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.
Home Depot Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-08-02), 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).
Financial performance over the analyzed period demonstrates a consistent upward trajectory in net sales, characterized by strong seasonal fluctuations. Revenue grew from 28.26 billion USD in May 2020 to a peak of 47.86 billion USD by August 2026. This growth is mirrored by a corresponding increase in gross profit, which rose from 9.63 billion USD to 16.12 billion USD over the same timeframe, maintaining a relatively stable gross margin percentage.
- Revenue and Gross Profit Trends
- A recurring seasonal pattern is evident, with net sales consistently peaking in the second and third quarters of each year. While sales figures show significant volatility between quarters, the long-term trend is positive. The cost of sales has scaled proportionally with revenue, suggesting that the company has maintained a consistent pricing strategy and cost of goods sold relative to its sales volume.
- Operating Expense Management
- Selling, general, and administrative (SG&A) expenses exhibit a gradual increase, rising from 5.83 billion USD in May 2020 to 8.42 billion USD in August 2026. Notably, SG&A expenses grew at a slower pace than net sales, indicating an improvement in operating leverage. Depreciation and amortization costs also showed a steady climb, increasing from approximately 520 million USD to 852 million USD, reflecting ongoing investments in infrastructure or assets.
- Operating Income and Profitability
- Operating income reflects the volatility of sales, with quarterly highs frequently exceeding 6 billion USD and lows dipping toward 3.8 billion USD. Despite the increase in absolute operating expenses, the efficiency gains in SG&A management helped sustain operating margins. The most recent data point shows a strong recovery in operating income to 6.84 billion USD.
- Interest and Financing Costs
- A significant upward trend is observed in interest expenses, which nearly doubled from 324 million USD in early 2020 to a peak of 638 million USD in July 2022, eventually stabilizing around 583 million USD by August 2026. This increase in financing costs has placed consistent downward pressure on earnings before taxes, although it has been offset by the growth in operating income.
- Net Earnings Analysis
- Net earnings have fluctuated in alignment with operating income and tax provisions. The net profit grew from 2.25 billion USD in May 2020 to 4.77 billion USD in August 2026. The relationship between earnings before taxes and net earnings suggests a fluctuating effective tax rate, with provisions for income taxes varying significantly across quarters to align with profitability levels.
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