AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 18/10/2026
Moat50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · An established 2,364-store footprint, more than 500 distribution and fulfillment facilities at fiscal 2025 year-end, and disclosed tariff mitigation support a meaningful scale advantage. Relative unit costs are unavailable, and mitigation reflects multiple actions rather than scale alone.
durability · 2/4 · Physical infrastructure and substantial store ownership support persistence, but the passages do not establish how long the relative advantage lasts. Digital entry and comparison shopping constrain protection, and management's broader competitive-advantage claims exceed demonstrated evidence.
customer dependency · 1/4 · Managed-account sales growth indicates some deepening customer demand, but does not demonstrate dependency. Repeated comparable transaction declines and easy price comparison leave customer attachment weakly evidenced; no material contractual or operational switching friction is disclosed.
erosion resilience · 2/4 · Fiscal 2025 tariff mitigation and continuing positive comparable sales show resilience. Declining transactions, fiscal 2025 operating-margin compression and first-half fiscal 2026 input-cost pressure temper that conclusion. Tariff refunds partly supported recent gross profit.
Pricing power50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Some fiscal 2025 price increases helped mitigate tariff costs. First-half fiscal 2026 comparable ticket rose 2.5%, but transactions fell 1.2%; ticket includes basket and mix effects. These outcomes support limited price realization, without demonstrating an unconstrained premium.
retention · 2/4 · Indirect operating evidence is mixed: managed-account sales and online sales grew, and management described repair and maintenance engagement, while comparable transactions continued declining. These measures demonstrate ongoing demand but cannot establish customer-level retention or the effect of price increases on retention.
margin resilience · 2/4 · Fiscal 2025 gross margin was broadly stable despite tariffs, but operating margin declined. First-half fiscal 2026 gross margin fell from 33.6% to 33.4%, with input costs and acquisition mix partly offset by tariff refunds. This is mixed resilience rather than proof of strong pricing power.
contractual freedom · 2/4 · The company explicitly discloses that it may adjust selling prices as commodity costs change, supporting practical pricing discretion. It also states that competition can limit recovery of higher costs. Detailed customer contracts and price-reset restrictions are unavailable.
Predictability94
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 75.00
- Revenue growth volatility (pp)
- 3.05
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 1.64
Financial strength48
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 51.28
- netDebtEbitGrade
- 47.93
- interestCoverageGrade
- 69.64
- currentRatioGrade
- 24.85
- Debt / FCF (x)
- 4.41
- Net debt / operating income (x)
- 2.60
- Interest coverage (x)
- 8.66
- Current ratio (x)
- 1.06
Capital allocation100
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 42.82
- 3-year average dilution (%)
- -0.95
- 3-year average SBC / revenue (%)
- 0.28
- cashConversionGrade
- 100.00
Management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · First-half fiscal 2026 operating cash flow of $11.4 billion funded capital spending, acquisitions, dividends and substantial debt repayment while buybacks remained paused. However, prior acquisition spending was large, fiscal 2025 cash generation declined, and trailing ROIC fell to 24.8% from 27.2%. Recent cash-flow improvement substantially reflects working-capital and tax timing; acquisition returns remain incompletely demonstrated.
incentive alignment · 3/4 · Actual three-year awards tied to operating profit and ROIC earned 70.1% of target, demonstrating that below-target outcomes reduced earned compensation. Existing ownership and retention guidelines, anti-hedging and pledging restrictions, clawbacks and limits on upward payout discretion support alignment. Award adjustments and missing executive ownership detail limit a stronger assessment.
execution · 2/4 · Reported outcomes show tariff mitigation, managed-account growth, online growth and improved first-half fiscal 2026 Primary operating income. These are indirect evidence of execution rather than proof of strategy causation. Fiscal 2025 incentive results missed targets, transactions declined, and acquisitions supplied much of consolidated sales growth.
governance · 3/4 · Disclosed existing policies include annual director elections, majority voting, shareholder special-meeting and written-consent rights, an independent lead director, independent committees and regular independent-director sessions. These support strong governance arrangements, without proving exceptional oversight effectiveness. Nominee independence is prospective, and the proposed officer exculpation amendment is not treated as adopted.
Evidence
Item 2. Properties. The following table presents the percentage of our owned versus leased facilities in operation within our Primary segment at the end of fiscal 2025, along with the total square footage: square footage in millions Owned Leased Total Square Footage Stores (1) 90 % 10 % 244.7 Distribution and fulfillment centers and warehouses (2) 3 % 97 % 104.7 Offices and other (3) 27 % 73 % 4.6 Total Primary segment 354.0 ————— (1)Our owned stores include those subject to ground leases.
Item 2, Properties: owned and leased facilities · Filed 18/03/2026
(2)We operated over 500 distribution and fulfillment centers and warehouses at the end of fiscal 2025.
Item 2, Properties: distribution and fulfillment footprint · Filed 18/03/2026
During the second quarter of fiscal 2026, we opened three new stores in the U.S., resulting in a total store count of 2,364 at August 2, 2026.
Executive Summary: fiscal Q2 2026 store openings and total count · Filed 25/08/2026
While we experienced increased costs as a result of tariffs in fiscal 2025, our actions, including diversification efforts and some price increases, along with our scale, vendor relationships, experienced internal teams, and other initiatives allowed us to effectively mitigate the impact on our results of operations.
MD&A: fiscal 2025 tariff costs and mitigation · Filed 18/03/2026
Online and other digital capabilities, as well as AI tools, facilitate competitive entry, price transparency, and comparison shopping, increasing the level of competition we face.
Competition: digital entry and price transparency · Filed 18/03/2026
In order to mitigate price volatility, we monitor commodity price fluctuations and may adjust our selling prices accordingly; however, our ability to recover higher costs through increased pricing may be limited by the competitive environment in which we operate.
Commodity price risk: selling-price adjustments and competitive constraints · Filed 18/03/2026
“Risk Factors.” Fiscal 2025 Form 10-K 28 Table of Contents RESULTS OF OPERATIONS The following table presents the percentage relationship between net sales and major categories in our consolidated statements of earnings: Fiscal Fiscal Fiscal 2025 2024 2023 dollars in millions $ % of Net Sales $ % of Net Sales $ % of Net Sales Net sales $ 164,683 $ 159,514 $ 152,669 Gross profit 54,865 33.3 % 53,308 33.4 % 50,960 33.4 % Operating expenses: Selling, general and administrative 30,702 18.6 28,748 18.0 26,598 17.4 Depreciation and amortization 3,273 2.0 3,034 1.9 2,673 1.8 Total operating expenses 33,975 20.6 31,782 19.9 29,271 19.2 Operating income 20,890 12.7 21,526 13.5 21,689 14.2 Interest and other (income) expense: Interest income and other, net (124) (0.1) (201) (0.1) (178) (0.1) Interest expense 2,412 1.5 2,321 1.5 1,943 1.3 Interest and other, net 2,288 1.4 2,120 1.3 1,765 1.2 Earnings before provision for income taxes 18,602 11.3 19,406 12.2 19,924 13.1 Provision for income taxes 4,446 2.7 4,600 2.9 4,781 3.1 Net earnings $ 14,156 8.6 % $ 14,806 9.3 % $ 15,143 9.9 % ————— Note: Fiscal 2025 and fiscal 2023 include 52 weeks.
Results of Operations: fiscal 2023–2025 consolidated results · Filed 18/03/2026
Six Months Ended Selected financial and sales data: August 2, 2026 August 3, 2025 % Change Comparable sales (% change) 1.2 % 0.4 % N/A Comparable customer transactions (% change) (1) (1.2) % (0.5) % N/A Comparable average ticket (% change) (1) (2) 2.5 % 0.7 % N/A Customer transactions (in millions) (1) 834.3 841.6 (0.9) % Average ticket (1) (2) $ 92.62 $ 90.34 2.5 Diluted earnings per share $ 8.09 $ 8.03 0.7 % ————— (1)Customer transactions and average ticket measures do not include results from HD Supply or SRS.
Results of Operations: first-half fiscal 2026 comparable sales, transactions and ticket · Filed 25/08/2026
Gross profit as a percentage of net sales, or gross profit margin, was 33.4% for the first six months of fiscal 2026 compared to 33.6% for the first six months of fiscal 2025.
Gross Profit: first-half fiscal 2026 gross margin comparison · Filed 25/08/2026
The decrease in gross profit margin during the first six months of fiscal 2026 reflects the inclusion of GMS in our consolidated results, as well as incremental cost pressures related to fuel, energy, and other product input costs, largely offset by the benefit from IEEPA tariff refunds.
Gross Profit: acquisition mix, input costs and tariff refunds · Filed 25/08/2026
Corporations could face an annual financial risk of approximately $100 billion should governments require them to cover the waste management costs of the packaging they produce, a policy that is increasingly being enacted around the globe.4 While Home Depot has taken initial steps to partner with suppliers to target the reduction of 200 million pounds of virgin plastic by 2028, or convert them to recycled or alternative materials, it has not disclosed its total plastic footprint, leaving investors unsure about the impact of its commitment.5 Competitors Walmart and Target have adopted goals to make their private brand plastic packaging recyclable, reusable, or compostable by 2025, and Lowe’s has agreed to do the same by 2030.
Shareholder proposal: packaging concerns and named competitors · Filed 07/04/2026
2023 Comparable sales (% change) (1) 0.3 % (1.8) % (3.2) % N/A N/A Comparable customer transactions (% change) (1) (2) (1.0) % (1.0) % (2.9) % N/A N/A Comparable average ticket (% change) (1) (2) (3) 1.4 % (0.9) % (0.3) % N/A N/A Customer transactions (in millions) (2) 1,601.5 1,637.2 1,621.8 (2.2) % 0.9 % Average ticket (2) (3) $90.56 $89.31 $90.07 1.4 % (0.8) % Diluted earnings per share (4) $14.23 $14.91 $15.11 (4.6) % (1.3) % ————— (1)Does not include results from the 53rd week of fiscal 2024.
Results of Operations: historical comparable transactions and average ticket · Filed 18/03/2026
The Pro strategic goal was achieved, with Fiscal 2025 managed account sales exceeding Fiscal 2024 managed account sales due to focus throughout the year on advancing Pro initiatives.
Compensation Discussion and Analysis: achieved fiscal 2025 managed-account sales goal · Filed 07/04/2026
Online sales represented 16.5% of net sales during the first six months of fiscal 2026 and increased by 10.8% compared to the first six months of fiscal 2025.
Sales: first-half fiscal 2026 online sales growth · Filed 25/08/2026
Our comparable sales Fiscal Q2 2026 Form 10-Q 18 Table of Contents results reflect customer engagement with smaller repair and maintenance projects, despite the impact of consumer uncertainty and housing affordability pressure on home improvement demand.
Comparable Sales: management explanation of repair and maintenance engagement · Filed 25/08/2026
CONSOLIDATED STATEMENTS OF CASH FLOWS Fiscal Fiscal Fiscal in millions 2025 2024 2023 Cash Flows from Operating Activities: Net earnings $ 14,156 $ 14,806 $ 15,143 Reconciliation of net earnings to net cash provided by operating activities: Depreciation and amortization, excluding amortization of intangible assets 3,514 3,336 3,061 Intangible asset amortization 607 425 186 Stock-based compensation expense 522 442 380 Changes in receivables, net 107 174 134 Changes in merchandise inventories (1,498) (743) 4,137 Changes in other current assets 124 86 (184) Changes in accounts payable and accrued expenses (1,058) 518 (1,411) Changes in deferred revenue (61) (165) (318) Changes in income taxes payable (698) 809 (25) Changes in deferred income taxes 418 15 (245) Other operating activities 192 107 314 Net cash provided by operating activities 16,325 19,810 21,172 Cash Flows from Investing Activities: Capital expenditures (3,679) (3,485) (3,226) Payments for businesses acquired, net (5,410) (17,644) (1,514) Other investing activities 109 98 11 Net cash used in investing activities (8,980) (21,031) (4,729) Cash Flows from Financing Activities: Proceeds from short-term debt, net 4,148 316 — Proceeds from long-term debt, net of discounts 2,161 10,010 1,995 Repayments of long-term debt (5,040) (1,536) (1,271) Repurchases of common stock — (649) (7,951) Proceeds from sales of common stock 314 395 323 Cash dividends (9,152) (8,929) (8,383) Other financing activities (145) (301) (156) Net cash used in financing activities (7,714) (694) (15,443) Change in cash and cash equivalents (369) (1,915) 1,000 Effect of exchange rate changes on cash and cash equivalents 99 (186) 3 Cash and cash equivalents at beginning of year 1,659 3,760 2,757 Cash and cash equivalents at end of year $ 1,389 $ 1,659 $ 3,760 Supplemental Disclosures: Cash paid for interest, net of interest capitalized 2,405 2,199 1,809 Non-cash capital expenditures 272 250 364 Non-cash acquisition purchase consideration (Note 13) — 321 — ————— Fiscal 2025 and fiscal 2023 include 52 weeks.
Consolidated Statements of Cash Flows: fiscal 2023–2025 · Filed 18/03/2026
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended in millions August 2, 2026 August 3, 2025 Cash Flows from Operating Activities: Net earnings $ 8,055 $ 7,984 Reconciliation of net earnings to net cash provided by operating activities: Depreciation and amortization, excluding amortization of intangible assets 1,839 1,720 Intangible asset amortization 349 278 Stock-based compensation expense 326 288 Changes in receivables, net (1,233) (986) Changes in merchandise inventories (831) (1,205) Changes in other current assets (225) (190) Changes in accounts payable and accrued expenses 2,524 1,323 Changes in deferred revenue 152 (24) Changes in income taxes payable 183 (739) Changes in deferred income taxes 58 490 Other operating activities 225 29 Net cash provided by operating activities 11,422 8,968 Cash Flows from Investing Activities: Capital expenditures (1,724) (1,723) Payments for businesses acquired, net (1,333) (233) Other investing activities 46 64 Net cash used in investing activities (3,011) (1,892) Cash Flows from Financing Activities: Repayments of short-term debt, net (216) (316) Proceeds from long-term debt 122 76 Repayments of long-term debt (3,040) (1,199) Proceeds from sales of common stock 192 163 Cash dividends (4,643) (4,574) Other financing activities (116) (130) Net cash used in financing activities (7,701) (5,980) Change in cash and cash equivalents 710 1,096 Effect of exchange rate changes on cash and cash equivalents (14) 49 Cash and cash equivalents at beginning of period 1,389 1,659 Cash and cash equivalents at end of period $ 2,085 $ 2,804 Supplemental Disclosures: Cash paid for interest, net of interest capitalized $ 1,169 $ 1,189 Cash paid for income taxes 2,431 3,092 ————— See accompanying notes to consolidated financial statements.
Consolidated Statements of Cash Flows: first-half fiscal 2026 · Filed 25/08/2026
In March 2024, we paused share repurchases and have not resumed share repurchase activity as of August 2, 2026.
Stockholders' Equity: continued share repurchase pause · Filed 25/08/2026
Fiscal Q2 2026 Form 10-Q 19 Table of Contents The following table presents the calculation of ROIC, together with a reconciliation of NOPAT to net earnings (the most comparable GAAP financial measure): Twelve Months Ended (2) dollars in millions August 2, 2026 August 3, 2025 Net earnings $ 14,227 $ 14,629 Interest and other, net 2,275 2,344 Provision for income taxes 4,520 4,628 Operating income 21,022 21,601 Income tax adjustment (1) (5,115) (5,189) NOPAT $ 15,907 $ 16,412 Average debt and equity $ 64,124 $ 60,305 ROIC 24.8 % 27.2 % ————— (1)Income tax adjustment is defined as operating income multiplied by our effective tax rate for the trailing twelve months.
Non-GAAP Financial Measures: trailing ROIC reconciliation · Filed 25/08/2026
Changes in working capital were primarily driven by timing of vendor payments and inventory management, along with the deferral of our fourth quarter fiscal 2024 estimated federal tax payment to the first quarter of fiscal 2025, which resulted in fewer income tax payments in the first six months of fiscal 2026 compared to the first six months of fiscal 2025.
Operating Activities: working-capital and tax-payment contributions to cash flow · Filed 25/08/2026
iv The Home Depot 2026 Proxy Statement Table of Contents • An executive compensation clawback policy applicable to all officers subject to Section 16 of the Exchange Act (“Section 16 officers”) that extends beyond mandated requirements and, among other things, allows the LDC Committee, in its discretion, to recoup compensation, including equity awards, following intentional misconduct that causes the Company material financial or reputational harm • Anti-hedging policy applicable to all associates, officers, and directors and prohibition on pledging Company stock and opening margin accounts containing Company stock for Section 16 officers and directors • Robust stock ownership and retention guidelines for executive officers and non-employee directors • No change in control agreements CORPORATE GOVERNANCE BEST PRACTICES (see pages 1-14) Our corporate governance policies reflect best practices: Shareholder Protections Board Engagement and Oversight ü Annual election of directors, with majority voting standard in uncontested director elections ü Annual Board strategy session and review of the Company’s strategic plan ü Shareholder ability to call special meetings and act by written consent ü Director overboarding policy ü Market standard shareholder rights to proxy access and director nomination through advance notice provisions in By-Laws ü Director store and facility walk policy ü Independent Lead Director ü Board education and orientation program ü Approximately 92% of director nominees and all Board committee members are independent ü Annual Board and committee self-evaluations, including individual director interviews ü Director mandatory retirement age (age 72) ü Management succession policy set forth in Corporate Governance Guidelines ü No shareholder rights plan, also referred to as a “poison pill” and annual Board-level review of Shareholder Rights Plan Policy ü Independent directors meet without management on at least a quarterly basis SHAREHOLDER ENGAGEMENT PROGRAM (see page 9) The Company values the views of its shareholders and continually engages with its institutional shareholders.
Proxy statement: existing compensation safeguards and governance policies · Filed 07/04/2026
The LDC Committee does not have discretion to increase the MIP payout earned by an NEO, but it may decrease the payout even if the The Home Depot 2026 Proxy Statement 63 Table of Contents performance goals are achieved if such payout to an NEO would be inconsistent with the Company’s pay for performance philosophy.
Annual Cash Incentive: committee discretion over earned payouts · Filed 07/04/2026
The Fiscal 2023-2025 awards provide for the grant of shares of our common stock at the end of the respective three-year period subject to the achievement of average ROIC and average operating profit goals over that period, as follows (dollars in billions): Fiscal 2023-2025 Performance Shares Threshold Target Maximum Actual(1) Three-Year Average ROIC 33.3 % 39.2 % 45.1 % 37.4 % Three-Year Average Operating Profit $19.41 $22.84 $26.26 $21.15 Percent of Target Payout 25 % 100 % 200 % 70.1 % (1) The pre-established definitions of operating profit and ROIC for the Fiscal 2023-2025 performance share awards are essentially the same as those used for the Fiscal 2025-2027 awards, although the pre-established definitions of operating profit for the Fiscal 2023-2025 awards are determined on a 52-week basis, and the pre-established definitions of operating profit and ROIC for the Fiscal 2023-2025 awards contain an adjustment for the impact of any individual acquisition or disposition of a business with annualized sales of at least $1 billion (as opposed to acquisitions and dispositions with annualized sales exceeding $1 billion in the aggregate per the pre-established definitions for the Fiscal 2025-2027 awards).
Long-Term Incentives: fiscal 2023–2025 performance-share measures and results · Filed 07/04/2026
As a result, the NEOs employed at the end of Fiscal 2025 earned 70.1% of their Fiscal 2023-2025 awards, reflecting results above threshold and below target for both average operating profit and average ROIC.
Long-Term Incentives: actual fiscal 2023–2025 awards earned · Filed 07/04/2026
Fiscal 2025 MIP Results. For Fiscal 2025, for purposes of determining the achievement of MIP awards, sales were $162.81 billion, operating profit was $21.17 billion and inventory turns were 4.33 times, between the threshold level and the target level for the sales, operating profit, and inventory turns measures.
Annual Cash Incentive: fiscal 2025 results below target · Filed 07/04/2026
The following table presents net sales, significant expenses, and operating income for our Primary segment: Three Months Ended Six Months Ended in millions August 2, 2026 August 3, 2025 August 2, 2026 August 3, 2025 Net sales $ 42,806 $ 42,157 $ 80,569 $ 79,444 Cost of sales 27,750 27,728 52,495 52,112 Selling, general and administrative 7,766 7,375 15,124 14,539 Depreciation and amortization 698 700 1,393 1,393 Operating income $ 6,592 $ 6,354 $ 11,557 $ 11,400 Fiscal Q2 2026 Form 10-Q 7 Table of Contents The following tables present a reconciliation of certain segment information to our consolidated totals: Three Months Ended Six Months Ended August 2, 2026 August 2, 2026 in millions Primary Other (1) Consolidated Primary Other (1) Consolidated Net sales $ 42,806 $ 5,055 $ 47,861 $ 80,569 $ 9,057 $ 89,626 Operating income 6,592 247 6,839 11,557 263 11,820 Interest income and other, net (59) (66) Interest expense 583 1,194 Earnings before provision for income taxes $ 6,315 $ 10,692 Depreciation and amortization (2) $ 859 $ 236 $ 1,095 $ 1,699 $ 462 $ 2,161 ————— (1) Net sales presented in Other relate to the sale of products within our SRS non-reportable operating segments, including the HVAC products operating segment beginning in the second quarter of fiscal 2026 upon the acquisition of Mingledorff’s, as well as the interior and construction products operating segment beginning in the third quarter of fiscal 2025 upon the acquisition of GMS.
Segment Information: Primary and Other first-half fiscal 2026 results · Filed 25/08/2026
The increase in net sales for the first six months of fiscal 2026 was primarily driven by sales from GMS which contributed approximately $2.8 billion of incremental net sales during the first six months of fiscal 2026, as well as the impact of a positive comparable sales environment.
Net Sales: acquisition contribution to first-half fiscal 2026 growth · Filed 25/08/2026
ITEMS OF BUSINESS: (1) To elect the 12 persons named in the accompanying Proxy Statement as directors of the Company for terms expiring at the 2027 Annual Meeting of Shareholders; (2) To ratify the appointment of KPMG LLP as the Company’s independent registered public accounting firm for the fiscal year ending January 31, 2027; (3) To cast an advisory vote to approve executive compensation as set forth in this Proxy Statement (“Say-on-Pay”); (4) To approve the adoption of an amendment to the Company’s Certificate of Incorporation to add officer exculpation; (5) To approve the implementation of miscellaneous amendments to the Company’s Certificate of Incorporation; (6) To act on seven shareholder proposals described in the Proxy Statement, if properly presented at the Meeting; and (7) To transact any other business properly brought before the Meeting.
Annual meeting notice: proposed officer exculpation amendment · Filed 07/04/2026
Table of Contents DEAR FELLOW SHAREHOLDERS: Since the Home Depot’s founding nearly 50 years ago, we have built distinct competitive advantages: our brand, excellent customer service, product authority in home improvement, unmatched scale, premier real estate portfolio, digital and interconnected experience, supply chain network, deep relationships with our Pros, including through acquisitions that have expanded our service offerings, and of course, our associates and culture.
Shareholder letter: management's asserted competitive advantages · Filed 07/04/2026
With respect to some products and services, we also compete with specialty design stores, showrooms, discount stores, paint stores, specialty and mass digital retailers, warehouse clubs, MRO distributors, national and local wholesale supply distributors, home décor retailers, and other retailers, as well as with providers of home improvement services and tool and equipment rental.
Competition: competing retail and distribution categories · Filed 18/03/2026
