Home Depot 10-K: $164.7B Revenue, $14.23 Diluted EPS

Home Depot reported fiscal net sales of $164,683 million and diluted earnings per share of $14.23 for the year, with revenue up 3.2% year-over-year driven by acquisitions and new store openings while EPS declined versus the prior year. The results reflected higher operating expenses that reduced operating income and net earnings despite a modest increase in gross profit. Management notes a 53rd-week benefit in the prior fiscal period that affected comparability.

Financial Highlights

• Net sales: $164,683 million, increased $5,169 million (3.2%) versus prior year, driven by acquisitions and new stores.
• Gross profit: $54,865 million, representing 33.3% of net sales, up $1,557 million (2.9%); gross margin was roughly stable year-over-year.
• Operating income: $20,890 million, or 12.7% of net sales, decreased versus prior year due to higher operating expenses.
• Net earnings: $14,156 million, or 8.6% of net sales, declined versus prior year driven by lower operating results.
• Diluted earnings per share: $14.23, decreased versus prior year (prior year included a 53rd week benefit of approximately $0.30).

Business Highlights

• Revenue drivers: Growth was mainly driven by same‑store sales (SRS), acquisitions of SRS and GMS, and sales from newly opened stores.
• Channel shift: Online sales increased 8.7% and comprised 15.9% of net sales, with comparable-week online growth of 10.4%.
• Store footprint: Opened 12 new stores (10 in the U.S., 2 in Mexico), bringing the total store count to 2,359 locations; SRS and GMS acquisitions expanded multi-category capabilities.
• Operational efficiency: Inventory turnover declined to 4.4x; gross margin remained about 33.3% despite tariff impacts and supply‑chain mitigation efforts.
• Capital deployment & investments: Invested $3.7 billion in capital expenditures for stores, digital capabilities, and professional customer initiatives; plans approximately $4 billion in capex for the next fiscal year to support stores and interconnected experiences.

Original SEC Filing: HOME DEPOT, INC. [ HD ] - 10-K - Mar. 18, 2026