Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Home Depot Inc., common-size consolidated income statement (quarterly data)
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.