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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
The Home Depot (HD) investor relations material
The Home Depot Q4 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2026 earnings summary24 Feb, 2026
Executive summary
Fiscal 2025 sales reached $164.7 billion, up 3.2% year-over-year, with comparable sales up 0.3% overall and 0.5% in the U.S.; Q4 sales were $38.2 billion, down 3.8% due to a shorter quarter, with comps up 0.4%.
Adjusted diluted EPS for the year was $14.69, down 3.6% year-over-year; Q4 adjusted EPS was $2.72, down 13.1%.
Net earnings for Q4 were $2.6 billion ($2.58 per diluted share), and for the year $14.2 billion ($14.23 per diluted share).
Market share gains were driven by strong Pro engagement, digital enhancements, and successful events.
Quarterly dividend increased by 1.3% to $2.33 per share, marking the 156th consecutive quarterly dividend.
Financial highlights
Gross margin for the year was 33.3%, down 10 bps; Q4 gross margin was 32.6%, down 20 bps, mainly due to GMS acquisition mix.
Operating margin for the year was 12.7% (adjusted 13.1%), down from 13.5% (adjusted 13.8%) in 2024.
Q4 operating income was $3.85 billion (down 14.4%); fiscal year operating income was $20.9 billion (down 3.0%).
Inventory at year-end was $25.8 billion, up $2.4 billion, reflecting GMS acquisition and higher costs.
Return on invested capital was 25.7%, down from 31.3% last year.
Outlook and guidance
Fiscal 2026 guidance: total sales growth of 2.5%-4.5%, comp sales flat to 2%, adjusted EPS growth flat to 4%.
Gross margin expected at 33.1%, operating margin 12.4%-12.6%, adjusted operating margin 12.8%-13%.
Capital expenditures targeted at 2.5% of sales; 15 new stores and 40-50 new SRS locations planned.
SRS organic sales expected to grow mid-single digits.
Effective tax rate estimated at 24.3%; net interest expense at $2.3 billion.
How does housing pressure impact 2026 comp sales?
What sales growth is expected from acquisitions?
What is the 2026 acquired intangible amortization impact?
Key Pro capabilities still rolling out in 2026?
Impact of consumer uncertainty on big ticket projects?
What drives Q1 FY26 negative EPS performance?
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Next The Home Depot earnings date
Q1 202712 May, 2026
The Home Depot
Next The Home Depot earnings date
Q1 202712 May, 2026
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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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