Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Income Statement
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Net Profit Margin since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Home Depot Inc., consolidated cash flow 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).
- Net Earnings
- Net earnings exhibit notable volatility across the periods. After peaking in the second quarter of 2020 at 4,332 million USD, a significant increase compared to preceding quarters, the earnings oscillate thereafter with several peaks and troughs. This suggests fluctuations influenced by operational or market factors, with earnings generally remaining above the 3,000 million USD mark in most recent quarters, except for occasional dips.
- Depreciation and Amortization (excluding intangible assets)
- Depreciation and amortization steadily increase over time, from 547 million USD in early 2019 to around 850 million USD by late 2024, indicating ongoing additions to fixed assets or changes in asset base, reflecting investment or acquisition activities.
- Intangible Asset Amortization
- This expense appears only in later periods, commencing roughly in 2023, with fluctuating amounts ranging from 48 to 145 million USD, likely reflecting amortization related to recent acquisitions or capitalized intangible assets.
- Stock-based Compensation Expense
- The expense fluctuates significantly, with a general upward trend. Earlier years show lower amounts around 50-80 million USD, increasing to peaks over 140 million USD in some quarters, reflecting potentially elevated compensation costs or equity incentives.
- Changes in Receivables, Net
- Receivables changes demonstrate high variability, featuring both positive and negative swings. Large negative movements often correspond with strong positive granted credit or collections affecting cash flows, indicating fluctuations in customer payment cycles.
- Changes in Merchandise Inventories
- This category shows the most pronounced volatility, with wide swings into negative and positive territories, ranging from roughly -3,200 million USD to over 2,200 million USD. This suggests significant inventory management adjustments, possibly due to supply chain changes, seasonal demand, or anticipation of future sales.
- Changes in Other Current Assets
- These changes show moderate variability but mostly minor magnitude compared to other balance sheet items, suggesting less impact or relatively stable levels of other current assets over time.
- Changes in Accounts Payable and Accrued Expenses
- This item exhibits high volatility with large positive and negative swings, sometimes exceeding 3,000 million USD. This implies that the company actively manages payables, which could be related to vendor negotiations, timing of purchases, or working capital optimization.
- Changes in Deferred Revenue
- Deferred revenue fluctuates modestly, occasionally dipping into negatives, but without extreme swings. It signals relatively stable recognition patterns of income from advance payments or subscription-type business models.
- Changes in Income Taxes Payable
- Income tax payables show considerable variability with some quarters seeing increases over 1,000 million USD and others sizeable decreases. This pattern reflects variations in tax payment timings, liabilities, or adjustments related to earnings variability.
- Changes in Deferred Income Taxes
- Deferred income taxes fluctuate within a narrower range compared to other liabilities, indicating minor adjustments or timing differences in tax recognition.
- Other Operating Activities
- This item varies irregularly but remains relatively small in scale. Occasional positive spikes suggest episodic operating events impacting cash flow.
- Changes in Assets and Liabilities, Net of Acquisition Effects
- The net change in assets and liabilities is highly variable, with large negative and positive balances indicating significant fluctuations in working capital excluding acquisitions, which affect operating cash flow.
- Reconciliation of Net Earnings to Net Cash Provided by Operating Activities
- This reconciliation figure fluctuates sharply, including large negative values in some quarters, suggesting periods with non-cash earnings components or operational cash flow challenges.
- Net Cash Provided by Operating Activities
- Operating cash flow displays substantial variation, peaking around 9,000 million USD in Q3 2020, coinciding with high net earnings, but dipping below 2,000 million USD during some other quarters. This indicates fluctuating cash conversion efficiency from operations.
- Capital Expenditures
- Capital expenditures trend between approximately 400 and 1,100 million USD per quarter, showing a relatively stable but slightly increasing investment in property and equipment over time.
- Payments for Businesses Acquired, Net
- Payments for acquisitions are generally sporadic but can be substantial during certain quarters, with an extreme notable payment in early 2024 exceeding 17,000 million USD, implying significant acquisition activity in that period.
- Other Investing Activities
- Other investing cash flows are consistently small to moderate and generally positive or near zero, suggesting limited non-core investing activities.
- Net Cash Used in Investing Activities
- Investing cash flows are persistently negative, typically several hundred million USD per quarter, reflecting ongoing investments in capital and acquisitions in line with the capital expenditures and acquisition payments trends.
- Proceeds from (Repayments of) Short-term Debt, Net
- Short-term debt activity shows irregular movements without a consistent pattern, suggesting flexible use of short-term borrowings to manage liquidity.
- Proceeds from Long-term Debt, Net of Discounts
- Long-term debt proceeds appear in chunks, with large inflows in certain quarters (notably in 2020 and 2024), indicating major debt issuance events aligned with financing needs possibly for acquisitions or capital projects.
- Repayments of Long-term Debt
- The company regularly repays long-term debt in relatively consistent, moderate amounts, indicating ongoing debt servicing obligations.
- Repurchases of Common Stock
- Share repurchases are substantial but irregular, with heavy buybacks concentrated in the early to mid-2020 period and a notable reduction later, reflecting strategic capital return policies or market conditions.
- Proceeds from Sales of Common Stock
- Proceeds from stock sales are minor and sporadic, indicating occasional equity issuance or employee stock plan activities, but not material.
- Cash Dividends
- Dividends paid steadily increase over time from approximately 1,490 million USD to about 2,300 million USD per quarter, reflecting a consistent and gradually growing return to shareholders.
- Other Financing Activities
- Other financing activities vary considerably but have minor overall impact relative to other cash flow components.
- Net Cash Provided by (Used in) Financing Activities
- Financing cash flows are highly volatile, swinging widely between large negative and positive amounts. This suggests active management of financing structure, including debt issuance/repayment, stock repurchases, dividends, and other financing cash flows, likely responding to both internal capital demands and external market conditions.
- Effect of Exchange Rate Changes on Cash and Cash Equivalents
- Effects of currency fluctuations on cash hold minimal but variable influence with small positive and negative impacts across periods.
- Change in Cash and Cash Equivalents
- The net change in cash balances is irregular, with periods of significant increases (e.g., mid-2020) and decreases (e.g., early 2021 and later 2024), mirroring the combined effects of operating, investing, and financing activities along with FX impacts.