The Home Depot, Inc. (HD) Q2 FY2026 財報重點

本季結論

The Home Depot fiscal 2026 second-quarter sales rose 5.7% year over year to $47.9B, exceeding management’s expectations, while comparable sales increased 1.7%. Demand broadened across the business, supported by smaller projects, strength in Pro categories, 13 of 16 merchandising departments posting positive comps, and continued digital momentum. GAAP diluted EPS increased 4.6% to $4.79, while adjusted diluted EPS rose 5.1% to $4.92; operating cash flow for the first six months reached $11.4B. Management reaffirmed fiscal 2026 guidance, including total sales growth of approximately 2.5%-4.5% and comparable sales growth ranging from approximately flat to 2.0%. The principal risk is that housing affordability, frozen housing conditions, tariffs, and rising fuel, energy, and product-input costs could pressure demand and margins.

重要進展

• Sales growth accelerated with broad-based category participation：Quarterly sales reached $47.9B, up 5.7% year over year, and comparable sales increased 1.7%; 13 of 16 merchandising departments posted positive comparable sales. 來源：sec.gov、sec.gov、sec.gov、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com
• Customer engagement improved across both DIY and Pro demand：Management cited strength in smaller projects, positive Pro comps, and big-ticket comparable transactions above $1,000 rising 2.4%. 來源：sec.gov、sec.gov、sec.gov、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com
• Digital fulfillment investments continued to drive online growth：Digital-platform sales increased 11% year over year, marking the fifth consecutive quarter of double-digit growth; U.S. delivery lead times for stocked big-and-bulky products also improved materially. 來源：sec.gov、sec.gov、sec.gov、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com
• Adjusted earnings grew faster than reported sales：Adjusted diluted EPS increased 5.1% to $4.92, while GAAP diluted EPS rose 4.6% to $4.79; adjusted operating margin was 14.7%. 來源：sec.gov、sec.gov、sec.gov、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com
• Cash generation remained strong despite acquisition investment：Net cash provided by operating activities was $11.4B for the first six months, while capital expenditures were $1.7B and acquisition payments were $1.3B during the same period. 來源：sec.gov、sec.gov、sec.gov、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com
• Market-share investments and the SRS ecosystem expanded：The company ended the quarter with 2,364 retail stores and more than 1,340 SRS locations, while management expects SRS organic sales growth in the mid-single digits for fiscal 2026. 來源：sec.gov、sec.gov、sec.gov、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com

需留意的變化

• Underlying cost pressure limited gross-margin expansion：The 33.7% gross margin benefited from $685M of IEEPA tariff refunds, but fuel, energy, product-input costs, and acquisition mix offset much of the benefit. 來源：sec.gov、sec.gov、sec.gov、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com
• Operating leverage weakened year over year：Operating expenses increased to 19.4% of sales, up approximately 45 basis points, and GAAP operating margin declined to 14.3% from 14.5%. 來源：sec.gov、sec.gov、sec.gov、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com
• Transaction volume remained negative：Comparable customer transactions declined 1.0%, although the average ticket increased 2.8% to $92.50. 來源：sec.gov、sec.gov、sec.gov、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com
• Return on invested capital declined：Trailing-twelve-month ROIC decreased to 24.8% from 27.2% in the prior-year quarter. 來源：sec.gov、sec.gov、sec.gov、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com

管理層展望

公司重申 FY2026 指引：總銷售額成長約 2.5%-4.5%，可比銷售額約持平至成長 2.0%；營業利益率約 12.4%-12.6%，調整後營業利益率約 12.8%-13.0%；稀釋後每股盈餘及調整後稀釋後每股盈餘均預期較 FY2025 約持平至成長 4.0%。

風險與限制

• 住房市場疲弱可能延長大型項目低迷：管理層指出住房負擔能力壓力及住房市場停滯，且較大型的可選擇性專案仍承壓，可能限制需求復甦速度。 來源：sec.gov、sec.gov、sec.gov、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com
• 關稅與投入成本可能侵蝕毛利：公司表示燃料、能源及其他產品投入成本帶來未計畫中的壓力，關稅退款預期僅部分抵銷全年成本增加。 來源：sec.gov、sec.gov、sec.gov、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com
• 併購整合與成本結構增加執行複雜度：SRS、GMS及 Mingledorff’s 的併購擴大產品與分銷網絡，但組合變化已對毛利率造成約 60 個基點的不利影響。 來源：sec.gov、sec.gov、sec.gov、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com、ir.homedepot.com

資料來源

1. sec.gov · sec.gov
2. sec.gov · sec.gov
3. sec.gov · sec.gov
4. ir.homedepot.com · ir.homedepot.com
5. ir.homedepot.com · ir.homedepot.com
6. ir.homedepot.com · ir.homedepot.com
7. ir.homedepot.com · ir.homedepot.com
8. ir.homedepot.com · ir.homedepot.com
9. ir.homedepot.com · ir.homedepot.com
10. ir.homedepot.com · ir.homedepot.com
11. ir.homedepot.com · ir.homedepot.com
12. ir.homedepot.com · ir.homedepot.com