91	+6.1%	20.7×	21
FY2029	$185B	+4.1%	$17.25	+8.4%	19.1×	9
FY2030	$191B	+3.6%	$18.48	+7.1%	17.8×	3
FY2031	$195B	+2.1%	$19.57	+5.9%	16.8×	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 234 figures The Home Depot, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$13.6B	$13.1B	+3.8%	$11.5B	$11.9B	-3.7%
Accounts Receivable, after Allowance for Credit Loss, Current	$6.96B	$5.88B	+18.5%	$5.6B	$4.9B	+14.2%
Accrued Income Taxes, Current	$253M	$37M	+583.8%	$114M	$832M	-86.3%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$32.9B	$30.6B	+7.5%	$20.6B2019-02-03	$19.3B	+6.3%
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$501M2026-02-01	$970M	-48.4%	$501M	$970M	-48.4%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$688M	-$835M	+17.6%	-$652M	-$1.13B	+42.2%
Additional Paid in Capital, Common Stock	$15.2B	$14.4B	+5.5%	$14.8B	$14.1B	+4.9%
Advertising Expense	–	–	–	$1.3B	$1.2B	+8.3%
Amortization of Intangible Assets	$178M	$139M	+28.1%	$607M	$425M	+42.8%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2M	1M	+100.0%	0	0	–
Asset Impairment Charges	–	–	–	$0	$0	–
Assets	$109B	$100B	+9.3%	$105B	$96.1B	+9.3%
Assets, Current	$37.7B	$35.4B	+6.6%	$34.4B	$31.7B	+8.5%
Cash and Cash Equivalents, at Carrying Value	$2.09B	$2.8B	-25.6%	$1.39B	$1.66B	-16.3%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$2.09B	$2.8B	-25.6%	$1.39B	$1.66B	-16.3%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	$500M	$1.46B	-65.7%	-$369M	-$1.92B	+80.7%
Commercial Paper	$4.25B	$0	–	$4.46B	$316M	+1,312.7%
Common Stock, Dividends, Per Share, Cash Paid	$2.33	$2.30	+1.3%	$9.20	$9.00	+2.2%
Common Stock, Par or Stated Value Per Share	$0.05	$0.05	0.0%	$0.05	$0.05	0.0%
Common Stock, Shares Authorized	10B	10B	0.0%	10B	10B	0.0%
Common Stock, Shares, Issued	1.8B	1.8B	+0.2%	1.8B	1.8B	+0.1%
Common Stock, Shares, Outstanding	998M	995M	+0.3%	996M	994M	+0.2%
Common Stock, Value, Outstanding	$90M	$90M	0.0%	$90M	$90M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$4.74B	$4.72B	+0.4%	$14.6B	$14.2B	+3.4%
Contract with Customer, Liability, Current	$1.7B	$1.6B	+6.3%	$1.5B	$1.5B	0.0%
Cost of Revenue	$31.7B	$30.2B	+5.3%	$110B	$106B	+3.4%
Cost, Depreciation and Amortization	$1.1B	$988M	+10.8%	$4.06B	$3.71B	+9.5%
Current Federal Tax Expense (Benefit)	–	–	–	$2.81B	$3.42B	-17.7%
Current Foreign Tax Expense (Benefit)	–	–	–	$414M	$386M	+7.3%
Current Income Tax Expense (Benefit)	–	–	–	$3.95B	$4.64B	-14.8%
Current State and Local Tax Expense (Benefit)	–	–	–	$725M	$836M	-13.3%
Debt and Lease Obligation	$51.3B2026-02-01	$53.1B	-3.3%	$51.3B	$53.1B	-3.3%
Debt Instrument, Face Amount	$48.8B2026-02-01	$51.1B	-4.4%	$48.8B	$51.1B	-4.4%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$503M	-$67M	+850.7%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$54M	$3M	-1,900.0%
Deferred Income Tax Expense (Benefit)	–	–	–	$495M	-$39M	+1,369.2%
Deferred Income Tax Liabilities, Net	$2.85B	$2.49B	+14.4%	$2.85B	$1.96B	+45.0%
Deferred Revenue, Current	$2.73B	$2.61B	+4.7%	$2.58B	$2.61B	-1.3%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$46M	$25M	+84.0%
Deferred Tax Assets, Deferred Income	$265M2026-02-01	$259M	+2.3%	$265M	$259M	+2.3%
Deferred Tax Assets, Gross	$3.92B2026-02-01	$3.79B	+3.3%	$3.92B	$3.79B	+3.3%
Deferred Tax Assets, Net of Valuation Allowance	$3.91B2026-02-01	$3.79B	+3.2%	$3.91B	$3.79B	+3.2%
Deferred Tax Assets, Operating Loss Carryforwards	$95M2026-02-01	$92M	+3.3%	$95M	$92M	+3.3%
Deferred Tax Assets, Other	$79M2026-02-01	$77M	+2.6%	$79M	$77M	+2.6%
Deferred Tax Assets, State Taxes	$118M2026-02-01	$133M	-11.3%	$118M	$133M	-11.3%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation	$289M2026-02-01	$230M	+25.7%	$289M	$230M	+25.7%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other	$450M2026-02-01	$475M	-5.3%	$450M	$475M	-5.3%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Self Insurance	$262M2026-02-01	$271M	-3.3%	$262M	$271M	-3.3%
Deferred Tax Assets, Valuation Allowance	$6M2026-02-01	$4M	+50.0%	$6M	$4M	+50.0%
Deferred Tax Liabilities, Goodwill and Intangible Assets	$2.44B2026-02-01	$2.2B	+10.8%	$2.44B	$2.2B	+10.8%
Deferred Tax Liabilities, Gross	$6.46B2026-02-01	$5.48B	+17.9%	$6.46B	$5.48B	+17.9%
Deferred Tax Liabilities, Inventory	$26M2026-02-01	$12M	+116.7%	$26M	$12M	+116.7%
Deferred Tax Liabilities, Leasing Arrangements	$2.28B2026-02-01	$2.18B	+4.5%	$2.28B	$2.18B	+4.5%
Deferred Tax Liabilities, Net	$2.55B2026-02-01	$1.69B	+50.8%	$2.55B	$1.69B	+50.8%
Deferred Tax Liabilities, Other	$167M2026-02-01	$183M	-8.7%	$167M	$183M	-8.7%
Deferred Tax Liabilities, Property, Plant and Equipment	$1.51B2026-02-01	$854M	+77.3%	$1.51B	$854M	+77.3%
Deferred Tax Liabilities, Undistributed Foreign Earnings	$42M2026-02-01	$54M	-22.2%	$42M	$54M	-22.2%
Defined Contribution Plan, Cost	–	–	–	$382M	$347M	+10.1%
Depreciation, Depletion and Amortization	$929M	$865M	+7.4%	$3.51B	$3.34B	+5.3%
Depreciation, Depletion and Amortization, Nonproduction	$852M	$806M	+5.7%	$3.27B	$3.03B	+7.9%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-08-02, 10-Q 2026-05-03, 10-K 2026-02-01, 10-Q 2025-11-02, 10-Q 2025-08-03, 10-Q 2025-05-04, 10-K 2025-02-02, 10-Q 2024-10-27, 10-Q 2024-07-28

Data as of 2026-11-01