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The Home Depot, Inc., taken apart.

Four panels built from the reported annual accounts, then the rest of the engine. Every figure below is The Home Depot, Inc.’s own filing, not an estimate of ours.

Income statement, four years

Read across, not down. Each line is shown for four fiscal years, so the direction matters more than any single column.

The Home Depot, Inc. annual income statement, as reported. Columns are fiscal years, most recent first.
LineFY2026FY2025FY2024FY2023
Revenue$164.68B$159.51B$152.67B$157.40B
Cost of revenue$109.82B$106.21B$101.71B$104.62B
Gross profit$54.87B$53.31B$50.96B$52.78B
Operating expenses$33.98B$31.78B$29.27B$28.74B
Operating income$20.89B$21.53B$21.69B$24.04B
Net income$14.16B$14.81B$15.14B$17.11B
Diluted EPS14.2314.9115.1116.69

Net income moved -17.2% across these years while earnings per share moved -14.7% — more than the profit itself, because the share count changed. Profit split fewer ways is not the same as more profit.

The rest of the engine

The panels above are built from filings. These run against the live engine.