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Sentiment · FY2026 Q2
Home Depot delivered in-line Q1 results with total sales up 4.8% to $41.8 billion, though organic comp sales grew just 0.6% as the GMS acquisition drove the bulk of headline growth. GMS acquisition mix diluted gross margin by approximately 75 basis points, pulling adjusted EPS down 3.7% to $3.43, while the core business maintained stable margins. Pro customers continued to outperform DIY with complex purchase occasions posting the highest comp growth, and digital platforms delivered a fourth consecutive quarter of over 10% online sales growth. Management reaffirmed fiscal 2026 guidance of flat to 2% comps amid persistent housing affordability headwinds and elevated mortgage rates.
Demand | Macroeconomic | Competitive Dynamics | M&A | Margin | Revenue Growth | Pricing | Trade Tariffs | |
|---|---|---|---|---|---|---|---|---|
| 2024Q3 | 7 | 6 | 3 | 3 | 2 | 1 | 1 | |
| 2024Q4 | 3 | 3 | 4 | 2 | 5 | 1 | 1 | 1 |
| 2025Q1 | 7 | 4 | 5 | 3 | 2 | 2 | 3 | 3 |
| 2025Q2 | 4 | 2 | 4 | 3 | 1 | 3 | 2 | 2 |
| 2025Q3 | 7 | 4 | 3 | 6 | 4 | 2 | 2 | 1 |
| 2025Q4 | 5 | 3 | 2 | 2 | 1 | 2 | 2 | 1 |
| 2026Q1 | 8 | 5 | 3 | 3 | 1 | 5 | 1 | 1 |
| '24Q3 | '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|---|
| Demand | 7 | 3 | 7 | 4 | 7 | 5 | 8 |
| Macroeconomic | 6 | 3 | 4 | 2 | 4 | 3 | 5 |
| Competitive Dynamics | 3 | 4 | 5 | 4 | 3 | 2 | 3 |
| M&A | 3 | 2 | 3 | 3 | 6 | 2 | 3 |
| Margin | 2 | 5 | 2 | 1 | 4 | 1 | 1 |
| Revenue Growth | 1 | 2 | 3 | 2 | 2 | 5 | |
| Pricing | 1 | 1 | 3 | 2 | 2 | 2 | 1 |
| Trade Tariffs | 1 | 1 | 3 | 2 | 1 | 1 | 1 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Michael Lasser | UBS | 16 (56%) |
| Simeon Gutman | Morgan Stanley | 14 (7%) |
| Zach Fadem | Wells Fargo | 13 (0%) |
| Steven Zaccone | Citigroup | 12 (8%) |
| Seth Sigman | Barclays | 12 (33%) |
| Chris Horvers | JPMorgan | 11 (18%) |
| Zhihan Ma | Bernstein | 10 (10%) |
| Chuck Grom | Gordon Haskett | 10 (0%) |
| Scot Ciccarelli | Truist Securities | 9 (0%) |
| Steve Forbes | Guggenheim | 6 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| UBS | 1 | 16 (56%) |
| Morgan Stanley | 1 | 14 (7%) |
| Wells Fargo | 1 | 13 (0%) |
| Barclays | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $39.70B | +14.1% | $3.02 | +7.1% | 32.8% | 11.3% | 7.5% | $3.57B |
| FY2025 Q1 | $39.86B | +9.4% | $3.45 | -5.0% | 33.8% | 12.9% | 8.6% | $3.52B |
| FY2025 Q2 | $45.28B | +4.9% | $4.58 |
What HD and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“our lineup of battery-powered tools across RYOBI, Milwaukee, DEWALT and Makita is unmatched”
Home Depot reports record first-quarter power category sales and says cordless outdoor power demand has never been stronger, a positive read-through for tool supplier Stanley Black & Decker (DEWALT).
“Our expanded assortment of products and partnerships with Bayer and PPG, as well as enhanced digital capabilities through One Paint”
| 12 (33%) |
| Citigroup | 1 | 12 (8%) |
| Gordon Haskett | 2 | 12 (8%) |
| JPMorgan | 1 | 11 (18%) |
| Bernstein | 1 | 10 (10%) |
| -0.4% |
| 33.4% |
| 14.5% |
| 10.1% |
| $3.73B |
| FY2025 Q3 | $41.35B | +2.8% | $3.62 | -1.4% | 33.4% | 12.9% | 8.7% | $3.11B |
| FY2025 Q4 | $38.20B | -3.8% | $2.58 | -14.6% | 32.6% | 10.1% | 6.7% | $2.29B |
| FY2026 Q1 | $41.77B | +4.8% | $3.30 | -4.3% | 33.0% | 11.9% | 7.9% | $5.19B |
| FY2026 Q2 | $47.86B | +5.7% | $4.79 | +4.6% | 33.7% | 14.3% | 10.0% | $4.51B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Home Depot credits its supplier partnership with Bayer (lawn/garden products) for helping it gain share with the Pro who paints and DIY garden customers.
“Our expanded assortment of products and partnerships with Bayer and PPG, as well as enhanced digital capabilities through One Paint”
Home Depot credits its paint supplier partnership with PPG for helping it gain share with the Pro who paints.
“they made the acquisition of GMS, which has leading position in interior building materials.”
SRS (Home Depot subsidiary) acquired GMS for its leading position in interior building materials, expanding Home Depot's Pro distribution reach.
“They're a carrier-focused distributor.”
Mingledorff's, which Home Depot just acquired, is a Carrier-focused HVAC distributor, positioning Home Depot as a distribution channel for Carrier equipment.
“we completed the acquisition of Mingledorff's, a leading wholesale distributor of heating, ventilation and air conditioning equipment”
Home Depot acquired Mingledorff's to enter national HVAC parts and supplies distribution through SRS, expanding its addressable market.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
HD The Home Depot, Inc. | 4 | +4.8% | |
| LOW Lowe's | 5 | +10.3% |