Home Depot, Inc. Q4 FY2023 results: revenue $34.8 billion, down 2.9% on the year

Home Depot, Inc. (HD) reported revenue of $34.8 billion for Q4 FY2023, the quarter ended 28 January 2024, down 2.9% on the same quarter a year earlier. Net income was $2.8 billion, down 16.7% on the year, and diluted earnings per share $2.83. The figures are the company's own, from the 10-K it filed with the SEC on 13 March 2024.

Revenue$34.8 billiondown 2.9%

Net income$2.8 billiondown 16.7%

Diluted EPS$2.83

QuarterQ4 FY2023ended 28 January 2024

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	34,786	37,710	n/a	n/a
Cost of revenue	23,278	24,972	n/a	n/a
Gross profit	11,508	12,738	n/a	n/a
Gross margin	33.1%	33.8%	n/a
Selling, general and administrative	6,679	6,649	n/a	n/a
Operating income	4,143	5,406	n/a	n/a
Operating margin	11.9%	14.3%	n/a
Interest expense	513	487	n/a	n/a
Pre-tax income	3,685	4,968	n/a	n/a
Income tax	884	1,158	n/a	n/a
Effective tax rate	24.0%	23.3%	n/a
Net income	2,801	3,810	n/a	n/a
Net margin	8.1%	10.1%	n/a
Diluted EPS	$2.83	$3.81	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	4,733	4,234	n/a	n/a
Capital expenditure	858	671	n/a	n/a
Free cash flow	3,875	3,563	n/a	n/a
Free cash flow margin	11.1%	9.4%	n/a
Depreciation and amortisation	832	683	n/a	n/a
Share-based compensation	80.0	85.0	n/a	n/a
Buybacks	1,486	1,511	n/a	n/a
Dividends paid	2,079	2,089	n/a	n/a
Dividend per share	n/a	$2.09	n/a	n/a
Diluted shares, weighted	1,002m	999m	n/a	n/a
Shares outstanding at period end	992m	996m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	76,530	75,577	n/a	n/a
Cash and equivalents	3,760	2,058	n/a	n/a
Receivables	3,328	3,932	n/a	n/a
Inventory	20,976	22,805	n/a	n/a
Goodwill	8,455	7,937	n/a	n/a
Long-term debt	42,150	n/a	n/a	n/a
Long-term debt including finance leases	42,743	40,567	n/a	n/a
Operating lease liabilities	7,082	6,300	n/a	n/a
Finance lease liabilities	3,000	3,032	n/a	n/a
Shareholders' equity	1,044	1,430	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	37,710	34,786	36,418	43,175	40,217	39,704	39,856	45,277	41,352	38,198	41,765	47,861
Cost of revenue	24,972	23,278	23,985	28,759	26,792	26,670	26,397	30,152	27,537	25,732	27,984	31,746
Gross profit	12,738	11,508	12,433	14,416	13,425	13,034	13,459	15,125	13,815	12,466	13,781	16,115
Gross margin	34%	33%	34%	33%	33%	33%	34%	33%	33%	33%	33%	34%
SG&A	6,649	6,679	6,667	7,144	7,212	7,725	7,530	7,764	7,636	7,772	7,959	8,424
Operating income	5,406	4,143	5,079	6,534	5,418	4,495	5,133	6,555	5,353	3,849	4,981	6,839
Operating margin	14%	12%	14%	15%	13%	11%	13%	14%	13%	10%	12%	14%
Interest expense	487	513	485	573	625	638	615	575	628	594	611	583
Pre-tax income	4,968	3,685	4,651	6,045	4,823	3,887	4,542	6,005	4,757	3,298	4,377	6,315
Tax rate	23%	24%	23%	25%	24%	23%	24%	24%	24%	22%	25%	25%
Net income	3,810	2,801	3,600	4,561	3,648	2,997	3,433	4,551	3,601	2,571	3,289	4,766
Net margin	10%	8%	10%	11%	9%	8%	9%	10%	9%	7%	8%	10%
Diluted EPS	$3.81	$2.83	$3.63	$4.60	$3.67	$3.01	$3.45	$4.58	$3.62	$2.58	$3.30	$4.79
Operating cash flow	4,234	4,733	5,497	5,409	4,233	4,671	4,325	4,643	4,010	3,347	6,032	5,390
Capital expenditure	671	858	847	719	818	1,101	806	917	898	1,058	844	880
Free cash flow	3,563	3,875	4,650	4,690	3,415	3,570	3,519	3,726	3,112	2,289	5,188	4,510
Buybacks	1,511	1,486	649	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a
Dividends paid	2,089	2,079	2,229	2,231	2,234	2,235	2,286	2,288	2,289	2,289	2,320	2,323
Shares outstanding	996m	992m	992m	993m	993m	994m	995m	995m	995m	996m	997m	998m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 28 January 2024, filed 13 March 2024, accession 0000354950-24-000062: the filing on EDGAR. All of Home Depot, Inc.'s filings: EDGAR company page.

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