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Home Depot
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Updated Aug 25, 2026
Home Depot Q2 2026: 2.5% capex intensity signals disciplined investment amid seasonal retail normalcy
Home Depot reported $1.7 billion in capital expenditures through the first half of fiscal 2026 and guided to approximately $4 billion in full-year capex, representing 2.5% of projected net sales. The company maintains strategic investment priorities centered on new store builds, existing store maintenance, omnichannel experience integration, and Pro channel expansion, with explicit flexibility to adjust capex in response to economic conditions or strategic opportunities including potential acquisitions.
Tone: neutralRevenue
$164.7B
HD 10-K · FY 2026
Employees
472,400
Revenue FY2024
$159.5B
Founded
1978
Profile
HD 10-K Item 1 · Mar 18, 2026The Home Depot is the world's largest home improvement retailer by net sales, operating 2,359 stores across the U.S., Canada, and Mexico as of fiscal year-end 2025. The company serves DIY consumers, do-it-for-me customers, and professional contractors through physical stores, digital platforms, and a specialty trade distribution network anchored by its SRS subsidiary. In fiscal 2025, SRS completed the acquisition of GMS, expanding Home Depot's reach into interior specialty building products including drywall, ceilings, and steel framing.
Read filing description ↓ Collapse description ↑
The Home Depot, Inc. is the world's largest home improvement retailer based on net sales for fiscal 2025. We offer our customers a wide assortment of home improvement products, building materials, lawn and garden products, décor products, and facilities MRO products, in stores and online. We also provide a number of services, including home improvement installation services, and tool and equipment rental. As of the end of fiscal 2025, we operated 2,359 stores located throughout the U.S. (including the Commonwealth of Puerto Rico and the territories of the U.S. Virgin Islands and Guam), Canada, and Mexico. The Home Depot stores average approximately 104,000 square feet of enclosed space, with approximately 24,000 additional square feet of outside garden area. We also maintain a network of distribution and fulfillment centers, as well as mobile applications and e-commerce websites in the U.S., Canada, and Mexico. In fiscal 2024, we acquired SRS, a leading residential specialty trade distribution company across several verticals engaged in the distribution of residential and commercial roofing products and complementary building products, landscape supplies, and swimming pool supplies serving the professional roofer, landscaper, and pool contractor. In fiscal 2025, SRS completed the acquisition of GMS, a leading distributor of specialty building products, including drywall, ceilings, steel framing and other complementary construction products. At the end of fiscal 2025, SRS, which includes GMS, operated over 1,250 locations throughout the U.S. and Canada.
Primary products
- Home improvement products
- Building materials
- Lawn and garden products
- Décor products
- Facilities MRO products
- Home improvement installation services
Business segments
End markets
Geographies
“The Home Depot is focused on leveraging its distinct competitive advantages – our brand, excellent customer service, product authority in home improvement, knowledgeable associates and culture, scale, premier real estate portfolio, digital and interconnected experience, supply chain network, and our deep relationships with Pros – to take advantage of the significant growth opportunities in the highly fragmented markets in which we operate.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Net sales increased $5.2 billion, or 3.2%, to $164.7 billion in fiscal 2025, primarily driven by incremental contributions from the SRS and GMS acquisitions, partially offset by the absence of the additional 53rd week that contributed approximately $2.5 billion in fiscal 2024.
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