Home Depot Inc. (NYSE:HD)

The analysis of the quarterly financial data reveals several noteworthy trends in the company's liabilities, equity, and related financial components over the periods presented.

Short-term debt

The short-term debt exhibits volatility, with values fluctuating significantly across quarters. It peaked notably at 2,527 million USD in July 2024 from a low of 8 million USD in January 2024, indicating large swings in short-term financing needs or repayments.

Accounts payable

Accounts payable generally fluctuates but shows an overall upward trend from 10,311 million USD in May 2019 to peaks around 14,696 million USD in May 2025, suggesting increasing obligations to suppliers or operating expenses over time.

Accrued salaries and related expenses

This liability category increases over time with some fluctuations, moving from approximately 1,418 million USD to values exceeding 2,300 million USD in late periods, reflecting rising wage expenses or accrued compensation liabilities.

Sales taxes payable

Sales taxes payable remain volatile with multiple increases and decreases. The highest levels are observed around 1,149 million USD in May 2021, followed by a generally declining trend toward lower hundreds of millions in recent quarters.

Deferred revenue

Deferred revenue exhibits a rising trend, growing from 2,015 million USD in early periods to about 3,600 million USD mid-way, then stabilizing around 2,600 to 2,700 million USD in later quarters, indicating recognition of advance payments or unearned revenues with some recent normalization.

Income taxes payable

Data on income taxes payable is sparse but shows substantial variability when reported, including a peak of over 1,000 million USD in August 2023, reflecting fluctuating tax obligations in the periods available.

Current installments of long-term debt

Current installments of long-term debt vary considerably, rising sharply from just above 1,000 million USD toward peaks near 6,400 million USD in later quarters, suggesting increasing amounts of debt maturing within the next year.

Current operating lease liabilities

Operating lease liabilities show a gradual but steady increase over time, moving from approximately 793 million USD to over 1,300 million USD toward the end of the time series, consistent with potentially expanding lease commitments.

Other accrued expenses

Other accrued expenses display notable fluctuations, with significant spikes such as 4,566 million USD in May 2021, but generally trend upward across the periods, indicative of increasing miscellaneous accrued liabilities.

Current liabilities

Current liabilities demonstrate growth from about 19,673 million USD to fluctuating levels near 31,500 million USD, indicating expanding short-term obligations.

Long-term debt (excluding current installments)

Long-term debt shows a general increasing pattern, rising from 26,804 million USD early on to nearly 51,869 million USD in July 2024, before slightly decreasing in the most recent quarters. This reflects increased leverage over time with some recent reduction.

Long-term operating lease liabilities

Long-term operating lease liabilities increase steadily from around 5,145 million USD to highs of approximately 7,700 million USD, revealing longer-term leasing commitments growing significantly.

Deferred income taxes

Deferred income tax values, where available, show an increasing trend, peaking at about 2,500 million USD, indicating growth in deferred tax liabilities or timing differences.

Other long-term liabilities

Other long-term liabilities fluctuate moderately but generally remain within a range of 2,000 to 3,700 million USD, with some periods showing decline, pointing to relatively stable but sizable residual liabilities.

Long-term liabilities

The aggregate of long-term liabilities rises from approximately 33,985 million USD to over 64,300 million USD in 2024, then decreasing slightly thereafter. This evidences substantial growth in long-term financial obligations over the analyzed timeframe.

Total liabilities

Total liabilities increase noticeably from 53,658 million USD to a peak above 92,000 million USD by the mid-post period, with some fluctuations later. This marks an overall expansion in the company's debt and obligations.

Common stock and paid-in capital

The common stock value remains stable and unchanged, reflecting a consistent par value over time. Paid-in capital shows a gradual increase from 10,590 million USD to about 14,438 million USD, indicating additional capital contributions or retained equity improvements.

Retained earnings

Retained earnings demonstrate a steady and consistent growth from 47,459 million USD to 92,943 million USD, highlighting ongoing profitability and reinvestment of earnings.

Accumulated other comprehensive loss

This account fluctuates somewhat but generally remains negative with varying degrees of loss, suggesting ongoing unrealized losses or valuation adjustments impacting equity.

Treasury stock

Treasury stock at cost shows a growing negative balance, increasing from about -59,446 million USD to nearly -95,971 million USD, signaling substantial stock repurchases over time reducing outstanding equity.

Stockholders’ equity (deficit)

Equity fluctuates between negative territory early in the data and positive levels later, rising from a deficit near -2,143 million USD to a positive 10,665 million USD by the end of the period, indicating improved net asset position and financial strength.

Total liabilities and stockholders’ equity

The total of liabilities and equity rises steadily from about 51,515 million USD to approximately 100,049 million USD, reflecting growth in the company's overall financial size and balance sheet expansion.

Overall, the data indicates that liabilities—both current and long-term—have increased significantly, particularly in debt-related categories. Simultaneously, stockholders' equity has improved from negative to positive, supported by increases in retained earnings and paid-in capital despite growing treasury stock balances. The company's financial structure appears to reflect increased leverage and growing operational commitments over time, balanced by retention of earnings and capital injections.