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: 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), 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).
The quarterly financial data reveals several notable trends and fluctuations across key financial metrics over the analyzed periods.
- Net Sales
- Net sales demonstrate a general upward trend with cyclical fluctuations. Starting at approximately 26.4 billion USD, sales peaked multiple times, notably surpassing 45 billion USD in mid to late 2025. There are observable seasonal peaks, followed by declines, suggesting a cyclical sales pattern possibly linked to market or seasonal factors.
- Cost of Sales
- Costs of sales closely follow the pattern of net sales, increasing in absolute terms as sales rise. Margins appear relatively consistent despite the rising costs, suggesting controlled cost management relative to revenue increase. Cost spikes align with peak sales quarters, reaching above 30 billion USD by late 2025.
- Gross Profit
- Gross profit shows an upward trajectory overall, increasing from just over 9 billion USD in early 2019 to over 15 billion USD by late 2025. Fluctuations mirror those in sales and cost of sales, but the positive trend indicates effective cost control and revenue growth.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses steadily increased from approximately 4.9 billion USD to over 7.7 billion USD toward late 2025. Despite the rise, the increase is proportionate to sales growth, implying maintained operational efficiency in managing these expenses relative to revenue.
- Depreciation and Amortization
- This expense gradually rises from around 480 million USD to above 820 million USD by the final periods, indicating ongoing investments in capital assets or acquisitions that increase intangible asset bases requiring amortization.
- Operating Expenses
- Operating expenses, a sum of SG&A and depreciation/amortization, reflect a consistent increase across the timeframe. This rise aligns with scaling company operations, though the rate suggests attempts to keep growth in expenses below or in line with revenue growth.
- Operating Income
- Operating income fluctuates significantly, with peaks around 6.6 billion USD in mid-2021 and late 2022, and declines following those peaks. Despite these fluctuations, there is no clear downward trend, suggesting resilience in core profitability amid changing market conditions.
- Interest Income and Expense
- Interest income remains relatively low and steady, while interest expense gradually increases from nearly 290 million USD to over 600 million USD, reflecting potential increases in borrowing or financing costs.
- Net Interest and Other Income (Expense)
- This net figure remains negative throughout, worsening from around -273 million USD to nearly -600 million USD, indicating that interest expenses and other related costs outweigh income from interest, potentially impacting net profitability.
- Earnings Before Provision for Income Taxes
- Earnings before taxes show a pattern similar to operating income, with notable peaks coinciding with strong operating results. The highest values exceed 6 billion USD in several quarters, followed by moderate declines, signifying variable pre-tax profitability due to operational and financial factors.
- Provision for Income Taxes
- The provision for income taxes fluctuates in line with pretax earnings but does not increase proportionally in the latest periods, which may indicate changes in tax strategies, rates, or benefits applied over time.
- Net Earnings
- Net earnings mirror the overall positive trajectory observed in gross profit and operating income, increasing from approximately 2.5 billion USD to peaks above 5 billion USD before settling in a range closer to 3.6-4.5 billion USD in recent quarters. The volatility suggests sensitivity to operating income and interest expenses yet generally reflects solid profitability growth.
In summary, the data indicates consistent revenue growth accompanied by proportional increases in costs and expenses. Profitability metrics reveal cyclicality and some volatility but overall demonstrate improvement over the analyzed periods. Rising interest expenses highlight increased financing costs, impacting net income. The company appears to manage costs effectively while scaling operations, maintaining stable gross margins and improving operating income despite economic fluctuations.