The Home Depot (HD) Q4 2025 Financial Results Summary

Release Date: February 24, 2026

The Home Depot, the world’s largest home improvement retailer, has announced its fourth quarter and fiscal year 2025 results. The financials indicate a mixed performance, with some key metrics showing decreases compared to the previous year.

Fourth Quarter 2025 Highlights

• Sales:
  • Total sales were $38.2 billion, down $1.5 billion, or 3.8%, compared to Q4 2024.
  • The decline was attributed to one week fewer in the fiscal quarter (13 weeks in 2025 vs. 14 weeks in 2024), where the extra week in 2024 contributed approximately $2.5 billion to sales.
• Comparable Sales:
  • Increased by 0.4% for Q4.
  • Comparable sales in the U.S. rose by 0.3%.
• Net Earnings:
  • Totaled $2.6 billion, or $2.58 per diluted share, compared to $3.0 billion, or $3.02 per diluted share in Q4 2024.
  • The extra week in 2024 contributed approximately $0.30 to diluted earnings per share.
• Adjusted Diluted Earnings per Share:
  • Were $2.72, down from $3.13 in Q4 2024.
  • The effect of the 14th week in 2024 similarly adjusted earnings by around $0.30.

Fiscal Year 2025 Overview

• Sales:
  • Reached $164.7 billion, an increase of $5.2 billion, or 3.2%, from fiscal 2024.
• Comparable Sales:
  • Increased by 0.3% overall, with comparable U.S. sales rising 0.5%.
• Net Earnings:
  • Totaled $14.2 billion, or $14.23 per diluted share, compared to $14.8 billion, or $14.91 per diluted share in fiscal 2024, reflecting a decline of 4.6%.
• Adjusted Diluted Earnings per Share:
  • Decreased to $14.69, down from $15.24 in fiscal 2024.

Dividend Declaration

• The board of directors has approved a 1.3% increase in the quarterly dividend to $2.33 per share, equating to an annual dividend of $9.32 per share.
• This dividend will be paid on March 26, 2026, to shareholders of record at the close of business on March 12, 2026.
• This marks the 156th consecutive quarter that The Home Depot has paid a cash dividend.

Fiscal 2026 Guidance

• The Home Depot provided the following outlook for fiscal 2026:
  • Expected sales growth of approximately 2.5% to 4.5%.
  • Comparable sales growth forecasted to be flat or up to 2.0%.
  • Plans to open approximately 15 new stores.
  • Projected gross margin around 33.1%.
  • Operating margin expected to range between 12.4% to 12.6%.
  • Estimated adjusted operating margin of approximately 12.8% to 13.0%.
  • Effective tax rate approximated at 24.3%.
  • Forecasted net interest expense around $2.3 billion.
  • Diluted earnings-per-share expected to grow flat to 4.0% from the prior year’s $14.23.
  • Adjusted diluted earnings-per-share to grow flat to 4.0% from $14.69 in 2025.
  • Capital expenditures projected at approximately 2.5% of total sales.

Company Footprint

• As of the end of Q4, The Home Depot operated a total of 2,359 retail stores and over 1,250 SRS locations across the U.S., Canada, and Mexico, employing over 470,000 associates.

The Home Depot’s stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones Industrial Average and Standard & Poor’s 500 index.

Note: All amounts in the following tables are in millions.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS	Three Months Ended(1)	Fiscal Year Ended(2)	February 1, 2026	February 2, 2025	% Change	February 1, 2026	February 2, 2025	% Change
Net sales	$38,198	$39,704	-3.8%	$164,683	$159,514	3.2%
Cost of sales	25,732	26,670	-3.5%	109,818	106,206	3.4%
Gross profit	12,466	13,034	-4.4%	54,865	53,308	2.9%
Operating expenses	8,617	8,539	0.9%	33,975	31,782	6.9%
Operating income	3,849	4,495	-14.4%	20,890	21,526	-3.0%
Interest and other, net	551	608	-9.4%	2,288	2,120	7.9%
Earnings before provision for income taxes	3,298	3,887	-15.2%	18,602	19,406	-4.1%
Provision for income taxes	727	890	-18.3%	4,446	4,600	-3.3%
Net earnings	$2,571	$2,997	-14.2%	$14,156	$14,806	-4.4%

(1) Three months ended February 1, 2026 includes 13 weeks. Three months ended February 2, 2025 includes 14 weeks.

(2) Fiscal year ended February 1, 2026 includes 52 weeks. Fiscal year ended February 2, 2025 includes 53 weeks.

(3) Customer transactions and average ticket measures do not include results from HD Supply or SRS (including GMS).

CONDENSED CONSOLIDATED BALANCE SHEETS	February 1, 2026	February 2, 2025
Assets	$105,095	$96,119
Liabilities and Stockholders’ Equity	$105,095	$96,119