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Home Depot (HD) FY2025 results: revenue $164.7 billion, up 3.2% on the year

Home Depot, Inc. (HD) reported revenue of $164.7 billion for fiscal 2025, the year ended 1 February 2026, up 3.2% on the year before. Net income was $14.2 billion, down 4.4%, and diluted earnings per share $14.23. The figures are the company's own, from the 10-K it filed with the SEC on 18 March 2026.

Revenue
$164.7 billion
+3.2% on the year
FY2018FY2025
Operating margin
12.7%
13.5% a year earlier
FY2018FY2025
Net income
$14.2 billion
-4.4% on the year
FY2018FY2025
Diluted EPS
$14.23
-4.6% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 13 new.

  • Fourth-quarter sales fell 3.8%: Sales were $38.2 billion, down 3.8%. The quarter had 13 weeks against 14 a year earlier, and the 14th week added about $2.5 billion of sales in fiscal 2024.
  • Fiscal 2025 sales and EPS: Fiscal 2025 sales were $164.7 billion, up 3.2%. Diluted EPS was $14.23 against $14.91, and adjusted diluted EPS was $14.69 against $15.24.
  • Fewer transactions, higher ticket: Comparable customer transactions fell 1.6% in the fourth quarter while comparable average ticket rose 2.4%, after transactions rose 0.6% and ticket rose 0.2% a year earlier.
  • Operating margin fell on lower sales: Operating income fell 14.4% to $3.8 billion in the fourth quarter. Operating margin was 10.1% against 11.3%, and 12.7% for the year against 13.5%.
  • Underlying demand stable through year: Adjusting for storms, management described underlying demand as relatively stable throughout fiscal 2025.
Read the Q4 FY2025 earnings call summary

From this 10-K

The Home Depot is the world's largest home improvement retailer measured by net sales for fiscal 2025. It sells home improvement products, building materials, lawn and garden products, décor and facilities maintenance, repair and operations products in stores and online, and it provides installation services and tool and equipment rental. At the end of fiscal 2025 it operated 2,359 stores across the United States, including Puerto Rico, the U.S. Virgin Islands and Guam, plus Canada and Mexico. A store averages approximately 104,000 square feet of enclosed space with approximately 24,000 more square feet of outside garden area. The company is a Delaware corporation incorporated in 1978 and its Store Support Center is in Atlanta, Georgia. The three geographic operating segments are aggregated into one reportable segment.

Home Depot, Inc., the 10-K for 2026

The Home Depot is the world's largest home improvement retailer measured by net sales for fiscal 2025. It sells home improvement products, building materials, lawn and garden products, décor and facilities maintenance, repair and operations products in stores and online, and it provides installation services and tool and equipment rental. At the end of fiscal 2025 it operated 2,359 stores across the United States, including Puerto Rico, the U.S. Virgin Islands and Guam, plus Canada and Mexico. A store averages approximately 104,000 square feet of enclosed space with approximately 24,000 more square feet of outside garden area. The company is a Delaware corporation incorporated in 1978 and its Store Support Center is in Atlanta, Georgia. The three geographic operating segments are aggregated into one reportable segment.

What a store carries

A typical store stocks approximately 30,000 to 40,000 items during the year, national brands and proprietary products together, across appliances, bath, building materials, electrical, flooring, hardware, indoor garden, kitchen and blinds, lighting, lumber, millwork, outdoor garden, paint, plumbing, power, and storage and organisation. The websites act as an extended aisle with a wider assortment: homedepot.com is the main site, with homedepot.ca and homedepot.com.mx abroad, hdsupply.com for maintenance products, blinds.com, justblinds.com and americanblinds.com for window coverings, constructionresourcesusa.com for design-oriented surfaces and appliances, and thecompanystore.com for textiles and décor. The company has formed exclusive relationships with certain suppliers to sell under recognised brand names and to offer proprietary products comparable to national brands, which it says generally carry higher margins.

Two kinds of customer

Consumers, which the company splits into do-it-yourself and do-it-for-me buyers, and Pros, meaning professional tradespeople. Do-it-yourself customers are typically homeowners doing their own projects, helped by store associates, digital resources, clinics and workshops. Pros look for dedicated sales support, credit and pricing options, project planning tools, reliable deliveries, and depth of product in job-lot quantities for complex work. The stated strategy is to support associates so they can deliver the customer experience, to make the in-store and digital experience work as one, and to win with Pros.

SRS and GMS

In fiscal 2024 the company acquired SRS, a residential specialty trade distributor of roofing and complementary building products, landscape supplies and swimming pool supplies serving professional roofers, landscapers and pool contractors. In fiscal 2025 SRS acquired GMS, a distributor of specialty building products including drywall, ceilings and steel framing. At the end of fiscal 2025 SRS, including GMS, operated over 1,250 locations across the United States and Canada, most with a distribution centre, material handling and delivery equipment and inventory, and it is organised into four lines of business: roofing and building products, interior and construction products, landscape, and pool. Each is an operating segment but none is a reportable segment. Their websites are srsdistribution.com, heritagelandscapesupplygroup.com, heritagepoolsupplygroup.com and gms.com.

Digital and the stores

Most traffic to the digital channels comes from mobile devices. The company has invested in search, navigation, product content and checkout speed, and is applying AI tools to search, recommendations and chat, including Magic Apron for product and project questions and a Blueprint Takeoffs Tool and Material List Builder that generate project-specific materials lists and quotes. In stores, associates use web-enabled handheld hdPhone devices to check inventory, run customer service applications and locate products.

Competing and returning cash

The filing states that competition in store and online is primarily on customer experience, price, quality, product availability, assortment and innovation, and delivery options, along with store and branch location and appearance, presentation of merchandise and ease of shopping. In fiscal 2025 the company returned $9.2 billion to shareholders in cash dividends, after raising the quarterly dividend 2.2% from $2.25 to $2.30 a share in February 2025.

From The Home Depot's annual report on Form 10-K for the year ended 1 February 2026. The filing

Written from the 10-K filed 18 March 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue164,683159,514152,669+3.2%
Cost of revenue109,818106,206101,709+3.4%
Gross profit54,86553,30850,960+2.9%
Gross margin33.3%33.4%33.4%
Selling, general and administrative30,70228,74826,598+6.8%
Operating income20,89021,52621,689-3.0%
Operating margin12.7%13.5%14.2%
Interest expense2,4122,3211,943+3.9%
Pre-tax income18,60219,40619,924-4.1%
Income tax4,4464,6004,781-3.3%
Effective tax rate23.9%23.7%24.0%
Net income14,15614,80615,143-4.4%
Net margin8.6%9.3%9.9%
Diluted EPS$14.23$14.91$15.11-4.6%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow16,32519,81021,172-17.6%
Capital expenditure3,6793,4853,226+5.6%
Free cash flow12,64616,32517,946-22.5%
Free cash flow margin7.7%10.2%11.8%
Cash from investing-8,980-21,031-4,729
Cash from financing-7,714-694-15,443
Depreciation and amortisation3,5143,3363,061+5.3%
Share-based compensation522442380+18.1%
Buybacks0.06497,951
Dividends paid9,1528,9298,383+2.5%
Dividend per share$9.20$9.00$8.36+2.2%
Diluted shares, weighted995m993m1,002m+0.2%
Shares outstanding at period end996m994m992m+0.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity12,8136,6401,044+93.0%
Short-term borrowingsn/an/a0.0
Debt55,77253,38342,150+4.5%
Operating lease liabilities8,1607,6337,082+6.9%
Finance lease liabilities2,6752,7493,000-2.7%
Other liabilities25,67525,71423,254-0.2%
Total liabilities and equity105,09596,11976,530+9.3%
Fixed assetsn/a26,70226,154
Goodwill22,34419,4758,455+14.7%
Intangible assets10,3298,9833,606+15.0%
Cash and equivalents1,3891,6593,760-16.3%
Receivables5,5974,9033,328+14.2%
Inventory25,81723,45120,976+10.1%
Other assets39,61910,94610,251+261.9%
Total assets105,09596,11976,530+9.3%

10-K for the year ended 1 February 2026, filed 18 March 2026: the filing.