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Home Depot (HD) Stock Analysis

Consumer CyclicalRetail-Lumber & Other Building Materials Dealers

Q2 2026 · +5.7% revenue · +14.6% revenue
Beat the trendvs trailing 3-quarter avg
Revenue▲+4.4 ppvs trend
Net income▲+11.3 ppvs trend
Diluted EPS▲+11.3 ppvs trend
Free cash flow▲+19.5 ppvs trend

Outperformed in 4 of 4 metrics

How the cash was deployedQ2 2026
Operating cash flow$11.42B
$1.72B (15.1 %)
Dividends paid$4.64B (40.6 %)
Returned to shareholders this quarter$4.64B▲ +1.5%
Last 8 quarters of revenueLatest quarter highlighted. Q4 reconstructed from the annual filing.
+5.7% +14.6%
40.22B
Q3 24
39.70B
Q4 24*
39.86B
Q1 25
45.28B
Q2 25
41.35B
Q3 25
38.20B
Q4 25*
41.77B
Q1 26
47.86B
Q2 26

* Q4 is reconstructed from the annual filing (FY − Q1 − Q2 − Q3), since the SEC does not require a Q4 10-Q.

RevenueAccelerating
$47.86B
▲+5.7% ▲+14.6%
36.42B
43.17B
40.22B
39.70B
39.86B
45.28B
41.35B
38.20B
41.77B
47.86B
Moving faster than the prior quarter — the trend is picking up speed.
Net incomeAccelerating
$4.77B
▲+4.7% ▲+44.9%
3.60B
4.56B
3.65B
3.00B
3.43B
4.55B
3.60B
2.57B
3.29B
4.77B
Moving faster than the prior quarter — the trend is picking up speed.
Free cash flowSlowing
$9.70B
▲+33.9% ▲+86.9%
4.65B
9.34B
12.76B
−13.04B
3.52B
7.25B
10.36B
−11.42B
5.19B
9.70B
Still moving the same direction, but at a smaller pace than the prior quarter.
Diluted Accelerating
$4.79
▲+4.6% ▲+45.2%
3.63
4.60
3.67
3.01
3.45
4.58
3.62
2.58
3.30
4.79
Moving faster than the prior quarter — the trend is picking up speed.

Margins

Gross marginAccelerating
33.7 %
▲+0.3 pp ▲+0.7 pp
34.14
33.39
33.38
32.83
33.77
33.41
33.41
32.64
33.00
33.67
Moving faster than the prior quarter — the trend is picking up speed.
Operating marginAccelerating
14.3 %
▼−0.2 pp ▲+2.4 pp
13.95
15.13
13.47
11.32
12.88
14.48
12.94
10.08
11.93
14.29
Moving faster than the prior quarter — the trend is picking up speed.
Net marginAccelerating
10.0 %
▼−0.1 pp ▲+2.1 pp
9.89
10.56
9.07
7.55
8.61
10.05
8.71
6.73
7.88
9.96
Moving faster than the prior quarter — the trend is picking up speed.
Metric
Q2 2025Same quarter, prior year
Q1 2026Previous quarter
Q2 2026Latest quarter
YoYQoQ
Revenue$45.28B$41.77B$47.86B+5.7%+14.6%
Cost of revenue$30.15B$27.98B$31.75B+5.3%+13.4%
Gross profit$15.13B$13.78B$16.11B+6.5%+16.9%
Operating expenses$8.57B$8.80B$9.28B+8.2%+5.4%
Operating income$6.55B$4.98B$6.84B+4.3%+37.3%
Net income$4.55B$3.29B$4.77B+4.7%+44.9%
Diluted $4.58$3.30$4.79+4.6%+45.2%
Operating cash flow$8.97B$6.03B$11.42B+27.4%+89.4%
$1.72B$844.00M$1.72B+0.1%+104%
Free cash flow$7.25B$5.19B$9.70B+33.9%+86.9%
Gross margin33.4 %33.0 %33.7 %+0.3 pp+0.7 pp
Operating margin14.5 %11.9 %14.3 %−0.2 pp+2.4 pp
Net margin10.1 %7.9 %10.0 %−0.1 pp+2.1 pp