Detailed financial statements for The Home Depot, Inc. (HD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
The Home Depot, Inc. operates as a prominent retailer specializing in home renovation and improvement. Through its expansive network of "The Home Depot" stores, it furnishes consumers with an extensive array of goods, including building materials, home enhancement products, lawn and garden supplies, decorative items, and facilities maintenance, repair, and operational (MRO) supplies.
Analysis Summary
The Home Depot, Inc. reported revenue of $164.68B in the most recent fiscal year, growing at a 5-year CAGR of 4.5%. Net income reached $14.16B, with a 1.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 33.2%, operating margin 12.4%, net margin 8.4%. Free cash flow grew at -5.0% CAGR over 5 years.
At the current price of $281.15, HD trades at a P/E of 19.79 and an ROE of 102.68%. Market capitalisation stands at $280.3B, placing it among large-cap names.
Balance sheet quality for HD: current ratio of 1.1, net debt of $63.96B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $12.65B represents 89% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $94.59B | $100.90B | $108.20B | $110.22B | $132.11B | $151.16B | $157.40B | $152.67B | $159.51B | $164.68B |
| Cost of Revenue | $62.28B | $66.55B | $71.04B | $72.65B | $87.26B | $100.33B | $104.62B | $101.71B | $106.21B | $109.82B |
| Gross Profit | $32.31B | $34.36B | $37.16B | $37.57B | $44.85B | $50.83B | $52.78B | $50.96B | $53.31B | $54.87B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $17.13B | $17.86B | $19.51B | $19.74B | $24.45B | $25.41B | $26.28B | $26.60B | $28.75B | $30.70B |
| Operating Expenses | $18.89B | $19.68B | $21.63B | $21.73B | $26.57B | $27.79B | $28.74B | $29.27B | $31.78B | $33.98B |
| Operating Income | $13.43B | $14.68B | $15.53B | $15.84B | $18.28B | $23.04B | $24.04B | $21.69B | $21.53B | $20.89B |
| EBITDA | $15.44B | $16.82B | $17.93B | $18.21B | $20.84B | $25.95B | $27.07B | $25.11B | $25.43B | $24.29B |
| Interest Expense | $972.0M | $1.06B | $1.05B | $1.20B | $1.35B | $1.35B | $1.62B | $1.94B | $2.32B | $2.41B |
| Pre-tax Income | $12.49B | $13.70B | $14.56B | $14.71B | $16.98B | $21.74B | $22.48B | $19.92B | $19.41B | $18.60B |
| Income Tax | $4.53B | $5.07B | $3.44B | $3.47B | $4.11B | $5.30B | $5.37B | $4.78B | $4.60B | $4.45B |
| Net Income | $7.96B | $8.63B | $11.12B | $11.24B | $12.87B | $16.43B | $17.11B | $15.14B | $14.81B | $14.16B |
| EPS | $6.47 | $7.33 | $9.78 | $10.29 | $11.98 | $15.59 | $16.74 | $15.16 | $14.96 | $14.27 |
| EPS (Diluted) | $6.45 | $7.29 | $9.73 | $10.25 | $11.94 | $15.53 | $16.69 | $15.11 | $14.91 | $14.23 |
| Shares Outstanding (Diluted) | $1.23B | $1.18B | $1.14B | $1.10B | $1.08B | $1.06B | $1.02B | $1.00B | $993.0M | $997.0M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $41.35B | $38.20B | $41.77B | $47.86B |
| Gross Profit | $13.81B | $12.47B | $13.78B | $16.11B |
| Operating Income | $5.35B | $3.85B | $4.98B | $6.84B |
| EBITDA | $6.21B | $4.74B | $6.07B | $6.90B |
| Net Income | $3.60B | $2.57B | $3.29B | $4.77B |
| EPS | $3.63 | $2.59 | $3.31 | $4.79 |
| EPS (Diluted) | $3.62 | $2.58 | $3.30 | $4.79 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.54B | $3.60B | $1.78B | $2.13B | $7.89B | $2.34B | $2.76B | $3.76B | $1.66B | $1.39B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $2.03B | $1.95B | $1.94B | $2.11B | $2.99B | $3.43B | $3.32B | $3.33B | $4.90B | $5.60B |
| Inventory | $12.55B | $12.75B | $13.93B | $14.53B | $16.63B | $22.07B | $24.89B | $20.98B | $23.45B | $25.82B |
| Total Current Assets | $17.72B | $18.93B | $18.53B | $19.81B | $28.48B | $29.05B | $32.47B | $29.77B | $31.68B | $34.39B |
| Property, Plant & Equipment | $21.91B | $22.07B | $22.38B | $28.36B | $30.67B | $31.17B | $32.57B | $34.04B | $35.29B | $37.23B |
| Goodwill | $2.09B | $2.27B | $2.25B | $2.25B | $7.13B | $7.45B | $7.44B | $8.46B | $19.48B | $22.34B |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $3.61B | $8.98B | $10.33B |
| Total Assets | $42.97B | $44.53B | $44.00B | $51.24B | $70.58B | $71.88B | $76.44B | $76.53B | $96.12B | $105.09B |
| Accounts Payable | $7.00B | $7.24B | $7.75B | $7.79B | $11.61B | $13.46B | $11.44B | $10.04B | $11.94B | $11.49B |
| Short-term Debt | $1.25B | $2.76B | $2.40B | $2.81B | $1.42B | $3.48B | $1.23B | $1.37B | $4.90B | $9.43B |
| Total Current Liabilities | $14.13B | $16.19B | $16.72B | $18.38B | $23.17B | $28.69B | $23.11B | $22.02B | $28.66B | $32.42B |
| Long-term Debt | $22.35B | $24.27B | $26.81B | $28.67B | $35.82B | $36.60B | $41.96B | $42.74B | $48.48B | $46.34B |
| Total Liabilities | $38.63B | $43.08B | $45.88B | $54.35B | $67.28B | $73.57B | $74.88B | $75.49B | $89.48B | $92.28B |
| Retained Earnings | $35.52B | $39.94B | $46.42B | $51.73B | $58.13B | $67.58B | $76.90B | $83.66B | $89.53B | $94.54B |
| Total Equity | $4.33B | $1.45B | -$1.88B | -$3.12B | $3.30B | -$1.70B | $1.56B | $1.04B | $6.64B | $12.81B |
| Total Debt | $23.60B | $27.03B | $29.20B | $37.38B | $43.42B | $46.27B | $50.36B | $52.24B | $62.29B | $65.35B |
| Net Debt | $21.06B | $23.43B | $27.42B | $35.24B | $35.53B | $43.93B | $47.61B | $48.48B | $60.63B | $63.96B |
| Working Capital | $3.59B | $2.74B | $1.81B | $1.44B | $5.31B | $362.0M | $9.36B | $7.76B | $3.02B | $1.97B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $1.68B | $1.39B | $1.60B | $2.08B |
| Total Assets | $106.27B | $105.09B | $107.90B | $109.38B |
| Total Liabilities | $94.16B | $92.28B | $94.03B | $92.77B |
| Total Equity | $12.12B | $12.81B | $13.87B | $16.62B |
| Total Debt | $58.95B | $65.35B | $57.98B | $62.57B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $7.96B | $8.63B | $11.12B | $11.24B | $12.87B | $16.43B | $17.11B | $15.14B | $14.81B | $14.16B |
| Depreciation & Amortization | $1.97B | $2.06B | $2.15B | $2.30B | $2.52B | $2.86B | $2.98B | $3.25B | $3.76B | $4.12B |
| Stock-based Compensation | $267.0M | $273.0M | $282.0M | $251.0M | $310.0M | $399.0M | $366.0M | $380.0M | $442.0M | $522.0M |
| Change in Working Capital | -$418.0M | $646.0M | -$534.0M | -$286.0M | $3.02B | -$3.32B | -$6.10B | $2.09B | $694.0M | -$3.08B |
| Operating Cash Flow | $9.78B | $12.03B | $13.16B | $13.72B | $18.84B | $16.57B | $14.62B | $21.17B | $19.81B | $16.32B |
| Capital Expenditure | -$1.62B | -$1.90B | -$2.44B | -$2.68B | -$2.46B | -$2.57B | -$3.12B | -$3.23B | -$3.48B | -$3.68B |
| Acquisitions | 0 | -$374.0M | -$21.0M | 0 | -$7.78B | -$421.0M | 0 | -$1.51B | -$17.64B | -$5.41B |
| Stock Repurchased | -$6.88B | -$8.00B | -$9.96B | -$6.96B | -$791.0M | -$14.81B | -$6.70B | -$7.95B | -$649.0M | 0 |
| Dividends Paid | -$3.40B | -$4.21B | -$4.70B | -$5.96B | -$6.45B | -$6.99B | -$7.79B | -$8.38B | -$8.93B | -$9.15B |
| Free Cash Flow | $8.16B | $10.13B | $10.72B | $11.04B | $16.38B | $14.01B | $11.50B | $17.95B | $16.32B | $12.65B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $4.01B | $3.35B | $6.03B | $5.39B |
| Capital Expenditure | -$898.0M | -$1.06B | -$844.0M | -$880.0M |
| Free Cash Flow | $3.11B | $2.29B | $5.19B | $4.51B |
| Dividends Paid | -$2.29B | -$2.29B | -$2.32B | -$2.32B |
| Stock-based Compensation | $120.0M | $114.0M | $178.0M | $148.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.7% | +7.2% | +1.9% | +19.9% | +14.4% | +4.1% | -3.0% | +4.5% | +3.2% | |
| Net Income Growth (YoY) | +8.5% | +28.9% | +1.1% | +14.4% | +27.7% | +4.1% | -11.5% | -2.2% | -4.4% | |
| EPS Growth (YoY) | +13.3% | +33.4% | +5.2% | +16.4% | +30.1% | +7.4% | -9.4% | -1.3% | -4.6% | |
| Shares Change (YoY) | -4.1% | -3.5% | -4.0% | -1.7% | -1.9% | -3.1% | -2.2% | -0.9% | +0.4% | |
| FCF Growth (YoY) | +24.2% | +5.8% | +3.0% | +48.3% | -14.5% | -17.9% | +56.1% | -9.0% | -22.5% | |
| Gross Margin | 34.2% | 34.0% | 34.3% | 34.1% | 34.0% | 33.6% | 33.5% | 33.4% | 33.4% | 33.3% |
| Operating Margin | 14.2% | 14.5% | 14.4% | 14.4% | 13.8% | 15.2% | 15.3% | 14.2% | 13.5% | 12.7% |
| EBITDA Margin | 16.3% | 16.7% | 16.6% | 16.5% | 15.8% | 17.2% | 17.2% | 16.4% | 15.9% | 14.7% |
| Net Margin | 8.4% | 8.6% | 10.3% | 10.2% | 9.7% | 10.9% | 10.9% | 9.9% | 9.3% | 8.6% |
| FCF Margin | 8.6% | 10.0% | 9.9% | 10.0% | 12.4% | 9.3% | 7.3% | 11.8% | 10.2% | 7.7% |
| Effective Tax Rate | 36.3% | 37.0% | 23.6% | 23.6% | 24.2% | 24.4% | 23.9% | 24.0% | 23.7% | 23.9% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $6.61 | $8.56 | $9.38 | $10.07 | $15.19 | $13.24 | $11.22 | $17.91 | $16.44 | $12.68 |
| Dividends Per Share | $2.76 | $3.56 | $4.12 | $5.43 | $5.98 | $6.60 | $7.60 | $8.37 | $8.99 | $9.18 |
| Shares Outstanding (Basic) | $1.23B | $1.18B | $1.14B | $1.09B | $1.07B | $1.05B | $1.02B | $999.0M | $990.0M | $993.0M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 102.68% |
| Return on Invested Capital | 18.80% |
| Return on Assets | 13.01% |
| Gross Margin | 33.21% |
| Operating Margin | 12.43% |
| Net Margin | 8.41% |
Financial Health
| Debt / Equity | 3.77 |
| Current Ratio | 1.08 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 5.95 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 21.26 | 27.41 | 18.77 | 22.17 | 22.54 | 23.54 | 18.77 | 23.46 | 27.32 | 26.50 |
| P/B | 39.02 | 162.76 | -111.11 | -80.01 | 87.92 | -228.06 | 205.60 | 340.37 | 60.94 | 29.30 |
| P/S | 1.79 | 2.35 | 1.93 | 2.26 | 2.20 | 2.56 | 2.04 | 2.33 | 2.54 | 2.28 |
| Gross Margin | 34.2% | 34.0% | 34.3% | 34.1% | 34.0% | 33.6% | 33.5% | 33.4% | 33.4% | 33.3% |
| Operating Margin | 14.2% | 14.5% | 14.4% | 14.4% | 13.8% | 15.2% | 15.3% | 14.2% | 13.5% | 12.7% |
| Net Margin | 8.4% | 8.6% | 10.3% | 10.2% | 9.7% | 10.9% | 10.9% | 9.9% | 9.3% | 8.6% |
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Explore sector: Consumer Cyclical · Home Improvement
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