HOME DEPOT, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HOME DEPOT, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	94,595	100,904	108,203	110,225	132,110	151,157	157,403	152,669	159,514	164,683
Cost of revenue	62,282	66,548	71,043	72,653	87,257	100,325	104,625	101,709	106,206	109,818
Gross profit	32,313	34,356	37,160	37,572	44,853	50,832	52,778	50,960	53,308	54,865
Selling, general and administrative	17,132	17,864	19,513	19,740	24,447	25,406	26,284	26,598	28,748	30,702
Operating expenses	18,886	19,675	21,630	21,729	26,575	27,792	28,739	29,271	31,782	33,975
Operating income	13,427	14,681	15,530	15,843	18,278	23,040	24,039	21,689	21,526	20,890
Interest expense	972	1,057	1,051	1,201	1,347	1,347	1,617	1,943	2,321	2,412
Interest income						44	55	178	201	124
Other non-operating income	-936	-983	-974	-1,128	-1,300	-1,303	-1,562	-1,765	-2,120	-2,288
Pre-tax income	12,491	13,698	14,556	14,715	16,978	21,737	22,477	19,924	19,406	18,602
Income tax	4,534	5,068	3,435	3,473	4,112	5,304	5,372	4,781	4,600	4,446
Net income	7,957	8,630	11,121	11,242	12,866	16,433	17,105	15,143	14,806	14,156
EBITDA	15,400	16,743	17,682	18,139	20,797	25,902	26,835	24,750	24,862	24,404
EPS, basic	6.47	7.33	9.78	10.29	11.98	15.59	16.74	15.16	14.96	14.26
EPS, diluted	6.45	7.29	9.73	10.25	11.94	15.53	16.69	15.11	14.91	14.23
Shares, basic (weighted)	1,229	1,178	1,137	1,093	1,074	1,054	1,022	999	990	993
Shares, diluted (weighted)	1,234	1,184	1,143	1,097	1,078	1,058	1,025	1,002	993	995
Dividend per share	2.76	3.56	4.12	5.44	6.00	6.60	7.60	8.36	9.00	9.20

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2,538	3,595	1,778	2,133	7,895	2,343	2,757	3,760	1,659	1,389
Receivables	2,029	1,952	1,936	2,106	2,992	3,426	3,317	3,328	4,903	5,597
Inventory	12,549	12,748	13,925	14,531	16,627	22,068	24,886	20,976	23,451	25,817
Other current assets	608	638	890	1,040	963	1,218	1,511	1,711	1,670	1,588
Total current assets	17,724	18,933	18,529	19,810	28,477	29,055	32,471	29,775	31,683	34,391
Property, plant and equipment	21,914	22,075	22,375	22,770	24,705	25,199	25,631	26,154	26,702	28,021
Lease right-of-use assets			0	5,595	5,962	5,968	6,941	7,884	8,592	9,204
Goodwill	2,093	2,275	2,252	2,254	7,126	7,449	7,444	8,455	19,475	22,344
Intangible assets						3,503	3,323	3,606	8,983	10,329
Other non-current assets	1,235	1,246	847	807	4,311	4,205	3,958	656	684	806
Total assets	42,966	44,529	44,003	51,236	70,581	71,876	76,445	76,530	96,119	105,095
Accounts payable	7,000	7,244	7,755	7,787	11,606	13,462	11,443	10,037	11,938	11,491
Accrued liabilities	1,484	1,640	1,506	1,494	2,463	2,426	1,991	2,096	2,315	2,529
Deferred revenue	1,669	1,805	1,782	1,300	1,900	2,600	2,000	1,700	1,500	1,500
Short-term debt	542	1,202	1,056	1,839	1,416	2,447	1,231	1,368	4,582	4,967
Total current liabilities	14,133	16,194	16,716	18,375	23,166	28,693	23,110	22,015	28,661	32,424
Long-term debt	22,349	24,267	26,807	28,670	35,822	36,604	41,962	42,743	48,485	46,341
Lease liabilities			0	5,066	5,356	5,353	6,226	7,082	7,633	8,160
Other non-current liabilities	1,855	2,174	1,867	1,535	1,807	2,013	2,566	2,783	2,738	2,512
Total liabilities	38,633	43,075	45,881	54,352	67,282	73,572	74,883	75,486	89,479	92,282
Total debt	22,891	25,469	27,863	29,500	34,750	36,400	41,150	42,150	51,365	49,397
Paid-in capital	9,787	10,192	10,578	11,001	11,540	12,132	12,592	13,147	14,117	14,809
Retained earnings	35,519	39,935	46,423	51,729	58,134	67,580	76,896	83,656	89,533	94,537
Treasury stock	-40,194	-48,196	-58,196	-65,196	-65,793	-80,794	-87,298	-95,372	-95,971	-95,971
Other comprehensive income	-867	-566	-772	-739	-671	-704	-718	-477	-1,129	-652
Shareholders' equity	4,333	1,454	-1,878	-3,116	3,299	-1,696	1,562	1,044	6,640	12,813
Total equity	4,333	1,454	-1,878	-3,116	3,299	-1,696	1,562	1,044	6,640	12,813
Total liabilities and equity	42,966	44,529	44,003	51,236	70,581	71,876	76,445	76,530	96,119	105,095
Shares outstanding	1,203	1,158	1,105	1,077	1,077	1,035	1,016	992	994	996

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	7,957	8,630	11,121	11,242	12,866	16,433	17,105	15,143	14,806	14,156
Depreciation and amortization	1,973	2,062	2,152	2,296	2,519	2,862	2,796	3,061	3,336	3,514
Stock-based compensation	267	273	282	251	310	399	366	380	442	522
Deferred income tax	-113	110	24	191	-607	-254	138	-230	-39	495
Change in receivables	-138	139	33	-170	-465	-435	111	134	174	107
Change in payables	446	352	870	32	5,118	2,401	-2,577	-1,411	518	-1,058
Cash from operations	9,783	12,031	13,165	13,687	18,839	16,571	14,615	21,172	19,810	16,325
Capital expenditures	-1,621	-1,897	-2,442	-2,678	-2,463	-2,566	-3,119	-3,226	-3,485	-3,679
Acquisitions	0	-374	-21	0	-7,780	-421	0	-1,514	-17,644	-5,410
Cash from investing	-1,583	-2,228	-2,416	-2,653	-10,170	-2,969	-3,140	-4,729	-21,031	-8,980
Stock issued	218	255	236	280	326	337	264	323	395	314
Share buybacks	-6,880	-8,000	-9,963	-6,965	-791	-14,809	-6,696	-7,951	-649	0
Dividends paid	-3,404	-4,212	-4,704	-5,958	-6,451	-6,985	-7,789	-8,383	-8,929	-9,152
Cash from financing	-7,870	-8,870	-12,547	-10,798	-2,983	-19,120	-10,993	-15,443	-694	-7,714
Exchange rate effect	-8	124	-19	119	76	-34	-68	3	-186	99
Net change in cash	330	933	-1,798	236	5,686	-5,518	482	1,000	-1,915	-369
Free cash flow	8,162	10,134	10,723	11,009	16,376	14,005	11,496	17,946	16,325	12,646
Interest paid	924	991	1,035	1,112	1,241	1,269	1,449	1,809	2,199	2,405
Income taxes paid	4,623	4,732	3,774	3,220	4,654	5,504	5,435	5,023	3,653	4,848

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 2, 2026; growth uses fiscal years. Valuation uses the share price of $293.20 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.2%	Gross profit / revenue.
Operating margin	12.4%	Operating income / revenue.
EBITDA margin	14.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	11.1%	Pre-tax income / revenue.
Net margin	8.4%	Net income / revenue.
FCF margin	8.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.1%	Cash from operations / revenue.
Effective tax rate	24.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	85.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.0%	Net income / average total assets.
Return on invested capital (ROIC)	25.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	18.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.2%	Capital expenditures / revenue.
D&A / revenue	2.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	4.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-3.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-4.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	2.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-1.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-3.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-4.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-6.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	1.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-4.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-5.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	3.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-17.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-22.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	3.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-5.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	8.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	93.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	101.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	31.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.08x	Current assets / current liabilities.
Quick ratio	0.26x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.06x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.93x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	44.5%	Total debt / total assets.
Liabilities / assets	84.8%	Total liabilities / total assets.
Net debt	$46.56B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.90x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	8.70x	Operating income / interest expense.
Working capital	$2.73B	Current assets - current liabilities.
Goodwill and intangibles / assets	30.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$16.76B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.55x	Revenue / average total assets.
Fixed asset turnover	6.01x	Revenue / average property, plant and equipment.
Inventory turnover	4.21x	Cost of revenue / average inventory.
Days inventory	87 days	365 x average inventory / cost of revenue.
Receivables turnover	24.3x	Revenue / average receivables.
Days sales outstanding	15 days	365 x average receivables / revenue.
Days payables	44 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	58 days	Days inventory + days sales outstanding - days payables.
FCF conversion	106.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	19.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$14.28	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$169.86	Revenue / diluted weighted shares.
FCF per share	$15.16	Free cash flow / diluted weighted shares.
Operating cash flow per share	$18.85	Cash from operations / diluted weighted shares.
Book value per share	$16.65	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$16.80	Tangible book value / shares outstanding.
Cash per share	$2.09	(Cash + short-term investments) / shares outstanding.
Payout ratio	64.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	61.1%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$292.35B	Share price x shares outstanding.
Enterprise value	$338.92B	Market cap + total debt - cash - short-term investments.
P/E	20.5x	Market cap / net income. Only when net income is positive.
P/S	1.73x	Market cap / revenue.
P/B	17.6x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	19.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.6x	Market cap / cash from operations, when positive.
EV/Sales	2.00x	Enterprise value / revenue.
EV/EBIT	16.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	22.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.2%	Free cash flow / market cap.
Earnings yield	4.9%	Net income / market cap (the inverse of P/E).
Dividend yield	3.2%	Dividends paid over the period / market cap.
Shareholder yield	3.2%	(Dividends paid + share buybacks) / market cap.

What was HOME DEPOT, INC.'s revenue in fiscal 2025?

HOME DEPOT, INC. reported revenue of $164.68B for fiscal 2025, 3.2% higher than the year before.

Was HOME DEPOT, INC. profitable in fiscal 2025?

Yes. Net income was $14.16B, a net margin of 8.6%.

How much free cash flow did HOME DEPOT, INC. generate in fiscal 2025?

Cash from operations of $16.33B minus capital expenditures of $3.68B left free cash flow of $12.65B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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