HD Home Depot (The) FILING REVIEW ONLY
FORM 10-K · FY2026 ENDED 2026-02-01 · FILED 2026-03-18 · 995M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

The Home Depot, Inc. is a home improvement retailer offering home improvement products, building materials, lawn and garden products, décor products, and facilities MRO products through stores and online channels, along with installation services and tool and equipment rental. The company operates stores throughout the United States, Canada, and Mexico, and also owns SRS, a distributor of roofing, building, landscape, and pool products serving specialty trade professionals, which itself acquired GMS, a distributor of drywall, ceilings, steel framing, and related construction products.

S&P 500 · Dow Industrials · CONSUMER DISCRETIONARY · CIK 354950

S&P 500Dow Industrials

REVENUE$164.7B+3.2% YoY
NET INCOME$14.2B-4.4% YoY
OPERATING CASH FLOW$16.3B-17.6% YoY
100
FILING SCORE / 100
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How the score is computed: 6 management claims are checked against the filed statements and 7 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 12/12 on claims and 14/14 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
STRONG13 CHECKS · no flagsNEXT 10-Q ~DEC 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202620252024
Total revenues164,683159,514152,6693
· Net sales – products159,029153,674146,835
· Net sales – services5,6545,8405,834
Cost of revenue109,818106,206101,709
Gross profit54,86553,30850,9601
Selling, general and administrative30,70228,74826,5981
Depreciation, depletion and amortization3,5143,3363,061
Impairments000
Total operating expenses33,97531,78229,271
Operating income20,89021,52621,689
Interest expense——1,943
Other income (expense), net(2,288)(2,120)(1,765)
Income before income taxes18,60219,40619,924
Income tax provision4,4464,6004,7811
— of which current3,9514,6395,0111
Net income attributable to common14,15614,80615,1433
Diluted earnings per share$14.23$14.91$15.111
Weighted-average diluted shares9959931,0021
Cash flow · $ millions202620252024
Net income incl. noncontrolling interests14,15614,80615,143
Depreciation, depletion and amortization3,5143,3363,061
Share-based compensation522442380
Deferred income taxes495(39)(230)
Change in receivables(107)(174)(134)
Change in payables(1,058)518(1,411)
Net cash provided by operating activities16,32519,81021,1723
Acquisitions, net of cash5,41017,6441,514
Net cash used in investing activities(8,980)(21,031)(4,729)
Dividends paid9,1528,9298,3831
Repurchases of common stock06497,951
Net cash used in financing activities(7,714)(694)(15,443)
Cash and equivalents at end of period1,3891,6593,760
Balance sheet · $ millions20262025
Cash and cash equivalents1,3891,659
Receivables, net5,5974,9031
Inventories25,81723,4511
Total current assets34,39131,683
Property, plant and equipment, net—26,702
Goodwill22,34419,4751
Intangible assets, net9,6808,334
Total assets105,09596,1191
Accounts payable11,49111,938
Current debt4,9674,582
Total current liabilities32,42428,661
Long-term debt46,34148,485
Total liabilities92,28289,479
Stockholders' equity12,8136,640
Total equity12,8136,640
Segments · as filed in the segment note · $ millionsPrimaryOtherConsolidated
Net sales151,96612,717164,683
Operating income20,57431620,890
· operating margin13.5%2.5%12.7%

Not shown: Cost of sales, Selling, general & administrative. The filed segment lines for these do not reconcile to the consolidated line, so the row is left out rather than approximated.

Revenue by product or service · as filed · $ millionsFY2026Share
Net sales – products159,02996.6%
Net sales – services5,6543.4%
Total revenues, as filed164,683100.0%

Product lines sum to the filed total.

Revenue by geography · as filed · $ millionsFY2026Share
In the U.S.152,17092.4%
Outside the U.S.12,5137.6%
Total revenues, as filed164,683100.0%

Geographic lines sum to the filed total.

Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.

Largest FY/FY moves · $ millions, ranked by |Δ|FY2026FY2025Δ $Δ %Reading
Acquisitions, net of cash · CF5,41017,644−12,234-69.3%◐ outsized
Net cash used in investing activities · CF(8,980)(21,031)+12,051+57.3%◐ outsized
Total assets · BS105,09596,119+8,976+9.3%—
Net cash used in financing activities · CF(7,714)(694)−7,020-1,011.5%—
Stockholders' equity · BS12,8136,640+6,173+93.0%—
Total equity · BS12,8136,640+6,173+93.0%—
· Net sales – products · IS159,029153,674+5,355+3.5%—
Total revenues · IS164,683159,514+5,169+3.2%—
Total current liabilities · BS32,42428,661+3,763+13.1%—
Cost of revenue · IS109,818106,206+3,612+3.4%—
Net cash provided by operating activities · CF16,32519,810−3,485-17.6%—
Goodwill · BS22,34419,475+2,869+14.7%—
Total liabilities · BS92,28289,479+2,803+3.1%—
Total current assets · BS34,39131,683+2,708+8.5%—
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
Return on equity
net income ÷ average of start- and end-of-year equity
145.5%
sector median 19.8%
strong
Share count, year-end
(year-end shares − prior year-end) ÷ prior year-end
+0.2%
sector median -2.5%
flat
Debt to equity
(current debt + long-term debt) ÷ year-end equity
4.24
sector median 0.26
leveraged
FCF consistency, 5yr
operating cash flow − capital expenditure, per year
positive 5 of 5consistent
Margin stability
pre-tax income ÷ revenue, swing across up to five years
pre-tax margin 11.3%
sector median 11.7%
stable
Quarterly · as filed in 10-Q/10-K · $ millionsMAY 25AUG 25NOV 25MAY 26AUG 26
Total revenues39,85645,27741,35241,76547,861
Cost of revenue26,39730,15227,53727,98431,746
Gross profit13,45915,12513,81513,78116,115
Selling, general and administrative7,5307,7647,6367,9598,424
Depreciation, depletion and amortization796806826841852
Total operating expenses8,3268,5708,4628,8009,276
Operating income5,1336,5555,3534,9816,839
Interest expense615575628611583
Other income (expense), net(591)(550)(596)(604)(524)
Income before income taxes4,5426,0054,7574,3776,315
Income tax provision1,1091,4541,1561,0881,549
Net income attributable to common3,4334,5513,6013,2894,766
Diluted earnings per share$3.45$4.58$3.62$3.30$4.79
Weighted-average diluted shares994994995996996
Net cash provided by operating activities4,325——6,032—
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Total revenues41,76547,861+6,096+14.6%
Cost of revenue27,98431,746+3,762+13.4%
Gross profit13,78116,115+2,334+16.9%
Income before income taxes4,3776,315+1,938+44.3%
Operating income4,9816,839+1,858+37.3%
Net cash provided by operating activities4,3256,032+1,707+39.5%
Net income attributable to common3,2894,766+1,477+44.9%
Total operating expenses8,8009,276+476+5.4%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$371,800M10-K cover · as of 2025-08-01
Insider Form 4s, 90d12 filings · 0 buys / 4 sellsnet selling · −$3,339,314
· Mcphail Richard VSELL $2,086,568Form 4 filed 2026-08-21 · open market
· Roseborough Teresa WynnSELL $807,130Form 4 filed 2026-08-31 · open market
· Rowe Michael F.SELL $239,100Form 4 filed 2026-08-27 · open market
· Scardino Kimberly RSELL $206,516Form 4 filed 2026-09-11 · open market
Insider ownership %—needs the proxy statement — not read yet, never estimated
Institutional %—needs 13F aggregation — not read yet, never estimated
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Total debt →Return on equity →Days sales outstanding →
Terms and acronyms used on this page
Income statement & cash flow
ImpairmentA write-down of an asset's carrying value. Non-cash, and it does not reverse. A large impairment in one year flatters the next year's comparison.
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
Keep readingWHERE AN ANALYST GOES NEXT
Peers in Consumer Discretionary →Strongest reviewed · GE 92 →Weakest reviewed · APA 29 →

Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Home Depot (The)'s Form 10-K for FY2026 (accession 0001628280-26-019436), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. HD is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.