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: May 3, 2026 Feb 1, 2026 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
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
Cost of sales -67.00 -67.36 -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
Gross profit 33.00% 32.64% 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%
Selling, general and administrative -19.06 -20.35 -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
Depreciation and amortization -2.01 -2.21 -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
Operating expenses -21.07% -22.56% -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%
Operating income 11.93% 10.08% 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%
Interest income and other, net 0.02 0.11 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
Interest expense -1.46 -1.56 -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
Interest and other income (expense), net -1.45% -1.44% -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%
Earnings before provision for income taxes 10.48% 8.63% 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%
Provision for income taxes -2.61 -1.90 -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
Net earnings 7.88% 6.73% 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%

Based on: 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).

The financial performance exhibits a period of relative stability in gross margins followed by a gradual compression of net profitability. While net sales serve as the baseline, the fluctuations in operating expenses and rising financial costs have exerted downward pressure on the final margins over the analyzed timeframe.

Gross Profitability and Cost of Sales
The cost of sales remained consistently between 65.8% and 67.4% of net sales. Gross profit margins peaked at 34.16% in November 2020 and reached a low of 32.64% by February 2026. This indicates a subtle but persistent increase in the cost of goods sold relative to revenue, leading to a slight erosion of the gross margin over the long term.
Operating Expense Dynamics
Selling, general, and administrative (SG&A) expenses demonstrate significant volatility, ranging from a low of 15.20% in July 2022 to a peak of 20.35% in February 2026. Depreciation and amortization also show a gradual upward trend, increasing from approximately 1.4% to 2.2% of net sales. The combined effect of these expenses caused operating expenses to fluctuate between 16.6% and 22.6%, directly impacting operating efficiency.
Operating Income Trends
Operating income margins reached their highest levels between August 2021 and October 2022, peaking at 16.46%. However, a downward trajectory is observed in the later periods, with the margin declining to 10.08% by February 2026. This contraction is primarily attributed to the simultaneous rise in SG&A and cost of sales.
Financial Costs and Net Earnings
Interest expenses as a percentage of net sales have trended upward, moving from a low of 0.79% in August 2021 to 1.56% by February 2026. This increase in financing costs, coupled with operating margin compression, has led to a decline in net earnings. Net profit margins, which peaked at 11.81% in July 2022, descended to 6.73% by February 2026, marking the lowest point in the reported period.

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