Filing Flows › Home Depot (HD) › Q2 FY27 › vs Q1 FY27
Home Depot (HD) Q2 FY27 vs Q1 FY27 (quarter over quarter)
Home Depot's revenue rose $6.1B (+15%) from $41.8B in Q1 FY27 to $47.9B in Q2 FY27. The biggest changes: Net sales – products +$5.9B (+15%); Net sales – services +$232M (+17%). Gross margin 33.7% against 33.0% (+0.7 pts).
Home Depot, Q2 FY27: revenue $47.9B (+6% year over year), operating margin 14.3%, net earnings $4.8B, operating cash flow $5.4B. The chart draws each line against Q1 FY27, the increases inside each band.
Margins
| Q2 FY27 | Q1 FY27 | Change | |
|---|---|---|---|
| Gross margin | 33.7% | 33.0% | +0.7 pts |
| Operating margin | 14.3% | 11.9% | +2.4 pts |
| Net margin | 10.0% | 7.9% | +2.1 pts |
| Free cash flow margin | 9.4% | 12.4% | -3.0 pts |
Every line
| Line | Q2 FY27 | Q1 FY27 | Change | % |
|---|---|---|---|---|
| Net sales – products | $46.3B | $40.4B | $5.9B | +15% |
| Net sales – services | $1.6B | $1.3B | $232M | +17% |
| Revenue | $47.9B | $41.8B | $6.1B | +15% |
| Gross profit | $16.1B | $13.8B | $2.3B | +17% |
| Cost of revenue | $31.7B | $28.0B | $3.8B | +13% |
| Operating profit | $6.8B | $5.0B | $1.9B | +37% |
| Operating expenses | $9.3B | $8.8B | $476M | +5% |
| Pre-tax earnings | $6.3B | $4.4B | $1.9B | +44% |
| Other expense, net | $524M | $604M | −$80.0M | -13% |
| SG&A | $8.4B | $8.0B | $465M | +6% |
| Other operating costs | $852M | $841M | $11.0M | +1% |
| Net earnings | $4.8B | $3.3B | $1.5B | +45% |
| Income tax | $1.5B | $1.1B | $461M | +42% |
| Depreciation & amortization | $929M | $910M | $19.0M | +2% |
| Share-based compensation | $148M | $178M | −$30.0M | -17% |
| Working capital & other | $453M | −$1.7B | $2.1B | — |
| Operating cash flow | $5.4B | $6.0B | −$642M | -11% |
| Free cash flow (OCF − capex) | $4.5B | $5.2B | −$678M | -13% |
| Capital expenditures | $880M | $844M | $36.0M | +4% |
Questions
How much did Home Depot's revenue grow quarter over quarter in Q2 FY27?
Home Depot's revenue rose $6.1B (+15%) from $41.8B in Q1 FY27 to $47.9B in Q2 FY27.
What drove Home Depot's revenue change in Q2 FY27?
Net sales – products +$5.9B (+15%); Net sales – services +$232M (+17%).