Analysis of Revenues
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Home Depot Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
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Revenues as Reported
Home Depot Inc., income statement, revenues
US$ in millions
| 12 months ended: | Feb 1, 2026 | Feb 2, 2025 | Jan 28, 2024 | Jan 29, 2023 | Jan 30, 2022 | Jan 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Building Materials | |||||||||||||
| Décor | |||||||||||||
| Hardlines | |||||||||||||
| Primary segment net sales | |||||||||||||
| Other net sales | |||||||||||||
| Net sales |
Based on: 10-K (reporting date: 2026-02-01), 10-K (reporting date: 2025-02-02), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31).
Net sales exhibited a general upward trajectory between January 31, 2021, and February 1, 2026, although with some fluctuations. Primary segment net sales, which constitute the majority of overall net sales, demonstrated growth from 2021 to 2023, followed by a slight decline in 2024, and a stabilization in 2025 before resuming growth in 2026. The inclusion of 'Other net sales' beginning in 2025 contributes to the overall net sales increase observed in later periods.
- Building Materials
- Building materials revenue increased from US$46,536 million in 2021 to US$59,533 million in 2023, representing substantial growth. However, revenue decreased to US$57,039 million in 2024 and continued to decline to US$52,756 million in 2025, before stabilizing at US$52,439 million in 2026. This suggests a potential plateauing or cyclical downturn in this segment.
- Décor
- Décor revenue showed consistent growth from US$43,409 million in 2021 to US$52,322 million in 2023. A slight decrease was observed in 2024, falling to US$50,295 million, followed by a recovery to US$51,790 million in 2025 and a further slight increase to US$51,679 million in 2026. This segment demonstrates relative stability with modest fluctuations.
- Hardlines
- Hardlines revenue experienced initial growth from US$42,165 million in 2021 to US$45,730 million in 2022, but then remained relatively flat between 2022 and 2024, fluctuating around US$45.5 million. A noticeable increase occurred in 2025, reaching US$48,562 million, and continued to US$47,848 million in 2026. This indicates a recent positive trend after a period of stagnation.
- Net Sales Composition
- Prior to 2025, net sales were entirely comprised of primary segment net sales. The introduction of 'Other net sales' in 2025, at US$6,406 million, and its subsequent increase to US$12,717 million in 2026, suggests a diversification of revenue streams. This diversification contributed to the overall net sales growth observed in those years.
Overall, the company experienced revenue growth between 2021 and 2026, although the rate of growth varied across segments. Building materials, while initially strong, showed a recent decline, while décor remained relatively stable and hardlines demonstrated a recent positive trend. The emergence of 'Other net sales' represents a new component of revenue generation and contributed to overall growth in the later periods examined.