Filing Flows › Home Depot (HD) › Q1 FY26
Home Depot (HD) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed May 28, 2025
Home Depot (HD) reported revenue of $39.9B for the first quarter fiscal 2026 (Q1 FY26), +9% from a year earlier and +0.4% from the quarter before. Operating margin was 12.9%, net earnings $3.4B (8.6% of revenue).
Home Depot, Q1 FY26: revenue $39.9B (+9% year over year), operating margin 12.9%, net earnings $3.4B, operating cash flow $4.3B. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $39.9B | +0.4% | +9% |
| Gross profit | $13.5B | +3% | +8% |
| Operating profit | $5.1B | +14% | +1% |
| Net earnings | $3.4B | +15% | -5% |
| Operating cash flow | $4.3B | -7% | -21% |
| Free cash flow | $3.5B | -1% | -24% |
What changed
Revenue was $39.9B in Q1 FY26, up 9% year over year and roughly flat from the previous quarter. Products was the largest line at 97% of revenue. Products added $3.4B year over year (up 10%), 100% of the total change.
Gross margin was 33.8%, down 0.4 points from a year earlier. Operating profit was $5.1B, a 12.9% margin (down 1.1 points year over year). Of the extra revenue versus a year earlier, 2% reached operating profit, below the 14% margin then. Operating expenses grew 13% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+16%). Net earnings were $3.4B, down 5% year over year. The effective tax rate was 24.4%.
Operating cash flow was $4.3B (down 21% year over year), 126% of net earnings. Non-cash charges added back $0.85B of depreciation and amortization and $0.17B of share-based compensation. Capital expenditures of $0.81B left free cash flow of $3.5B.
Questions
What was Home Depot's revenue in the first quarter fiscal 2026?
Home Depot (HD) reported revenue of $39.9B for the first quarter fiscal 2026 (Q1 FY26), +9% from a year earlier and +0.4% from the quarter before.
Was Home Depot profitable in the first quarter fiscal 2026?
Operating profit was $5.1B (12.9% of revenue) and net earnings $3.4B.
Source: Home Depot 10-Q on SEC EDGAR.