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Nov 02, 2025
Home Depot Q3 2025 Earnings Report
Home Depot reported stable earnings with slight revenue growth, aided by a recent acquisition.
Key Takeaways
Home Depot posted $41.4B in revenue and $3.6B in net income for Q3 FY2025. While revenue rose 2.8% year-over-year, earnings per share slightly declined. The GMS acquisition contributed significantly to the top line, though demand was weaker than anticipated.
Revenue increased to $41.4B, up 2.8% YoY, including ~$900M from GMS acquisition.
Net income remained stable at $3.6B, with EPS at $3.62 (Adj. EPS: $3.74).
Comparable sales in the U.S. rose just 0.1%, reflecting soft consumer demand.
Lack of storm activity and housing uncertainty weighed on performance.
Revenue by Segment
Forward Guidance
Home Depot expects FY2025 sales growth of ~3.0%, aided by GMS, but faces continued consumer uncertainty and housing headwinds.
Positive Outlook
- Total sales growth projected at approximately 3.0%
- GMS expected to contribute $2.0B in incremental sales
- Approximately 12 new store openings planned
- Gross margin guidance of ~33.2%
- Adjusted operating margin expected at ~13.0%
Challenges Ahead
- EPS expected to decline ~6.0% YoY
- Adjusted EPS expected to decline ~5.0% YoY
- Ongoing pressure from housing market and consumer sentiment
- Storm-related demand not materializing as expected
- Net interest expense projected at $2.3B
Historical Earnings Impact
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Avg. Return Before/After Earnings
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