undamentalytics Newsletter
Sign in

The Home Depot (HD) stock

Add to watchlist

Add holding +

NYSE: HD NYSE Home Improvement Retail Next results ~November 17, 2026

B Fundamentals grade

The Home Depot is a US-listed company in the home improvement retail industry. Its financial year ends in January.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$250

Cash-flow model

Base case. Range ~$180–$350 across our lower- and higher-growth cases (-2.3%–7.7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 35% above our base value.

Price used: $341.15, November 2, 2026

The Home Depot valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter The Home Depot files

Where Home Depot (The) stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $169.2bn, up 2.5% on a year earlier, about the same pace as a quarter earlier. That puts it 752 of 931 for growth among all the companies we cover. Free-cash-flow margin held at 8.9%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 3 financial-health checks. Our cash-flow model value is $223 a share, against a share price of $316. At that price, our model says the market is pricing in about 7.9% a year of cash-flow growth for five years, faster than the 2.3% a year revenue growth it has delivered.

Source: 10-Q filed August 25, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 17, 2026 (estimated)

The Home Depot's trailing-twelve-month revenue grew 2.5% year on year, with a free-cash-flow margin of 8.9%. Where it stands out: stock pay as % of revenue of 0.3% ranks 64 of 403 consumer discretionary companies we cover.

Our discounted-cash-flow model values the business at ~$250 per share in the base case (~$180–$350 across growth scenarios) — model values under stated assumptions, not a price target.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in The Home Depot's latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 17 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $341.15 is 26% above our value per share of $250.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 40.2% ranks 240 of 317 consumer discretionary companies we cover (median 18.2%).

Latest results: FY2027 Q2

Filed August 25, 2026
Earnings per share
$4.92 against an average estimate of $4.73: beat by 4.0%
Revenue
$47.86bn, up 5.7% on a year earlier
Share reaction
+1.9% in the first session after the results on August 18, 2026, against -0.5% for the S&P 500
Guidance given
total sales growth growth 2.5% to 4.5% (fiscal 2026); new stores 15 (fiscal 2026)
Next report
November 17, 2026; average EPS estimate $3.84

The Home Depot's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.6%
  • 1 week+6.8%
  • 1 month+20.6%
  • This year+1.3%
  • 1 year-7.6%
  • 5 years+5.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$169B
Operating margin
12.4%
Net margin
8.4%
EPS (TTM, diluted)
$14.28

Growth

Revenue growth
+2.5%
Change in growth rate
+0.3 pts
Share count change
+0.2%

Cash

Free cash flow (TTM)
$15.1B
FCF margin
8.9%
Stock pay % of revenue
0.3%

Earnings

Last results
August 18, 2026
Next results (est.)
November 17, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Insider trade
  3. Results
  4. Guidance
  5. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

The Home Depot valuation models and calculator

What the price is pricing in

The share price implies about 7.0% a year of cash-flow growth for five years.That is close to the 2.3% a year revenue growth The Home Depot has delivered.

  • Priced in7.0%
  • Last 12 months2.5%
  • 3 years a year3.0%
  • 5 years a year2.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($334.06, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$250
Price used
$334.06close November 3, 2026
Implied change
▼ 24%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of The Home Depot's free cash flow after stock-based pay with after-tax interest added back ($17.4B, FY2027 Q2 TTM), growing 2.9% and 3% in the next two years (forecasts, guidance and its record), then back to 2.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$180–~$350 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of The Home Depot's free cash flow after stock-based pay ( $17.4B, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value The Home Depot as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.84 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$250 ~$180–$350 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$200 ~$140–$320 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$270 ~$230–$320 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$240 ~$200–$270 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare The Home Depot with Consumer Discretionary sector in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −30%
  • Revenue growth 5 points higher ▲ +40%
  • Free-cash-flow margin 1 point lower ▼ −12%
  • Last year's free-cash-flow margin change, if it persists ▲ +4%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $201$291$411$568$774$1039
8.5% $142$207$294$406$553$741
10% $106$157$223$309$421$564

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$97.00$108.97$167.00$151.94$193.10$234.67$324.25$287.20$331.18$393.42$366.63$341.15
Market value$124.5bn$134.5bn$197.7bn$173.7bn$211.8bn$253.0bn$343.1bn$294.4bn$331.8bn$390.7bn$364.8bn$339.8bn
+ Net debt (− = net cash)−$2.2bn−$2.5bn−$3.6bn−$1.8bn−$2.1bn−$7.9bn−$2.3bn−$2.8bn−$3.8bn−$1.7bn−$1.4bn$50.8bn
Enterprise value$122.2bn$131.9bn$194.1bn$171.9bn$209.7bn$245.1bn$340.7bn$291.6bn$328.1bn$389.0bn$363.4bn$390.6bn
Multiples
Price / sales 1.4x1.4x2.0x1.6x1.9x1.9x2.3x1.9x2.2x2.4x2.2x2.0x
Price / earnings 17.8x16.9x22.9x15.6x18.8x19.7x20.9x17.2x21.9x26.4x25.8x23.9x
Price / free cash flow 15.8x16.5x19.5x16.2x19.2x15.4x24.5x25.6x18.5x23.9x28.8x22.5x
EV / EBITDA 9.0x8.6x11.6x9.7x11.6x11.8x13.2x10.9x13.3x15.6x14.9x15.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

75 /100

Strong moat

How hard The Home Depot's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 30.0% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 33.7%, moving by 0.4 percentage points (standard deviation) across 10 years.

  • Durability 14 / 20

    Operating margin has been a median 14.4%; its worst year was 12.4%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 10 of 10 years, at a median 9.4% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 7.2% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (80 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 17, 2026. Analysts expect revenue of $42.7bn and EPS of $3.84 (range $3.71 to $3.98) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $15.02 +2% $171.5bn +4%
Next $15.97 +6% $177.2bn +3%

Next year's EPS estimate has moved −0.8% in 90 days, across 34 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.4% on 90 days ago. In the last 30 days, 2 analysts raised The Home Depot's forecast and 1 cut it.

Consensus EPS forecast The Home Depot, last 90 days
$14.50 $15.00 $15.50 $16.00 $16.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $14.96 Current fiscal year, 60 days ago: $15.02 Current fiscal year, 30 days ago: $15.02 Current fiscal year, 7 days ago: $15.02 Current fiscal year, Now: $15.02 $15.02 Next fiscal year, 90 days ago: $16.09 Next fiscal year, 60 days ago: $16.04 Next fiscal year, 30 days ago: $16.02 Next fiscal year, 7 days ago: $15.99 Next fiscal year, Now: $15.97 $15.97

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $14.96$16.09
60 days ago $15.02$16.04
30 days ago $15.02$16.02
7 days ago $15.02$15.99
Now $15.02$15.97

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $4.73 $4.92 +4.0%
Apr 2026 $3.41 $3.43 +0.7%
Jan 2026 $2.52 $2.72 +7.8%
Oct 2025 $3.83 $3.74 −2.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 18, 2026
  • Total sales growth fiscal 2026 2.5% growth to 4.5% growth Maintained
    “Total sales growth of approximately 2.5% to 4.5%” source
  • Gross margin fiscal 2026 about 33.1% Maintained
    “Gross margin of approximately 33.1%” source
  • Operating margin fiscal 2026 12.4% to 12.6% Maintained
    “Operating margin of approximately 12.4% to 12.6%” source
  • Adjusted operating margin fiscal 2026 12.8% to 13% Non-GAAP Maintained
    “Adjusted (1) operating margin of approximately 12.8% to 13.0%” source
  • New stores fiscal 2026 about 15 Maintained
    “Approximately 15 new stores” source
  • Effective tax rate fiscal 2026 about 24.3% Maintained
    “Effective tax rate of approximately 24.3%” source
Show 2 more items
  • Net interest expense fiscal 2026 about $2.3bn Maintained
    “Net interest expense of approximately $2.3 billion” source
  • Capital expenditures fiscal 2026 about 2.5% Maintained
    “Capital expenditures of approximately 2.5% of total sales” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows The Home Depot's revenue by +2.9% next year and +3.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.1%, weight 57%) , management guidance (+2.4%, weight 18%) and the company's own record (+2.7%, weight 24%) . How the weights are set.

Analyst recommendations

36 analysts, Oct 2026
Buy2261%
Hold1439%
Sell00%

Monthly trend

  1. Oct 20264181436
  2. Sep 20264171536
  3. Aug 20264171536
  4. Jul 20264171536

Counts of recommendations published by analysts covering The Home Depot, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.4%
of tradable shares
Days to cover
2.2
at average volume
Short interest, 1 month
+16%
to October 15, 2026
Held by institutions
77%
of shares
Held by insiders
0.1%
of shares
Employees
470,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −7.6%

$369.14 on October 31, 2025 to $341.15

ThenNowEffect
Revenue (last 12 months) $165.1bn $169.2bn +2.5%
Net margin 8.9% 8.4% −5.1%
P/E multiple 25.1x 23.9x −4.8%
Share count 994m 996m −0.2%

Biggest factor: net margin.

Last 3 years +24.6%

$273.70 on November 3, 2023 to $341.15

ThenNowEffect
Revenue (last 12 months) $154.9bn $169.2bn +9.2%
Net margin 10.5% 8.4% −19.8%
P/E multiple 17.1x 23.9x +39.7%
Share count 1014m 996m +1.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HD+60%−22%+13%+15%−9%+1%
Industry peers (median)——————
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HD75%42%58%75%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HD−12%−35%−17%−18%−22%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 38% from February 20, 2020 to March 20, 2020. Getting back needed a 61% gain, reached on May 27, 2020, 68 days after the low.

Price behaviour

52-week range
$281.15 – $382.74
From 52-week high
−10.9%
vs 50-day average
+10.7%
vs 200-day average
+3.2%
Volatility (1 year)
27%
Beta vs S&P 500
0.66

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±2.6%
After a week
5 up, 7 down
typical move ±2.9%
After a month
7 up, 5 down
typical move ±7.9%
Results releasedNext dayS&P 500 next day5 days21 days
August 18, 2026 +1.9% −0.5% 0.0% −9.8%
May 19, 2026 +3.6% +0.4% +6.0% +12.3%
February 24, 2026 −0.4% +1.6% −2.7% −11.2%
November 18, 2025 −6.6% −0.5% −1.9% −0.2%
August 19, 2025 +1.8% −0.8% +3.3% +6.4%
May 20, 2025 −2.3% −2.0% −3.0% −7.3%
February 25, 2025 +2.1% −0.4% −0.2% −4.7%
November 12, 2024 +0.5% −0.3% −0.4% +2.0%
August 13, 2024 +2.8% +2.0% +6.2% +8.9%
May 14, 2024 +2.3% +1.7% −1.4% +2.7%
February 20, 2024 +0.5% −0.5% +3.6% +6.7%
November 14, 2023 +7.0% +2.2% +6.0% +22.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How The Home Depot’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.41× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

HD The Home Depot Grade B $340.12

Own 100 shares, sell the $360 call expiring December 4, 2026 (32 days) for $5.40 a share — $540 per contract.

Previous session · Bid $5.40, ask $6.50, quoted Mon 2 Nov, 17:25 New York time with HD at $340.12. Option prices move with the shares: check the live chain at your broker before trading.

  • If HD ends below $360: you keep your shares and the $540 — 1.6% extra on the position, 18.1% a year at that pace.
  • If it ends above $360: your shares are sold at $360, a total return of 7.4% including the premium — at or above our value of ~$250.
$2.5k $0 −$6.7k Break-even $334.72 Price $340.12 ← Our value ~$250
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$540
Annualised
18.1%
Break-even
$334.72
Max gain
$2,528
Chance of selling
~31%

Results are expected around November 17, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $320 put and sell the $365 call, both expiring November 27, 2026 (25 days).

  • Net cost of $1.20 a share ($120 per contract of 100 shares).
  • Worst case at expiry: -6.3%, if the shares fall below $320 (-5.9% from today).
  • Best case at expiry: +7.0%, if the shares rise above $365 (+7.3%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $250: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

The Home Depot in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) The Home Depot
$150B $155B $160B $165B $170B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $153.7B Revenue (TTM), FY24 Q4: $152.7B Revenue (TTM), FY25 Q1: $151.8B Revenue (TTM), FY25 Q2: $152.1B Revenue (TTM), FY25 Q3: $154.6B Revenue (TTM), FY25 Q4: $159.5B Revenue (TTM), FY26 Q1: $163B Revenue (TTM), FY26 Q2: $165.1B Revenue (TTM), FY26 Q3: $166.2B Revenue (TTM), FY26 Q4: $164.7B Revenue (TTM), FY27 Q1: $166.6B Revenue (TTM), FY27 Q2: $169.2B $169.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $153.7B
FY24 Q4 $152.7B
FY25 Q1 $151.8B
FY25 Q2 $152.1B
FY25 Q3 $154.6B
FY25 Q4 $159.5B
FY26 Q1 $163B
FY26 Q2 $165.1B
FY26 Q3 $166.2B
FY26 Q4 $164.7B
FY27 Q1 $166.6B
FY27 Q2 $169.2B
Revenue growth, TTM YoY The Home Depot
-5% 0% 5% 10% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: -2.3% Revenue growth, TTM YoY, FY24 Q4: -3.0% Revenue growth, TTM YoY, FY25 Q1: -2.5% Revenue growth, TTM YoY, FY25 Q2: -1.8% Revenue growth, TTM YoY, FY25 Q3: 0.6% Revenue growth, TTM YoY, FY25 Q4: 4.5% Revenue growth, TTM YoY, FY26 Q1: 7.3% Revenue growth, TTM YoY, FY26 Q2: 8.5% Revenue growth, TTM YoY, FY26 Q3: 7.5% Revenue growth, TTM YoY, FY26 Q4: 3.2% Revenue growth, TTM YoY, FY27 Q1: 2.2% Revenue growth, TTM YoY, FY27 Q2: 2.5% 2.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 -2.3%
FY24 Q4 -3.0%
FY25 Q1 -2.5%
FY25 Q2 -1.8%
FY25 Q3 0.6%
FY25 Q4 4.5%
FY26 Q1 7.3%
FY26 Q2 8.5%
FY26 Q3 7.5%
FY26 Q4 3.2%
FY27 Q1 2.2%
FY27 Q2 2.5%
Operating margin (TTM) The Home Depot
12% 13% 14% 15% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 14.5% Operating margin (TTM), FY24 Q4: 14.2% Operating margin (TTM), FY25 Q1: 14.0% Operating margin (TTM), FY25 Q2: 13.9% Operating margin (TTM), FY25 Q3: 13.7% Operating margin (TTM), FY25 Q4: 13.5% Operating margin (TTM), FY26 Q1: 13.2% Operating margin (TTM), FY26 Q2: 13.1% Operating margin (TTM), FY26 Q3: 13.0% Operating margin (TTM), FY26 Q4: 12.7% Operating margin (TTM), FY27 Q1: 12.4% Operating margin (TTM), FY27 Q2: 12.4% 12.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 14.5%
FY24 Q4 14.2%
FY25 Q1 14.0%
FY25 Q2 13.9%
FY25 Q3 13.7%
FY25 Q4 13.5%
FY26 Q1 13.2%
FY26 Q2 13.1%
FY26 Q3 13.0%
FY26 Q4 12.7%
FY27 Q1 12.4%
FY27 Q2 12.4%
FCF margin (TTM) The Home Depot
6% 8% 10% 12% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 11.6% FCF margin (TTM), FY24 Q4: 11.8% FCF margin (TTM), FY25 Q1: 11.8% FCF margin (TTM), FY25 Q2: 11.0% FCF margin (TTM), FY25 Q3: 10.8% FCF margin (TTM), FY25 Q4: 10.2% FCF margin (TTM), FY26 Q1: 9.3% FCF margin (TTM), FY26 Q2: 8.6% FCF margin (TTM), FY26 Q3: 8.4% FCF margin (TTM), FY26 Q4: 7.7% FCF margin (TTM), FY27 Q1: 8.6% FCF margin (TTM), FY27 Q2: 8.9% 8.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 11.6%
FY24 Q4 11.8%
FY25 Q1 11.8%
FY25 Q2 11.0%
FY25 Q3 10.8%
FY25 Q4 10.2%
FY26 Q1 9.3%
FY26 Q2 8.6%
FY26 Q3 8.4%
FY26 Q4 7.7%
FY27 Q1 8.6%
FY27 Q2 8.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar The Home Depot took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $165B
  2. Cost of revenue $110B · 66.7%
  3. Gross profit $54.9B · 33.3%
  4. Selling, general and admin $30.7B · 18.6%
  5. Other operating costs $3.3B · 2.0%
  6. Operating income $20.9B · 12.7%
  7. Income tax $4.4B · 2.7%
  8. Interest and other $2.3B · 1.4%
  9. Net income $14.2B · 8.6%

Shares of revenue. Source: The Home Depot's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Jan 2010 2011 Jan 2011 2012 Jan 2012 2013 Feb 2013 2014 Feb 2014 2015 Feb 2015 2016 Jan 2016 2017 Jan 2017 2018 Jan 2018 2019 Feb 2019 2020 Feb 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Jan 2024 2025 Feb 2025 2026 Feb 2026 LTM Aug 2026
Income
Revenue 66.2 68.0 70.4 74.8 78.8 83.2 88.5 94.6 100.9 108.2 110.2 132.1 151.2 157.4 152.7 159.5 164.7 169.2
Gross profit 22.4 23.3 24.3 25.8 26.9 28.4 30.3 32.3 34.4 37.2 37.6 44.9 50.8 52.8 51.0 53.3 54.9 56.2
EBITDA 6.6 7.6 8.3 9.5 10.9 12.3 13.6 15.4 16.7 17.7 18.1 20.8 25.9 26.8 24.8 24.9 24.4 24.5
Operating income 4.8 5.8 6.7 7.8 9.2 10.5 11.8 13.4 14.7 15.5 15.8 18.3 23.0 24.0 21.7 21.5 20.9 21.0
Net income 2.7 3.3 3.9 4.5 5.4 6.3 7.0 8.0 8.6 11.1 11.2 12.9 16.4 17.1 15.1 14.8 14.2 14.2
Diluted EPS $1.57 $2.01 $2.47 $3.00 $3.76 $4.71 $5.46 $6.45 $7.29 $9.73 $10.25 $11.94 $15.53 $16.69 $15.11 $14.91 $14.23 $14.28
Growth (year on year)
Revenue −7.2% +2.8% +3.5% +6.2% +5.4% +5.5% +6.4% +6.9% +6.7% +7.2% +1.9% +19.9% +14.4% +4.1% −3.0% +4.5% +3.2% +2.5%
EBITDA +5.6% +14.3% +10.4% +13.3% +15.6% +12.2% +11.3% +12.9% +8.7% +5.6% +2.6% +14.7% +24.5% +3.6% −7.8% +0.5% −1.8% −1.6%
Operating income +10.2% +21.6% +14.1% +16.6% +18.0% +14.2% +12.5% +14.0% +9.3% +5.8% +2.0% +15.4% +26.1% +4.3% −9.8% −0.8% −3.0% −2.7%
Net income +17.7% +25.4% +16.3% +16.8% +18.7% +17.8% +10.5% +13.5% +8.5% +28.9% +1.1% +14.4% +27.7% +4.1% −11.5% −2.2% −4.4% −2.7%
Diluted EPS +17.2% +28.0% +22.9% +21.5% +25.3% +25.3% +15.9% +18.1% +13.0% +33.5% +5.3% +16.5% +30.1% +7.5% −9.5% −1.3% −4.6% −2.9%
Margins
Gross margin 33.9% 34.3% 34.5% 34.6% 34.2% 34.1% 34.2% 34.2% 34.0% 34.3% 34.1% 34.0% 33.6% 33.5% 33.4% 33.4% 33.3% 33.2%
EBITDA margin 10.0% 11.1% 11.9% 12.6% 13.9% 14.7% 15.4% 16.3% 16.6% 16.3% 16.5% 15.7% 17.1% 17.0% 16.2% 15.6% 14.8% 14.5%
Operating margin 7.3% 8.6% 9.5% 10.4% 11.6% 12.6% 13.3% 14.2% 14.5% 14.4% 14.4% 13.8% 15.2% 15.3% 14.2% 13.5% 12.7% 12.4%
Net margin 4.0% 4.9% 5.5% 6.1% 6.8% 7.6% 7.9% 8.4% 8.6% 10.3% 10.2% 9.7% 10.9% 10.9% 9.9% 9.3% 8.6% 8.4%
Free-cash-flow margin 6.3% 5.1% 7.7% 7.6% 7.9% 8.2% 8.9% 8.6% 10.0% 9.9% 10.0% 12.4% 9.3% 7.3% 11.8% 10.2% 7.7% 8.9%
Cash flow
Cash from operations 5.1 4.6 6.7 7.0 7.6 8.2 9.4 9.8 12.0 13.2 13.7 18.8 16.6 14.6 21.2 19.8 16.3 18.8
Capital spending 1.0 1.1 1.2 1.3 1.4 1.4 1.5 1.6 1.9 2.4 2.7 2.5 2.6 3.1 3.2 3.5 3.7 3.7
Free cash flow 4.2 3.5 5.4 5.7 6.2 6.8 7.9 8.2 10.1 10.7 11.0 16.4 14.0 11.5 17.9 16.3 12.6 15.1
Stock-based pay 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.5 0.6
Free cash flow after stock pay 4.0 3.3 5.2 5.4 6.0 6.6 7.6 7.9 9.9 10.4 10.8 16.1 13.6 11.1 17.6 15.9 12.1 14.5
Balance sheet
Cash 1.4 0.5 2.0 2.5 1.9 2.2 2.2 2.5 3.6 1.8 2.1 7.9 2.3 2.8 3.8 1.7 1.4 2.1
Total debt — — — — — — — — — — — — — — — — — 52.9
Net debt (negative = net cash) −1.4 −0.5 −2.0 −2.5 −1.9 −2.2 −2.2 −2.5 −3.6 −1.8 −2.1 −7.9 −2.3 −2.8 −3.8 −1.7 −1.4 50.8
Diluted shares 1,692m 1,658m 1,570m 1,511m 1,434m 1,346m 1,283m 1,234m 1,184m 1,143m 1,097m 1,078m 1,058m 1,025m 1,002m 993m 995m 996m
Returned to shareholders
Dividends 1.5 1.6 1.6 1.7 2.2 2.5 3.0 3.4 4.2 4.7 6.0 6.5 7.0 7.8 8.4 8.9 9.2 9.2
Buybacks 0.2 2.6 3.5 4.0 8.5 7.0 7.0 6.9 8.0 10.0 7.0 0.8 14.8 6.7 8.0 0.6 0.0 —
Total returned 1.7 4.2 5.1 5.7 10.8 9.5 10.0 10.3 12.2 14.7 12.9 7.2 21.8 14.5 16.3 9.6 9.2 9.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · August 2, 2026
What it owns · $109.4bn
Short-term assets $37.7bnLonger-term assets $71.7bn
What it owes, and who funded it · $109.4bn
Short-term liabilities $35.0bnLonger-term liabilities $57.8bnShareholders' equity $16.6bn
  • Short-term assets cover short-term liabilities $37.7bn of assets due within a year against $35.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $37.7bn short-term assets against $57.8bn of longer-dated liabilities.
  • More cash than debt $2.1bn of cash against $44.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 264% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $18.8bn of operating cash flow against $44.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $21.0bn against $2.4bn of interest.

From The Home Depot's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q4 TTM
Buybacks (TTM)
$0
Dividends (TTM)
$9.2B
Returned to shareholders
72%
of free cash flow
Buybacks, last 3 fiscal years
$8.6B
Diluted share count
+0.2%
year over year
Total shareholder yield
2.7%
dividends 2.7% + buybacks 0.0% of market value
Dividend payout ratio
65%
of net income paid out
Sales & admin spending
18.8%
of revenue
Days sales outstanding
15 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in home improvement retail
Last 12 months unless stated HD LOW FND Median
Revenue, last 12 months $169.2bn $90.4bn $4.7bn $90.4bn
Revenue growth, last 12 months 2.5% 8.2% 1.8% 2.5%
Revenue growth, 3-year average 3.0% −1.0% 2.5% 2.5%
Revenue growth, latest quarter 5.7% 8.3% 3.0% 5.7%
Gross margin 33.2% 33.1% 44.9% 33.2%
Operating margin 12.4% 11.4% 6.5% 11.4%
Operating margin, 3-year average 13.1% 12.1% 6.0% 12.1%
Net margin 8.4% 7.3% 5.1% 7.3%
Cash from operations / revenue 11.1% 10.2% 12.8% 11.1%
Free-cash-flow margin 8.9% 7.7% 7.2% 7.7%
Free-cash-flow margin, 3-year average 9.5% 8.7% 3.5% 8.7%
Stock pay / revenue 0.3% 0.3% 0.7% 0.3%
Change in share count 0.2% −0.4% −0.4% −0.4%

Median of all 3 companies we cover in home improvement retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

454 consumer discretionary companies
Measure Company Peer median Rank
Revenue growth Growth 2.5% 4.3% 256 of 452
Change in growth rate Growth +0.3pp -0.0pp 208 of 452
Gross margin Profitability 33.2% 37.1% 202 of 355
Operating margin Profitability 12.4% 4.1% 89 of 415
Net margin Profitability 8.4% 2.5% 108 of 454
Free-cash-flow margin Cash generation 8.9% 4.1% 129 of 449
Stock pay as % of revenue Cash generation 0.3% 0.8% 64 of 403
Long-term debt as % of assets Balance sheet 40.2% 18.2% 240 of 317
Change in share count Balance sheet 0.2% 0.0% 216 of 408
Days sales outstanding Balance sheet 15 days 23 days 106 of 299

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to February 1, 2026
Segments
Line of business Revenue Share YoY
Primary $152B 92.3% ▼ 0.7%
All Other Segments $12.7B 7.7% ▲ 98.5%
Products and services
Line of business Revenue Share YoY
Products $159B 96.6% ▲ 3.5%
Services $5.7B 3.4% ▼ 3.2%
Geography
Region Revenue Share YoY
United States $152B 92.4% ▲ 3.5%
Outside the US $12.5B 7.6% 0.0%

From The Home Depot's 10-K filed March 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$264B
Institutions reporting
4,090
Shares held vs prior quarter
▲ 3.1%
Positions opened / closed
160 / 184

Top buyers and sellers, Q2 2026: 1,850 institutions bought and 1,951 sold ; the biggest buyer was FMR LLC (+4.4M shares) and the biggest seller Capital World Investors (−3.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $28.8B 81.6M 10.9% ▲ 3.7%
Vanguard Capital Management LLC $23B 65.1M 8.7% ▲ 0.6%
State Street Corp $16.6B 47.2M 6.3% ▲ 1.1%
Vanguard Portfolio Management LLC $9.1B 25.8M 3.4% ▲ 1.9%
Geode Capital Management, LLC $8.9B 25.3M 3.4% ▲ 1.3%
Morgan Stanley $8B 22.6M 3.0% ▲ 1.0%
Charles Schwab Investment Management Inc $7.1B 20.3M 2.7% ▲ 18.6%
FMR LLC $6.4B 18.1M 2.4% ▲ 31.8%
Capital Research Global Investors $5.9B 16.8M 2.2% ▲ 12.1%
Bank Of America Corp $5.8B 16.4M 2.2% ▲ 0.5%
Norges Bank $4.7B 13.4M 1.8% —
Capital World Investors $4.6B 13.2M 1.8% ▼ 18.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not The Home Depot's complete shareholder register. Values are as reported by the filers ; 14 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $6.7M 10 trades by 7 insiders · 0% under pre-set plans
Net ▼ $6.7M net selling
Insider Date Trade Shares Price Value
Scardino Kimberly R SVP-Finance, CAO & Controller September 10, 2026 Sell 675 $305.95 $206,516
Roseborough Teresa Wynn EVP, Gen. Counsel & Corp. Sec. August 28, 2026 Sell 2,455 $328.77 $807,130
Rowe Michael F. EVP, Pro August 26, 2026 Sell 710 $336.76 $239,100
Mcphail Richard V EVP & CFO August 19, 2026 Sell 5,989 $348.40 $2.1M
Deaton John A. EVP - Supply Chain & Prod. Dev March 4, 2026 Sell 1,793 $369.00 $661,617
Mcphail Richard V EVP & CFO March 4, 2026 Sell 2,550 $368.89 $940,670
Roseborough Teresa Wynn EVP, Gen. Counsel & Corp. Sec. December 26, 2025 Sell 264 $348.96 $92,125
Roseborough Teresa Wynn EVP, Gen. Counsel & Corp. Sec. December 26, 2025 Sell 2,608 $348.48 $908,836
Brown Angie EVP & CIO December 12, 2025 Sell 1,946 $357.63 $695,948
Campbell Ann Marie Senior EVP December 11, 2025 Sell 145 $358.26 $51,948

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 292 trades and filings

In the last 12 months, 11 members of Congress disclosed 19 purchases and 19 sales of The Home Depot shares.

  • Pete Sessions(R-TX 17):Sale (full), $1,001 - $15,000, traded October 22, 2026, filed October 27, 2026
  • Rick Larsen(D-WA 2):Sale (full), $1,001 - $15,000, traded October 8, 2026, filed October 12, 2026
  • Kevin Hern(R-OK 1):Sale (full), $1,001 - $15,000, traded September 23, 2026, filed October 13, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 17, 2026 estimated from the company's past filing pattern, not announced

  • August 18, 2026
  • May 19, 2026
  • February 24, 2026
  • November 18, 2025
  • August 19, 2025
  • May 20, 2025

Recent SEC filings

Data status

When each part of this page on The Home Depot was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

The Home Depot in brief

What does The Home Depot do?
The Home Depot is a US-listed company in the home improvement retail industry. Its financial year ends in January.
What is The Home Depot's stock ticker?
The Home Depot trades under the ticker HD on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is The Home Depot's revenue, and how fast is it growing?
Over its most recent trailing twelve months, The Home Depot reported revenue of $169B, 2.5% higher than a year earlier, according to its SEC filings.
What is The Home Depot's free cash flow?
The Home Depot's free-cash-flow margin is 8.9% of revenue over the trailing twelve months, ranking 129 of the 449 consumer discretionary companies we cover.
What is The Home Depot's fair value (intrinsic value) per share?
Our discounted-cash-flow model of The Home Depot's free cash flow after stock-based pay gives ~$250 per share in the base case, and ~$180–$350 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are The Home Depot's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is The Home Depot buying back stock, and does it pay a dividend?
The Home Depot spent $0 on share repurchases over the trailing twelve months, and its diluted share count still rose 0.2% over the year.
What is The Home Depot's market cap?
On November 2, 2026, The Home Depot's market capitalisation was about $340B, with a price-to-earnings ratio of 23.9 and net debt of $50.8B. Market figures come from third-party market data and may be delayed.
Does The Home Depot pay a dividend?
Yes: The Home Depot paid $9.2B in dividends over the trailing twelve months, a dividend yield of 2.71% and a payout ratio of 64.8%.
How much debt does The Home Depot have?
The Home Depot's debt-to-equity ratio is 264.5%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are The Home Depot's competitors?
In our Home Improvement Retail peer group, the companies closest to The Home Depot are Lowe's and Floor & Decor Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against The Home Depot's.
Are insiders buying or selling The Home Depot stock?
Over the last 12 months, The Home Depot's directors and officers reported 0 open-market purchases and 10 sales on Form 4. The insider trading page charts every trade.
When is The Home Depot's next earnings date?
Around November 17, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — The Home Depot announces its own schedule.