Cash and cash equivalents (USD, millions)

Receivables, net (USD, millions)

Merchandise inventories (USD, millions)

Other current assets (USD, millions)

Total current assets (USD, millions)

Net property and equipment (USD, millions)

Operating lease right-of-use assets (USD, millions)

Goodwill (USD, millions)

Intangible assets, net (USD, millions)

Other assets (USD, millions)

Total assets (USD, millions)

Short-term debt (USD, millions)

Accounts payable (USD, millions)

Accrued salaries and related expenses (USD, millions)

Current installments of long-term debt (USD, millions)

Current operating lease liabilities (USD, millions)

Other accrued expenses (USD, millions)

Total current liabilities (USD, millions)

Long-term debt, excluding current installments (USD, millions)

Long-term operating lease liabilities (USD, millions)

Other long-term liabilities (USD, millions)

Total liabilities (USD, millions)

Total stockholders’ equity (USD, millions)

Total liabilities and stockholders’ equity (USD, millions)

c6c86adc5e10f2d4e97f965e32b6f4aab3f68db1ad4ee03577067a001a0e6fd4

Net Sales (USD, millions)

Cost of Sales (USD, millions)

Gross Profit (USD, millions)

Selling, General and Administrative Expenses (USD, millions)

Depreciation and Amortization (USD, millions)

Total Operating Expenses (USD, millions)

Operating Income (USD, millions)

Interest Income and Other, Net (USD, millions)

Interest Expense (USD, millions)

Interest and Other, Net (USD, millions)

Earnings Before Provision for Income Taxes (USD, millions)

Provision for Income Taxes (USD, millions)

Net Earnings (USD, millions)

Basic Earnings per Share (USD)

Diluted Earnings per Share (USD)

47b3477218c78d45362c2ddf9d0e5c63d2ee1219e3b14c69c49a14fcbe7553b5

The sharp increase in operating cash flow in FY 2024 was driven primarily by an improvement in working capital management, which included **lower inventory purchases** and **better timing of vendor payments** that shifted the working capital impact from **$(6,240) million in FY 2023** to a positive **$2,333 million in FY 2024**. This improvement more than offset a decrease in net earnings, and other factors such as increased depreciation and amortization also contributed to the overall rise in cash flow.  **[0000354950-24-000031_hd_exhibit991x1282024.htm:4]** **[0000354950-24-000062_hd-20240128.htm:61]** 

What drove the sharp increase in operating cash flow in FY 2024?

The documents do not provide any direct information about free cash flow or the factors that improved it noticeably in FY 2024. No details related to free cash flow improvements were mentioned in the available sources.  **[0000354950-23-000059_hd-20230129.htm:65]** **[0000354950-24-000062_hd-20240128.htm:69]** **[0000354950-24-000031_hd_exhibit991x1282024.htm:4]** 

What factors improved free cash flow so noticeably in FY 2024?

The dramatic swing in investing activities in Q2 2025 was primarily driven by the significant cash outflow associated with the acquisition of SRS Distribution. The company paid **$17.6 billion** (net of cash acquired) as the cash consideration, which was the main factor behind the sharp increase in net cash used in investing activities during the period.  **[0000354950-24-000201_hd-20240728.htm:9]** **[0000354950-24-000201_hd-20240728.htm:34]** 

Why did investing activities swing so dramatically in Q2 2025?

0fd09f8a60aea3357a00847c90ebe2a6f56b4ec406fb1e4bb0496b68e6f6042b

Net earnings (USD, millions)

Depreciation and amortization, excluding amortization of intangible assets (USD, millions)

Intangible asset amortization (USD, millions)

Stock-based compensation expense (USD, millions)

Changes in deferred income taxes (USD, millions)

Other operating activities (USD, millions)

Net cash provided by operating activities (USD, millions)

Capital expenditures (USD, millions)

Payments for businesses acquired, net (USD, millions)

Other investing activities (USD, millions)

Net cash used in investing activities (USD, millions)

Proceeds from short-term debt, net (USD, millions)

Proceeds from long-term debt, net of discounts (USD, millions)

Repayments of long-term debt (USD, millions)

Repurchases of common stock (USD, millions)

Proceeds from sales of common stock (USD, millions)

Cash dividends (USD, millions)

Other financing activities (USD, millions)

Net cash provided by (used in) financing activities (USD, millions)

Change in cash and cash equivalents (USD, millions)

Effect of exchange rate changes on cash and cash equivalents (USD, millions)

Cash and cash equivalents at beginning of period (USD, millions)

Cash and cash equivalents at end of period (USD, millions)

f4cd12f88a7f5875035fbd3d1dd5d40414e92adde5359a000c55ccf13df2b064

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

4520f97224dd5c7b5ed2df259d7f9adc5e4075c67a80a869a37e4dd228a61ebe

8a0006fe297086a3c52c72dc760ab4219f47689ee74d37dfc3fdb362ea7e1276

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

Selling, General, and Administrative Expenses (SG&A) [USD, Millions]

Research and Development (R&D) [USD, Millions]

Depreciation and Amortization (D&A) [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

Earnings Per Share (EPS) - Basic [USD]

Earnings Per Share (EPS) - Diluted [USD]

46de7ae9b7abf6852b81ae8da8b4a4abddce430459f2d21cface08141f279777

Number of new stores opened in the U.S. (count)

Total number of stores (count)

Number of stores in Canada and Mexico (count)

Inventory turnover ratio (times)

Sales per retail square foot (USD per square foot)

Return on invested capital (percentage)

Comparable sales percentage change (percentage)

Comparable customer transactions percentage change (percentage)

Comparable average ticket percentage change (percentage)

Customer transactions (millions)

Average ticket (USD)

Online sales as percentage of net sales (percentage)

e5e7a08fdb369513f2e99a587f90a0a0e89692fba119832dbe21fd153a52a3bf

96d54e9d3d6e91c2d80aaeabf331dd454d60e855c6f3ff819b65a56ff4261b73

United States

Outside the U.S.

Total Revenue

e2a7c04d427ceb940a33d0dfb7e48352735542303c74b6f4c1afa02383774739

HOME DEPOT (HD)

Financials