10-Q · May 26, 2026
Home Depot reported Q1 2026 earnings with total revenue of $41.8 billion, up 4.8% from the prior year's $39.9 billion, and diluted EPS of $3.30, a decrease from $3.45 in Q1 2025. Operating margin decreased to 11.9% from…
Earnings analysis · 10-Q
HD earnings analysis
Filed August 25, 2026 · Our reading of the company's report
The latest report
Home Depot delivered a quarterly revenue beat at $47.861 billion and an EPS beat at $4.92, but comparable-sales growth of 1.7% was accompanied by a 1.0% decline in customer transactions and a 14.3% operating margin. The…
Read full summary
Home Depot delivered a quarterly revenue beat at $47.861 billion and an EPS beat at $4.92, but comparable-sales growth of 1.7% was accompanied by a 1.0% decline in customer transactions and a 14.3% operating margin. The 10-Q reported effective disclosure controls as of August 2, 2026, while noting continued accounting and finance-system migration over the next few years. No material changes to the risk factors from the 2025 Form 10-K were reported, and the filing contained no new quantitative guidance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $4.92
- Operating margin
- 14.3%
What stood out
-
Revenue and EPS beat consensus
Revenue was $47.861 billion and diluted EPS was $4.92, exceeding consensus estimates of $47.338 billion and $4.73, respectively.
-
Disclosure controls remained effective
Disclosure controls and procedures were concluded to be effective as of August 2, 2026.
-
Significant repurchase capacity remains
The company had $11.658 billion remaining under its $15.0 billion share-repurchase authorization as of the end of the quarter.
-
Repurchases remained paused
The company had paused share repurchases in March 2024 and had not resumed them as of August 2, 2026.
-
Only deemed repurchases occurred
The company recorded 10,491 deemed share repurchases during the quarter at an average price of $323.72; none were made under the publicly announced program.
What to watch
-
Traffic and margin pressure
Customer transactions declined 1.0% and operating margin fell to 14.3%, indicating weaker traffic and profitability pressure despite 1.7% comparable-sales growth.
-
Transformation execution risk
The ongoing business transformation includes migrating additional accounting and finance processes over the next few years, with related internal-control design changes while systems are upgraded.
-
Capital return remains constrained
Share repurchases remained paused from March 2024 through August 2, 2026, limiting near-term capital-return support despite $11.658 billion of authorization remaining.
Management's outlook
The extracted 10-Q provides no quantitative forward guidance. Prior fiscal 2026 outlook was reaffirmed in the August 18 earnings report, including approximately 2.5%-4.5% total sales growth and 0%-4.0% diluted EPS growth.
Earlier filings 4
10-K · March 18, 2026
Home Depot positions itself as the "world’s largest home improvement retailer based on net sales for fiscal 2025" and is executing a strategy to grow faster than the market by investing in its Pro business,…
10-Q · May 28, 2025
Home Depot reported Q1 net sales of $39,856 million (up from $36,418 million a year ago) and diluted EPS of $3.45 (down from $3.63). Primary segment sales increased to $37,287 million and Other (SRS) contributed $2,569…
10-Q · May 21, 2024
Home Depot reported Q1 net sales of $36,418 million (down from $37,257 million a year ago) and diluted EPS of $3.63 (down from $3.82). Gross margin held near 34.1% and operating margin was ~14.0%, while operating cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.