HD.US: FY26 Q2 official print — comps +1.7%, small projects beat

Latest print snapshot

Q2 net sales

USD 47.9B

Comps

0

Gross margin

0.3

Diluted EPS

USD 4.79

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

Home Depot is the largest home-improvement retailer: store DIY + Pro (SRS / HD Supply / GMS) + interconnected fulfillment. Official print 2026-08-18, FY2026 Q2 (ended 2026-08-02): net sales $47.86B (+5.7%), comps +1.7% (U.S. +1.3%), transactions −1.0% / ticket +2.8%; GAAP diluted EPS $4.79 (+4.6%), adjusted EPS $4.92. Gross margin 33.7% (vs 33.4%), operating margin 14.3%. Company reaffirmed FY2026: sales +2.5–4.5%, comps flat to +2%, adjusted EPS flat to +4% vs FY25 $14.69. CFO McPhail: demand beat expectations, still skewed to smaller projects. Guidance includes IEEPA tariff refunds offsetting fuel/energy/input costs—do not treat refunds as a new margin run-rate. CEO Ted Decker on temporary medical leave since 2026-08-12. See TJX, TGT, WMT, COST, AMZN.

Business

Model: North American specialty home-improvement retail plus Pro distribution. Entity is The Home Depot, Inc. (NYSE: HD). Perimeter expanded via SRS (2024) and GMS (2025-09-04); continuing operations include those platforms.

Flagships (1–3): (1) U.S. warehouse stores; (2) Pro ecosystem (store Pro + HD Supply + SRS + Construction Resources + GMS); (3) interconnected digital/fulfillment (Q2 digital mix not disclosed / N/A).

Competitiveness: store density and in-stock; Pro distribution plus ~16,000 delivery assets (July 2026 company disclosure); brand and trade credit. Gap: big-ticket still tied to housing turnover; distribution M&A lowers structural GM.

12–24m strategy: 2026-07-30 Office of Pro Acceleration (McPhail); company cites ~$700B Pro TAM. FY26 guide ~15 new stores and 40–50 SRS locations (Q1 call).

Strategy

Strategy

Pillar / phase	Detail
Win the Pro（专业客户）	Office of Pro Acceleration（McPhail）；SRS + HD Supply + GMS + 门店 Pro；TAM 约 $700B。KPI：Pro 销售、SRS 同店/网点、交叉销售。
核心 DIY / 小项目	Q2：客单 +2.8%、客流 −1.0%；管理层称需求偏小项目。KPI：同店、>$1,000 大票、客流。
互联数字与履约	门店 + 履约网络；Q2 未单列数字占比（N/A）。KPI：互联销售、库存可得性。
并购整合 / 融资配套	GMS（2025-09）压低 GM 结构；FY26 指引含 IEEPA 关税退税对冲成本。KPI：调整营业利润率 12.8–13.0%、CapEx ~2.5% 销售。

Value chain

Midstream retail/distribution. Upstream: building products, hardware, lumber, imports, logistics. Downstream: DIY households and Pros (GCs, trades, multifamily MRO).

Customer concentration: Top1/Top5 not disclosed; 10-K: no customer is material. Settlement: Pro trade credit vs DIY card. Geography: U.S. core, Canada/Mexico.

≥2 supply-chain risks (echoed in Risks): (1) tariffs/commodity inflation (guide embeds IEEPA refunds); (2) labor, logistics, and category-level supplier concentration (lumber/specialty). GMS increases specialty-product dependence.

Customers

Customers

Customer	Concentration/role	Note
DIY 消费者	高度分散	小项目/维修需求；住房负担能力压制大票装修
Pro（承包商 / 专业贸易 / MRO）	历史约一半销售量级（公司叙事；非本季披露占比）	账期与贸易信贷；SRS/GMS 加深专业渠道
最大客户占比	N/A（零售未披露 Top1/Top5）	10-K：无单一客户构成重大集中
地域	美国为主 + 加/墨	Q2 美国同店 +1.3%；Q1 曾有 FX 约 +55bp 同店贡献

Corporate events

Last 24–36m: Pro M&A, org redesign, CEO medical leave—not a restructuring/liquidation story.

Corporate events

Corporate events

Date	Phase	Event	Meaning
2024-06	并购	完成 SRS Distribution 收购	专业分销平台；摊销进入调整利润率
2025-09-04	并购	收购 GMS；Q1 FY26 贡献净销售约 $1.3B	特种建材；结构上压低毛利率
2026-07-30	组织	Office of Integration → Office of Pro Acceleration（McPhail）	统一 Pro / 履约 / 目录
2026-08-12	人事	CEO Ted Decker 暂时医疗假；Campbell + McPhail 主持 CEO 办公室	过渡期；McPhail 为 SEC 临时 principal executive officer
2026-08-18	财报	FY2026 Q2：销售 $47.86B（+5.7%），同店 +1.7%，重申全年指引	旺季小项目好于预期；大票住房周期仍未解开

Valuation

Price $337.88, mkt cap ~$337B (2026-08-17 close; post-print tape not in this snapshot). TTM P/E ~24x, forward ~22x, P/B ~20x, dividend yield ~2.76%. Market is pricing small-project stabilization + Pro share, discounted for delayed housing big-ticket and refund fade. Trailing 1Y price return ~−9% (illustrative).

Valuation snapshot

Valuation snapshot

Metric	Value	Note
现价 / 市值	$337.88 / ~$337B	NYSE 收盘 2026-08-17；Q2 盘前打印后价格未纳入
TTM P/E	~24x	EPS TTM ~$14.06（行情商）；官方非调整
Forward P/E	~22x	指引调整 EPS 持平至 +4% vs FY25 $14.69；含关税退税假设
P/B	~20x	Q2 账面权益 $16.6B；回购历史压低账面
盈利收益率	~4.2%	1/24
股息率	~2.76%	年化股息 $9.32；H1 派息 $4.64B

Valuation & returns · ~3y

Interactive chart available in the reader.

Share price · ~3y

Interactive chart available in the reader.

Financial trend (~24 months)

Eight quarters: Q2 seasonal peak, Q4 trough; FY25 Q4 was 13 vs 14 weeks (−3.8% YoY). Q2 FY26 +5.7% YoY / +14.6% QoQ (seasonal). GM 32.6–33.8%; Q1 FY26 GMS mix drag, Q2 recovered to 33.7%.

Revenue · last 8 quarters

Interactive chart available in the reader.

Gross margin · last 8 quarters

Interactive chart available in the reader.

Financial health

H1 OCF $11.42B > net income. Interest-bearing debt ~$52.9B vs cash $2.09B—typical levered retail, covers dividends (H1 $4.64B) and maintenance CapEx, rate-sensitive. Current ratio ~1.08. Auditor: KPMG; unqualified expected; no going-concern emphasis. Verdict: healthy.

Financial health

Financial health

Item	Value	Note
财务健康总评	健康（高杠杆零售资产负债表）	OCF 覆盖股息与维持性 CapEx；有息债显著高于现金属模式而非危机
经营现金流（OCF）	H1 FY26 $11.42B	vs 上年 H1 $8.97B；净利 $8.06B，营运资本转为贡献
有息债 vs 现金	有息债约 $52.9B；现金 $2.09B	ST $4.25B + 一年内到期长期债 $4.70B + 长期债 $43.95B；净负债高
流动性	流动比率 ~1.08	流动资产 $37.7B vs 流动负债 $35.0B；应付账款为供应商融资
CapEx / FCF	H1 CapEx $1.72B	指引 CapEx ~2.5% 销售；H1 并购现金流出 $1.33B
审计 / 持续经营	KPMG；无保留预期	FY2025 10-K 无持续经营重大不确定性强调；以最新年报为准

Net income · last 8Q

Interactive chart available in the reader.

Operations

Volume/price: traffic still negative, ticket positive—fewer trips, larger/smaller-project baskets. Digital mix N/A this print. Pro growth still acquisition-heavy plus SRS mid-single-digit organic (Q1 commentary). Value-channel read-through: TJX, WMT; discretionary elasticity: TGT.

Q2 FY26 operating snapshot

Q2 FY26 operating snapshot

Segment / KPI	Value	Watchpoint
公司净销售	$47.86B / +5.7%	含 GMS/SRS；H1 $89.63B（+5.3%）
同店	+1.7%（美国 +1.3%）	H1 同店 +1.2%；客流 −1.0%、客单 +2.8%
客单 / 客流	客单 $92.50（+2.8%）	交易 4.432 亿次（−0.8%）；不含 HD Supply/SRS
毛利率 / 营业利润率	GM 33.7%；OPM 14.3%	调整 OPM 14.7%；Q1 GM 曾因 GMS 结构 −75bp
网点	零售店 2,364；SRS >1,340	Q1 末零售 2,361 / SRS >1,280；指引约 15 家新店

Competition

Peers: Lowe's (direct), Amazon (e-commerce substitute), Walmart (traffic). Strengths: Pro network and density. Weaknesses: high big-ticket beta; amortization; weaker digital mindshare vs AMZN. One-liner: share defended via Pro and availability; price-war risk lower than grocery, higher than pure e-comm.

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer comparison

Peer comparison

Company	Position / share	GM	Strength	Weakness
Home Depot (HD)	北美家装龙头；Pro 生态最完整	Q2 33.7%	门店密度 + SRS/GMS Pro 分销 + 品牌	大票住房周期；并购摊销与 GM 结构
Lowe's (LOW)	家装第二极；偏 DIY	略低于 HD（历史）	DIY 心智、部分市场密度	Pro 能力与分销网络弱于 HD
Amazon (AMZN)	家居/五金电商替代	零售低、广告高	便利与长尾 SKU	即时项目/大件履约与 Pro 服务弱
Walmart (WMT)	综合零售；部分五金/园艺	低于家装专营	客流与价格	深度项目与 Pro 不是主场

Management

Ted Decker (Chair/CEO since 2022) on temporary medical leave from 2026-08-12 (few months). Ann-Marie Campbell: day-to-day; Richard McPhail: finance + Pro and SEC interim principal executive officer; Greg Brenneman chairs the board during leave. CTO Fran Bell appointed this year. Stability: transition risk (medium)—deep bench, but CEO absence hits during Pro integration. No extra pay for the interim pair (company).

Key management (24m)

Key management (24m)

Role	Name	Since	24m change
Chair / CEO	Ted Decker	2022-03 CEO	2026-08-12 起暂时医疗假（预计数月）
日常运营（SEVP）	Ann-Marie Campbell	2023-11 SEVP	假期内主持日常；1985 年入职
CFO / 临时 PEO	Richard McPhail	2019-09 CFO	2026-07 领 Pro Acceleration；假期内管财务+Pro，SEC 临时 principal executive officer
董事会主持	Greg Brenneman	Lead independent director	Decker 假期内主持董事会
EVP / CTO	Fran Bell	2026	年内任命，合并 AI/数据/技术组合

Outlook

Near-term: Q3 FY26 (~Nov 17) comps vs the flat-to-2% full-year band; GMS mix drag. Housing (mortgages, existing-home sales) is the big-ticket switch. Refund optics similar to AAPL—label one-offs.

Scenarios

Risks

Risks

Risks

Risk	Severity	Mitigation
住房周转 / 按揭利率压制大票项目	高	同店仍靠客单与小项目；二手房成交低迷则大票难回
CEO 医疗假与高层过渡	中	资深双人组，但仍是 24 个月稳定性观察点
关税 / 供应链与商品成本	中	FY26 指引含 IEEPA 退税对冲燃料/能源/进货；退税不可外推
GMS/SRS 整合与毛利率结构	中	Q1 GM −75bp 主因组合；分销毛利率低于零售
高财务杠杆 / 利率	中	净负债高；指引净利息约 $2.3B
劳动力、物流与单点供应商	中低	门店服务产能；进口集中与地缘

Tracking

1. Q3/FY26 comps, U.S. comps, traffic vs ticket
2. Big-ticket (>$1,000) and housing prints (falsify “cycle done”)
3. GM vs GMS mix; adjusted operating margin vs 12.8–13.0%
4. Decker leave end-date and Pro Acceleration cross-sell KPIs
5. IEEPA refunds vs fuel/input costs (do not extrapolate)

Confirm: comps at the high end of guide and traffic inflects. Falsify: negative comps or GM below guide after refunds fade.

References

1. Home Depot FY2026 Q2 results — https://ir.homedepot.com/news-releases/2026/08-18-2026-110040463
2. Home Depot FY2026 Q1 results — https://ir.homedepot.com/news-releases/2026/05-19-2026-110111934
3. CEO medical leave — https://ir.homedepot.com/news-releases/2026/08-12-2026-140442024
4. Pro Acceleration — https://ir.homedepot.com/news-releases/2026/07-30-2026-210819756
5. FY2025 year — https://ir.homedepot.com/news-releases/2026/02-24-2026-110040985
6. IR — https://ir.homedepot.com/
7. See TJX · TGT · WMT · COST · AMZN

Not investment advice.