Cash Flow Statement
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
- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
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Home Depot Inc., consolidated cash flow statement
US$ in millions
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).
- Net Earnings
- Net earnings exhibited an overall upward trend from 11,242 million USD in 2020 to a peak of 17,105 million USD in 2023, followed by a decline to 14,806 million USD in 2025. This indicates strong growth in profitability through 2023, with a contraction in the last two years observed.
- Depreciation and Amortization
- Depreciation and amortization expenses increased steadily from 2,296 million USD in 2020 to 3,336 million USD in 2025, reflecting ongoing capital asset utilization and investments. Amortization of intangible assets commenced in 2023 and showed a notable rise by 2025, suggesting increased intangible asset capitalization or acquisitions.
- Stock-Based Compensation Expense
- Stock-based compensation expenses increased moderately from 251 million USD in 2020 to 442 million USD in 2025, indicating a gradual growth in equity-linked employee compensation expenses over the period.
- Changes in Working Capital Components
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Receivables showed a net negative change initially but transitioned to small positive changes by 2023, implying improved collection or sales timing.
Merchandise inventories exhibited substantial variability, with significant increases and decreases over the years; notably, a spike in inventory in 2023 was followed by a reduction in 2025, indicating fluctuating inventory management possibly aligned with demand shifts.
Other current assets generally showed negative changes, reflecting asset reductions except a positive change in 2025.
Accounts payable and accrued expenses displayed large positive changes in 2021 and 2022 but shifted to negative changes in subsequent years, suggesting changes in payment timing or supplier terms.
- Deferred Revenue and Taxes
- Deferred revenue increased initially but showed notable declines in recent years, implying a decrease in unearned revenue recognition. Changes in income taxes payable and deferred income taxes showed fluctuations without a clear trend, reflecting tax timing and liability management dynamics.
- Operating Activities
- Net cash provided by operating activities increased from 13,723 million USD in 2020 to peak at 21,172 million USD in 2024 before declining to 19,810 million USD in 2025, indicating strong cash generation capability with some volatility. However, the direct reconciliation of net earnings to operating cash showed high variability and even negative figures in some periods, suggesting changes in non-cash adjustments or working capital impacts.
- Investing Activities
- Capital expenditures steadily increased from 2,678 million USD in 2020 to 3,485 million USD in 2025, illustrating ongoing investments. Payments for acquisitions were irregular, with large outflows in 2021 and 2025, suggesting strategic purchase activities. Net cash used in investing activities increased notably in 2025 due to acquisitions and capital investments.
- Financing Activities
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Long-term debt proceeds generally increased with a peak in 2025, indicating raised leverage or refinancing. Repayments fluctuated but remained significant throughout.
Repurchases of common stock showed a large outflow particularly in 2022, followed by decreases in later years, suggesting aggressive share buybacks previously with moderation later.
Dividends steadily increased from 5,958 million USD in 2020 to 8,929 million USD in 2025, underlining a commitment to returning cash to shareholders.
Overall, net cash used in financing activities varied widely, peaking in 2022 with a large outflow, then significantly reducing by 2025.
- Cash Position and Changes
- Cash and cash equivalents grew strongly in 2021 to 7,895 million USD but decreased in 2022 and showed fluctuations thereafter, ending at 1,659 million USD in 2025. These changes reflect the net effects of operational cash flows, investing outflows for acquisitions and capital expenditures, and financing cash movements including debt and equity activities.