Stock Analysis on Net
Stock Analysis on Net

Home Depot Inc. (NYSE:HD)

Common-Size Income Statement 
Quarterly Data

Home Depot Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Nov 2, 2025 Aug 3, 2025 May 4, 2025 Feb 2, 2025 Oct 27, 2024 Jul 28, 2024 Apr 28, 2024 Jan 28, 2024 Oct 29, 2023 Jul 30, 2023 Apr 30, 2023 Jan 29, 2023 Oct 30, 2022 Jul 31, 2022 May 1, 2022 Jan 30, 2022 Oct 31, 2021 Aug 1, 2021 May 2, 2021 Jan 31, 2021 Nov 1, 2020 Aug 2, 2020 May 3, 2020 Feb 2, 2020 Nov 3, 2019 Aug 4, 2019 May 5, 2019
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -66.59 -66.59 -66.23 -67.17 -66.62 -66.61 -65.86 -66.92 -66.22 -67.01 -66.30 -66.72 -65.98 -66.93 -66.22 -66.79 -65.88 -66.77 -66.02 -66.43 -65.84 -65.99 -65.94 -66.12 -65.52 -66.17 -65.82
Gross profit 33.41% 33.41% 33.77% 32.83% 33.38% 33.39% 34.14% 33.08% 33.78% 32.99% 33.70% 33.28% 34.02% 33.07% 33.78% 33.21% 34.12% 33.23% 33.98% 33.57% 34.16% 34.01% 34.06% 33.88% 34.48% 33.83% 34.18%
Selling, general and administrative -18.47 -17.15 -18.89 -19.46 -17.93 -16.55 -18.31 -19.20 -17.63 -16.11 -17.06 -18.28 -16.64 -15.20 -16.99 -18.00 -16.75 -15.65 -17.00 -19.18 -18.12 -16.70 -20.63 -18.67 -18.15 -16.36 -18.73
Depreciation and amortization -2.00 -1.78 -2.00 -2.05 -1.98 -1.71 -1.89 -1.97 -1.81 -1.52 -1.75 -1.74 -1.56 -1.41 -1.56 -1.70 -1.63 -1.44 -1.57 -1.74 -1.57 -1.36 -1.84 -2.01 -1.83 -1.60 -1.82
Operating expenses -20.46% -18.93% -20.89% -21.51% -19.91% -18.26% -20.19% -21.17% -19.44% -17.63% -18.80% -20.02% -18.20% -16.61% -18.55% -19.70% -18.38% -17.09% -18.56% -20.92% -19.69% -18.06% -22.47% -20.68% -19.98% -17.95% -20.55%
Operating income 12.94% 14.48% 12.88% 11.32% 13.47% 15.13% 13.95% 11.91% 14.34% 15.35% 14.90% 13.26% 15.82% 16.46% 15.24% 13.51% 15.74% 16.15% 15.42% 12.66% 14.47% 15.94% 11.59% 13.20% 14.50% 15.88% 13.63%
Interest income and other, net 0.08 0.06 0.06 0.08 0.07 0.19 0.16 0.16 0.13 0.10 0.09 0.12 0.02 0.00 0.01 0.05 0.04 0.01 0.02 0.03 0.03 0.02 0.06 0.07 0.08 0.06 0.06
Interest expense -1.52 -1.27 -1.54 -1.61 -1.55 -1.33 -1.33 -1.47 -1.29 -1.09 -1.27 -1.26 -1.06 -0.87 -0.96 -0.95 -0.93 -0.79 -0.90 -1.04 -1.01 -0.91 -1.15 -1.20 -1.11 -0.98 -1.09
Interest and other income (expense), net -1.44% -1.21% -1.48% -1.53% -1.48% -1.13% -1.18% -1.32% -1.16% -1.00% -1.18% -1.14% -1.04% -0.87% -0.95% -0.90% -0.89% -0.78% -0.89% -1.01% -0.98% -0.89% -1.09% -1.13% -1.03% -0.92% -1.03%
Earnings before provision for income taxes 11.50% 13.26% 11.40% 9.79% 11.99% 14.00% 12.77% 10.59% 13.17% 14.36% 13.72% 12.12% 14.77% 15.60% 14.29% 12.60% 14.85% 15.37% 14.53% 11.64% 13.49% 15.06% 10.51% 12.07% 13.47% 14.96% 12.60%
Provision for income taxes -2.80 -3.21 -2.78 -2.24 -2.92 -3.44 -2.89 -2.54 -3.07 -3.50 -3.32 -2.74 -3.61 -3.79 -3.42 -3.22 -3.64 -3.67 -3.47 -2.79 -3.25 -3.67 -2.56 -2.44 -3.30 -3.68 -3.07
Net earnings 8.71% 10.05% 8.61% 7.55% 9.07% 10.56% 9.89% 8.05% 10.10% 10.86% 10.40% 9.38% 11.16% 11.81% 10.87% 9.38% 11.21% 11.69% 11.05% 8.86% 10.23% 11.38% 7.94% 9.62% 10.17% 11.28% 9.53%

Based on: 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), 10-K (reporting date: 2020-02-02), 10-Q (reporting date: 2019-11-03), 10-Q (reporting date: 2019-08-04), 10-Q (reporting date: 2019-05-05).

Gross Profit Margin
The gross profit margin, presented as a percentage of net sales, demonstrated relative stability throughout the periods analyzed, fluctuating primarily between approximately 33% and 34.5%. Minor variations did not indicate a clear upward or downward trend but suggested consistent cost control relative to sales.
Cost of Sales
The cost of sales as a percentage of net sales remained stable in the mid-60% range, mostly hovering around 66%, reflecting consistent production or procurement costs relative to sales volume. Occasional slight dips and rises did not materially affect the overall trend.
Selling, General and Administrative Expenses (SG&A)
SG&A expenses as a percentage of net sales exhibited some volatility, with notable increases in certain quarters reaching over 20%, particularly around mid-2020, possibly reflective of pandemic-related expenses or strategic investments. Lower values near 15% indicated periods of improved efficiency or cost containment efforts. Overall, SG&A costs showed a fluctuating but slightly decreasing trend over the long term.
Depreciation and Amortization
This line item remained relatively steady, fluctuating narrowly between approximately 1.3% and 2.1% of net sales. The variations suggest consistency in asset base and amortization expenses without significant new capital investments or disposals impacting the trend.
Operating Expenses
Operating expenses as a percentage of net sales closely reflected the combined effects of SG&A and depreciation, typically ranging from about 16.5% to 22.5%. The trend showed periods of elevated operating expenses coinciding with increases in SG&A, with some reduction in later periods indicating improved expense management.
Operating Income
Operating income margins evidenced some cyclical variation but generally maintained a healthy range between 11.3% and 16.5% of net sales. Higher margins appeared in quarters where SG&A and operating expenses were well-controlled. Overall, operating profitability remained robust, though slightly pressured during quarters with rising expenses.
Interest Income and Expense
Interest income was minimal and stable, consistently below 0.2% of net sales, indicating limited impact on profitability. Interest expense varied more significantly, mostly between 0.8% and 1.6%, reflecting fluctuating debt service costs. Net interest and other expense generally exerted a consistent, modest negative effect on earnings.
Earnings Before Taxes (EBT)
The EBT margin mirrored operating income trends, with fluctuations between roughly 9.8% and 15.6%. Periods of higher operating income and lower interest expense resulted in peak EBT margins, while higher expenses and interest costs diminished pre-tax profitability at other times.
Provision for Income Taxes
The tax provision as a percentage of net sales varied from approximately 2.2% to 3.8%, without a clear directional trend. The percentage remained relatively stable, indicating consistent effective tax rates relative to earnings fluctuations.
Net Earnings
Net earnings margin demonstrated a pattern consistent with operating and pre-tax earnings, ranging mostly between 7.5% and 11.8%. Peaks in profitability generally coincided with periods of effective expense management and lower interest costs, while dips corresponded with elevated expenses and interest. Overall, net earnings remained solid with some variability but no sustained long-term decline or growth.