The Home Depot, Inc. · Q2 FY2026
ReportedAug 18, 2026
Period endedAug 2, 2026
Rule of 40+15
Consensus vs reported
EPS · ADJUSTED
BEAT +4%
$4.92
vs $4.71 expected
QoQ+43.4%
YoY+5.1%
Revenue
BEAT +1%
$47.86B
vs $47.27B expected
QoQ+14.6%
YoY+5.7%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
The quarter in short
Revenue $47.86B, up 5.7% year over year and 14.6% on the quarter. Adjusted EPS $4.92, up 5.1% year over year and 43.4% on the quarter. GAAP EPS $4.79. Free cash flow $4.51B, up 21.0% year over year and down 13.1% on the quarter. Adjusted EPS beat consensus by 4%. Rule of 40 score +15.
Reported this quarter
Revenue
$47.86B
QoQ +14.6%
YoY +5.7%
EPS · ADJUSTED
$4.92
QoQ +43.4%
YoY +5.1%
EPS · GAAP
$4.79
QoQ +45.2%
YoY +4.6%
Free Cash Flow
$4.51B
QoQ −13.1%
YoY +21.0%
Gross Margin
33.7%
QoQ +0.7 pp
YoY +0.3 pp
FCF Margin
9.4%
QoQ −3.0 pp
YoY +1.2 pp
P/E Ratio
23.2
QoQ +1.0%
YoY −5.8%
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- A beat on every visible line closed down 0.12%. Sales $47,861M against ~$47.27B , adjusted diluted EPS $4.92 against ~$4.73 , comparable sales +1.7% against ~0.7% , full-year guidance reaffirmed — and the shares finished flat.
- A $730 million tariff refund is the quarter. $685M of it landed directly in cost of goods sold, worth 145 basis points of gross margin, with $45M still in inventory to release over the year.
- Strip the refund and gross margin fell 117 basis points. 32.24% against a reported 33.67%. That figure came from an analyst on the call, not from us — and management did not dispute the arithmetic.
- On our derivation the beat becomes a miss. $685M at the 24.53% effective tax rate across 996M diluted shares is about $0.52 a share , putting ex-refund EPS near $4.40 against a $4.73 consensus — a $0.33 miss rather than a $0.19 beat.
- Management's counterargument is an offset claim, and it is a real one. McPhail's position is that the refunds are "not unique to The Home Depot" and are covering genuine fuel, energy and input-cost pressure worth 60 basis points , alongside another 60 from GMS and Mingledorff's acquisition…
Coverage around this release
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| FY2024 Q3 | — | $3.67 | — |
| FY2024 Q4 | — | $3.01 | — |
| FY2025 Q1 | — | $3.45 | — |
| FY2025 Q2 | — | $4.58 | — |
| FY2025 Q3 | — | $3.62 | — |
| FY2025 Q4 | — | $2.58 | — |
| FY2026 Q1 | — | $3.30 | — |
| FY2026 Q2 | $4.71 | $4.92 | +4% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 354950.
JSON
Company facts (XBRL)
Every figure HD has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for Q2 FY2026, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings