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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Home Depot Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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).
Operational cash flow demonstrates consistent strength throughout the analyzed period, with net cash provided by operating activities remaining positive across all quarters. While net earnings exhibit periodic volatility, ranging from a low of 2,571 million US$ to a peak of 5,173 million US$, the cash generated from operations provides a stable foundation for the company's financial activities.
- Operating Efficiency and Non-Cash Adjustments
- A steady upward trend is observed in depreciation and amortization, which grew from 607 million US$ in May 2020 to 910 million US$ by May 2026. This suggests a consistent expansion of the company's fixed asset base. Stock-based compensation remains a recurring non-cash expense, showing moderate fluctuations but generally trending higher in the latter half of the period.
- Working Capital Dynamics
- Significant volatility is present in working capital components, particularly regarding merchandise inventories and accounts payable. Large negative swings in inventory, such as the 3,226 million US$ outflow in May 2022, are often offset by subsequent inflows, indicating seasonal inventory builds and liquidations. Similarly, changes in accounts payable and accrued expenses show substantial variance, suggesting a dynamic management of supplier credit to optimize cash flow.
- Investing Strategies and Capital Deployment
- Capital expenditures are maintained at a relatively consistent level, generally fluctuating between 600 million US$ and 1.1 billion US$ per quarter. The investing profile is characterized by episodic, large-scale outflows for business acquisitions. Notable spikes occurred in January 2021 (7,780 million US$), July 2024 (17,570 million US$), and November 2025 (5,015 million US$), indicating a strategy of periodic inorganic growth.
- Financing and Capital Allocation
- Shareholder returns are characterized by a disciplined and growing dividend policy, with quarterly payments increasing steadily from 1,611 million US$ in May 2020 to 2,320 million US$ by May 2026. Repurchases of common stock were highly active between May 2021 and January 2023, with several quarters exceeding 2 billion US$ in outflows, before becoming less frequent in later periods.
- Debt Management and Liquidity
- The company utilizes a combination of short-term and long-term debt to manage liquidity and fund strategic investments. A significant increase in long-term debt proceeds (9,952 million US$) in July 2024 coincides with a major business acquisition, demonstrating a coordinated financing strategy. The overall change in cash and cash equivalents remains volatile, driven primarily by the timing of these large-scale acquisitions and subsequent financing activities.
The financial profile reveals a business capable of generating strong operational cash flow to support both steady capital expenditures and growing dividends, while leveraging debt markets to facilitate major strategic acquisitions.