Income Statement
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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- Cash Flow Statement
- Common-Size Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
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Home Depot Inc., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2026-02-01), 10-K (reporting date: 2025-02-02), 10-K (reporting date: 2024-01-28), 10-K (reporting date: 2023-01-29), 10-K (reporting date: 2022-01-30), 10-K (reporting date: 2021-01-31).
The financial performance over the six-year period demonstrates a generally positive trajectory in revenue and profitability, though recent years indicate a stabilization and, in some areas, a slight decline. Net sales experienced growth from 2021 to 2023, peaking at US$157.403 billion, before decreasing to US$152.669 billion in 2024. Projections for 2025 and 2026 suggest a return to growth, reaching US$164.683 billion. Cost of sales increased consistently throughout the period, mirroring the growth in net sales, and is projected to continue rising. Gross profit followed a similar pattern, peaking in 2023 and experiencing a slight dip in 2024, but is forecast to increase in subsequent years.
- Profitability
- Operating income showed substantial growth between 2021 and 2023, increasing from US$18.278 billion to US$24.039 billion. However, 2024 saw a decrease to US$21.689 billion, and this downward trend is projected to continue through 2026, reaching US$20.890 billion. Net earnings mirrored this pattern, with growth through 2023 followed by declines in 2024, 2025, and 2026. The provision for income taxes remained relatively stable as a percentage of earnings before taxes, fluctuating between approximately 24% and 25%.
- Expense Analysis
- Selling, general and administrative expenses increased steadily over the period, indicating growing operational costs. Depreciation and amortization also exhibited consistent growth, reflecting ongoing investments in assets. Operating expenses, encompassing both selling, general, and administrative expenses and depreciation/amortization, followed a similar upward trend. Interest expense increased significantly from 2021 to 2026, potentially due to increased borrowing or changes in interest rates.
- Other Income/Expense
- Interest income and other, net, showed some volatility, with a notable increase in 2024, but is projected to decrease in later years. Interest and other income (expense), net, consistently represented a net expense, and this expense increased over the period, contributing to the overall pressure on operating income. The net impact of these items, while relatively small compared to core operations, should be monitored.
Overall, the period demonstrates a mature business experiencing moderate growth, with recent indications of stabilization and potential challenges to maintaining previous growth rates. The increasing expense base, particularly in selling, general, and administrative costs and interest expense, warrants attention. While revenue is projected to increase, the concurrent rise in costs and the declining operating income suggest a need for careful cost management and strategic initiatives to improve profitability.