# The Home Depot, Inc. (HD)

> Source: Nexqual · https://nexqual.com/HD · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, The Home Depot, Inc. (HD), nexqual.com/HD" · informational, not investment advice.

**Price:** USD 327.73 (+4.33% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 327.73 · day 313.56–327.92 · 52w 277.15–397.63 · market cap null · NYQ

## Key facts
- Last four reported quarters (through Aug 2, 2026): revenue $169B, net income $14.2B (8.4% margin), free cash flow $15.1B (SEC filings).
- 10 of 80 tracked superinvestors hold HD (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 2 new, 4 added, 4 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $3.3M; 4 not under a Rule 10b5-1 plan ($3.3M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.28 on a 1–5 scale) (36 analysts), mean target USD 379.75 (range 310–425).
- Total return with dividends: 1Y -12.5% vs S&P 500 +14.9%; 5Y +1.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-17, EPS estimate USD 3.84, revenue estimate $42.7B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $151B | $157B | $153B | $160B | $165B | $169B |
| Gross profit | $50.8B | $52.8B | $51.0B | $53.3B | $54.9B | — |
| Operating income | $23.0B | $24.0B | $21.7B | $21.5B | $20.9B | $21.0B |
| Net income | $16.4B | $17.1B | $15.1B | $14.8B | $14.2B | $14.2B |
| EPS (diluted) | $15.53 | $16.69 | $15.11 | $14.91 | $14.23 | — |
| Free cash flow | $14.0B | $11.5B | $17.9B | $16.3B | $12.6B | $15.1B |
| Gross margin | 33.6% | 33.5% | 33.4% | 33.4% | 33.3% | — |
| Operating margin | 15.2% | 15.3% | 14.2% | 13.5% | 12.7% | 12.4% |
| Net margin | 10.9% | 10.9% | 9.9% | 9.3% | 8.6% | 8.4% |
| Revenue growth | +14.4% | +4.1% | -3.0% | +4.5% | +3.2% | — |
| Cash + short-term investments | $2.34B | $2.76B | $3.76B | $1.66B | $1.39B | — |
| Total debt | $37.4B | $41.1B | $42.1B | $51.7B | $53.9B | — |
Fiscal years end Feb. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 2, 2026)

P/E at fiscal year-ends: Feb 2026 26.8x, Feb 2025 26.6x, Jan 2024 23.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
10 of 80 tracked investors hold HD (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Stephen Mandel | Lone Pine Capital | 5.61% | $918M | New position | Q2 2026 |
| Thomas Gayner | Markel Group | 2.48% | $325M | Added +0.3% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 1.54% | $18.7M | Added +1.9% | Q3 2026 |
| Bill Gates | Gates Foundation Trust | 1.02% | $353M | New position | Q2 2026 |
| Viking Global | Viking Global Investors | 0.93% | $325M | Added +82.6% | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | 0.49% | $53.8M | Reduced -0.6% | Q2 2026 |
| Torray Funds |  | 0.12% | $876K | Reduced -22.4% | Q2 2026 |
| First Eagle Investment | First Eagle Investment Management | 0.03% | $18.6M | Added +3.8% | Q2 2026 |
| Jensen Investment Management |  | 0.01% | $281K | Reduced -45.5% | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $7.9M | Reduced -0.3% | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-10 | Scardino Kimberly R | SVP-Finance, CAO & Controller | 675 | $207K | 7.6% | No | Too little history (no open-market trades in 2025) |
| 2026-08-28 | Roseborough Teresa Wynn | EVP, Gen. Counsel & Corp. Sec. | 2,455 | $807K | 14.8% | No | Routine (sold in Aug each year 2023–2025) |
| 2026-08-26 | Rowe Michael F. | EVP, Pro | 710 | $239K | 9.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-19 | McPhail Richard V | EVP & CFO | 5,989 | $2.1M | 10.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.28 on a 1–5 scale), 36 analysts; mean target USD 379.75 (low 310, high 425).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-09 | Bernstein | Target lowered | Market Perform | $354 → $344 |
| 2026-08-19 | Mizuho | Target raised | Outperform | $385 → $390 |
| 2026-08-19 | DA Davidson | Maintained | Buy | $377 |
| 2026-08-19 | UBS | Target lowered | Buy | $430 → $420 |
| 2026-08-19 | Truist Securities | Target raised | Buy | $369 → $373 |
| 2026-08-19 | Keybanc | Reiterated | Sector Weight |  |
| 2026-08-19 | Argus Research | Reiterated | Buy | $400 |
| 2026-08-19 | RBC Capital | Target lowered | Sector Perform | $343 → $342 |
| 2026-08-19 | Guggenheim | Reiterated | Buy | $425 |
| 2026-08-17 | Stifel | Target raised | Hold | $320 → $340 |
| 2026-08-12 | RBC Capital | Target raised | Sector Perform | $340 → $343 |
| 2026-08-11 | Wells Fargo | Target raised | Overweight | $360 → $400 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -12.5% | +1.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -12.5% | +0.3% |
| Volatility (annualized) | 26.5% | 25.3% |
| Max drawdown | -26.5% (Feb 2026→Oct 2026) | -34.0% (Dec 2021→Jun 2022) |

## Peers (Home Improvement Retail)
LOW (Lowe's Companies, Inc.) USD 204.37 +3.97% · FND (Floor & Decor Holdings, Inc.) USD 48.17 +6.78% · HVT-A (Haverty Furniture Companies, In) USD 29 +0.07% · BABA (Alibaba Group Holding Limited) USD 101.82 -2.48% · TM (Toyota Motor Corporation) USD 198.22 +1.72% · MCD (McDonald's Corporation) USD 252.63 +2.59%

## More
Full page: https://nexqual.com/HD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name HD in their own reports (relationship from HD's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | FGI Industries Ltd. (FGIWW) | 10-K 2026-04-10 | "Some of our largest customers include The Home Depot, Menards, Ferguson and Lowe's." |
| competitor | BERKSHIRE HATHAWAY INC (BRK-B) | 10-K 2026-03-02 | "Competitors include other premium paint and decorating stores, mass merchandisers, home centers, independent hardware stores, hardware chains and manufacturer-operated direct outlets, such as Sherwin-…" |
| supplier | GigaCloud Technology Inc (GCT) | 10-K 2026-02-26 | "In addition to facilitating transactions in our GigaCloud Marketplace, we also procure highly rated products directly from manufacturers and sell them directly to and through third-party ecommerce web…" |
| supplier | UFP INDUSTRIES INC (UFPI) | 10-K 2026-02-25 | "The Retail segment services two of our largest customers, The Home Depot and Lowes, which accounted for approximately 17% and 11%, respectively, of our total net sales in fiscal 2025, 17% and 11%, res…" |
| competitor | NEIGHBORHOOD INTELLIGENCE, INC. (NXH) | 10-K 2026-02-24 | "•traditional general merchandise and specialty retailers and liquidators including Ashley Furniture, Best Buy, Costco, Crate and Barrel, Ethan Allen, Gilt, Home Depot, HomeGoods, Hudson's Bay Company,…" |
| supplier | BOISE CASCADE Co (BCC) | 10-K 2026-02-24 | "Our customer relationships range from locally owned single-location facilities to large national dealers and home improvement centers across the U.S. and Canada, with Builders FirstSource and Home Dep…" |
| supplier | ARMSTRONG WORLD INDUSTRIES INC (AWI) | 10-K 2026-02-24 | "In September 2025, GMS, Inc., one of our largest distributor customers, was acquired by The Home Depot, Inc. In addition, in October 2025, Foundation Building Materials, Inc., another one of our large…" |
| supplier | Fortune Brands Innovations, Inc. (FBIN) | 10-K 2026-02-23 | "Approximately 16% of 2025 net sales were to international markets, and sales to two of the Company's customers, Lowe's Companies, Inc. ("Lowe's") and The Home Depot, Inc. ("The Home Depot"), each acco…" |
| supplier | JELD-WEN Holding, Inc. (JELD) | 10-K 2026-02-23 | "Our home center customers include, among others, The Home Depot and Lowe's Companies in North America, and B&Q, Howdens, and Bauhaus in Europe." |
| competitor | SiteOne Landscape Supply, Inc. (SITE) | 10-K 2026-02-19 | "We believe our top nine largest competitors include Heritage Landscape Supply Group (a subsidiary of The Home Depot), Ewing, Target Specialty Products, Harrell's, Horizon Distributors (a subsidiary of…" |
| competitor | Wayfair Inc. (W) | 10-K 2026-02-19 | "•Big Box Retailers: Home Depot, IKEA, Lowe's, Costco, Target and Walmart;" |
| supplier | Hillman Solutions Corp. (HLMN) | 10-K 2026-02-17 | "For the year ended December 27, 2025, Home Depot was the single largest customer, representing approximately $349.9 million or 22.5% of our total revenues and Lowe's was the second largest customer at…" |
| supplier | MasterBrand, Inc. (MBC) | 10-K 2026-02-13 | "Net sales to two of the Company's customers, Lowe's and Home Depot, each accounted for greater than 10 percent of the Company's net sales in 2025, 2024 and 2023." |
| supplier | NEWELL BRANDS INC. (NWL) | 10-K 2026-02-13 | "The Company's top-ten customers in 2025 included (in alphabetical order): Amazon.com Inc., Costco Wholesale Corporation, Grainger Inc., Office Depot Inc., Staples Inc., Target Corporation, The Home De…" |
| supplier | MASCO CORP /DE/ (MAS) | 10-K 2026-02-10 | "Our BEHR products are sold through The Home Depot, our largest customer overall, as well as this segment's largest customer." |

## Revenue by business segment (quarter ended 2026-08-02)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Primary | $42.81B | 89.4% | +1.5% | $6.59B | 15.4% |
| Other | $5.05B | 10.6% | +62.0% | $247.0M | 4.9% |
| Total revenue | $47.86B | 100% | — | $6.84B | 14.3% |

## Revenue by product line (quarter ended 2026-08-02)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Net sales &#8211; products | $46.30B | 96.7% | +5.9% |
| Major Product Line Hardlines | $14.45B | 30.2% | +2.3% |
| Major Product Line Building Materials | $14.43B | 30.2% | +1.5% |
| Major Product Line Dcor | $13.93B | 29.1% | +0.9% |
| Net sales &#8211; services | $1.56B | 3.3% | +0.6% |
| Total revenue | $47.86B | 100% | — |
The lines above cover 189.4% of total revenue.

## Revenue by region (quarter ended 2026-08-02)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| In the U.S. | $43.91B | 91.7% | +5.2% |
| Outside the U.S. | $3.95B | 8.3% | +11.4% |
| Total revenue | $47.86B | 100% | — |

## Company outlook (8-K filed 2026-08-18)

- "Adjusted (1) diluted earnings per share for the second quarter of fiscal 2026 were $4.92, compared with adjusted diluted earnings per share of $4.68 in the same period of fiscal 2025. "Our second quarter results exceeded our expectations."
- "The Company reaffirms its fiscal 2026 guidance."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $3.84 | $3.96 | -3.0% | $42.75B | 30 |
| Next quarter (ends 2027-01-31) | $2.83 | $2.85 | -0.6% | $39.18B | 30 |
| Current fiscal year (ends 2027-01-31) | $15.02 | $14.96 | +0.5% | $171.55B | 34 |
| Next fiscal year (ends 2028-01-31) | $15.99 | $16.09 | -0.6% | $177.33B | 34 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-17): ±7.8%; earnings reaction alone ±4.3%; last 8 reports averaged ±2.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 31.9% | ±3.9% |
| 2026-11-06 | 14 | 30.0% | ±5.0% |
| 2026-11-13 | 21 | 28.8% | ±5.7% |
| 2026-11-20 | 28 | 34.2% | ±7.8% |
| 2026-11-27 | 35 | 32.6% | ±8.3% |
| 2026-12-04 | 42 | 31.0% | ±8.8% |
| 2026-12-18 | 56 | 30.7% | ±9.8% |
| 2027-01-15 | 84 | 28.9% | ±11.2% |