Home Depot Financials
This page shows Home Depot (HD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Home Depot has an operating margin of 13.5%, meaning the company retains $13 of operating profit per $100 of revenue. This strong profitability earns a score of 67/100, reflecting efficient cost management and pricing power. This is down from 14.2% the prior year.
Home Depot's revenue grew a modest 4.5% year-over-year to $159.5B. This slow but positive growth earns a score of 41/100.
Home Depot has elevated debt relative to equity (D/E of 5.95), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Home Depot's current ratio of 1.09 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 24/100, which could limit financial flexibility.
Home Depot has a free cash flow margin of 10.2%, earning a moderate score of 51/100. The company generates positive cash flow after capital investments, but with room for improvement.
Home Depot earns a strong 186.1% return on equity (ROE), meaning it generates $186 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 832.0% the prior year.
Home Depot scores 6.15, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Home Depot passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Home Depot generates $1.34 in operating cash flow ($19.8B OCF vs $14.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Home Depot earns $9.3 in operating income for every $1 of interest expense ($21.5B vs $2.3B). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Home Depot generated $159.5B in revenue in fiscal year 2025. This represents an increase of 4.5% from the prior year.
Home Depot's EBITDA was $24.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 0.5% from the prior year.
Home Depot generated $16.3B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 9.0% from the prior year.
Home Depot reported $14.8B in net income in fiscal year 2025. This represents a decrease of 2.2% from the prior year.
Home Depot earned $14.91 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 1.3% from the prior year.
Home Depot held $1.4B in cash against $47.3B in long-term debt as of fiscal year 2025.
Home Depot paid $9.00 per share in dividends in fiscal year 2025. This represents an increase of 7.7% from the prior year.
Home Depot had 994M shares outstanding in fiscal year 2025. This represents an increase of 0.3% from the prior year.
Home Depot's gross margin was 33.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.0 percentage points from the prior year.
Home Depot's operating margin was 13.5% in fiscal year 2025, reflecting core business profitability. This is down 0.7 percentage points from the prior year.
Home Depot's net profit margin was 9.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.6 percentage points from the prior year.
Home Depot's ROE was 186.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 645.9 percentage points from the prior year.
Home Depot spent $649.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 91.8% from the prior year.
Home Depot invested $3.5B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 8.0% from the prior year.
HD Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $41.4B-8.7% | $45.3B+13.6% | $39.9B-0.9% | $40.2B-6.9% | $43.2B+18.6% | $36.4B+4.7% | $34.8B-7.8% | $37.7B |
| Cost of Revenue | $27.5B-8.7% | $30.2B+14.2% | $26.4B-1.5% | $26.8B-6.8% | $28.8B+19.9% | $24.0B+3.0% | $23.3B-6.8% | $25.0B |
| Gross Profit | $13.8B-8.7% | $15.1B+12.4% | $13.5B+0.3% | $13.4B-6.9% | $14.4B+15.9% | $12.4B+8.0% | $11.5B-9.7% | $12.7B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $7.6B-1.6% | $7.8B+3.1% | $7.5B+4.4% | $7.2B+1.0% | $7.1B+7.2% | $6.7B-0.2% | $6.7B+0.5% | $6.6B |
| Operating Income | $5.4B-18.3% | $6.6B+27.7% | $5.1B-5.3% | $5.4B-17.1% | $6.5B+28.6% | $5.1B+22.6% | $4.1B-23.4% | $5.4B |
| Interest Expense | $628.0M+9.2% | $575.0M-6.5% | $615.0M-1.6% | $625.0M+9.1% | $573.0M+18.1% | $485.0M-5.5% | $513.0M+5.3% | $487.0M |
| Income Tax | $1.2B-20.5% | $1.5B+31.1% | $1.1B-5.6% | $1.2B-20.8% | $1.5B+41.2% | $1.1B+18.9% | $884.0M-23.7% | $1.2B |
| Net Income | $3.6B-20.9% | $4.6B+32.6% | $3.4B-5.9% | $3.6B-20.0% | $4.6B+26.7% | $3.6B+28.5% | $2.8B-26.5% | $3.8B |
| EPS (Diluted) | $3.62-21.0% | $4.58+32.8% | $3.45-6.0% | $3.67-20.2% | $4.60+26.7% | $3.63+28.3% | $2.83-25.7% | $3.81 |
HD Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $106.3B+6.2% | $100.0B+0.9% | $99.2B+1.9% | $97.3B+0.4% | $96.8B+22.2% | $79.2B+3.5% | $76.5B+1.3% | $75.6B |
| Current Assets | $36.1B+2.0% | $35.4B+2.5% | $34.5B+4.8% | $32.9B+2.1% | $32.3B-1.1% | $32.6B+9.6% | $29.8B-3.0% | $30.7B |
| Cash & Equivalents | $1.7B-39.9% | $2.8B+104.8% | $1.4B-10.6% | $1.5B-5.1% | $1.6B-62.2% | $4.3B+13.4% | $3.8B+82.7% | $2.1B |
| Inventory | $26.2B+5.5% | $24.8B-3.6% | $25.8B+7.8% | $23.9B+3.6% | $23.1B+2.9% | $22.4B+6.9% | $21.0B-8.0% | $22.8B |
| Accounts Receivable | $6.8B+15.1% | $5.9B-0.1% | $5.9B+1.8% | $5.8B+5.1% | $5.5B+34.1% | $4.1B+23.3% | $3.3B-15.4% | $3.9B |
| Goodwill | $22.3B+13.5% | $19.6B+0.3% | $19.6B+0.7% | $19.4B+0.1% | $19.4B+129.4% | $8.5B+0.1% | $8.5B+6.5% | $7.9B |
| Total Liabilities | $94.2B+5.3% | $89.4B-2.0% | $91.2B-0.3% | $91.5B-1.0% | $92.4B+19.4% | $77.4B+2.5% | $75.5B+1.8% | $74.1B |
| Current Liabilities | $34.4B+11.4% | $30.8B-2.4% | $31.6B+8.6% | $29.1B+3.4% | $28.1B+15.5% | $24.4B+10.6% | $22.0B-6.6% | $23.6B |
| Long-Term Debt | $46.3B+0.9% | $45.9B-3.0% | $47.3B-5.4% | $50.1B-3.5% | $51.9B+23.3% | $42.1B-0.2% | $42.1B+3.9% | $40.6B |
| Total Equity | $12.1B+13.6% | $10.7B+34.1% | $8.0B+37.5% | $5.8B+30.9% | $4.4B+142.9% | $1.8B+74.3% | $1.0B-27.0% | $1.4B |
| Retained Earnings | $94.3B+1.4% | $92.9B+2.5% | $90.7B+2.2% | $88.8B+1.6% | $87.4B+2.7% | $85.0B+1.6% | $83.7B+0.9% | $82.9B |
HD Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.0B-13.6% | $4.6B+7.4% | $4.3B+2.2% | $4.2B-21.7% | $5.4B-1.6% | $5.5B+16.1% | $4.7B+11.8% | $4.2B |
| Capital Expenditures | $898.0M-2.1% | $917.0M+13.8% | $806.0M-1.5% | $818.0M+13.8% | $719.0M-15.1% | $847.0M-1.3% | $858.0M+27.9% | $671.0M |
| Free Cash Flow | $3.1B-16.5% | $3.7B+5.9% | $3.5B+3.0% | $3.4B-27.2% | $4.7B+0.9% | $4.7B+20.0% | $3.9B+8.8% | $3.6B |
| Investing Cash Flow | -$5.9B-511.1% | -$961.0M-3.2% | -$931.0M-14.4% | -$814.0M+95.5% | -$18.3B-2101.0% | -$830.0M+47.5% | -$1.6B-26.9% | -$1.2B |
| Financing Cash Flow | $746.0M+133.5% | -$2.2B+40.8% | -$3.8B-8.1% | -$3.5B-133.9% | $10.3B+347.4% | -$4.1B-172.8% | -$1.5B+58.4% | -$3.7B |
| Dividends Paid | $2.3B0.0% | $2.3B+0.1% | $2.3B+2.3% | $2.2B+0.1% | $2.2B+0.1% | $2.2B+7.2% | $2.1B-0.5% | $2.1B |
| Share Buybacks | $0 | $0 | $0 | $0 | $0-100.0% | $649.0M-56.3% | $1.5B-1.7% | $1.5B |
HD Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'24 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.4%0.0pp | 33.4%-0.4pp | 33.8%+0.4pp | 33.4%0.0pp | 33.4%-0.8pp | 34.1%+1.1pp | 33.1%-0.7pp | 33.8% |
| Operating Margin | 12.9%-1.5pp | 14.5%+1.6pp | 12.9%-0.6pp | 13.5%-1.7pp | 15.1%+1.2pp | 14.0%+2.0pp | 11.9%-2.4pp | 14.3% |
| Net Margin | 8.7%-1.3pp | 10.1%+1.4pp | 8.6%-0.5pp | 9.1%-1.5pp | 10.6%+0.7pp | 9.9%+1.8pp | 8.1%-2.1pp | 10.1% |
| Return on Equity | 29.7%-13.0pp | 42.7%-0.5pp | 43.2%-19.9pp | 63.0%-40.1pp | 103.2%-94.6pp | 197.8%-70.5pp | 268.3%+1.9pp | 266.4% |
| Return on Assets | 3.4%-1.2pp | 4.5%+1.1pp | 3.5%-0.3pp | 3.8%-1.0pp | 4.7%+0.2pp | 4.5%+0.9pp | 3.7%-1.4pp | 5.0% |
| Current Ratio | 1.05-0.1 | 1.15+0.1 | 1.09-0.0 | 1.13-0.0 | 1.15-0.2 | 1.34-0.0 | 1.35+0.1 | 1.30 |
| Debt-to-Equity | 3.82-0.5 | 4.31-1.6 | 5.95-2.7 | 8.65-3.1 | 11.74-11.4 | 23.11-17.3 | 40.37+12.0 | 28.37 |
| FCF Margin | 7.5%-0.7pp | 8.2%-0.6pp | 8.8%+0.3pp | 8.5%-2.4pp | 10.9%-1.9pp | 12.8%+1.6pp | 11.1%+1.7pp | 9.4% |
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Frequently Asked Questions
What is Home Depot's annual revenue?
Home Depot (HD) reported $159.5B in total revenue for fiscal year 2025. This represents a 4.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Home Depot's revenue growing?
Home Depot (HD) revenue grew by 4.5% year-over-year, from $152.7B to $159.5B in fiscal year 2025.
Is Home Depot profitable?
Yes, Home Depot (HD) reported a net income of $14.8B in fiscal year 2025, with a net profit margin of 9.3%.
What is Home Depot's earnings per share (EPS)?
Home Depot (HD) reported diluted earnings per share of $14.91 for fiscal year 2025. This represents a -1.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Home Depot's EBITDA?
Home Depot (HD) had EBITDA of $24.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Home Depot have?
As of fiscal year 2025, Home Depot (HD) had $1.4B in cash and equivalents against $47.3B in long-term debt.
What is Home Depot's gross margin?
Home Depot (HD) had a gross margin of 33.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Home Depot's operating margin?
Home Depot (HD) had an operating margin of 13.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Home Depot's net profit margin?
Home Depot (HD) had a net profit margin of 9.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Home Depot pay dividends?
Yes, Home Depot (HD) paid $9.00 per share in dividends during fiscal year 2025.
What is Home Depot's return on equity (ROE)?
Home Depot (HD) has a return on equity of 186.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Home Depot's free cash flow?
Home Depot (HD) generated $16.3B in free cash flow during fiscal year 2025. This represents a -9.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Home Depot's operating cash flow?
Home Depot (HD) generated $19.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Home Depot's total assets?
Home Depot (HD) had $99.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Home Depot's capital expenditures?
Home Depot (HD) invested $3.5B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Does Home Depot buy back shares?
Yes, Home Depot (HD) spent $649.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Home Depot have outstanding?
Home Depot (HD) had 994M shares outstanding as of fiscal year 2025.
What is Home Depot's current ratio?
Home Depot (HD) had a current ratio of 1.09 as of fiscal year 2025, which is considered adequate.
What is Home Depot's debt-to-equity ratio?
Home Depot (HD) had a debt-to-equity ratio of 5.95 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Home Depot's return on assets (ROA)?
Home Depot (HD) had a return on assets of 14.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Home Depot's Altman Z-Score?
Home Depot (HD) has an Altman Z-Score of 6.15, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Home Depot's Piotroski F-Score?
Home Depot (HD) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Home Depot's earnings high quality?
Home Depot (HD) has an earnings quality ratio of 1.34x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Home Depot cover its interest payments?
Home Depot (HD) has an interest coverage ratio of 9.3x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Home Depot?
Home Depot (HD) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.