실적분석 Home Depot ($HD) Fiscal 2026 Second-Quarter Earnings Review — Revenue and EPS Top Estimates, Full-Year Outlook Reaffirmed
Earnings Scorecard
Revenue: $47.861 billion (year-over-year +5.7%, consensus $47.240 billion) ✅ Beat
EPS (earnings per share): Adjusted $4.92 (consensus $4.73, GAAP $4.79) ✅ Beat
Guidance: Reaffirmed — fiscal 2026 revenue growth of approximately 2.5% to 4.5%, adjusted EPS roughly flat to +4% versus prior-year $14.69
Stock reaction: +1.60% after-hours ($343.30) — as of 8:45 p.m. Korea time, August 18
Highlights
Revenue beat: $47.861 billion (consensus $47.240 billion, +5.7% year-over-year)
Adjusted EPS: $4.92, above the $4.73 consensus
Comparable sales: +1.7% year-over-year, U.S. comparable sales +1.3%
Higher spend per customer supported revenue. Acquisition-related effects lifted total sales growth above comparable-sales growth.
Soft Spots
Declining traffic: Comparable-sales transactions fell -1.0% year-over-year
Margin compression: Operating margin of 14.3% versus 14.5% a year earlier
Cost burden: Full-year outlook assumes that tariff-related refunds partially offset higher fuel, energy, and input costs
The pattern shows customers visiting stores less often but spending more per trip. If the refund and cost-offset assumptions break down in the second half, margin pressure is likely to intensify.
What Management Said
Management reaffirmed its fiscal 2026 outlook and noted that tariff refunds would partially offset unanticipated fuel, energy, and input-cost pressures. Executives characterized demand as concentrated in smaller projects but spread across the business.
Market Reaction and What to Watch Next
Revenue and adjusted EPS coming in ahead of consensus, combined with reaffirmed full-year guidance, translated into a modest after-hours gain.
Whether the comparable-sales traffic decline stabilizes
Whether small-project demand translates into larger remodeling activity
How meaningfully tariff refunds and cost offsets actually support margins in the second half
Disclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
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