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Company Research7 May 2025
Lowe's Companies: Building a One-Stop Shop for Home Improvement
Lowe's Companies began as a single store in 1921 and has steadily expanded its footprint and offerings, now operating 1,750 stores across the U.S.
The Home Depot (HD) investor relations material
The Home Depot Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary18 Nov, 2025
Executive summary
Third quarter sales reached $41.4 billion, up 2.8% year-over-year, with comp sales up 0.2% and U.S. comps up 0.1%.
Net earnings for the quarter were $3.6 billion, with diluted EPS at $3.62, slightly down from last year; adjusted diluted EPS was $3.74, down 1.1% year-over-year.
GMS acquisition contributed $900 million in sales for the quarter and is expected to add $2 billion in incremental sales for fiscal 2025.
The company continues to invest in operational efficiency, technology, and pro customer capabilities.
Three new stores opened, bringing the total to 2,356.
Financial highlights
Gross margin was 33.4%, flat year-over-year; operating margin was 12.9% vs. 13.5% last year; adjusted operating margin was 13.3%.
Operating income was $5.35 billion, down 1.2% from the prior year.
Online comp sales grew 11% year-over-year, representing over 15% of net sales.
Inventory at $26.2 billion, up $2.3 billion year-over-year, reflecting GMS inclusion and investments in delivery speed.
Return on invested capital was 26.3%, down from 31.5% last year.
Outlook and guidance
Fiscal 2025 sales growth expected at approximately 3%, with slightly positive comp sales.
Gross margin forecast at 33.2%, operating margin at 12.6%, and adjusted operating margin at 13%.
Diluted EPS expected to decline about 6% and adjusted EPS about 5% versus fiscal 2024, due to 52 vs. 53 week comparison.
Capital expenditures planned at 2.5% of sales, or approximately $4 billion.
No plans to resume share repurchases in fiscal 2025; focus remains on business investment and dividends.
Organic sales growth ex-GMS for FY25?
Reason for reduced share repurchases YTD FY25?
Evidence supporting market share growth claim?
Path to margin improvement for SRS/GMS acquisitions
Reconcile strong GDP/PCE with demand pressure
Impact of AI blueprint tool on Pro projects
GMS acquisition: What strategic benefits are expected?
Which departments show resilience despite macro headwinds?
When will share repurchases resume?
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Next The Home Depot earnings date
Investor Day 20259 Dec, 2025
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The Home Depot: The World's Largest Home Improvement Retailer
The Home Depot was founded in 1979 and has ever since applied its successful strategy of expansion to grow its business substantially, now operating 2,347 stores.
Frequently asked questions
Home is where the heart is
The Home Depot is a leading home improvement retailer that operates a chain of stores across the United States and Canada. The company offers a wide range of products and services for both DIY (do-it-yourself) enthusiasts and professional contractors. The Home Depot stores are known for their selection of building materials, tools, hardware, appliances, and home improvement products. In addition to its retail operations, The Home Depot also provides various installation services and offers digital platforms for online shopping and project planning. Placing a heavy emphasis on customer service, their retail spaces have become appreciated due to their ability to meet the needs of both homeowners, DIY-enthusiasts and professional contractors alike.
A fascinating tale of entrepreneurship and growth
The Home Depot was founded in 1978 by avid DIY’ers and enthusiasts Bernie Marcu and Arthur Blank with help from Ron Brill and Pat Farrah. The idea behind the company was to create a one-stop shop for home improvement needs, offering a wide selection of products at affordable prices. This is something they proved to be very good at, and after opening their first two stores in Atlanta, Georgia, the company grew rapidly. While focusing on customer service, competitive pricing, and a vast product assortment, Home Depot expanded its footprint across the United States and later ventured into the Canadian market.
Further reading: Edward "Ted" Decker's Rise to the Top at Home Depot
Customer centric from the get-go
Marcu and Blank placed a strong emphasis on customer service right off the bat and ensured that shopping at Home Depot felt welcoming and accessible to all, regardless of whether they were doing their first DIY-project or if they were experienced industry professionals. This is something that is engraved in the company's DNA and is a key part of the culture at Home Depot. The company has a “Whatever it takes” motto and ensures that their staff are knowledgeable and able to offer advice and guidance, and also invests heavily in training for their employees.
Big retail spaces providing home improvement goods is however not something unique. Home Depot has several large competitors that are publicly traded, with some of the biggest ones including names such as Lowe’s and Floor & Decor.
All encompassing services
Home Depot might be best known for their massive retail spaces, but also offer a variety of online services. The company offers a comprehensive platform for product planning, as well as a traditional online retail section. Customers can browse a wide selection of products, access detailed product information, compare prices, and read customer reviews. Home Depot also offers customers professional installation services, tailored towards those completing projects that require a specific skill set or for customers with little interest in DIY at all.
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