Home Depot
HD NYSE Home Improvement Retail Financials FY2016–FY2025
Home Depot's revenue rose 3.2% to $164.7 billion in fiscal 2025. Its operating margin was 12.7%, down from 13.5% a year earlier. Free cash flow was $12.6 billion, down 22.5%. It paid out $9.2 billion in dividends and buybacks, 72% of free cash flow. The diluted share count rose 0.2%.
What Home Depot does
Home Depot sells home improvement products, building materials, lawn and garden products, décor and maintenance, repair and operations (MRO) supplies, in stores and online. It also offers installation services and tool and equipment rental. At the end of fiscal 2025 it operated 2,359 stores in the U.S. (including Puerto Rico, the U.S. Virgin Islands and Guam), Canada and Mexico. A typical store stocks approximately 30,000 to 40,000 items during the year, including its own brands such as Husky, Hampton Bay and Glacier Bay.
Its customers are consumers, both do-it-yourself homeowners and homeowners who hire someone to do the work, and professionals such as contractors, remodelers, tradespeople and property managers. Online sales, from its websites and apps, were 15.9% of net sales in fiscal 2025. It reports the U.S., Canada and Mexico together as one segment. It also owns SRS, bought in fiscal 2024, which distributes roofing, landscape and pool supplies to specialty trade professionals. In fiscal 2025 SRS bought GMS, a distributor of drywall, ceilings, steel framing and related products; at the end of fiscal 2025, SRS had over 1,250 locations in the U.S. and Canada. Its HD Supply subsidiary sells MRO products to multifamily, hospitality, healthcare and government housing facilities, among others.
Home Depot competes with other home improvement retailers, hardware stores, building materials supply houses, lumber yards, warehouse clubs, online retailers and many others. Its sales are generally highest in its second fiscal quarter, in the spring. It employed approximately 472,400 associates at the end of fiscal 2025.
- Legal name
- The Home Depot, Inc.
- Fiscal year ends
- February 1, 2026
- Latest annual report
- 10-K · Mar 18, 2026
- Accession · CIK
- 0001628280-26-019436
0000354950
Revenue and margins
Home Depot had $164.7B of revenue in fiscal 2025, up 3.2% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 9.2% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $12.6B in fiscal 2025, 7.7% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Home Depot returned $9.2B to shareholders in fiscal 2025, 72% of free cash flow. The diluted share count rose 0.2%.
Value Home Depot yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$55.4B and divides by 995.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 22.4x · peers 16.8x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Home Depot can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.3B | $2.8B | $3.8B | $1.7B | $1.4B |
| Debt incl. finance leases | $40.7B | $44.4B | $45.4B | $54.7B | $56.8B |
| Net debt / EBITDA | 1.5x | 1.6x | 1.7x | 2.1x | 2.3x |
| Debt / equity | — | — | — | 8.2x | 4.4x |
| Interest coverage | 17.1x | 14.9x | 11.2x | 9.3x | 8.7x |
| Current ratio | 1.0x | 1.4x | 1.4x | 1.1x | 1.1x |
| Quick ratio | 0.2x | 0.3x | 0.4x | 0.3x | 0.3x |
| Total assets | $71.9B | $76.4B | $76.5B | $96.1B | $105.1B |
| Total liabilities | $73.6B | $74.9B | $75.5B | $89.5B | $92.3B |
| Shareholders' equity | −$1.7B | $1.6B | $1.0B | $6.6B | $12.8B |
| Net debt (− = net cash) | $38.3B | $41.7B | $41.7B | $53.0B | $55.4B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$6.7M
7 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Kimberly R ScardinoSVP-Finance, CAO & Controller | Sold | 675 | $305.95 | $0.2M | Form 4 |
| Aug 28, 2026 | Teresa Wynn RoseboroughEVP, Gen. Counsel & Corp. Sec. | Sold | 2,455 | $328.77 | $0.8M | Form 4 |
| Aug 26, 2026 | Michael F. RoweEVP, Pro | Sold | 710 | $336.76 | $0.2M | Form 4 |
| Aug 19, 2026 | Richard McPhail VEVP & CFO | Sold | 5,989 | $348.40 | $2.1M | Form 4 |
| Mar 4, 2026 | John A. DeatonEVP - Supply Chain & Prod. Dev | Sold | 1,793 | $369.00 | $0.7M | Form 4 |
| Mar 4, 2026 | Richard McPhail VEVP & CFO | Sold | 2,550 | $368.89 | $0.9M | Form 4 |
| Dec 26, 2025 | Teresa Wynn RoseboroughEVP, Gen. Counsel & Corp. Sec. | Sold | 2,872 | $348.52 | $1.0M | Form 4 |
| Dec 12, 2025 | Angie BrownEVP & CIO | Sold | 1,946 | $357.63 | $0.7M | Form 4 |
| Dec 11, 2025 | Ann Marie CampbellSenior EVP | Sold | 145 | $358.26 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✓ |
| Current ratio rose | ✕ | ✕ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✕ |
| Gross margin rose | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | ✕ | ✓ | ✕ |
| F-score | 5 / 9 | 6 / 9 | 4 / 9 |
| Accruals ratio | −7.9% | −5.8% | −2.2% |
| Altman Z'' | 6.15 | 4.83 | 4.54 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Home Depot HD | $318.6B | 3.2% | 12.7% | 7.7% | 24.9% | 22.4x | 4 | |
| Lowe's LOW | $111.3B | 3.1% | 11.8% | 8.9% | 31.9% | 16.8x | 6 | Compare → |
| Floor & Decor FND | $5.2B | 5.1% | 5.8% | 1.4% | 9.3% | 22.3x | 6 | Compare → |
| General Motors GM | $67.3B | −1.3% | 1.6% | 9.5% | 1.5% | 16.5x | 6 | Compare → |
| Ford F | $47.2B | 1.2% | −4.9% | 6.7% | — | — | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $94.6B | $100.9B | $108.2B | $110.2B | $132.1B | $151.2B | $157.4B | $152.7B | $159.5B | $164.7B |
| Gross profit | $32.3B | $34.4B | $37.2B | $37.6B | $44.9B | $50.8B | $52.8B | $51.0B | $53.3B | $54.9B |
| Operating income | $13.4B | $14.7B | $15.5B | $15.8B | $18.3B | $23.0B | $24.0B | $21.7B | $21.5B | $20.9B |
| Interest expense | $972M | $1.1B | $1.1B | $1.2B | $1.3B | $1.3B | $1.6B | $1.9B | $2.3B | $2.4B |
| Pretax income | $12.5B | $13.7B | $14.6B | $14.7B | $17.0B | $21.7B | $22.5B | $19.9B | $19.4B | $18.6B |
| Income tax | $4.5B | $5.1B | $3.4B | $3.5B | $4.1B | $5.3B | $5.4B | $4.8B | $4.6B | $4.4B |
| Net income | $8.0B | $8.6B | $11.1B | $11.2B | $12.9B | $16.4B | $17.1B | $15.1B | $14.8B | $14.2B |
| Diluted EPS | $6.45 | $7.29 | $9.73 | $10.25 | $11.94 | $15.53 | $16.69 | $15.11 | $14.91 | $14.23 |
| Diluted shares | 1.23B | 1.18B | 1.14B | 1.10B | 1.08B | 1.06B | 1.03B | 1.00B | 0.99B | 1.00B |
| Cash flow | ||||||||||
| Cash from operations | $9.8B | $12.0B | $13.2B | $13.7B | $18.8B | $16.6B | $14.6B | $21.2B | $19.8B | $16.3B |
| Capital expenditure | $1.6B | $1.9B | $2.4B | $2.7B | $2.5B | $2.6B | $3.1B | $3.2B | $3.5B | $3.7B |
| Free cash flow | $8.2B | $10.1B | $10.7B | $11.0B | $16.4B | $14.0B | $11.5B | $17.9B | $16.3B | $12.6B |
| Depreciation and amortization | $2.0B | $2.1B | $2.2B | $2.3B | $2.5B | $2.9B | $2.8B | $3.1B | $3.3B | $3.5B |
| Stock-based compensation | $267M | $273M | $282M | $251M | $310M | $399M | $366M | $380M | $442M | $522M |
| Acquisitions | $0.0M | $374M | $21.0M | $0.0M | $7.8B | $421M | $0.0M | $1.5B | $17.6B | $5.4B |
| Share buybacks | $6.9B | $8.0B | $10.0B | $7.0B | $791M | $14.8B | $6.7B | $8.0B | $649M | $0.0M |
| Dividends paid | $3.4B | $4.2B | $4.7B | $6.0B | $6.5B | $7.0B | $7.8B | $8.4B | $8.9B | $9.2B |
| Dividends and buybacks | $10.3B | $12.2B | $14.7B | $12.9B | $7.2B | $21.8B | $14.5B | $16.3B | $9.6B | $9.2B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $2.5B | $3.6B | $1.8B | $2.1B | $7.9B | $2.3B | $2.8B | $3.8B | $1.7B | $1.4B |
| Total debt | $23.6B | $27.0B | $29.2B | $30.5B | $34.8B | $37.4B | $41.2B | $42.2B | $51.7B | $53.9B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $1.2B | $2.8B | $3.2B | $3.3B | $3.3B | $3.0B | $3.0B |
| Current assets | $17.7B | $18.9B | $18.5B | $19.8B | $28.5B | $29.1B | $32.5B | $29.8B | $31.7B | $34.4B |
| Current liabilities | $14.1B | $16.2B | $16.7B | $18.4B | $23.2B | $28.7B | $23.1B | $22.0B | $28.7B | $32.4B |
| Inventory | $12.5B | $12.7B | $13.9B | $14.5B | $16.6B | $22.1B | $24.9B | $21.0B | $23.5B | $25.8B |
| Property and equipment, net | $21.9B | $22.1B | $22.4B | $22.8B | $24.7B | $25.2B | $25.6B | $26.2B | $26.7B | $28.0B |
| Total assets | $43.0B | $44.5B | $44.0B | $51.2B | $70.6B | $71.9B | $76.4B | $76.5B | $96.1B | $105.1B |
| Total liabilities | $38.6B | $43.1B | $45.9B | $54.4B | $67.3B | $73.6B | $74.9B | $75.5B | $89.5B | $92.3B |
| Shareholders' equity | $4.3B | $1.5B | −$1.9B | −$3.1B | $3.3B | −$1.7B | $1.6B | $1.0B | $6.6B | $12.8B |
| Margins | ||||||||||
| Gross margin | 34.2% | 34.1% | 34.3% | 34.1% | 34.0% | 33.6% | 33.5% | 33.4% | 33.4% | 33.3% |
| Operating margin | 14.2% | 14.6% | 14.4% | 14.4% | 13.8% | 15.2% | 15.3% | 14.2% | 13.5% | 12.7% |
| EBITDA margin | 16.3% | 16.6% | 16.3% | 16.5% | 15.7% | 17.1% | 17.1% | 16.2% | 15.6% | 14.8% |
| 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% |
| Returns | ||||||||||
| Return on capital | 33.7% | 36.8% | 47.1% | 46.6% | 46.7% | 50.1% | 45.8% | 38.4% | 32.1% | 24.9% |
| Return on capital employed | 46.1% | 51.4% | 55.8% | 52.7% | 45.5% | 50.9% | 49.8% | 40.2% | 35.3% | 29.8% |
| Return on equity | 149.4% | 298.3% | — | — | — | — | — | — | — | 145.5% |
| Return on assets | 18.7% | 19.7% | 25.1% | 23.6% | 21.1% | 23.1% | 23.1% | 19.8% | 17.2% | 14.1% |
| Growth | ||||||||||
| Revenue growth | 6.9% | 6.7% | 7.2% | 1.9% | 19.9% | 14.4% | 4.1% | −3.0% | 4.5% | 3.2% |
| Net income growth | 13.5% | 8.5% | 28.9% | 1.1% | 14.5% | 27.7% | 4.1% | −11.5% | −2.2% | −4.4% |
| EPS growth | 18.1% | 13.0% | 33.5% | 5.3% | 16.5% | 30.1% | 7.5% | −9.5% | −1.3% | −4.6% |
| FCF growth | 3.7% | 24.2% | 5.8% | 2.7% | 48.8% | −14.5% | −17.9% | 56.1% | −9.0% | −22.5% |
| Share count change | −3.8% | −4.1% | −3.5% | −4.0% | −1.7% | −1.9% | −3.1% | −2.2% | −0.9% | 0.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.4x | 1.4x | 1.6x | 1.6x | 1.4x | 1.5x | 1.6x | 1.7x | 2.1x | 2.3x |
| Debt / equity | 5.5x | — | — | — | — | — | — | — | 8.2x | 4.4x |
| Interest coverage | 13.8x | 13.9x | 14.8x | 13.2x | 13.6x | 17.1x | 14.9x | 11.2x | 9.3x | 8.7x |
| Current ratio | 1.3x | 1.2x | 1.1x | 1.1x | 1.2x | 1.0x | 1.4x | 1.4x | 1.1x | 1.1x |
| Quick ratio | 0.4x | 0.4x | 0.3x | 0.3x | 0.5x | 0.2x | 0.3x | 0.4x | 0.3x | 0.3x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.7% | 1.9% | 2.3% | 2.4% | 1.9% | 1.7% | 2.0% | 2.1% | 2.2% | 2.2% |
| Stock comp / revenue | 0.3% | 0.3% | 0.3% | 0.2% | 0.2% | 0.3% | 0.2% | 0.3% | 0.3% | 0.3% |
| Payouts / FCF | 126.0% | 120.5% | 136.8% | 117.4% | 44.2% | 155.6% | 126.0% | 91.0% | 58.7% | 72.4% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 6.0 | 7.0 | 7.0 | 7.0 | 5.0 | 6.0 | 5.0 | 6.0 | 4.0 |
| Altman Z'' | 5.5 | 5.6 | 6.0 | 5.5 | 5.0 | 5.2 | 6.2 | 6.2 | 4.8 | 4.5 |
| Accruals ratio | −4.3% | −7.8% | −4.6% | −5.1% | −9.8% | −0.2% | 3.4% | −7.9% | −5.8% | −2.2% |
Source: SEC EDGAR XBRL filings (CIK 0000354950). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.