HD · HOME DEPOT, INC.

396 filings

HD SEC Filings

HOME DEPOT, INC. - 396 total filings

Filing record · 2016–202610-K1110-Q328-K121

Showing 1–50 of 396 filings

HOME DEPOT, INC. Quarterly Report for Q2 Ended Aug 2, 2026

Home Depot, Inc. reported solid financial results for the second quarter and first half of fiscal year 2026. The company demonstrated revenue growth, driven by both acquisitions and comparable sales increases, alongside effective cost management. Net sales for the second quarter rose to $47.9 billion, a 5.7% increase year-over-year, while diluted earnings per share reached $4.79. For the first six months, net sales were $89.6 billion, up 5.3% from the prior year, with diluted EPS at $8.09. Operational highlights include a notable increase in gross profit margin during the second quarter, partly due to IEEPA tariff refunds, which helped offset rising operating costs. Despite some pressures on customer transactions, an increase in average ticket size contributed to positive comparable sales growth. The company continues to invest in its business through capital expenditures and strategic acquisitions, including the recent integration of Mingledorff's. Management expresses confidence in the company's liquidity and ability to meet financial obligations and strategic investment needs.

Aug 25, 2026 8-K

HOME DEPOT, INC. 8-K Report, Executive Changes (Aug 21, 2026)

This 8-K filing from Home Depot, Inc. (HD) details significant expansions of executive responsibilities and the corresponding compensation adjustments. Effective August 20, 2026, three key executives have had their roles broadened to include critical areas such as merchandising, product development, private brands, loyalty programs, credit services, payments, and the Office of Pro Acceleration. These expanded duties are aimed at driving growth and coordination across various strategic business units, including Home Depot Pro, HD Supply, SRS Distribution, and Construction Resources. Investors should note these changes as they indicate a strategic realignment to enhance operational efficiency and market presence.

Aug 21, 2026 8-K

HOME DEPOT, INC. 8-K Report, Financial Results (Aug 18, 2026)

The Home Depot reported second-quarter fiscal 2026 results (quarter ended August 2, 2026) that beat its internal expectations. Net sales rose 5.7% to $47.9 billion, comparable sales grew 1.7% (U.S. comps +1.3%), and GAAP diluted EPS increased 4.6% to $4.79. Adjusted diluted EPS rose 5.1% to $4.92. Growth was driven by average ticket (+2.8%), while comparable customer transactions declined 1.0%, suggesting customers are completing smaller projects. Gross margin improved to about 33.7% from 33.4% a year earlier, but SG&A grew 8.5%, faster than sales, so GAAP operating margin slipped to 14.3% from 14.5%. Acquisitions, including SRS and GMS, contributed to higher expenses and intangible amortization. Management reaffirmed all fiscal 2026 guidance, including comparable sales of roughly flat to +2.0%, GAAP diluted EPS growth of roughly flat to +4.0% from $14.23, and adjusted diluted EPS growth of roughly flat to +4.0% from $14.69. The guidance assumes IEEPA tariff refunds will partially offset unplanned fuel, energy, and other input cost pressures. Because the guidance was reaffirmed rather than raised, the quarter's beat does not change the full-year outlook. Balance sheet and cash flow were solid. Six-month operating cash flow reached $11.4 billion, up from $9.0 billion, and capital expenditures were $1.7 billion. Free cash flow was roughly $9.7 billion, up from about $7.2 billion. Total debt declined to roughly $52.9 billion from about $55.8 billion at fiscal year-end, while stockholders' equity increased to $16.6 billion. Dividends paid were $4.6 billion over six months, and acquisition payments totaled $1.3 billion. The results were furnished under Item 2.02 and are not deemed filed for Section 18 purposes.

Aug 18, 2026 8-K

HOME DEPOT, INC. 8-K Report, Executive Changes (Aug 12, 2026)

On August 12, 2026, The Home Depot (HD) disclosed that Chair, President and CEO Edward P. (Ted) Decker will take a temporary medical leave of absence, with the company expecting him to return within the next few months. The Board, at Mr. Decker's recommendation, has placed the Office of the CEO under two long-time executives: Ann-Marie Campbell, Senior Executive Vice President, who will oversee day-to-day operations, and Richard V. McPhail, EVP and CFO, who will oversee financial management and the Pro subsidiaries. McPhail has been designated interim principal executive officer for SEC purposes. Independent lead director Gregory Brenneman will chair the Board during the leave. For investors, the core news is a leadership transition that is temporary and planned rather than a permanent succession. The filing states that no compensation changes have been made to Ms. Campbell or Mr. McPhail in connection with the added responsibilities, and neither has a family relationship with other executive officers or directors or a related-party transaction requiring Item 404 disclosure. The filing does not disclose the nature of Mr. Decker's medical condition, nor does it provide any guidance, financial impact, or change to operating outlook. The main uncertainties are the duration of the leave, whether the interim structure holds without strain, and whether the company will provide further updates. The leadership bench is experienced, with both executives having worked together for more than 20 years, which supports operational continuity. Investors should monitor future 8-K filings, earnings commentary, and any change to the expected return timeline.

Aug 12, 2026 10-Q

HOME DEPOT, INC. Quarterly Report for Q1 Ended May 3, 2026

The Home Depot, Inc. (HD) reported its first quarter fiscal year 2026 results, showcasing a 4.8% increase in net sales to $41.8 billion, driven by the inclusion of GMS acquisition and positive comparable sales. Despite a slight decrease in gross profit margin to 33.0% from 33.8% year-over-year, the company maintained a strong operating income of $4.98 billion. Diluted earnings per share saw a modest decline to $3.30 from $3.45, primarily due to lower net earnings. The company generated a robust $6.0 billion in cash flow from operations, supporting significant dividend payments of $2.3 billion and capital expenditures of $844 million, with plans for approximately $4 billion in capital expenditures for the full fiscal year. Management highlighted the ongoing integration of the GMS acquisition and a pause in share repurchases as the company focuses on debt reduction. While inventory turnover slightly decreased, the company emphasized its disciplined capital allocation strategy, prioritizing business investments, followed by dividends, and then share repurchases. The company's outlook remains focused on strategic initiatives like store development and enhancing customer experience, while continuing to monitor macroeconomic factors and trade policy developments.

May 27, 2026 8-K

HOME DEPOT, INC. 8-K Report, Bylaw Amendment (May 26, 2026)

Home Depot, Inc. (HD) filed an 8-K on May 26, 2026, detailing the outcomes of its 2026 Annual Meeting of Shareholders held on May 21, 2026. The primary focus of this filing is the approval of amendments to the company's Amended and Restated Certificate of Incorporation. These amendments include the implementation of officer exculpation provisions, which offer certain officers protections from monetary liability, similar to those already afforded to the Board of Directors. Additionally, miscellaneous amendments to the charter were approved, all of which became effective upon filing with the Delaware Secretary of State on May 21, 2026. Shareholder voting results indicate broad support for the company's proposed charter changes, as well as the ratification of KPMG LLP as the independent registered public accounting firm and the advisory vote on executive compensation. Notably, several shareholder proposals related to environmental, social, and governance (ESG) matters, including those concerning plastic targets, packaging policies, data privacy, board independence, biodiversity, healthcare access, and charitable support, did not receive majority shareholder approval.

May 26, 2026 8-K

HOME DEPOT, INC. 8-K Report, Financial Results (May 19, 2026)

The Home Depot (HD) reported first quarter fiscal 2026 results (quarter ended May 3, 2026) with net sales of $41.8 billion, up 4.8% year over year, and comparable sales up 0.6%, of which U.S. comparable sales rose 0.4%. Foreign exchange added roughly 55 basis points to total company comparable sales. Growth was driven largely by acquisitions and FX rather than underlying traffic, as comparable customer transactions fell 1.3% while the comparable average ticket rose 2.2%. Management described underlying demand as relatively similar to fiscal 2025, citing greater consumer uncertainty and housing affordability pressure. Profitability declined. GAAP operating income fell 3.0% to $4.98 billion, and operating margin contracted about 100 basis points to 11.9%. GAAP diluted EPS was $3.30, down from $3.45, and adjusted diluted EPS (excluding acquired intangible amortization) was $3.43, down from $3.56. Growth in SG&A (5.7%) and D&A (5.7%) outpaced gross profit growth (2.4%), reflecting the SRS and GMS acquisitions and associated intangible amortization. Operating cash flow improved sharply to $6.0 billion from $4.3 billion, aided by a $1.3 billion working capital inflow, while accounts payable rose and inventories increased to $27.3 billion. Home Depot reaffirmed all fiscal 2026 guidance: total sales growth of 2.5% to 4.5%, comparable sales of flat to 2.0%, GAAP diluted EPS growth of flat to 4.0% from $14.23, and adjusted diluted EPS growth of flat to 4.0% from $14.69. The company also reiterated roughly 15 new stores and capital expenditures of about 2.5% of sales. Reaffirmation at the midpoint of a wide range, after a quarter with soft comps and margin pressure, signals management confidence in second-half recovery but leaves limited room for error. Investors will likely focus on whether transaction trends stabilize and whether acquisition-driven margin dilution moderates.

May 19, 2026 10-K

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

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.

Mar 18, 2026 8-K

HOME DEPOT, INC. 8-K Report, Financial Results (Feb 24, 2026)

The Home Depot reported fourth quarter and fiscal 2025 results on February 24, 2026, showing a soft year-end quarter and modest full-year performance. Q4 sales were $38.2 billion, down 3.8% year over year, but this comparison is distorted by a 13-week quarter versus a 14-week prior-year quarter; the extra week contributed about $2.5 billion of sales and roughly $0.30 to EPS. Comparable sales rose only 0.4% in Q4 and 0.3% for the full year, with customer transactions declining 1.6% in the quarter and 1.0% for the year, offset by a higher average ticket. GAAP diluted EPS fell 14.6% to $2.58 in Q4 and 4.6% to $14.23 for fiscal 2025, while adjusted diluted EPS was $2.72 in Q4 (down 13.1%) and $14.69 for the year (down 3.6%). Management attributed the Q4 softness to the absence of storm activity in Q3 and continued consumer pressure in housing, stating that underlying demand was relatively stable once storms are excluded. Fiscal 2026 guidance calls for total sales growth of about 2.5% to 4.5%, comparable sales of roughly flat to 2.0%, and diluted EPS growth of approximately flat to 4.0% from the $14.23 base (adjusted EPS similarly flat to 4.0% from $14.69). Guided operating margin is 12.4% to 12.6%, with adjusted operating margin of 12.8% to 13.0%, and capital expenditures near 2.5% of sales. The board raised the quarterly dividend 1.3% to $2.33 per share, or $9.32 annualized, marking the 156th consecutive quarterly cash dividend. Balance sheet changes were notable: total debt-related liabilities shifted with short-term debt rising to $4.5 billion from $0.3 billion, goodwill and intangibles increased substantially following acquisitions (notably SRS and GMS), and cash flow from operations fell to $16.3 billion from $19.8 billion, driven by a $3.1 billion working capital outflow. For investors, the key takeaways are that top-line growth is being driven more by acquisitions than by organic demand, free cash flow is under pressure relative to the dividend payout (cash dividends of $9.2 billion exceeded operating cash flow less capex of roughly $12.6 billion only modestly, though cash flow coverage has narrowed), and the fiscal 2026 guidance implies a return to only low-single-digit EPS growth at best. Dividend growth continues at a conservative pace, and the amortization of acquired intangibles creates a meaningful gap between GAAP and adjusted metrics that investors should monitor.

Feb 24, 2026 10-Q

HOME DEPOT, INC. Quarterly Report for Q3 Ended Nov 2, 2025

Home Depot reported solid revenue growth in the third quarter of fiscal year 2025, with net sales increasing by 2.8% to $41.4 billion, primarily driven by the recent acquisition of GMS and a positive comparable sales environment. Despite this revenue increase, diluted earnings per share saw a slight decrease of 1.4% to $3.62 compared to the prior year quarter. The company's strategic focus remains on investing in the business, including capital expenditures for store improvements and technology, while also prioritizing shareholder returns through dividends. The GMS acquisition is expected to enhance Home Depot's position in the specialty building materials distribution market. For the nine-month period ended November 2, 2025, net sales increased by 5.6% to $126.5 billion, largely due to the combined impact of the SRS and GMS acquisitions. However, diluted earnings per share for this period also declined by 2.1% to $11.65. The company continues to navigate macroeconomic uncertainties and a high-interest rate environment, which is impacting demand for larger home improvement projects. Management is actively monitoring tariffs and trade policy matters, implementing mitigation strategies to maintain customer value. Home Depot's financial position remains robust, supported by strong operating cash flow and sufficient liquidity for ongoing operations, investments, and shareholder distributions.

Nov 25, 2025 8-K

HOME DEPOT, INC. 8-K Report, Bylaw Amendment (Nov 24, 2025)

Home Depot, Inc. (HD) has filed an 8-K report detailing amendments to its By-Laws, effective November 20, 2025. These changes are primarily administrative and aimed at clarifying corporate governance procedures, including the timeline for shareholder nominations and proposals, requirements for director nominations, and processes for shareholder meetings and written consents. A key update for investors is the revised advance notice window for shareholder proposals and director nominations for the upcoming annual meeting. Shareholders must now submit proposals and nominations between 120 and 90 days prior to the anniversary of the 2025 annual meeting, which translates to a window between January 22, 2026, and February 21, 2026, for consideration at the next annual meeting, unless the meeting date shifts significantly. These amendments generally streamline the process and align with current legal requirements, particularly those in Delaware. While no significant strategic or financial shifts are indicated, these By-Law changes are important for shareholders looking to engage with the company through nominations or proposals. Investors should note the specific dates and requirements for submitting such items to ensure their proposals are considered for the next annual shareholders' meeting. The company also clarified provisions related to the election of meeting chairs and the sufficiency of special meeting requests.

Nov 24, 2025 8-K

HOME DEPOT, INC. 8-K Report, Financial Results (Nov 18, 2025)

The Home Depot reported third-quarter fiscal 2025 results that missed its own expectations. Net sales rose 2.8% to $41.4 billion, but that growth was mostly driven by roughly $900 million from the GMS acquisition, which contributed about eight weeks of sales. Comparable sales grew only 0.2% (U.S. comparable sales rose 0.1%), and comparable customer transactions fell 1.6%, with growth coming from a 1.8% increase in the comparable average ticket. Diluted GAAP EPS fell 1.4% to $3.62, and adjusted diluted EPS fell 1.1% to $3.74. Management blamed a lack of storm activity, consumer uncertainty, and continued housing pressure. Operating margin contracted to 12.9% from 13.5%, as SG&A grew 5.9% against 2.8% sales growth. The company cut its fiscal 2025 outlook. Management now expects total sales growth of about 3.0%, including roughly $2.0 billion of GMS contribution, with comparable sales only slightly positive on a 52-week basis. GAAP diluted EPS is now guided to decline about 6.0% from $14.91, and adjusted diluted EPS to decline about 5.0% from $15.24. Implied fourth-quarter EPS is a meaningful step down. Using nine-month results, the guidance implies roughly $2.37 of GAAP EPS in Q4 versus about $3.01 a year ago, and roughly $2.49 of adjusted EPS versus about $3.12. The prior-year fourth quarter had 14 weeks in a 53-week fiscal year, which partly explains the comparison. Balance sheet and cash flow data show increased financial leverage. Total debt (short-term, current, and long-term) rose to about $56.0 billion from about $53.4 billion at fiscal year-end 2024. Nine-month operating cash flow fell 14% to $13.0 billion, weighed by a $2.7 billion working capital outflow, and cash dividends of $6.9 billion consumed about two-thirds of free cash flow of roughly $10.4 billion. Acquisition spending was $5.2 billion, down sharply from $17.6 billion a year earlier, and no share repurchases were made in the period. Investors will be watching whether the Q4 demand recovery and the GMS integration can offset the weak core comparable trend.

Nov 18, 2025 8-K

HOME DEPOT, INC. 8-K Report, Regulation FD Disclosure (Nov 18, 2025)

The Home Depot, Inc. (HD) filed this Form 8-K on November 18, 2025, under Item 7.01 (Regulation FD Disclosure), to report a technical problem with its earnings call. The company held its call at 9:00 a.m. Eastern to discuss results for the fiscal quarter ended November 2, 2025. During part of the call, an outage at a third-party service provider prevented some listeners from joining through the company's investor relations website. The filing contains no financial results, guidance, or operational metrics. Investors looking for quarterly sales, margins, earnings per share, or outlook changes will need to consult the earnings release and the call transcript, which the company said it will post to its investor relations site as soon as possible. A webcast replay is already available at ir.homedepot.com/events-and-presentations. The disclosure is administrative in nature and is not expected to affect the company's fundamentals. It is furnished rather than filed, so it is not subject to Section 18 liability and is not incorporated by reference into Securities Act registration statements.

Nov 18, 2025 8-K

HOME DEPOT, INC. 8-K Report, Corporate Update (Sep 15, 2025)

The Home Depot, Inc. (HD) has announced the successful completion of a significant public offering of senior unsecured notes, raising a total of $2.0 billion. This offering comprises three tranches: $500 million of 3.750% Notes due in 2028, $500 million of 3.950% Notes due in 2030, and $1.0 billion of 4.650% Notes due in 2035. The issuance was conducted under the Company's existing shelf registration statement, indicating a well-established framework for capital raising. This debt issuance provides The Home Depot with substantial liquidity, which could be allocated towards various strategic initiatives, including capital expenditures, potential acquisitions, share repurchases, or simply strengthening its balance sheet. Investors in these notes are purchasing debt instruments with stated interest rates and maturity dates, with the Company's financial health underpinning the repayment of principal and interest.

Sep 15, 2025 8-K

HOME DEPOT, INC. 8-K Report, Corporate Update (Sep 10, 2025)

The Home Depot, Inc. (HD) has announced a significant debt offering through an Underwriting Agreement dated September 8, 2025. The company is issuing $2 billion in aggregate principal amount of notes across three different maturities: 3.750% Notes due September 15, 2028, 3.950% Notes due September 15, 2030, and 4.650% Notes due September 15, 2035. This offering is being conducted under the company's existing shelf registration statement filed in August 2024. The issuance of new debt suggests that Home Depot is looking to manage its capital structure, potentially to fund ongoing operations, capital expenditures, or strategic initiatives. The specific interest rates and maturities indicate a strategy to diversify its debt profile and secure funding for medium to longer terms. Investors should note that the offering is expected to close on September 15, 2025, subject to customary closing conditions.

Sep 10, 2025 10-Q

HOME DEPOT, INC. Quarterly Report for Q2 Ended Aug 3, 2025

The Home Depot, Inc. reported solid financial results for the second quarter and the first half of fiscal year 2025, demonstrating resilience in a dynamic retail environment. Net sales increased by 4.9% to $45.3 billion for the quarter and 7.0% to $85.1 billion for the six-month period, largely driven by the inclusion of SRS and positive comparable sales. While net earnings saw a slight decrease year-over-year for both periods, primarily due to higher interest expenses and a less favorable tax rate compared to the prior year's one-time benefits, earnings per diluted share remained strong at $4.58 for the quarter and $8.03 for the half. The company continues to manage its capital effectively, generating significant operating cash flow used to fund dividends and capital expenditures. Management remains focused on strategic investments in the business, including technology and Pro customer capabilities, with plans for substantial capital expenditures in fiscal 2025. The company also announced its definitive agreement to acquire GMS, a specialty building products distributor, for approximately $5.5 billion, signaling continued strategic growth initiatives.

Aug 26, 2025 8-K

HOME DEPOT, INC. 8-K Report, Financial Results (Aug 19, 2025)

The Home Depot reported second quarter fiscal 2025 results (quarter ended August 3, 2025) with net sales of $45.3 billion, up 4.9% year over year, and comparable sales up 1.0% (U.S. comparable sales up 1.4%). Growth was driven mainly by the ticket side of the business: comparable average ticket rose 1.4% while comparable customer transactions fell 0.4%, suggesting customers are engaging in smaller home improvement projects, as management noted. Net sales growth was also boosted by acquisitions, including SRS, which was acquired in June 2024. Profitability was roughly flat. GAAP diluted EPS was $4.58, down 0.4% from $4.60, while adjusted diluted EPS was $4.68, up 0.2% from $4.67. GAAP operating margin fell to 14.5% from 15.1%, though operating income still edged up 0.3%. Higher SG&A (up 8.7%, to 17.1% of sales) and rising interest expense (up 12.5% in the six-month period) absorbed the gross profit gains. Management reaffirmed full fiscal 2025 guidance, including comparable sales growth of about 1.0%, GAAP diluted EPS down about 3%, and adjusted diluted EPS down about 2%, against a 53-week fiscal 2024. Balance sheet and cash flow data show a sharp drop in leverage. Total stockholders' equity rose to $10.7 billion from $4.4 billion a year earlier, and long-term debt fell to $45.9 billion from $51.9 billion. Cash flow from operations for the first half declined to $9.0 billion from $10.9 billion, mainly due to a $1.8 billion working capital outflow. Dividends of $4.6 billion were paid in the first half, and no share repurchases were made, compared with $649 million a year earlier. Inventory rose modestly to $24.8 billion, and cash on hand increased to $2.8 billion. The filing also references a pending acquisition of GMS Inc.

Aug 19, 2025 10-Q

HOME DEPOT, INC. Quarterly Report for Q1 Ended May 4, 2025

The Home Depot, Inc. reported a 9.4% increase in net sales to $39.9 billion for the first quarter of fiscal 2025, largely driven by the inclusion of SRS, acquired in the prior year, which contributed $2.6 billion. However, comparable sales saw a slight decline of 0.3%, indicating pressure on existing store performance due to macroeconomic uncertainties and a high interest rate environment. Net earnings decreased by 4.7% to $3.4 billion, with diluted earnings per share falling to $3.45 from $3.63 in the prior year period, primarily due to lower overall net earnings and increased interest expenses. The company continued its capital allocation strategy by increasing its quarterly cash dividend and investing significantly in capital expenditures, while share repurchases remain paused. Despite the top-line growth driven by acquisition, the comparable sales dip and lower net earnings warrant investor attention. The company's strategic focus on Pro customer capabilities and technology investments aims to bolster future performance. Management highlights efforts in supply chain diversification to mitigate tariff impacts. While liquidity appears strong, the decrease in Return on Invested Capital (ROIC) from 37.1% to 31.3% is notable, attributed to the financing of the SRS acquisition. Investors should monitor the company's ability to drive organic growth in comparable sales and manage its cost structure amidst a challenging economic backdrop.

May 28, 2025 8-K

HOME DEPOT, INC. 8-K Report, Shareholder Vote Results (May 28, 2025)

This 8-K filing from Home Depot, Inc. (HD) details the results of their 2025 Annual Meeting of Shareholders held on May 22, 2025. All incumbent directors were overwhelmingly re-elected with substantial "FOR" votes, indicating strong shareholder confidence in the current board leadership. Additionally, shareholders ratified the appointment of KPMG LLP as the independent registered public accounting firm for the upcoming fiscal year, reinforcing the company's commitment to transparent financial reporting. The meeting also saw shareholders approve an advisory vote on executive compensation, suggesting general satisfaction with the company's pay structure.

May 28, 2025 8-K

HOME DEPOT, INC. 8-K Report, Financial Results (May 20, 2025)

The Home Depot reported first quarter fiscal 2025 results (quarter ended May 4, 2025) with net sales of $39.9 billion, up 9.4% year over year, driven in large part by the SRS acquisition completed June 18, 2024. Comparable sales declined 0.3% overall (U.S. comparable sales rose 0.2%), with foreign exchange weighing roughly 70 basis points on the total company figure. Customer transactions grew 2.1% while average ticket was flat at $90.71, indicating traffic-led rather than price-led top-line activity. Profitability was pressured. GAAP net earnings fell 4.6% to $3.4 billion and diluted EPS declined 5.0% to $3.45, while adjusted diluted EPS (excluding acquired intangible amortization) was $3.56 versus $3.67 a year ago, down 3.0%. Operating margin contracted to 12.9% from 13.9%, and interest expense rose 26.8% to $615 million, reflecting higher debt tied to the acquisition. Operating cash flow fell to $4.3 billion from $5.5 billion, largely due to working capital changes, and cash dividends of $2.3 billion continued to absorb most free cash flow. Management described results as in line with expectations and reaffirmed all fiscal 2025 guidance, including total sales growth of about 2.8%, comparable sales growth of about 1.0% on a 52-week basis, diluted EPS declining about 3%, and adjusted diluted EPS declining about 2% from $15.24. Investors should note that fiscal 2025 is a 52-week year versus a 53-week fiscal 2024, and that the guidance implies a second-half-weighted earnings recovery is needed to meet the full-year outlook, which rests on continued spring demand and stable housing and credit conditions.

May 20, 2025 8-K

HOME DEPOT, INC. 8-K Report, Agreement Terminated (May 6, 2025)

The Home Depot, Inc. (HD) has filed an 8-K report detailing significant changes to its credit facilities. On May 6, 2025, the company terminated a $2.0 billion 364-day revolving credit facility that was established in May 2024. This facility had been put in place to support general corporate purposes and to backstop its commercial paper program, particularly in relation to the SRS Distribution, Inc. acquisition financing. Crucially, no borrowings were outstanding under this terminated facility, indicating no immediate liquidity impact from its discontinuation.

May 6, 2025 10-K

HOME DEPOT, INC. Annual Report, Year Ended Feb 2, 2025

The Home Depot, Inc. (HD) reported net sales of $159.5 billion for fiscal year 2024, which included 53 weeks, contributing approximately $2.5 billion in sales. Net earnings were $14.8 billion, or $14.91 per diluted share. The company successfully navigated a challenging macroeconomic environment characterized by high interest rates, which impacted home improvement demand, leading to a 1.8% decrease in comparable sales, driven by lower customer transactions and a slight decrease in average ticket. A significant strategic move during the year was the acquisition of SRS, a residential specialty trade distribution company, for $17.7 billion. This acquisition is expected to accelerate growth within the professional (Pro) customer segment and expand The Home Depot's reach into new verticals. The company continued its capital allocation strategy by investing $3.5 billion in capital expenditures and returning $8.9 billion to shareholders through dividends, while pausing share repurchases in anticipation of the SRS acquisition. Looking ahead, The Home Depot plans to increase capital expenditures to approximately $4 billion in fiscal 2025 to support strategic initiatives focused on improving customer experience, Pro capabilities, and new store development.

Mar 21, 2025 8-K

HOME DEPOT, INC. 8-K Report, Financial Results (Feb 25, 2025)

The Home Depot reported fourth-quarter and fiscal 2024 results on February 25, 2025. Q4 sales rose 14.1% to $39.7 billion, but that growth was inflated by a 14th week (worth roughly $2.5 billion in sales and about $0.30 in EPS). Comparable sales rose only 0.8% (U.S. +1.3%), and the company said the quarter beat its expectations thanks to greater engagement in home improvement spending, despite continued pressure on large remodeling projects. GAAP diluted EPS was $3.02 versus $2.82 a year earlier, and adjusted diluted EPS was $3.13 versus $2.86. For the full fiscal year, sales grew 4.5% to $159.5 billion, but comparable sales fell 1.8%, and GAAP diluted EPS declined 1.3% to $14.91. Adjusted EPS was roughly flat at $15.24, and the 53rd week contributed about $0.30 of that figure. The filing also shows a materially larger balance sheet following the June 2024 acquisition of SRS. Goodwill rose from $8.5 billion to $19.5 billion, intangible assets rose from $3.6 billion to $9.0 billion, and long-term debt grew to $48.5 billion (plus $4.6 billion current). Acquisition payments totaled $17.6 billion, and cash fell to $1.7 billion from $3.8 billion. Stockholders' equity rose to $6.6 billion from $1.0 billion. Share repurchases dropped sharply to $649 million from $7.95 billion, while cash dividends reached $8.9 billion. The company also raised its quarterly dividend 2.2% to $2.30 per share. For fiscal 2025, management guided to total sales growth of about 2.8%, comparable sales growth of about 1.0% on a 52-week basis, and diluted EPS down about 3% from $14.91 (adjusted EPS down about 2% from $15.24). Gross margin is expected at about 33.4%, and operating margin at about 13.0% (13.4% adjusted). Investors should note that the guidance implies a decline in EPS after adjusting for the 53rd week, and that acquired-intangible amortization from SRS is a meaningful drag, about 40 basis points of operating margin and about $0.40 of EPS.

Feb 25, 2025 8-K

HOME DEPOT, INC. 8-K Report, Agreement Terminated (Dec 19, 2024)

The Home Depot, Inc. (HD) has filed an 8-K report detailing the termination of its $1.0 billion three-year revolving credit facility, effective December 18, 2024. This facility, established on May 7, 2024, was intended to support general corporate purposes and the company's expanded commercial paper program related to the SRS Distribution Inc. acquisition. Notably, no borrowings were ever made under this terminated credit facility, indicating a strong liquidity position or a shift in financing strategy. Investors can view this as a positive development, signaling efficient capital management and reduced financing costs associated with maintaining unused credit lines. In conjunction with the termination, Home Depot also reduced its $3.5 billion 364-day revolving credit facility commitments to $2.0 billion. Following these adjustments, the company's commercial paper program remains robust, with borrowings now supported by $7.0 billion in revolving credit facilities, comprising this reduced 364-day facility and potentially other unmentioned facilities. There are currently no outstanding borrowings under the 364-day facility either. This proactive approach to managing its debt facilities demonstrates a commitment to optimizing its financial structure.

Dec 19, 2024 10-Q

HOME DEPOT, INC. Quarterly Report for Q3 Ended Oct 27, 2024

The Home Depot, Inc. (HD) reported its third-quarter fiscal year 2024 results, demonstrating resilience in a challenging macroeconomic environment. While overall net sales increased driven by the strategic acquisition of SRS, comparable sales experienced a slight decline due to decreased customer transactions and average ticket size, attributed to macroeconomic uncertainties and high interest rates impacting home improvement demand. The company's profitability saw a modest dip in diluted earnings per share year-over-year, influenced by increased interest expenses and a slightly lower gross profit margin, though cost management efforts and improved inventory turnover are positive signs. The acquisition of SRS significantly impacted the balance sheet and cash flows, with substantial increases in goodwill, intangible assets, and long-term debt. The integration of SRS is expected to drive future growth, particularly within the professional customer segment. Despite the increased debt load and a pause in share repurchases, Home Depot maintained a strong operating cash flow and continues its disciplined capital allocation strategy, prioritizing reinvestment in the business and maintaining its dividend payments. Investors should monitor the successful integration of SRS and the broader economic impact on consumer spending in the home improvement sector.

Nov 19, 2024 8-K

HOME DEPOT, INC. 8-K Report, Financial Results (Nov 12, 2024)

The Home Depot reported third quarter fiscal 2024 results (quarter ended October 27, 2024) with net sales up 6.6% to $40.2 billion, driven largely by the acquisition of SRS, which closed June 18, 2024. Comparable sales declined 1.3% (U.S. down 1.2%), reflecting continued softness in the housing and home improvement markets, though management said performance exceeded its expectations as weather normalized and hurricane-related demand contributed. GAAP diluted EPS fell 3.7% to $3.67 and operating margin declined to 13.5% from 14.3%, while adjusted diluted EPS was $3.78 versus $3.85 a year earlier. The company updated its fiscal 2024 guidance, which includes a 53rd week. Total sales are now expected to rise about 4%, including roughly $6.4 billion of incremental SRS sales and about $2.3 billion from the extra week, while 52-week comparable sales are expected to decline about 2.5%. GAAP diluted EPS is projected to decline about 2% from $15.11, and 53-week adjusted diluted EPS to decline about 1% from $15.25. Guidance for gross margin (about 33.5%), adjusted operating margin (about 13.8%) and net interest expense (about $2.1 billion) provides a clearer view of profitability going forward. Balance sheet and cash flow changes are significant. Acquisition payments of $17.6 billion over the nine months drove a sharp rise in goodwill and intangibles, and total long-term debt increased to about $50.1 billion. Operating cash flow fell to $15.1 billion from $16.4 billion, and stock repurchases were minimal at $649 million versus $6.5 billion a year earlier, while dividends of $6.7 billion continued. Investors will be watching how the company manages leverage, integrates SRS, and sustains its dividend while comparable sales remain negative.

Nov 12, 2024 10-Q

HOME DEPOT, INC. Quarterly Report for Q2 Ended Jul 28, 2024

Home Depot's second quarter fiscal year 2024 filing reveals a mixed financial performance. While reported net sales saw a slight increase of 0.6% to $43.2 billion, this was primarily driven by the recent acquisition of SRS, which contributed $1.3 billion in sales. Excluding the impact of acquisitions, comparable sales declined by 3.3% due to a decrease in both customer transactions and average ticket size, indicating softness in the core business amid macroeconomic uncertainties and high interest rates impacting home improvement demand. Profitability metrics show a decrease in net earnings to $4.6 billion from $4.7 billion in the prior year period, resulting in diluted EPS of $4.60, down from $4.65. This decline is attributed to lower net earnings and increased operating expenses, particularly SG&A and depreciation/amortization, which rose as a percentage of net sales due to deleverage from the comparable sales decline. Despite these challenges, the company generated strong operating cash flow and maintained a robust balance sheet, though its Return on Invested Capital (ROIC) decreased to 31.9% from 41.5% year-over-year, largely due to increased debt from the SRS acquisition. The company has paused share repurchases and is prioritizing debt reduction.

Aug 20, 2024 8-K

HOME DEPOT, INC. 8-K Report, Financial Results (Aug 13, 2024)

The Home Depot reported second quarter fiscal 2024 results (quarter ended July 28, 2024) showing modest top-line growth but softer profitability and comparable sales declines. Net sales rose 0.6% to $43.2 billion, helped by roughly $1.3 billion from the recent SRS Distribution acquisition (about six weeks of sales). Comparable sales fell 3.3% (U.S. down 3.6%), reflecting weaker consumer spend on home improvement projects amid higher interest rates and macro uncertainty. GAAP operating income declined 0.8% to $6.5 billion (15.1% margin), and diluted EPS fell 1.1% to $4.60; adjusted diluted EPS was $4.67 versus $4.68 a year earlier. The company updated fiscal 2024 guidance, which now includes a 53rd week and SRS. Total sales are expected to rise 2.5% to 3.5%, but comparable sales are now guided to decline 3% to 4%, with management noting the company is not tracking toward the low end of that range. GAAP diluted EPS is guided to fall 2% to 4% on a 53-week basis, and adjusted diluted EPS to decline 1% to 3%. Management also flagged a 4% comparable decline as implying incremental pressure on consumer demand. Balance sheet and cash flow changes are significant. The SRS acquisition drove a $17.6 billion cash outflow for businesses acquired, funded by new debt: long-term debt rose to about $51.9 billion from $42.7 billion at fiscal year-end, and short-term debt of $2.5 billion was added. Goodwill and intangibles increased sharply, and stockholders' equity was $4.4 billion. Share repurchases were minimal at $649 million for the six months versus $4.95 billion a year earlier, while dividends of $4.46 billion continued, so investors should watch leverage, interest expense (up 22% in the quarter), and the pace of capital returns.

Aug 13, 2024 8-K

HOME DEPOT, INC. 8-K Report, Agreement Terminated (Jun 27, 2024)

The Home Depot, Inc. (HD) has filed an 8-K report to announce the termination of its $10.0 billion 364-day revolving credit facility, originally established on May 7, 2024. This termination became effective on June 27, 2024. Importantly, the company stated that there were no borrowings outstanding under this facility at the time of its termination. This action suggests a strong liquidity position and potentially a reduced need for short-term financing as assessed by the company's management.

Jun 27, 2024 8-K

HOME DEPOT, INC. 8-K Report, Corporate Update (Jun 25, 2024)

On June 25, 2024, The Home Depot, Inc. (NYSE: HD) completed a $10.0 billion public senior notes offering, consisting of nine tranches issued under its existing May 4, 2005 indenture with The Bank of New York Mellon Trust Company, N.A., as trustee. The offering was made off the company's automatic shelf registration statement on Form S-3 (No. 333-259121), filed August 27, 2021. The 8-K is a routine Item 8.01 disclosure that documents the transaction and files the note forms and legal opinion as exhibits. The offering spans maturities from roughly 18 months to 40 years, with coupons ranging from a floating rate and 5.100% to 5.400%. The largest tranches are $1.75 billion of 4.950% notes due 2034 and $1.5 billion each of 5.150% notes due 2026 and 5.300% notes due 2054. The offering adds substantial long-dated debt and extends the company's maturity profile, while locking in fixed-rate funding in a higher-rate environment. The filing does not state the use of proceeds, pricing discounts, underwriter fees, or the aggregate weighted-average coupon, so investors should consult the final prospectus supplement for those details. For investors, the key takeaways are the size of the issuance relative to Home Depot's capital structure, the staggered maturity ladder that spreads refinancing risk, and the company's continued access to the investment-grade bond market. Because the filing is largely procedural, its main significance lies in the scale of new debt and what it implies about the company's financing and capital allocation plans.

Jun 25, 2024 8-K

HOME DEPOT, INC. 8-K Report, Regulation FD Disclosure (Jun 18, 2024)

On June 18, 2024, The Home Depot (HD) completed its acquisition of SRS Distribution, Inc. (SRS) through a merger in which Merger Sub merged into SRS, making SRS a wholly owned subsidiary. The Merger Agreement, dated March 27, 2024, was valued at an aggregate purchase price of $18.25 billion, subject to customary adjustments for SRS's debt, cash, transaction expenses, and net working capital. The filing discloses that the transaction closed after receipt of requisite regulatory approvals, and that certain SRS management members reinvested part of their after-tax proceeds into HD common stock, some subject to service-based vesting and transfer restrictions. Strategically, management frames SRS as a major expansion into the residential specialty trade distribution market, serving professional roofers, landscapers, and pool contractors. The company states the deal increases its total addressable market to approximately $1 trillion, an increase of roughly $50 billion, and positions HD as a leading specialty trade distributor across multiple verticals. SRS operates more than 760 locations across 47 states under a family of local brands, which significantly broadens HD's footprint with professional customers beyond its retail store base of 2,337 locations. For investors, the 8-K is primarily a completion notice and does not include SRS's standalone financials, purchase price allocation, or updated guidance. Key items to monitor include integration execution, the realization of projected growth benefits, goodwill and intangible asset accounting, financing impacts on leverage and returns, and any updates in HD's subsequent periodic reports. The filing's forward-looking statement disclaimers highlight risks including integration challenges, unknown liabilities, and macroeconomic exposure in housing and home improvement markets.

Jun 18, 2024 8-K

HOME DEPOT, INC. 8-K Report, Corporate Update (Jun 18, 2024)

On June 17, 2024, The Home Depot, Inc. (HD) entered into an underwriting agreement with J.P. Morgan Securities LLC, BofA Securities, Inc., Goldman Sachs & Co. LLC, and Morgan Stanley & Co. LLC, as representatives of the underwriters, for a public offering of senior notes totaling $10.0 billion in aggregate principal. The offering comprises nine tranches: floating rate notes and 5.100% notes due December 2025, 5.150% notes due 2026, 4.875% notes due 2027, 4.750% notes due 2029, 4.850% notes due 2031, 4.950% notes due 2034, 5.300% notes due 2054, and 5.400% notes due 2064. The notes were sold under the company's Form S-3 shelf registration filed August 27, 2021, and closing is expected on June 25, 2024, subject to customary conditions. The filing is a routine capital markets disclosure under Item 8.01 (Other Events) and contains no financial results, guidance, or operational updates. The size of the issuance is significant, and the maturity profile spans from roughly 1.5 years to 40 years, giving the company a long-dated debt structure. The coupons on the fixed-rate tranches run from 4.750% to 5.400%, with the longer-dated 2054 and 2064 notes carrying the highest rates. Investors should view this as a refinancing or general corporate financing event rather than a signal of operational change. The excerpt does not state the use of proceeds, so the purpose of the offering (such as refinancing maturing debt, funding share repurchases, or general corporate purposes) should be confirmed in the company's prospectus supplement. Credit investors will want to monitor how the added debt affects leverage metrics and the company's credit ratings.

Jun 18, 2024 8-K

HOME DEPOT, INC. 8-K Report, Executive Changes (May 30, 2024)

The Home Depot, Inc. (HD) filed an 8-K on May 30, 2024, announcing the upcoming retirement of Executive Vice President, Matthew A. Carey. Mr. Carey will retire effective December 31, 2024. He will transition from his role as EVP - Customer Experience on June 3, 2024, and will subsequently serve in an advisory capacity until his retirement date. This transition marks a change in leadership for the Customer Experience division. Investors should note that Mr. Carey's compensation and employment terms remain unchanged in connection with his retirement plans. While no immediate financial impact is indicated, the long-term strategy and leadership within the Customer Experience segment will be a point of attention following his departure at year-end.

May 30, 2024 8-K

HOME DEPOT, INC. 8-K Report, Shareholder Vote Results (May 22, 2024)

This 8-K filing from The Home Depot, Inc. (HD) details the final voting results from its 2024 Annual Meeting of Shareholders held on May 16, 2024. The key outcomes include the overwhelming re-election of all director nominees and the ratification of KPMG LLP as the company's independent registered public accounting firm for the upcoming fiscal year. Additionally, shareholders approved the advisory vote on executive compensation, commonly known as 'Say-on-Pay', indicating general satisfaction with the company's compensation practices.

May 22, 2024 10-Q

HOME DEPOT, INC. Quarterly Report for Q1 Ended Apr 28, 2024

Home Depot reported first-quarter fiscal 2024 results with net sales of $36.4 billion, a decrease of 2.3% compared to the prior year, primarily due to a decline in comparable sales. Net earnings were $3.6 billion, or $3.63 per diluted share, down from $3.87 billion in the same period last year. This decrease in earnings was attributed to lower net sales and increased operating expenses, despite an improvement in gross profit margin driven by lower transportation and shrink costs. The company is actively pursuing a significant strategic acquisition of SRS Distribution Inc. for $18.25 billion, which is expected to accelerate growth in the residential professional customer segment. To finance this acquisition, Home Depot has substantially increased its commercial paper program and secured new credit facilities. Management remains confident in its liquidity position, supported by operating cash flow, existing cash, and access to capital markets, to fund operations, dividends, and the SRS acquisition.

May 21, 2024 8-K

HOME DEPOT, INC. 8-K Report, Financial Results (May 14, 2024)

The Home Depot reported first quarter fiscal 2024 results (quarter ended April 28, 2024) showing softer top-line performance: net sales fell 2.3% year over year to $36.4 billion, and comparable sales declined 2.8% (U.S. comps down 3.2%). Management attributed the weakness to a delayed spring start and continued softness in larger discretionary projects. Profitability compressed more than sales, with operating income down 8.5% to $5.1 billion, net earnings down 7.0% to $3.6 billion, and diluted EPS of $3.63 versus $3.82 a year earlier, a 5.0% decline. Gross margin held up relatively well at roughly 34.2% (down about 10 basis points), while SG&A grew 4.9%, driving the operating margin contraction. The company reaffirmed its full fiscal 2024 guidance, which includes a 53rd week projected to add about $2.3 billion in sales and about $0.30 of diluted EPS. On a 52-week basis, management expects comparable sales to decline roughly 1.0%, with a gross margin of about 33.9%, an operating margin of about 14.1%, and net interest expense near $1.8 billion. Importantly, this guidance excludes the pending acquisition of SRS Distribution, which had not closed at the time of the release. Balance sheet and cash flow data show operating cash flow of $5.5 billion, cash dividends of $2.2 billion, and share repurchases that slowed sharply to $649 million from $2.9 billion a year earlier, while inventories declined year over year and cash rose to $4.3 billion. For investors, the key takeaways are that Home Depot is still growing market share and holding its guidance despite a weak quarter, but earnings are under pressure from negative comps and higher SG&A, and the pending SRS deal and reduced buybacks are important items to watch. Stockholders' equity of $1.8 billion remains thin relative to roughly $42 billion of long-term debt, a structure that reflects the company's long-standing capital return model.

May 14, 2024 8-K

HOME DEPOT, INC. 8-K Report, Material Agreement (May 9, 2024)

The Home Depot, Inc. (HD) has announced the establishment of three new revolving credit facilities totaling $14.5 billion, effective May 7, 2024. This significant move is primarily to support the financing of its pending acquisition of SRS Distribution Inc. and to bolster its commercial paper programs. These facilities, arranged with JPMorgan Chase Bank, N.A. as administrative agent, include a 364-day facility, a three-year facility, and a larger Capital Markets facility, with varying maturity dates and terms designed to provide flexible funding. Investors should note that these credit facilities are intended for general corporate purposes, with a strong emphasis on the SRS Acquisition. The terms offer interest rate options based on a base rate or Term SOFR, plus applicable margins and facility fees that are tied to Home Depot's current credit ratings. The agreements also include standard covenants and events of default, including provisions for a Change of Control. This proactive financing strategy indicates Home Depot's commitment to completing the SRS acquisition and managing its financial obligations efficiently.

May 9, 2024 8-K

HOME DEPOT, INC. 8-K Report, Material Agreement (Mar 28, 2024)

The Home Depot (HD) has entered into a definitive Agreement and Plan of Merger, dated March 27, 2024, to acquire SRS Distribution, a leading residential specialty trade distributor serving professional roofers, landscapers, and pool contractors. The total consideration is $18.25 billion (enterprise value including net debt), subject to customary adjustments, and the deal is expected to close by the end of fiscal 2024 subject to regulatory approvals, including the HSR waiting period, and SRS stockholder approval. The implied multiple is roughly 16.1x SRS's unaudited 2023 adjusted EBITDA, and management says the deal will expand Home Depot's addressable market by about $50 billion to roughly $1 trillion. For investors, the key financial items are the funding and leverage profile and the EPS effect. Home Depot plans to fund the deal with cash on hand, incremental commercial paper, and new unsecured notes, and management estimates pro forma adjusted debt/EBITDAR of about 2.5x at close. The company expects to pause share repurchases to delever to a roughly 2.0x target over 24 months. The transaction is expected to be GAAP EPS dilutive because of amortization expense but cash EPS accretive in the first year after closing, excluding synergies. Home Depot also intends to maintain its current investment-grade credit ratings. The merger agreement includes a $894.25 million termination fee payable by Home Depot in certain antitrust-related scenarios, a twelve-month initial outside date with extensions if only antitrust conditions remain unsatisfied, and a requirement for SRS stockholder approval within two business days of signing. Certain SRS management members will reinvest part of their after-tax proceeds into Home Depot stock. The filing also furnishes an investor presentation and press release under Regulation FD, and its forward-looking statement warnings highlight integration, regulatory, and leverage risks.

Mar 28, 2024 10-K

HOME DEPOT, INC. Annual Report, Year Ended Jan 28, 2024

Home Depot Inc. (HD) reported a decrease in net sales for fiscal year 2023, reaching $152.7 billion, down from $157.4 billion in fiscal year 2022. This decline was primarily attributed to a challenging macroeconomic environment, including a shift in consumer spending from goods to services and the impact of rising interest rates, which led to fewer customer transactions and a decrease in the average ticket size. Despite the sales dip, the company demonstrated strong profitability with net earnings of $15.1 billion, or $15.11 per diluted share, and a robust return on invested capital (ROIC) of 36.7%. The company continued its commitment to shareholder returns by paying over $16 billion in cash dividends and share repurchases in fiscal 2023. Home Depot also strategically invested $3.2 billion in capital expenditures to support business growth and enhance the customer experience through its interconnected retail strategy, focusing on digital improvements, store enhancements, and supply chain optimization. The company plans further capital investments of $3.0 billion to $3.5 billion in fiscal 2024, with a focus on new stores and improving customer experience.

Mar 13, 2024 8-K

HOME DEPOT, INC. 8-K Report, Financial Results (Feb 20, 2024)

The Home Depot reported fourth quarter and fiscal 2023 results on February 20, 2024, showing a year of moderating demand after three years of exceptional growth. Fiscal 2023 sales were $152.7 billion, down 3.0%, with comparable sales down 3.2% (U.S. comparable sales down 3.5%). Operating income fell 9.8% to $21.7 billion, and net earnings declined 11.5% to $15.1 billion, with diluted EPS of $15.11, down 9.5%. Fourth-quarter sales fell 2.9% to $34.8 billion, and diluted EPS dropped 14.5% to $2.82, reflecting weaker transaction volumes (customer transactions down 1.7% in the quarter and 2.7% for the year) and a smaller average ticket. Balance-sheet and cash-flow data point to a company returning substantial capital while carrying high leverage. Operating cash flow rose to $21.2 billion, helped by a $2.3 billion working-capital inflow as inventories fell roughly 16% to $21.0 billion. However, shareholder returns of $8.4 billion in dividends and $8.0 billion in buybacks exceeded free cash flow of about $17.9 billion after $3.2 billion of capex. Total stockholders' equity shrank to $1.0 billion from $1.6 billion, and long-term debt rose to $42.7 billion, so the equity base is very thin relative to debt. Looking forward, management guided fiscal 2024, a 53-week year, to total sales growth of about 1.0% (the extra week adds roughly $2.3 billion) and a 52-week comparable sales decline of about 1.0%. Guidance calls for a gross margin of about 33.9%, an operating margin of about 14.1%, and 53-week diluted EPS growth of about 1.0%, including roughly $0.30 from the 53rd week. The board also raised the quarterly dividend 7.7% to $2.25 per share ($9.00 annualized), the company's 148th consecutive quarterly dividend. Investors should weigh the dividend increase and cash generation against a declining top line, margin pressure, and a leveraged balance sheet.

Feb 20, 2024 8-K

HOME DEPOT, INC. 8-K Report, Executive Changes (Jan 10, 2024)

The Home Depot, Inc. (HD) filed an 8-K report on January 10, 2024, announcing a change in its Board of Directors. Linda Gooden, a director since 2013, has decided not to seek re-election at the upcoming 2024 Annual Meeting of Shareholders due to personal reasons. Importantly, her decision is not attributed to any disagreements regarding the company's operations, policies, or practices.

Jan 10, 2024 8-K

HOME DEPOT, INC. 8-K Report, Corporate Update (Dec 5, 2023)

The Home Depot, Inc. (HD) has filed a Current Report on Form 8-K to announce the completion of a significant public offering of senior notes. The company successfully issued a total of $2.0 billion in aggregate principal amount across three tranches: $500 million of 5.125% Notes due April 30, 2025, $750 million of 4.950% Notes due September 30, 2026, and $750 million of 4.900% Notes due April 15, 2029. This offering was conducted under the company's existing shelf registration statement filed in August 2021, indicating proactive capital management by Home Depot. This debt issuance provides Home Depot with substantial liquidity and potentially allows for strategic investments, debt refinancing, or general corporate purposes. Investors should note the specific coupon rates and maturity dates associated with each tranche of notes, as these details are crucial for understanding the cost of debt and the company's future debt obligations. The filing also includes the relevant indenture and forms of the notes as exhibits, offering transparency into the terms of this financing.

Dec 5, 2023 8-K

HOME DEPOT, INC. 8-K Report, Corporate Update (Nov 28, 2023)

Home Depot, Inc. (HD) has filed an 8-K report detailing a significant debt offering. The company entered into an Underwriting Agreement on November 27, 2023, to issue a total of $2 billion in senior notes across three tranches with varying maturities and interest rates. These notes include $500 million of 5.125% Notes due April 30, 2025, $750 million of 4.950% Notes due September 30, 2026, and $750 million of 4.900% Notes due April 15, 2029. This move suggests Home Depot is actively managing its capital structure and potentially seeking to refinance existing debt, fund ongoing operations, or finance strategic initiatives. The offering is being made under a previously filed shelf registration statement, indicating a planned approach to capital raising. The closing of this offering is expected on December 4, 2023, subject to standard closing conditions.

Nov 28, 2023 10-Q

HOME DEPOT, INC. Quarterly Report for Q3 Ended Oct 29, 2023

Home Depot reported its fiscal third quarter 2023 results, showing a slight decrease in net sales to $37.7 billion compared to $38.9 billion in the prior year's third quarter. This decline was attributed to a challenging comparable sales environment, primarily driven by fewer customer transactions and some deflationary pressures, notably in lumber prices. Despite the sales dip, the company demonstrated strong operational execution, generating $16.4 billion in cash flow from operating activities for the first nine months of the fiscal year. Profitability saw a decrease, with net earnings falling to $3.8 billion ($3.81 per diluted share) for the quarter, down from $4.3 billion ($4.24 per diluted share) in Q3 2022. This was influenced by lower gross profit margins and increased operating expenses as a percentage of sales. The company continued its commitment to shareholder returns, repurchasing $6.5 billion of stock and paying $6.3 billion in dividends in the first nine months, while also announcing a 10% increase in its quarterly dividend. The company maintains a strong liquidity position, expecting sufficient resources for operations, debt payments, and strategic investments.

Nov 21, 2023 8-K

HOME DEPOT, INC. 8-K Report, Financial Results (Nov 14, 2023)

The Home Depot reported third-quarter fiscal 2023 results (quarter ended October 29, 2023) showing continued top-line and profit pressure. Net sales fell 3.0% year over year to $37.7 billion, comparable sales declined 3.1% (U.S. comparable sales down 3.5%), and diluted EPS dropped 10.1% to $3.81 from $4.24. Management attributed the performance to continued customer engagement with smaller projects and pressure in big-ticket, discretionary categories. Operating income fell 12.1% to $5.4 billion, and operating margin contracted roughly 150 basis points to about 14.3%, as SG&A and depreciation growth outpaced the decline in gross profit. Interest expense rose 17.9% to $487 million, reflecting higher rates on the company's debt. The company narrowed its fiscal 2023 guidance. It now expects sales and comparable sales to decline 3% to 4%, operating margin of roughly 14.1% to 14.2%, a tax rate of about 24.5%, interest expense of about $1.8 billion, and a 9% to 11% decline in diluted EPS versus fiscal 2022. The narrowed range implies a materially weaker fourth quarter than the first nine months, so investors should watch whether the company can hold the low end of its ranges in a soft housing and big-ticket environment. Cash generation remained solid. Nine-month operating cash flow was $16.4 billion, up from $10.0 billion a year earlier, largely due to a favorable swing in working capital, with inventories down meaningfully year over year. Capital expenditures were $2.4 billion, implying free cash flow of roughly $14.1 billion. The company returned about $12.8 billion to shareholders through dividends ($6.3 billion) and share repurchases ($6.5 billion). Total stockholders' equity is small at $1.4 billion, a reflection of the company's leveraged capital structure. The press release is furnished under Item 2.02 and is not deemed filed under Section 18 of the Exchange Act.

Nov 14, 2023 8-K

HOME DEPOT, INC. 8-K Report, Executive Changes (Oct 30, 2023)

The Home Depot (HD) filed an 8-K on October 30, 2023 disclosing an executive promotion aimed at strengthening its pro customer strategy. Ann-Marie Campbell, a 38-year company veteran who has served as Executive Vice President of U.S. Stores and International Operations since October 2020, will become Senior Executive Vice President effective November 1, 2023. She takes on responsibility for outside pro sales and the installation services business while continuing to oversee U.S. stores, The Home Depot Canada and The Home Depot Mexico. The announcement signals management's intent to organize the company around pro customers, which management describes as its largest growth opportunity, by combining outside sales and service with the global store organization. Compensation terms were also disclosed. Campbell's base salary rises to $1,000,000, and her annual incentive target under the Management Incentive Plan increases to 125% of base salary, with payouts tied to pre-established performance goals. For fiscal 2023, her incentive will blend her prior target for the first ten months with the new target for the remaining two. She will also receive restricted stock and stock option awards each valued at $125,000 at the next regularly scheduled Committee meeting. The restricted shares vest 50% at each of the 30- and 60-month anniversaries, and the options vest over the second through fifth anniversaries, both subject to continued employment. Non-compete and non-solicitation restrictions of 24 and 36 months apply following termination, along with indefinite confidentiality obligations. For investors, this filing is primarily a leadership and strategy signal rather than a financial event, and it carries no direct impact on reported results. The concurrent appointment of Hector Padilla as EVP of U.S. Stores and Operations, overseeing more than 2,000 U.S. stores, suggests a deliberate restructuring of store and pro operations. Investors may watch whether this realignment translates into measurable gains in pro sales and installation services in subsequent quarters.

Oct 30, 2023 10-Q

HOME DEPOT, INC. Quarterly Report for Q2 Ended Jul 30, 2023

Home Depot, Inc. (HD) reported its fiscal second quarter 2023 results, showing a slight decrease in net sales and net earnings compared to the prior year. For the quarter ended July 30, 2023, net sales were $42.9 billion, down 2.0% year-over-year, while net earnings came in at $4.7 billion, a decrease from $5.2 billion in the same period last year. Diluted earnings per share also declined to $4.65 from $5.05. Despite the top-line and bottom-line dip, the company demonstrated strong operational cash flow generation, with $12.2 billion in net cash provided by operating activities for the first six months of fiscal 2023. Management highlighted a disciplined capital allocation strategy, prioritizing reinvestment in the business, followed by dividends and share repurchases. The company also increased its quarterly dividend by 10% and continued its significant share repurchase program, underscoring a commitment to returning capital to shareholders.

Aug 22, 2023 8-K

HOME DEPOT, INC. 8-K Report, Financial Results (Aug 15, 2023)

Home Depot reported second-quarter fiscal 2023 results (quarter ended July 30, 2023) showing continued top-line and earnings pressure. Net sales were $42.9 billion, down 2.0% year over year, and comparable sales fell 2.0% in total and in the U.S. Net earnings were $4.7 billion, or $4.65 per diluted share, versus $5.05 a year earlier, a 7.9% decline in EPS. Operating income fell 8.6% to $6.6 billion. Management said smaller-project categories were strong but big-ticket discretionary categories remained under pressure. SG&A rose 3.9% despite lower sales, which compressed operating margin to roughly 15.4% from roughly 16.5%. Home Depot reaffirmed its fiscal 2023 guidance: sales and comparable sales down 2% to 5%, operating margin of 14.0% to 14.3%, a tax rate of about 24.5%, interest expense of about $1.8 billion, and diluted EPS down 7% to 13%. Because first-half sales fell 3.1%, the reaffirmed range implies second-half trends broadly similar to the first half rather than a sharp recovery. The board authorized a new $15 billion share repurchase program effective August 15, 2023, replacing the prior authorization. Year-to-date, the company repurchased $4.95 billion of stock and paid $4.2 billion in dividends. Operating cash flow improved to $12.2 billion from $7.2 billion, driven mainly by a working capital swing and lower inventories, which fell 10.8% year over year to $23.3 billion. Stockholders' equity remains thin at $1.3 billion against roughly $42 billion of total debt, so investors should watch leverage as shareholder returns continue.

Aug 15, 2023 8-K

HOME DEPOT, INC. 8-K/A Report, Shareholder Vote Results (Jul 13, 2023)

This 8-K/A filing from Home Depot, Inc. (HD) provides an update on the outcome of a shareholder vote regarding the frequency of "Say-on-Pay" proposals. The "Say-on-Pay" vote allows shareholders to express their advisory opinion on the compensation of the company's named executive officers. The filing indicates that a majority of votes cast at the Annual Meeting supported conducting these advisory votes on an annual basis. In response to this shareholder preference, Home Depot's Board of Directors has determined that the company will hold "Say-on-Pay" votes annually until the next shareholder vote on the frequency of such proposals. This decision reflects the company's commitment to considering shareholder feedback on executive compensation practices and aligns with governance best practices.

Jul 13, 2023 8-K

HOME DEPOT, INC. 8-K Report, Executive Changes (Jun 20, 2023)

This 8-K filing announces a key leadership change within Home Depot's finance department. Effective June 20, 2023, Kimberly R. Scardino has been appointed as the Senior Vice President – Finance, Chief Accounting Officer, and Controller, also designated as the principal accounting officer. This appointment signifies a transition in financial leadership, with Ms. Scardino replacing Stephen L. Gibbs. Investors should note Ms. Scardino's extensive experience in financial roles at Home Depot and prior companies, including Walgreens Boots Alliance and American Express, which suggests a continuity and deep understanding of the company's financial operations.

Jun 20, 2023