HD earnings analysis
What we found in HD's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $4.92
- Operating margin
- 14.3%
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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