Common-Size Income Statement
Quarterly Data
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Home Depot Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Aggregate Accruals
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Home Depot Inc., common-size consolidated income statement (quarterly data)
Based on: 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).
- Cost of Sales and Gross Profit
- The cost of sales percentage remains relatively stable, fluctuating between approximately -65.82% and -67.17% of net sales. This stability indicates consistent cost control in procuring goods sold. Correspondingly, gross profit margins also show minor fluctuations, generally oscillating around 33% to 34%, reflecting a steady margin performance over the examined periods.
- Selling, General and Administrative Expenses
- There is notable volatility in selling, general, and administrative expenses as a percentage of net sales, ranging from about -15.2% to -20.63%. Certain quarters reflect increased expenses exceeding 19% of net sales, potentially indicating periods of heightened operational spending or investments in administrative functions, while other periods show reduced expense levels closer to 15%, suggesting sporadic cost management efforts.
- Depreciation and Amortization
- This expense category remains relatively consistent, fluctuating between roughly -1.36% and -2.05% of net sales. The modest variation suggests stable capital investment and asset base amortization activities without significant changes in asset acquisition or disposal patterns.
- Operating Expenses and Operating Income
- Operating expenses as a percentage of net sales display some fluctuation, typically ranging from around -16.61% to -22.47%. Periods with higher operating expenses correspond with reduced operating income margins, which vary between approximately 11.32% and 16.46%. This inverse relationship highlights the operational leverage impact on profitability. The data illustrates that elevated operating costs generally compress operating income, while cost containment supports enhanced operating profitability.
- Interest Income, Interest Expense, and Net Interest Effects
- Interest income remains minimal and relatively stable, often near zero or slightly positive as a percentage of net sales. Interest expense shows modest variation, primarily between -0.79% and -1.61%, with occasional spikes potentially linked to debt financing fluctuations or changes in interest rates. Net interest and other income/expense reflect these movements, generally maintaining a negative contribution to net sales around -0.78% to -1.61%.
- Earnings Before Provision for Income Taxes and Provision for Income Taxes
- Earnings before provision for income taxes demonstrate variability, spanning from approximately 9.79% to 15.6% of net sales. This pattern corresponds to the observed fluctuations in operating income and net interest results. The provision for income taxes as a percentage of net sales appears to vary moderately between -2.24% and -3.79%, suggesting some flexibility or variability in tax planning or effective tax rates over time.
- Net Earnings
- Net earnings as a percentage of net sales fluctuate between about 7.55% and 11.81%. This range reflects the combined effects of operating performance, interest impacts, and taxation. Trend analysis suggests that periods with controlled operating expenses and interest costs experience higher net earnings margins, while increased costs and expenses compress net profitability.
- Overall Observations
- The data portrays a company maintaining relatively stable gross margins through consistent cost of sales management, while experiencing variability in operating expenses that significantly influences operating and net profitability levels. Interest expenses and tax provisions also contribute to margin fluctuations but to a lesser extent than operational cost elements. The trend indicates a focus on managing operational efficiency to sustain profitability despite some quarter-to-quarter variability.