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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- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Price to Sales (P/S) 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: 2026-08-02), 10-Q (reporting date: 2026-05-03), 10-K (reporting date: 2026-02-01), 10-Q (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 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).
The analysis of cash flow operations reveals a consistent ability to generate positive net cash from operating activities, although the magnitude fluctuates quarterly. While net earnings show periodic volatility, with a peak of 5,173 million USD in July 2022 and a subsequent stabilization around 3,000 to 4,000 million USD, operating cash flow has remained robust, typically ranging between 3,000 and 6,000 million USD per quarter.
- Operational Efficiency and Working Capital
- A significant degree of volatility is observed in working capital components, particularly within merchandise inventories and accounts payable. Inventory changes exhibit sharp swings, such as the 3,226 million USD outflow in May 2022 contrasted with a 2,208 million USD inflow in July 2023, indicating cyclical inventory management. Depreciation and amortization expenses show a steady upward trend, increasing from 607 million USD in May 2020 to 929 million USD by August 2026, reflecting an expanding asset base.
- Investment Strategy and Capital Allocation
- Capital expenditures have scaled incrementally, moving from a baseline of approximately 500 to 600 million USD per quarter in 2020 to a range of 800 to 1,100 million USD in the latter periods. The investing profile is characterized by intermittent, large-scale acquisitions, most notably outflows of 7,780 million USD in January 2021, 17,570 million USD in July 2024, and 5,015 million USD in November 2025, indicating a strategy of aggressive inorganic growth.
- Financing and Shareholder Returns
- Shareholder distributions are characterized by a disciplined and growing dividend policy, with quarterly payments rising from 1,611 million USD in May 2020 to 2,323 million USD by August 2026. Common stock repurchases were a primary feature of financing activities through early 2024, with several quarters seeing outflows exceeding 3,000 million USD, though this activity appears to have diminished in the most recent periods.
- Debt Management and Liquidity
- The financing of large acquisitions is evident through strategic shifts in debt. A notable increase in long-term debt proceeds occurred in July 2024, totaling 9,952 million USD, which aligned with the peak acquisition spend of that period. The company maintains a pattern of alternating between debt issuance and repayment to optimize its capital structure, as seen in the recurrent repayments of long-term debt often exceeding 1,000 million USD per quarter.
Overall, the cash flow profile indicates a mature organization that leverages strong operational cash generation to fund both steady capital improvements and significant strategic acquisitions, while simultaneously increasing direct returns to shareholders through dividends.