Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Home Depot Inc., consolidated income statement (quarterly data)
US$ in millions
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 over the observed period is characterized by a general upward trend in nominal revenue and gross profit, accompanied by a steady increase in operating and financing costs. A pronounced seasonal pattern is evident, with net sales typically peaking in the second and third quarters of each calendar year.
- Revenue and Gross Profitability
- Net sales grew from 28,260 million USD in May 2020 to 41,765 million USD by May 2026. This growth is marked by recurring quarterly spikes, often exceeding 40,000 million USD during peak periods. Gross profit has followed a similar trajectory, increasing from 9,625 million USD to 13,781 million USD over the same period. While nominal profit has increased, the gross margin has remained relatively stable, though it shows periodic fluctuations aligned with sales volume.
- Operating Expense Trends
- There is a consistent escalation in operating expenses. Selling, general, and administrative (SG&A) expenses rose from 5,829 million USD in May 2020 to 7,959 million USD in May 2026. Similarly, depreciation and amortization costs increased steadily from 520 million USD to 841 million USD. This suggests a gradual increase in the cost of maintaining operations and an expansion of the asset base, which has put pressure on the conversion of gross profit into operating income.
- Operating and Net Income Volatility
- Operating income exhibits significant quarterly volatility, reflecting the seasonal nature of the business. While peaks reached as high as 7,210 million USD in July 2022, a downward trend in the most recent quarters is observable, with operating income dropping to 3,849 million USD by February 2026 before a slight recovery to 4,981 million USD in May 2026. Net earnings mirror this volatility, fluctuating between highs of 5,173 million USD and lows near 2,571 million USD.
- Financial Costs and Tax Impact
- A notable increase in interest expenses is observed, rising from 324 million USD in May 2020 to 611 million USD in May 2026. This trend indicates a higher debt service burden over time, which has contributed to a widening gap between operating income and earnings before taxes. Provision for income taxes has remained volatile, generally scaling with the pre-tax income, though the effective tax rate has fluctuated across the quarters.
In summary, while the entity has successfully expanded its top-line revenue and maintained gross profit levels, the simultaneous rise in SG&A, depreciation, and interest expenses has constrained net margin expansion. The reliance on seasonal peaks remains a dominant feature of the income statement profile.