The Home Depot, Inc.
Explore The Home Depot, Inc.
Core profile pages, annual revenue records, and related research hubs for this company.
CorpDigest
The Home Depot, Inc.
Explore The Home Depot, Inc.
Core profile pages, annual revenue records, and related research hubs for this company.
Financial Performance
Revenue
$164.7B
Market Cap
$345.0B
Net Income
$14.8B
Employees
465,000
What began in 1978 as a pair of cavernous former Treasure Island stores in Atlanta, Georgia — financed in part by $2 million from New York investment banker Ken Langone — grew into a company that generated approximately $164.7B in net sales in fiscal year FY2025, making it the largest home improvement retailer on earth by a factor that no single competitor comes close to challenging. Its fiscal 2024 revenue figure, boosted substantially by the $18.25 billion acquisition of SRS Distribution — the largest deal in company history — means that Home Depot now moves more merchandise in a single quarter than many Fortune 500 companies do in a year. The company's market capitalization has hovered in the range of $340 billion to $360 billion through mid-2025, making it one of the most valuable retailers in the world and a fixture in the Dow Jones Industrial Average. Home Depot generated approximately $164.7B in net sales in fiscal year FY2025, reflecting the full-year contribution of its landmark $18.25 billion acquisition of SRS Distribution, a specialty trade distribution company serving professional roofing, pool, and landscaping contractors. Digital sales, which include orders placed through homedepot.com and fulfilled either through home delivery or in-store and curbside pickup, have grown substantially, with the company reporting that digital sales exceeded $22 billion in fiscal 2024 and accounted for roughly 15 percent of total net sales. The SRS Distribution acquisition, completed in June 2024 for approximately $18.25 billion in cash, represents the most significant extension of the Pro model in company history. By acquiring SRS, Home Depot gained access to approximately $6.7 billion in annual revenue, roughly 4,000 additional professional accounts, and a distribution infrastructure that allows it to reach professional customers where they actually work rather than requiring them to visit a store. The company has invested approximately $2 billion in supply chain modernization since 2021, with the goal of reaching 90 percent of the U.S. Population with same-day or next-day delivery capability for both consumer and Pro orders. Home Depot's gross margin in fiscal 2024 was approximately 33.4 percent of net sales, a figure that reflects both the company's purchasing scale — it is one of the largest buyers from suppliers including Stanley Black & Decker, Masco, Georgia-Pacific, and hundreds of others — and its pricing discipline. Operating income margins typically run in the 13 to 15 percent range, and the company generates free cash flow in excess of $10 billion annually in non-recessionary periods, providing substantial capital to return to shareholders through dividends and buybacks while simultaneously funding strategic investment. The Home Depot, Inc. is a Home Improvement Retail company with $164.7B in FY2025 revenue and 465K employees worldwide. Home Depot's $164.7B in fiscal FY2025 revenue makes it the fifth-largest retailer in the United States by sales, behind only Walmart, Amazon, Costco, and Kroger. Lowe's Companies, Inc. is Home Depot's most direct and persistent competitor, operating approximately 1,740 stores in North America with fiscal 2024 revenues of approximately $83.7 billion — roughly 52 cents for every dollar Home Depot generates. Net sales reached approximately $159.5 billion, a 4.5 percent increase from fiscal 2023's $152.7 billion — but that headline growth figure is entirely acquisition-driven. SRS contributed approximately $6.4 billion in revenue for the roughly six months following the deal's close in June 2024. Gross profit was approximately $53.2 billion, representing a gross margin of approximately 33.4 percent, down modestly from 33.7 percent in fiscal 2023 due to the inclusion of SRS, which operates at lower gross margins consistent with the distribution business model. Operating income was approximately $20.7 billion, and diluted earnings per share were approximately $14.91, a decrease from $15.11 in fiscal 2023, reflecting higher interest expense associated with the acquisition debt and lower comparable sales. Free cash flow remained strong at approximately $11.6 billion before working capital changes, demonstrating the underlying cash generation power of the core retail model even in a difficult operating environment. The company returned approximately $8.0 billion to shareholders through dividends and share repurchases in fiscal 2024, maintaining its commitment to capital return while managing post-acquisition leverage. The balance sheet carried approximately $47.6 billion in long-term debt as of the end of fiscal 2024, elevated from the pre-acquisition level but manageable relative to the company's earnings power. The SRS Distribution acquisition, while strategically sound, introduced approximately $17 billion in additional debt to Home Depot's balance sheet, raising the company's leverage ratio significantly and limiting the capital flexibility that management previously used to execute accelerated share repurchases. The company's debt-to-EBITDA ratio expanded to approximately 2.4x from approximately 1.6x prior to the deal, requiring disciplined deleveraging over the following two to three years. With approximately in annual revenue64.7B in annual revenue and a store network of more than 2,300 locations, Home Depot's purchasing power with suppliers is simply unmatched in the home improvement category. Supply chain investment continues under the company's approximately $2 billion multi-year modernization program. Home Depot's management has set an aspirational long-term financial target of reaching $200 billion in annual revenue within the next several years, a figure that presupposes a meaningful recovery in housing market activity combined with continued Pro segment growth. Management has outlined approximately $500 million in annual cost operational efficiencies achievable through procurement consolidation, logistics optimization, and back-office integration over three to four years. He assembled a group of investors who provided approximately $2 million in initial capital — modest by any standard but sufficient to lease two large retail spaces in Atlanta and stock them with the merchandise needed for a meaningful launch. The $2 million in startup capital was not sufficient to fully stock 60,000-square-foot warehouses, so the founders famously purchased empty paint cans and other non-sellable items to place on high shelves and create the visual impression of a fully stocked warehouse.
Revenue Trend Analysis
YoY Change
+3.2%
5-Year CAGR
+4.5%
Peak Year
2025
Trend
Consistent Growth
The Home Depot, Inc. has reported revenue across 6 fiscal years, compounding at +4.5% annually over 5 years. The most recent year saw a 3.2% increase versus the prior year. Revenue peaked in 2025 at $164.7B. Out of 5 reported periods, 4 showed growth and 1 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $164.7B | — | +3.2% |
| FY2024 | $159.5B | $14.8B | +4.5% |
| FY2023 | $152.7B | — | -3.0% |
| FY2022 | $157.4B | — | +4.1% |
| FY2021 | $151.2B | — | +14.4% |
| FY2020 | $132.1B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Home Depot's net sales reached approximately $159.5 billion in fiscal 2024, a 4.5 percent increase from fiscal 2023's $152.7 billion. That growth was almost entirely acquisition-driven, with SRS Distribution contributing roughly $6.4 billion in the six months following its June 2024 close. Comparable store sales actually declined 1.8 percent during the year, following a 3.3 percent decline the prior year.
Home Depot posted gross profit of approximately $53.2 billion in fiscal 2024, a gross margin near 33.4 percent, down modestly from 33.7 percent in fiscal 2023 because lower-margin SRS distribution revenue was included. Operating income was approximately $20.7 billion, with operating margins typically running in the 13 to 15 percent range. The margin dip reflected the shift in business mix rather than pricing weakness.
Diluted earnings per share came in at approximately $14.91 in fiscal 2024, a decrease from $15.11 in fiscal 2023. The decline reflected higher interest expense tied to the debt raised for the SRS Distribution acquisition and lower comparable sales in a suppressed housing market. Free cash flow nonetheless stayed strong at roughly $11.6 billion before working-capital changes.
Home Depot returned approximately $8.0 billion to shareholders through dividends and share repurchases in fiscal 2024 while managing post-acquisition leverage. The company carried roughly $47.6 billion in long-term debt at year-end, elevated by the SRS deal, which pushed its debt-to-EBITDA ratio to about 2.4x from roughly 1.6x beforehand. Mandatory interest and dividend commitments left less room for buybacks than in prior years.
Home Depot reported return on invested capital of approximately 30.8 percent in fiscal 2024, an unusually high figure for a capital-intensive retailer and evidence of the warehouse store model's financial efficiency. The company's $159.5 billion in revenue makes it the fifth-largest retailer in the United States, trailing only Walmart, Amazon, Costco, and Kroger. Management has set a long-term aspiration of reaching $200 billion in annual revenue.
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CorpDigest. "The Home Depot, Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/home-depot/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>The Home Depot, Inc. reported $165B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/home-depot/financials" target="_blank" rel="noopener">CorpDigest — The Home Depot, Inc. financials</a></div>