Common-Size Balance Sheet: Assets
Quarterly Data
Home Depot Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-08-02), 10-Q (reporting date: 2026-05-03), 10-K (reporting date: 2026-02-01), 10-Q (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-K (reporting date: 2025-02-02), 10-Q (reporting date: 2024-10-27), 10-Q (reporting date: 2024-07-28), 10-Q (reporting date: 2024-04-28), 10-K (reporting date: 2024-01-28), 10-Q (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-29), 10-Q (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-K (reporting date: 2022-01-30), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-K (reporting date: 2021-01-31), 10-Q (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03).
An analysis of the asset structure reveals a fundamental shift in the composition of the balance sheet, moving from a liquidity-heavy position to one dominated by long-term and intangible assets. Current assets, which initially comprised between 46% and 51% of total assets in 2020, experienced a steady decline, stabilizing between 32% and 34% by 2026. Conversely, long-term assets increased from approximately 53% to a range of 65% to 67% over the same period.
- Liquidity and Working Capital
- A significant reduction in cash and cash equivalents is observed, falling from a peak of 22.32% in August 2020 to below 2% for the majority of the period between 2022 and 2026. While cash positions diminished, receivables, net, showed a gradual upward trend, increasing from 4.44% in May 2020 to 6.37% by August 2026, suggesting a slight increase in the proportion of credit sales or a change in collection timing relative to total asset growth.
- Inventory Management
- Merchandise inventories exhibited a period of volatility and expansion, rising from 25.52% in May 2020 to a peak of 34.41% in July 2022. Following this peak, a normalization phase occurred, with inventory levels receding and stabilizing around 24% to 25% of total assets from 2024 through 2026.
- Fixed and Operating Assets
- Net property and equipment demonstrated a consistent long-term decline as a percentage of total assets, dropping from 38.64% in early 2020 to approximately 25.73% by August 2026. Operating lease right-of-use assets remained relatively stable, fluctuating within a narrow band between 8% and 10%.
- Intangible Assets and Strategic Growth
- A structural transformation occurred in July 2024, marked by a sharp increase in goodwill, which rose from 10.68% in April 2024 to 20.05% in July 2024, remaining near 21% thereafter. This coincides with the first appearance of intangible assets, net, which entered the balance sheet at 9.51% in July 2024 and remained consistent through 2026. This simultaneous surge in goodwill and the introduction of intangible assets indicates a significant acquisition event that fundamentally altered the asset base.
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