Company file · HD

Home Depot

Home Depot's sales grew in fiscal 2025 thanks to the businesses it bought

Net sales rose 3.2% to $164.7B in the year to Feb 1, 2026. The Primary segment, its home improvement stores, slipped 0.7%, while its other businesses roughly doubled to $12.7B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Mar 18, 2026) · Latest quarter: 10-Q for the quarter ended Aug 2, 2026 (filed Aug 25, 2026) · Data pulled Oct 26, 2026

Key facts

Home Depot (NYSE: HD) closed fiscal 2025 on Feb 1, 2026 with net sales of $164.7B, up 3.2% from a year before; net income came to $14.2B, down 4.4%. Its newest quarterly report covers the three months to Aug 2, 2026: net sales of $47.9B, up 5.7% on the same stretch of the prior year, and net income of $4.8B. Broken down by segment, Primary segment led with 92% of fiscal 2025 net sales. Sources: 10-K for fiscal 2025 (filed Mar 18, 2026) and 10-Q for the quarter ended Aug 2, 2026 (filed Aug 25, 2026).

Net sales$164.7BFY2025 · +3.2% vs FY2024

Net income$14.2BFY2025 · −4.4% vs FY2024

Operating cash flow$16.3BFY2025 · −17.6% vs FY2024

Cash & equivalents$2.1Bat Aug 2, 2026 · +50.1% vs FY2025 end

Total debt$52.9Bat Aug 2, 2026 · −5.2% vs FY2025 end

Diluted shares995MFY2025 avg · +0.2% vs FY2024

Net sales and net income, three fiscal yearsBy fiscal year, $bn

Net salesNet income

Source: 10-K FY2025, filed Mar 18, 2026

Quarterly net sales: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 27, 2026 · 10-Q filed Aug 25, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Primary segment$152.0B92%−0.7%
All other$12.7B8%+98.5%

Source: 10-K FY2025, XBRL breakdown

The Primary segment brought in $152.0B in fiscal 2025, 92% of net sales; the other businesses brought in $12.7B. In the stores, no single category dominates: appliances ($14.0B), power tools ($13.2B) and plumbing ($12.5B) were the largest. About 92% of sales came from the United States.

By segment: three-year mixShare of the total each fiscal year

FY2023

100%

FY2024

96%

FY2025

92%8%

Primary segmentAll other

Source: 10-K FY2025

Primary segment, largest categories, FY2025

Appliances$14.0B8%−0.6%

Power$13.2B8%−0.3%

Plumbing$12.5B8%+0.1%

Building materials$12.4B8%−0.4%

Lumber$11.4B7%−3.2%

Paint$11.0B7%−1.9%

Share is of FY2025 net sales; the items listed don't cover all of it. The last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 FY2026 (May to Jul 2026) compared with Q2 FY2025 (May to Jul 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 FY2026Q2 FY2025

Company

Net sales

$47.9B Q2 FY2026

$45.3B Q2 FY2025

5.7% increase

Net income

$4.8B Q2 FY2026

$4.6B Q2 FY2025

4.7% increase

Source: Home Depot 10-Q for the quarter ended Aug 2, 2026, filed Aug 25, 2026

By segment

Primary segment

$42.8B Q2 FY2026

$42.2B Q2 FY2025

1.5% increase

All other

$5.1B Q2 FY2026

$3.1B Q2 FY2025

62.0% increase

Source: Home Depot 10-Q for the quarter ended Aug 2, 2026, filed Aug 25, 2026

Cash & equivalents $2.1B at Aug 2, 2026, vs $1.4B at FY2025 end.
Total debt $52.9B at Aug 2, 2026, vs $55.8B at FY2025 end.
Operating cash flow, first 6 months of fiscal 2026: $11.4B vs $9.0B a year earlier.

The bull case and the bear case

The bull case

Net sales rose 3.2% in fiscal 2025 to $164.7B, helped by the businesses outside the Primary segment, whose sales rose to $12.7B from $6.4B. 10-K, FY2025
Net sales in the quarter ended Aug 2, 2026 were $47.9B, up 5.7% on a year earlier, and net income rose 4.7% to $4.8B. 10-Q, quarter ended Aug 2, 2026
Operating cash flow was $11.4B in the first 6 months of fiscal 2026, against $9.0B a year earlier. 10-Q, quarter ended Aug 2, 2026
Total debt was $52.9B at Aug 2, 2026, down from $55.8B at the end of fiscal 2025. 10-Q, quarter ended Aug 2, 2026

The bear case

Primary segment sales fell 0.7% in fiscal 2025, to $152.0B. 10-K, FY2025
Net income fell 4.4% in fiscal 2025 to $14.2B, and operating cash flow fell 17.6% to $16.3B. 10-K, FY2025
Total debt was $55.8B at the end of fiscal 2025, up from $44.1B two years earlier, mainly from acquisitions. 10-K, FY2025
The 10-K lists the housing market, interest rates and home improvement spending, as well as integrating acquired companies, among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

The Home Depot runs home improvement stores in the US, Canada and Mexico and, through SRS, distributes roofing, landscaping, pool and building supplies to professional contractors.

Home Depot's stores and websites in the US, Canada and Mexico form its one reportable segment, which it calls the Primary segment. They sell tools, building materials, lumber, appliances, paint, plumbing, flooring and garden products to do-it-yourself customers and professionals, plus installation services.

Its other businesses are SRS, bought in June 2024, and GMS, a specialty building products distributor that SRS acquired in fiscal 2025. Home Depot names its fiscal year by the calendar year it starts in, so fiscal 2025 means the year to Feb 1, 2026.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Home Depot's latest 10-K. Read the original for the full list.

Housing and the economyDemand depends on home sales, home prices, interest rates and how much people spend on their homes.
AcquisitionsSRS and GMS may not deliver the expected benefits, and integrating them takes management attention.
CompetitionIt competes with other home improvement chains, specialty stores, distributors and online sellers.
Supply chain and costsProduct costs, tariffs, commodity prices and supply disruptions can squeeze margins.
WorkforceAttracting and keeping store and distribution staff affects service and costs.
Technology and dataCyberattacks, data breaches and IT failures could disrupt sales and hurt its reputation.
Legal and regulationProduct safety, environmental, labor and tax rules and lawsuits can raise costs.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Net sales	$152.7B	$159.5B	$164.7B
Net income	$15.1B	$14.8B	$14.2B
Operating cash flow	$21.2B	$19.8B	$16.3B
Cash & equivalents (year end)	$3.8B	$1.7B	$1.4B
Total debt (year end)	$44.1B	$53.4B	$55.8B
Diluted shares	1.00B	993M	995M

Net sales: Sales of home-improvement products and services, after returns.
Net income: Profit after all costs and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Short-term borrowings (commercial paper) plus current and long-term debt, including finance leases, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Home Depot's fiscal 2025 is the 52 weeks to Feb 1, 2026; it names fiscal years by the calendar year in which they start.
The category chart covers the largest Primary segment categories only, so it doesn't add up to all sales.
All other is SRS (including GMS), which Home Depot reports outside its Primary segment. It had no sales in fiscal 2023 because SRS was bought partway through fiscal 2024.
Total debt is commercial paper plus current and long-term debt, including finance leases, at carrying value.

Recent filings

Form	Filed	Period
10-Q	Aug 25, 2026	Aug 2, 2026
10-Q	May 27, 2026	May 3, 2026
DEF 14A	Apr 7, 2026	May 21, 2026
10-K	Mar 18, 2026	Feb 1, 2026

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Latest filings

No new 8-K, Form 4 or 13D/13G filings from Home Depot in the last 30 days.

All Home Depot filings notes →

Common questions about Home Depot

How does Home Depot make money?

Fiscal 2025 net sales: $164.7B. The Primary segment brought in $152.0B in fiscal 2025, 92% of net sales; the other businesses brought in $12.7B. In the stores, no single category dominates: appliances ($14.0B), power tools ($13.2B) and plumbing ($12.5B) were the largest. About 92% of sales came from the United States. Source: 10-K for fiscal 2025, filed Mar 18, 2026.

What was Home Depot's revenue in fiscal 2025?

$164.7B, up 3.2% from fiscal 2024 ($159.5B). The year ended Feb 1, 2026; for fiscal 2023 the figure was $152.7B. Source: 10-K for fiscal 2025, filed Mar 18, 2026.

Is Home Depot profitable?

Net income was $14.2B in fiscal 2025 (down 4.4%; fiscal 2024 was $14.8B). That counts as a GAAP profit. The latest quarter, ended Aug 2, 2026: net income was $4.8B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Mar 18, 2026.

What did Home Depot report in its latest quarterly filing?

For the three months to Aug 2, 2026: net sales $47.9B (up 5.7% from $45.3B) and net income $4.8B (up 4.7% from $4.6B). Source: 10-Q for the quarter ended Aug 2, 2026, filed Aug 25, 2026.

How much cash and debt does Home Depot have?

As of Aug 2, 2026: $2.1B of cash and cash equivalents, $52.9B of total debt. Total debt here is short-term borrowings (commercial paper) plus current and long-term debt, including finance leases, at carrying value. Source: 10-Q filed Aug 25, 2026.

What are the main risks Home Depot lists?

The risk factors are in Item 1A of the 10-K filed Mar 18, 2026. This page sorts them into 7 groups (Housing and the economy; acquisitions; competition; supply chain and costs; workforce; technology and data; legal and regulation). The first group in plain English: Demand depends on home sales, home prices, interest rates and how much people spend on their homes. Source: 10-K, Item 1A Risk Factors.

Where do these Home Depot numbers come from?

The 10-K filed Mar 18, 2026 (fiscal 2025) and the 10-Q filed Aug 25, 2026 (quarter ended Aug 2, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in HD: The editor holds no position in Home Depot (HD). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell HD from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold HD, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Home DepotHD	FY2025	$164.7B	+3.2%	$14.2B
Lowe'sLOW	FY2025	$86.3B	+3.1%	$6.7B
WalmartWMT	FY2026	$713.2B	+4.7%	$21.9B
CostcoCOST	FY2026	$303.2B	+10.1%	$9.2B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.