Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Home Depot Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Feb 2, 2025	Jan 28, 2024	Jan 29, 2023	Jan 30, 2022	Jan 31, 2021	Feb 2, 2020
Short-term debt	316)	—)	—)	1,035)	—)	974)
Accounts payable	11,938)	10,037)	11,443)	13,462)	11,606)	7,787)
Accrued salaries and related expenses	2,315)	2,096)	1,991)	2,426)	2,463)	1,494)
Sales taxes payable	628)	449)	528)	848)	774)	605)
Deferred revenue	2,610)	2,762)	3,064)	3,596)	2,823)	2,116)
Income taxes payable	832)	28)	50)	158)	193)	55)
Current installments of long-term debt	4,582)	1,368)	1,231)	2,447)	1,416)	1,839)
Current operating lease liabilities	1,274)	1,050)	945)	830)	828)	828)
Other accrued expenses	4,166)	4,225)	3,858)	3,891)	3,063)	2,677)
Current liabilities	28,661)	22,015)	23,110)	28,693)	23,166)	18,375)
Long-term debt, excluding current installments	48,485)	42,743)	41,962)	36,604)	35,822)	28,670)
Long-term operating lease liabilities	7,633)	7,082)	6,226)	5,353)	5,356)	5,066)
Deferred income taxes	1,962)	863)	1,019)	909)	1,131)	706)
Other long-term liabilities	2,738)	2,783)	2,566)	2,013)	1,807)	1,535)
Long-term liabilities	60,818)	53,471)	51,773)	44,879)	44,116)	35,977)
Total liabilities	89,479)	75,486)	74,883)	73,572)	67,282)	54,352)
Common stock, par value $0.05	90)	90)	90)	90)	89)	89)
Paid-in capital	14,117)	13,147)	12,592)	12,132)	11,540)	11,001)
Retained earnings	89,533)	83,656)	76,896)	67,580)	58,134)	51,729)
Accumulated other comprehensive loss	(1,129)	(477)	(718)	(704)	(671)	(739)
Treasury stock, at cost	(95,971)	(95,372)	(87,298)	(80,794)	(65,793)	(65,196)
Stockholders’ equity (deficit)	6,640)	1,044)	1,562)	(1,696)	3,299)	(3,116)
Total liabilities and stockholders’ equity (deficit)	96,119)	76,530)	76,445)	71,876)	70,581)	51,236)

Based on: 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), 10-K (reporting date: 2020-02-02).

The financial data reveals several key trends in the company's liabilities and equity structure over the analyzed periods.

Short-term obligations: Short-term debt shows fluctuations with a notable reduction by the last period, reaching 316 million US dollars after earlier increases and missing data in some years. Accounts payable increased substantially from 7,787 million to a peak of 13,462 million before declining and rising again to 11,938 million. Accrued salaries and related expenses followed a pattern of growth until 2021, decreased in subsequent years, and then rose again in the latest period. Sales taxes payable displayed a declining trend after peaking in 2022. Deferred revenue increased through 2022 and declined thereafter, while income taxes payable moved irregularly, ending with a sharp increase in 2025.
Current liabilities: Current installments of long-term debt exhibited volatility, with a peak in 2025 at 4,582 million after a drop in interim years. Current operating lease liabilities showed a consistent upward trend, increasing from 828 million to 1,274 million by 2025. Other accrued expenses generally increased, with minor fluctuations. Overall, current liabilities rose until 2022, decreased in the next two years, and then surged back to nearly 28,661 million in the last period.
Long-term liabilities: Long-term debt, excluding current installments, continuously increased from 28,670 million to 48,485 million, indicating growing reliance on long-term financing. Similarly, long-term operating lease liabilities increased steadily. Deferred income taxes fluctuated but nearly doubled in the final period, reaching 1,962 million. Other long-term liabilities also showed a steady rise over time. Total long-term liabilities consistently grew, reaching 60,818 million.
Total liabilities: Total liabilities rose significantly from 54,352 million to 89,479 million, demonstrating an overall increase in the company’s financial obligations over the years.
Equity components: Common stock remained stable in nominal value throughout the periods. Paid-in capital gradually increased, signaling continuous additional investment or capital issuance. Retained earnings exhibited a strong upward trend, almost doubling over the period, reflecting consistent profitability or earnings reinvestment. Accumulated other comprehensive loss has fluctuated but showed a tendency to increase in absolute terms, indicating growing unrealized losses. Treasury stock at cost expanded negatively, which may represent ongoing share repurchases and a significant reduction in outstanding equity. Stockholders’ equity shows volatility with periods of deficit and surplus, ending with a modest positive balance that improved compared to some past years but remains relatively low considering total liabilities.
Overall financial position: Total liabilities and stockholders’ equity increased markedly, from 51,236 million to 96,119 million, indicating growth in the balance sheet size. The rise in total liabilities outpaced equity growth, which suggests higher leverage and increased financial risk exposure. The equity fluctuations combined with growing treasury stock underline potential capital structure management strategies such as share buybacks impacting net equity.

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Home Depot Inc. (NYSE:HD)

Balance Sheet: Liabilities and Stockholders’ Equity