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Home Depot cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$4.5B in Q2 FY27 · $15.1B over twelve months

Operating cash flow$5.4B
Capital spending−$880M
Free cash flow+$4.5B
Cash / net income1.1×
Cash conversion cycle50 days

Analysis

In Q2 FY27, Home Depot generated $5.4B of operating cash flow and spent $880M on capital projects, leaving free cash flow of $4.5B.

Over the twelve months to Aug 2, 2026, operating cash flow was $18.8B; the largest uses were dividends ($9.2B), acquisitions ($6.5B), capital spending ($3.7B); besides operations, cash came from other financing ($2.1B), shares issued ($343M); the cash balance fell by $719M.

Operating cash flow was $5.4B against net income of $4.8B — 1.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$929M, inventory +$604M, income taxes payable −$552M.

Its cash conversion cycle was 50 days (receivables 13 + inventory 78 − payables 40).

Free cash flow

Home Depot: free cash flow by quarterHome Depot: free cash flow by quarter$3.4BQ3 FY25$3.6BQ4 FY25$3.5BQ1 FY26$3.7BQ2 FY26$3.1BQ3 FY26$2.3BQ4 FY26$5.2BQ1 FY27$4.5BQ2 FY27
Operating cash flow less capital spending.
Home Depot: operating cash flow against capital spendingHome Depot: operating cash flow against capital spendingOperating cash flowCapital spending$4.2B$818MQ3 FY25$4.7B$1.1BQ4 FY25$4.3B$806MQ1 FY26$4.6B$917MQ2 FY26$4.0B$898MQ3 FY26$3.3B$1.1BQ4 FY26$6.0B$844MQ1 FY27$5.4B$880MQ2 FY27
Latest (Q2 FY27): Operating cash flow $5.4B, Capital spending $880M.

Capital allocation, year by year

Home Depot: where the cash came from (up) and went (down), by fiscal yearHome Depot: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $16.6BFY22: Net borrowing $2.5BFY22: Shares issued $337MFY22: Capital spending −$2.6BFY22: Acquisitions −$421MFY22: Buybacks −$14.8BFY22: Dividends −$7.0B$19.4BFY22FY23: Operating cash flow $14.6BFY23: Net borrowing $3.4BFY23: Shares issued $264MFY23: Capital spending −$3.1BFY23: Buybacks −$6.7BFY23: Dividends −$7.8B$18.3BFY23FY24: Operating cash flow $21.2BFY24: Net borrowing $724MFY24: Shares issued $323MFY24: Capital spending −$3.2BFY24: Acquisitions −$1.5BFY24: Buybacks −$8.0BFY24: Dividends −$8.4B$22.2BFY24FY25: Operating cash flow $19.8BFY25: Net borrowing $8.8BFY25: Shares issued $395MFY25: Capital spending −$3.5BFY25: Acquisitions −$17.6BFY25: Buybacks −$649MFY25: Dividends −$8.9B$29.0BFY25FY26: Operating cash flow $16.3BFY26: Net borrowing $1.3BFY26: Shares issued $314MFY26: Capital spending −$3.7BFY26: Acquisitions −$5.4BFY26: Dividends −$9.2B$17.9BFY26
Over these 5 years operating cash flow totalled $88.5B; the largest uses were dividends ($41.2B) and buybacks ($30.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.1B
Debt$53.6B
Net debt$51.6B
Due within a year$4.7B

Home Depot funds itself: free cash flow was $15.1B over the last twelve months, and $2.1B of cash and investments stands against $53.6B of debt ($4.7B due within a year, 0.4× covered by cash).

Home Depot: debt maturities by year (FY26)Home Depot: debt maturities by year (FY26)$4.7BYear 1$3.6BYear 2$3.1BYear 3$3.9BYear 4$2.1BYear 5$32.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.1B of cash and investments now.

Where the cash came from and went

Home Depot: sources (+) and uses (−) of cash, Q2 FY27Home Depot: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$5.4BDividends−$2.3BAcquisitions−$1.0BCapital spending−$880MNet borrowing (+) / repaid (−)−$870MCash drawn (+) / kept (−)−$484MShares issued$159MOther financing$46.0MOther investing$25.0MExchange rates−$16.0M
Home Depot: sources (+) and uses (−) of cash, TTM to Q2 FY27Home Depot: sources (+) and uses (−) of cash, TTM to Q2 FY27Operating cash flow$18.8BDividends−$9.2BAcquisitions−$6.5BCapital spending−$3.7BNet borrowing (+) / repaid (−)−$2.6BOther financing$2.1BCash drawn (+) / kept (−)$719MShares issued$343MOther investing$91.0MExchange rates$36.0M

From profit to cash

Home Depot: net income to operating cash flow, Q2 FY27Home Depot: net income to operating cash flow, Q2 FY27Net income$4.8BDepreciation & amortization$929MStock-based pay$148MReceivables−$204MInventory$604MPayables−$512MDeferred revenue$46.0MPrepaid and other assets−$149MIncome taxes payable−$552MOther operating capital$143MOperating cash flow$5.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2713784050
Q1 FY2713864258
Q4 FY2615924463
Q3 FY2614844355
Q2 FY2612764246
Q1 FY2612854651
Q4 FY2513874753
Q3 FY2513804547

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$5.4B−$880M−$1.0B−$2.3B−$870M$159M−$484M$4.5B
Q1 FY27$6.0B−$844M−$286M−$2.3B−$2.3B$33.0M−$212M$5.2B
Q4 FY26$3.3B−$1.1B−$162M−$2.3B−$322M$129M$295M$2.3B
Q3 FY26$4.0B−$898M−$5.0B−$2.3B$3.0B$22.0M$1.1B$3.1B
Q2 FY26$4.6B−$917M−$77.0M−$2.3B−$84.0M$152M−$1.4B$3.7B
Q1 FY26$4.3B−$806M−$156M−$2.3B−$1.4B$11.0M$290M$3.5B
Q4 FY25$4.7B−$1.1B−$31.0M−$2.2B−$1.2B$164M−$128M$3.6B
Q3 FY25$4.2B−$818M−$43.0M−$2.2B−$1.3B$21.0M$82.0M$3.4B

Home Depot: income statement and cash flow

Home Depot, Q2 FY27: revenue $47.9B (+6% year over year), operating margin 14.3%. The chart follows the revenue to costs, profit and cash.

Home Depot: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.