Short answer
Home Depot (The) (HD) filed its fiscal 2025 10-K annual report with the SEC on Mar 21, 2025. It reported revenue of $159.5B (+4.5% year over year) and net income of $14.8B.
- Top risk flagged: Legal risk: Compliance oversight under Board Audit Committee addressing cybersecurity and privacy risks per increased regulatory focus in fiscal 2024
FY2025 key financial metrics · XBRL
- Revenue
- $159.5B
- +4.5% YoY
- Net income
- $14.8B
- −2.2% YoY
- Operating margin
- 13.5%
- −0.7 pp YoY
- Gross margin
- 33.4%
- +0.0 pp YoY
- EPS (diluted)
- $14.91
- −1.3% YoY
- ROE
- 223.0%
- −1227.5 pp YoY
- Operating cash flow
- $19.8B
- −6.4% YoY
Source: XBRL data from the Home Depot (The) (HD) FY2025 10-K on SEC EDGAR. USD.
Home Depot (The) FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Largest home improvement retailer offering products, installation services, and rentals across physical stores and e-commerce in U.S., Canada, Mexico
- New acquisition: SRS, a residential specialty trade distributor with 780 branches across three lines (roofing, landscape, pool) boosting Pro segment focus
- Strategic focus: Seamless digital-physical shopping integration and growing market share with Pros, while cutting fixed costs by $500 million in fiscal 2024
- Capital investments: $3.5 billion CAPEX in fiscal 2024 supporting interconnected customer experience and new store openings
- Shareholder returns: $8.9 billion dividends paid, $0.6 billion share repurchases before pause due to SRS acquisition
Management Discussion & Analysis
- Revenue $159.5B, up $6.8B or 4.5% YoY, driven by SRS acquisition ($6.4B) and extra 53rd week ($2.5B), offset by -1.8% comparable sales decline
- Operating margin 13.5% vs 14.2% YoY; gross profit margin stable at 33.4%, SG&A margin rose to 18.0% from 17.4%, depreciation 1.9% vs 1.8%
- Best performing segment: Power and Building Materials with positive comparable sales; worst: all other merchandising departments posted negative comparables
- Cash flow from operations $19.8B; capital expenditures $3.5B; dividends paid $8.9B; share repurchases $649M before pause; long-term debt issuance $10B for SRS acquisition
- Management paused share repurchases in March 2024; plans ~$4B capex in FY2025; raised dividend 2.2% to $2.30/share; acquisition of SRS seen as growth driver amid macroeconomic uncertainties
Risk Factors
- Legal risk: Compliance oversight under Board Audit Committee addressing cybersecurity and privacy risks per increased regulatory focus in fiscal 2024
- Operational risk: Cybersecurity team of 500 associates led by CISO with extensive experience manages company-wide data protection programs
- Structural risk: Key-person dependency on CISO hired as full-time in 2021, previously third-party consultant since 2019, leading cybersecurity strategy and initiatives
- Governance risk: Multi-tiered cybersecurity governance with three management committees meeting regularly to oversee risk mitigation and regulatory compliance
Generated from the filing text; verify against the original. How to read a 10-K
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