HD
Home Depot Q2 FY26 earnings
Revenue $47.9B, up 6% from a year ago. Net income $4.8B.
Home Depot grew revenue 6% to $47.9B. The release's own read of the comp: comparable sales rose 1.7%, with average ticket up 2.8% against a 1.0% decline in customer transactions.
Excluding HD Supply and SRS: 1,601.5M transactions in FY25, under the peak.
Home Depot rang up 1,601.5M customer transactions in FY25, excluding HD Supply and SRS. The series starts at 1,544.0M in FY16 and peaked at 1,759.7M.
Per share: $14.23 in FY25, a third down year from the $16.69 peak.
Diluted earnings per share came in at $14.23 in FY25, a third straight down year from the $16.69 peak of FY22. The longer view still runs from $6.45 in FY16.
The quarter, line by line
| Line | Amount | % of revenue% | Y/Y |
|---|---|---|---|
| Revenue | $47.9B | +6% | |
| Cost of revenue | $31.7B | 66.3% | +5% |
| Gross profit | $16.1B | 33.7% | +7% |
| Operating expenses | $9.3B | 19.4% | +8% |
| Operating income | $6.8B | 14.3% | +4% |
| Pretax income | $6.3B | 13.2% | +5% |
| Income tax | $1.5B | 3.2% | +7% |
| Net income | $4.8B | 10.0% | +5% |
Effective tax rate: 24.5%. That is tax as a share of pretax income. The 3.2% in the column above is tax as a share of revenue, which is not a tax rate.
The last 8 quarters
| Quarter ended | Revenue | Net income | Net margin |
|---|---|---|---|
| Aug 2, 2026 | $47.9B | $4.8B | 10.0% |
| May 3, 2026 | $41.8B | $3.3B | 7.9% |
| Feb 1, 2026 | $38.2B | $2.6B | 6.7% |
| Nov 2, 2025 | $41.4B | $3.6B | 8.7% |
| Aug 3, 2025 | $45.3B | $4.6B | 10.1% |
| May 4, 2025 | $39.9B | $3.4B | 8.6% |
| Feb 2, 2025 | $39.7B | $3.0B | 7.5% |
| Oct 27, 2024 | $40.2B | $3.6B | 9.1% |