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: 2025-05-04), 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 financial data exhibits several notable trends and fluctuations across the reported quarters.
- Net Sales
- Net sales generally show an increasing trend with evident seasonality. There is a marked increase starting in mid-2020, peaking in several quarters around 40,000 million US dollars. However, intermittent declines appear, particularly in early 2023 and late 2023, indicating potential cyclicality or market influences.
- Cost of Sales
- Cost of sales follows a similar pattern to net sales, rising over time but with sharp increases around mid-2020 and fluctuating thereafter. The cost margins appear pressured in some quarters as costs rise in proportion to sales, but there are periods where costs grow faster, indicating margin compression.
- Gross Profit
- Gross profit increases steadily but with some volatility. Peaks in gross profit align with strong sales quarters, particularly from mid-2020 onward. However, periods of decline are also visible, reflecting the effects of increased cost of sales in some quarters.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses consistently increase over the periods. While rising expenses can be expected with business growth, the rate of increase is significant and may affect operating leverage. Occasional spikes suggest possible investment in operational capacity or other administrative expenditures.
- Depreciation and Amortization
- This expense shows a steady, gradual increase, reflecting either asset growth or updated depreciation schedules. The increase is modest relative to other expenses but consistent.
- Operating Expenses
- Operating expenses, combining SG&A and depreciation/amortization, increase steadily in line with business scale expansion. The trend suggests controlled but rising operational costs requiring careful cost management to maintain profitability.
- Operating Income
- Operating income trends upward with some variability. Notable increases occur post mid-2020, paralleling rises in sales and gross profit. However, dips in some quarters indicate fluctuations in operating efficiency or cost pressures impacting profitability.
- Interest Income and Expense
- Interest income remains relatively low and stable, with minor fluctuations. In contrast, interest expense tends to increase over time. The net interest impact is negative and growing, which could reflect increasing debt levels or higher borrowing costs.
- Earnings Before Provision for Income Taxes
- EBIT generally follows operating income trends but with higher volatility. Peaks are observed in quarters with strong sales and operating performance, while troughs correspond with operating income declines or increased interest burden.
- Provision for Income Taxes
- Tax provisions increase in absolute terms consistent with higher earnings, yet the effective tax burden varies quarter to quarter. Some quarters show relatively lower tax provisions despite strong earnings, possibly due to tax planning or timing differences.
- Net Earnings
- Net earnings display an overall upward trajectory with fluctuations mirroring operating income and EBIT trends. Significant gains appear from mid-2020 onwards, with peaks followed by some decline periods, indicating sensitivity to operating results and tax provisions.
In summary, the entity demonstrates growth in sales and profitability from 2019 through 2025, punctuated by periodic declines possibly due to market conditions or operational challenges. Cost control remains a critical focus as expenses rise notably. The increasing interest expense trend suggests growing financial leverage. Overall, despite some volatility, the financial results reflect an expanding business with improving earnings capacity over the analyzed quarters.