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Arphra AIPlain-English read on The Home Depot, Inc.’s valuationIncome statement
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $151.16B | $157.4B | $152.67B | $159.51B | $164.68B | $171.01B | $177.54B | $185.29B | $192.56B |
| Cost of revenue | $100.33B | $104.63B | $101.71B | $106.21B | $109.82B | $116.44B | $116.24B | $120.13B | $129.07B |
| Gross profit | $50.83B | $52.78B | $50.96B | $53.31B | $54.87B | $55.42B | $57.51B | $60.5B | $62.83B |
| Gross margin | +33.63% | +33.53% | +33.38% | +33.42% | +33.32% | +32.41% | +32.39% | +32.65% | +32.63% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $25.41B | $26.28B | $26.6B | $28.75B | $30.7B | $29.96B | $32.51B | $32.47B | $35.22B |
| Total operating expenses | $27.79B | $28.74B | $29.27B | $31.78B | $33.98B | $33.61B | $35.21B | $35.79B | $39.3B |
| Operating income | $23.04B | $24.04B | $21.69B | $21.53B | $20.89B | $22.34B | $23.95B | $24.47B | $26.52B |
| Operating margin | +15.24% | +15.27% | +14.21% | +13.49% | +12.68% | +13.07% | +13.49% | +13.21% | +13.77% |
| EBITDA | $25.95B | $27.07B | $25.11B | $25.44B | $24.29B | $27.14B | $27.66B | $29.53B | $29.86B |
| EBIT | $23.04B | $24.04B | $21.87B | $21.73B | $21.01B | $23.18B | $23.83B | $25.75B | $25.78B |
| Below the line | |||||||||
| Interest expense | $1.35B | $1.62B | $1.94B | $2.32B | $2.41B | $2.34B | $2.5B | $2.53B | $2.66B |
| Interest income | $44M | $55M | $178M | $201M | $141M | $189.99M | $188.96M | $205.12M | $208.31M |
| Other income / expense | -$1.3B | -$1.56B | -$1.77B | -$2.12B | -$2.29B | — | — | — | — |
| Pre-tax income | $21.74B | $22.48B | $19.92B | $19.41B | $18.6B | $20.3B | $21.27B | $23.2B | $24.1B |
| Income tax expense | $5.3B | $5.37B | $4.78B | $4.6B | $4.45B | $5.01B | $5B | $5.49B | $5.7B |
| Earnings | |||||||||
| Net income | $16.43B | $17.11B | $15.14B | $14.81B | $14.16B | $16.01B | $16.86B | $17.23B | $17.51B |
| Net income · continuing ops | $16.43B | $17.11B | $15.14B | $14.81B | $14.16B | $15.54B | $16.58B | $17.64B | $17.51B |
| Net margin | +10.87% | +10.87% | +9.92% | +9.28% | +8.60% | +9.36% | +9.50% | +9.30% | +9.09% |
| EPS · basic | $15.59 | $16.74 | $15.16 | $14.96 | $14.27 | $14.93 | $16.21 | $17.43 | $19.01 |
| EPS · diluted | $15.53 | $16.69 | $15.11 | $14.91 | $14.23 | $14.95 | $16.10 | $17.52 | $19.09 |
| EPS · low estimate | — | — | — | — | — | $14.83 | $15.57 | $16.72 | $18.61 |
| EPS · high estimate | — | — | — | — | — | $15.09 | $16.38 | $17.86 | $19.81 |
| Shares · basic | 1.05B | 1.02B | 999M | 990M | 993M | 984.84M | 999.82M | 1B | 989.11M |
| Shares · diluted | 1.06B | 1.03B | 1B | 993M | 997M | 997.68M | 990.57M | 995.18M | 1.01B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 25 | 25 | 17 | 8 |
| Analysts (EPS) | — | — | — | — | — | 21 | 21 | 9 | 7 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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