10-KPeriod: FY2026

HOME DEPOT, INC. Annual Report, Year Ended Feb 1, 2026

Filed March 18, 2026For Securities:HD

Summary

The Home Depot, Inc. reported net sales of $164.7 billion and net earnings of $14.2 billion ($14.23 per diluted share) for fiscal year 2025. The company experienced a 3.2% increase in net sales, largely driven by the acquisitions of SRS and GMS, which contributed $6.3 billion in incremental net sales. Comparable sales saw a modest increase of 0.3%, with a 1.4% rise in average ticket offset by a 1.0% decrease in customer transactions. Financially, Home Depot generated $16.3 billion in operating cash flow and returned $9.2 billion to shareholders through dividends, including a 2.2% increase in its quarterly cash dividend. The company invested $3.7 billion in capital expenditures to support its strategic initiatives, focusing on associates, customer experience, and Pro segment growth. While the company paused share repurchases in March 2024, it maintains a significant authorization and sufficient liquidity to fund operations and future investments.

Financial Highlights

49 data points
Beta

Revenue

$164.68B

33.3% Gross Margin

Net Income

$14.16B

8.6% Net Margin

EPS (Diluted)

$14.23

Total Assets

$105.09B

Cash & Equivalents

$1.39B

Free Cash Flow

$16.32B

Financial Statements
Beta
Revenue$164.68B
Cost of Revenue$109.82B
Gross Profit$54.87B
SG&A Expenses$30.70B
Operating Expenses$33.98B
Operating Income$20.89B
Net Income$14.16B
EPS (Basic)$14.26
EPS (Diluted)$14.23
Shares Outstanding (Basic)993.00M
Shares Outstanding (Diluted)995.00M

Key Highlights

  • 1Net sales reached $164.7 billion, a 3.2% increase, driven by acquisitions and modest comparable sales growth.
  • 2Net earnings were $14.2 billion, or $14.23 per diluted share, a decrease from the prior year primarily due to acquisitions and a favorable tax item in the prior year.
  • 3The company returned $9.2 billion to shareholders via dividends and increased its quarterly dividend by 2.2% to $2.30 per share.
  • 4Capital expenditures totaled $3.7 billion, focused on strategic growth areas like Pro segment engagement and customer experience enhancements.
  • 5Acquisitions of SRS (completed in fiscal 2024) and GMS (completed in fiscal 2025) significantly contributed to sales growth and expanded the company's reach in specialty building products.
  • 6Comparable sales increased by 0.3%, with average ticket up 1.4% but customer transactions down 1.0%, indicating a mixed consumer spending environment.
  • 7The company maintained strong operational execution, with robust cash flow generation and a focus on its strategic priorities despite macroeconomic uncertainties.

Frequently Asked Questions

In fiscal year 2025, Home Depot reported net sales of $164.7 billion and net earnings of $14.2 billion, which translated to $14.23 per diluted share. This represents a 3.2% increase in net sales compared to the prior year.

The acquisitions of SRS and GMS were significant drivers of growth, contributing approximately $6.3 billion to incremental net sales in fiscal 2025. These acquisitions are part of the company's strategy to expand its Pro segment and specialty building product distribution capabilities.

Home Depot's capital allocation prioritizes reinvestment in the business, followed by dividends, and then share repurchases. In fiscal 2025, the company invested $3.7 billion in capital expenditures and returned $9.2 billion to shareholders through dividends. Share repurchases were paused during the fiscal year in connection with the SRS acquisition.

Comparable sales experienced a slight increase of 0.3%. This was driven by a 1.4% increase in the average ticket, while customer transactions saw a decrease of 1.0%. This suggests that while customers spent more per transaction, the overall number of transactions declined.