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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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Home Depot Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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 demonstrates considerable fluctuation, particularly in net sales and profitability. Initial periods show strong growth followed by stabilization and, in some instances, decline. A cyclical pattern appears evident, with peaks generally occurring in the August timeframe and troughs in the February/March period.
- Net Sales
- Net sales experienced significant growth from May 2020 to August 2021, increasing from US$28.26 billion to US$41.12 billion. Following this peak, sales exhibited a more volatile pattern, decreasing to US$34.79 billion in January 2024 before rising again to US$43.18 billion in July 2024. The most recent periods show a slight decrease, ending at US$39.70 billion in May 2025. This suggests potential sensitivity to external factors or seasonal demand.
- Gross Profit
- Gross profit generally mirrored the trend in net sales, peaking at US$14.48 billion in July 2022. However, the gross profit margin appears to have contracted slightly over the period, as increases in net sales did not always translate into proportional increases in gross profit. The most recent period shows a gross profit of US$13.03 billion.
- Operating Income
- Operating income demonstrated a similar pattern to gross profit, with a peak of US$7.21 billion in July 2022. A noticeable trend is the increasing proportion of operating expenses relative to revenue, as evidenced by a gradual decrease in operating income margins in later periods. Operating income concluded at US$4.49 billion in May 2025.
- Operating Expenses
- Operating expenses consistently increased throughout the observed period, rising from US$6.35 billion in August 2020 to US$8.54 billion in November 2025. This increase, encompassing selling, general, and administrative expenses, as well as depreciation and amortization, contributed to the compression of operating income margins. Depreciation and amortization also showed a consistent upward trend.
- Net Earnings
- Net earnings followed the overall trend of operating income, peaking at US$5.17 billion in July 2022. Fluctuations in provision for income taxes impacted net earnings, but the underlying trend reflects the performance of operating income. Net earnings ended at US$2.997 billion in May 2025, representing a significant decrease from the peak.
- Interest and Other Income (Expense), Net
- Interest and other expenses consistently exceeded interest income, resulting in a net expense. The magnitude of this net expense increased over time, contributing to a reduction in earnings before income taxes. The net expense reached US$595 million in July 2024.
In summary, the observed period indicates a company that experienced substantial growth initially, followed by a period of stabilization and eventual decline in key profitability metrics. Increasing operating expenses and net interest expense appear to be significant contributing factors to this trend. The cyclical nature of sales suggests potential seasonality or external economic influences warranting further investigation.