Home Depot (HD) Q1 FY2026 earnings: revenue $41.8 billion, up 4.8% on the year

Home Depot, Inc. (HD) reported revenue of $41.8 billion for Q1 FY2026, the quarter ended 3 May 2026, up 4.8% on the same quarter a year earlier. Net income was $3.3 billion, down 4.2% on the year, and diluted earnings per share $3.30. The figures are the company's own, from the 10-Q it filed with the SEC on 27 May 2026.

Revenue

$41.8 billion

+4.8% on the year · +9.3% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

11.9%

12.9% a year earlier

Q2 FY2024Q1 FY2026

Net income

$3.3 billion

-4.2% on the year · +27.9% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$3.30

-4.3% on the year · +27.9% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 11 kept.

Sales rose 4.8% year over year: Net sales were $41.8 billion, up $1.9 billion or 4.8% from the first quarter of fiscal 2025. Comparable sales rose 0.6%, with U.S. comparable sales up 0.4%.
Earnings declined year over year: Diluted EPS was $3.30 against $3.45 a year earlier. Adjusted diluted EPS was $3.43 against $3.56. Net earnings were $3.3 billion versus $3.4 billion.
Results in line with expectations: Management said first quarter results were in line with its expectations. Underlying demand was relatively similar to fiscal 2025 despite greater consumer uncertainty and housing affordability pressure.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	41,765	38,198	39,856	+9.3%	+4.8%
Cost of revenue	27,984	25,732	26,397	+8.8%	+6.0%
Gross profit	13,781	12,466	13,459	+10.5%	+2.4%
Gross margin	33.0%	32.6%	33.8%
Selling, general and administrative	7,959	7,772	7,530	+2.4%	+5.7%
Operating income	4,981	3,849	5,133	+29.4%	-3.0%
Operating margin	11.9%	10.1%	12.9%
Interest expense	611	594	615	+2.9%	-0.7%
Pre-tax income	4,377	3,298	4,542	+32.7%	-3.6%
Income tax	1,088	727	1,109	+49.7%	-1.9%
Effective tax rate	24.9%	22.0%	24.4%
Net income	3,289	2,571	3,433	+27.9%	-4.2%
Net margin	7.9%	6.7%	8.6%
Diluted EPS	$3.30	$2.58	$3.45	+27.9%	-4.3%

$ 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

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	6,032	3,347	4,325	+80.2%	+39.5%
Capital expenditure	844	1,058	806	-20.2%	+4.7%
Free cash flow	5,188	2,289	3,519	+126.6%	+47.4%
Free cash flow margin	12.4%	6.0%	8.8%
Cash from investing	-1,109	-1,215	-931
Cash from financing	-4,713	-2,480	-3,756
Depreciation and amortisation	910	908	855	+0.2%	+6.4%
Share-based compensation	178	114	170	+56.1%	+4.7%
Buybacks	n/a	0.0	0.0
Dividends paid	2,320	2,289	2,286	+1.4%	+1.5%
Dividend per share	$2.33	n/a	$2.30		+1.3%
Diluted shares, weighted	996m	995m	994m	+0.1%	+0.2%
Shares outstanding at period end	997m	996m	995m	+0.1%	+0.2%

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

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	13,874	12,813	7,955	+8.3%	+74.4%
Debt	53,509	55,772	52,266	-4.1%	+2.4%
Operating lease liabilities	8,164	8,160	7,714	+0.0%	+5.8%
Finance lease liabilities	2,640	2,675	2,751	-1.3%	-4.0%
Other liabilities	29,717	25,675	28,471	+15.7%	+4.4%
Total liabilities and equity	107,904	105,095	99,157	+2.7%	+8.8%
Fixed assets	n/a	n/a	26,780
Goodwill	22,479	22,344	19,568	+0.6%	+14.9%
Intangible assets	10,244	10,329	8,888	-0.8%	+15.3%
Cash and equivalents	1,601	1,389	1,369	+15.3%	+16.9%
Receivables	6,624	5,597	5,886	+18.3%	+12.5%
Inventory	27,280	25,817	25,763	+5.7%	+5.9%
Other assets	39,676	39,619	10,903	+0.1%	+263.9%
Total assets	107,904	105,095	99,157	+2.7%	+8.8%

Questions

What was Home Depot's revenue in Q1 FY2026?

Home Depot (HD) reported revenue of $41.8 billion for Q1 FY2026, the quarter ended 3 May 2026, up 4.8% on the same quarter a year earlier.

How much did Home Depot earn in Q1 FY2026?

Net income for Q1 FY2026 was $3.3 billion, down 4.2% on the year, and diluted earnings per share $3.30.

When did Home Depot report Q1 FY2026 results?

Home Depot filed its 10-Q for the quarter ended 3 May 2026 with the SEC on 27 May 2026.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	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	36,820	35,719	38,908	43,792	38,872	35,831	37,257	42,916	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	24,257	23,857	25,763	29,309	25,648	23,905	24,700	28,759	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	12,563	11,862	13,145	14,483	13,224	11,926	12,557	14,157	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%	34%	33%	34%	33%	34%	33%	34%	33%	33%	33%	34%	33%	33%	33%	33%	34%
SG&A	6,168	6,431	6,610	6,657	6,468	6,549	6,355	6,915	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	5,795	4,825	5,929	7,210	6,148	4,752	5,551	6,589	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	16%	14%	15%	16%	16%	13%	15%	15%	14%	12%	14%	15%	13%	11%	13%	14%	13%	10%	12%	14%
Interest expense	341	341	372	381	413	451	474	469	487	513	485	573	625	638	615	575	628	594	611	583
Pre-tax income	5,469	4,502	5,560	6,831	5,742	4,344	5,110	6,161	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	25%	26%	24%	24%	24%	23%	24%	24%	23%	24%	23%	25%	24%	23%	24%	24%	24%	22%	25%	25%
Net income	4,129	3,352	4,231	5,173	4,339	3,362	3,873	4,659	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	11%	9%	11%	12%	11%	9%	10%	11%	10%	8%	10%	11%	9%	8%	9%	10%	9%	7%	8%	10%
Diluted EPS	$3.92	$3.22	$4.09	$5.05	$4.24	$3.30	$3.82	$4.65	$3.81	$2.82	$3.63	$4.60	$3.67	$3.02	$3.45	$4.58	$3.62	$2.58	$3.30	$4.79
Operating cash flow	3,439	3,185	3,789	3,393	2,839	4,594	5,614	6,591	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	695	829	704	743	769	903	905	792	671	858	847	719	818	1,101	806	917	898	1,058	844	880
Free cash flow	2,744	2,356	3,085	2,650	2,070	3,691	4,709	5,799	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	3,469	4,435	2,308	1,654	1,174	1,560	2,887	2,067	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	1,738	1,721	1,962	1,948	1,946	1,933	2,118	2,097	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	1,046m	1,035m	1,029m	1,024m	1,020m	1,016m	1,007m	1,001m	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	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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.

10-Q for the period ended 3 May 2026, filed 27 May 2026: the filing.