The Home Depot Announces Fourth Quarter and Fiscal 2024 Results; Increases Quarterly Dividend by 2.2%; Provides Fiscal 2025 Guidance
Home Depot (HD) reported Q4 fiscal 2024 sales of $39.7 billion, a 14.1% increase from Q4 2023, with comparable sales up 0.8%. The 14-week quarter (vs. 13 weeks in 2023) added approximately $2.5 billion in sales. Q4 net earnings were $3.0 billion ($3.02 per diluted share), compared to $2.8 billion ($2.82 per share) in Q4 2023.
For fiscal 2024, sales reached $159.5 billion, a 4.5% increase, though comparable sales decreased 1.8%. Full-year net earnings were $14.8 billion ($14.91 per diluted share) versus $15.1 billion ($15.11 per share) in fiscal 2023.
The company announced a 2.2% increase in quarterly dividend to $2.30 per share. For fiscal 2025, Home Depot projects total sales growth of approximately 2.8%, comparable sales growth of 1.0%, and expects diluted earnings-per-share to decline approximately 3% from fiscal 2024.
Home Depot (HD) ha riportato vendite nel quarto trimestre dell'anno fiscale 2024 pari a 39,7 miliardi di dollari, con un aumento del 14,1% rispetto al quarto trimestre del 2023, e vendite comparabili in crescita dello 0,8%. Il trimestre di 14 settimane (rispetto alle 13 settimane del 2023) ha contribuito con circa 2,5 miliardi di dollari in vendite. Gli utili netti del quarto trimestre sono stati di 3,0 miliardi di dollari (3,02 dollari per azione diluita), rispetto ai 2,8 miliardi di dollari (2,82 dollari per azione) del quarto trimestre del 2023.
Per l'anno fiscale 2024, le vendite hanno raggiunto i 159,5 miliardi di dollari, con un incremento del 4,5%, anche se le vendite comparabili sono diminuite dell'1,8%. Gli utili netti per l'intero anno sono stati di 14,8 miliardi di dollari (14,91 dollari per azione diluita) rispetto ai 15,1 miliardi di dollari (15,11 dollari per azione) dell'anno fiscale 2023.
L'azienda ha annunciato un aumento del 2,2% del dividendo trimestrale a 2,30 dollari per azione. Per l'anno fiscale 2025, Home Depot prevede una crescita totale delle vendite di circa il 2,8%, una crescita delle vendite comparabili dell'1,0% e si aspetta che gli utili per azione diluita diminuiscano di circa il 3% rispetto all'anno fiscale 2024.
Home Depot (HD) reportó ventas en el cuarto trimestre del año fiscal 2024 de 39.7 mil millones de dólares, un aumento del 14.1% en comparación con el cuarto trimestre de 2023, con ventas comparables en aumento del 0.8%. El trimestre de 14 semanas (frente a 13 semanas en 2023) agregó aproximadamente 2.5 mil millones de dólares en ventas. Las ganancias netas del cuarto trimestre fueron de 3.0 mil millones de dólares (3.02 dólares por acción diluida), en comparación con 2.8 mil millones de dólares (2.82 dólares por acción) en el cuarto trimestre de 2023.
Para el año fiscal 2024, las ventas alcanzaron 159.5 mil millones de dólares, un incremento del 4.5%, aunque las ventas comparables disminuyeron un 1.8%. Las ganancias netas para todo el año fueron de 14.8 mil millones de dólares (14.91 dólares por acción diluida) frente a 15.1 mil millones de dólares (15.11 dólares por acción) en el año fiscal 2023.
La empresa anunció un aumento del 2.2% en el dividendo trimestral a 2.30 dólares por acción. Para el año fiscal 2025, Home Depot proyecta un crecimiento total de ventas de aproximadamente el 2.8%, un crecimiento de ventas comparables del 1.0%, y espera que las ganancias por acción diluida disminuyan aproximadamente un 3% en comparación con el año fiscal 2024.
홈디포 (HD)는 2024 회계연도 4분기 매출이 397억 달러로, 2023년 4분기 대비 14.1% 증가했으며, 비교 가능한 매출은 0.8% 상승했다고 보고했습니다. 14주 분기(2023년 13주 대비)는 약 25억 달러의 매출을 추가했습니다. 4분기 순이익은 30억 달러(희석 주당 3.02달러)로, 2023년 4분기 28억 달러(주당 2.82달러)와 비교되었습니다.
2024 회계연도 동안 매출은 1595억 달러에 도달하여 4.5% 증가했지만, 비교 가능한 매출은 1.8% 감소했습니다. 전체 연도 순이익은 148억 달러(희석 주당 14.91달러)로, 2023 회계연도 151억 달러(주당 15.11달러)와 비교되었습니다.
회사는 분기 배당금을 2.30달러로 2.2% 인상한다고 발표했습니다. 2025 회계연도에 대해 홈디포는 약 2.8%의 총 매출 성장, 1.0%의 비교 가능한 매출 성장, 그리고 희석 주당 이익이 2024 회계연도 대비 약 3% 감소할 것으로 예상하고 있습니다.
Home Depot (HD) a annoncé des ventes pour le quatrième trimestre de l'exercice fiscal 2024 s'élevant à 39,7 milliards de dollars, soit une augmentation de 14,1% par rapport au quatrième trimestre 2023, avec des ventes comparables en hausse de 0,8%. Le trimestre de 14 semaines (contre 13 semaines en 2023) a ajouté environ 2,5 milliards de dollars en ventes. Le bénéfice net du quatrième trimestre s'élevait à 3,0 milliards de dollars (3,02 dollars par action diluée), contre 2,8 milliards de dollars (2,82 dollars par action) au quatrième trimestre 2023.
Pour l'exercice fiscal 2024, les ventes ont atteint 159,5 milliards de dollars, soit une augmentation de 4,5%, bien que les ventes comparables aient diminué de 1,8%. Le bénéfice net pour l'année entière s'élevait à 14,8 milliards de dollars (14,91 dollars par action diluée) contre 15,1 milliards de dollars (15,11 dollars par action) pour l'exercice fiscal 2023.
L'entreprise a annoncé une augmentation de 2,2% du dividende trimestriel à 2,30 dollars par action. Pour l'exercice fiscal 2025, Home Depot prévoit une croissance totale des ventes d'environ 2,8%, une croissance des ventes comparables de 1,0% et s'attend à ce que le bénéfice par action diluée diminue d'environ 3% par rapport à l'exercice fiscal 2024.
Home Depot (HD) berichtete im vierten Quartal des Geschäftsjahres 2024 von einem Umsatz von 39,7 Milliarden Dollar, was einem Anstieg von 14,1% im Vergleich zum vierten Quartal 2023 entspricht, während die vergleichbaren Umsätze um 0,8% gestiegen sind. Das 14-wöchige Quartal (im Vergleich zu 13 Wochen im Jahr 2023) trug etwa 2,5 Milliarden Dollar zum Umsatz bei. Der Nettogewinn im vierten Quartal betrug 3,0 Milliarden Dollar (3,02 Dollar pro verwässerter Aktie) im Vergleich zu 2,8 Milliarden Dollar (2,82 Dollar pro Aktie) im vierten Quartal 2023.
Im Geschäftsjahr 2024 erreichten die Umsätze 159,5 Milliarden Dollar, was einem Anstieg von 4,5% entspricht, obwohl die vergleichbaren Umsätze um 1,8% zurückgingen. Der Nettogewinn für das gesamte Jahr betrug 14,8 Milliarden Dollar (14,91 Dollar pro verwässerter Aktie) im Vergleich zu 15,1 Milliarden Dollar (15,11 Dollar pro Aktie) im Geschäftsjahr 2023.
Das Unternehmen kündigte eine Erhöhung der vierteljährlichen Dividende um 2,2% auf 2,30 Dollar pro Aktie an. Für das Geschäftsjahr 2025 prognostiziert Home Depot ein Umsatzwachstum von etwa 2,8%, ein Wachstum der vergleichbaren Umsätze von 1,0% und erwartet, dass der Gewinn pro verwässerter Aktie um etwa 3% im Vergleich zum Geschäftsjahr 2024 zurückgeht.
- Q4 sales increased 14.1% to $39.7 billion
- Q4 comparable sales increased 0.8% (U.S. up 1.3%)
- Q4 net earnings rose to $3.0 billion from $2.8 billion year-over-year
- Quarterly dividend increased by 2.2% to $2.30 per share
- Fiscal 2025 guidance includes 2.8% sales growth and 1.0% comparable sales growth
- Plans to open approximately 13 new stores in fiscal 2025
- Fiscal 2024 comparable sales decreased 1.8%
- Full-year net earnings declined to $14.8 billion from $15.1 billion in fiscal 2023
- Projecting 3% decline in diluted EPS for fiscal 2025
- Ongoing pressure on large remodeling projects noted
- Higher interest rate environment impacted home improvement demand
Insights
Home Depot's Q4 results revealed better-than-expected performance with comparable sales increasing 0.8% overall and 1.3% in the U.S., signaling a potential stabilization in consumer home improvement spending. However, the full fiscal 2024 picture shows the persistent challenges in the housing market, with annual comparable sales declining 1.8% despite headline sales growth of 4.5% to
The modest 2.2% dividend increase to
The company's 2025 guidance reveals the complex dynamics at play: projecting
Particularly concerning is the continued strain on big-ticket, discretionary projects. CEO Ted Decker's comment about "ongoing pressure on large remodeling projects" confirms that high mortgage rates continue to suppress home equity line utilization and major renovations. With
The planned
For investors, the key question is timing: Home Depot's slight comparable sales growth in Q4 may indicate the worst is behind us, but the cautious 2025 outlook suggests management doesn't anticipate a rapid recovery. The projected
Home Depot's Q4 results offer early signals of a potential inflection point in the home improvement market, with comparable sales turning positive at
The company's cautious financial strategy is evident in two key decisions: the conservative
The divergence between Home Depot's DIY and Pro customer segments continues to shape performance. CEO Decker's comment about "greater engagement in home improvement spend, despite ongoing pressure on large remodeling projects" indicates that smaller DIY projects are showing signs of life while Pro-led major renovations remain constrained by high interest rates. This bifurcation explains why total transaction count might improve while average ticket size remains under pressure.
From a capital allocation perspective, Home Depot is maintaining its strategic investments with
The projected adjusted operating margin of
For investors, the critical question is timing: the Federal Reserve's anticipated rate cuts later this year could gradually revitalize home equity line utilization and unlock pent-up demand for larger renovation projects. Home Depot's maintained store count expansion and continued investment suggest they're positioning for this eventual recovery while managing through the current challenging environment with characteristic operational discipline.
Fourth Quarter 2024
Sales for the fourth quarter of fiscal 2024 were
The fourth quarter of fiscal 2024 consisted of 14 weeks compared with 13 weeks for the prior year. The 14th week added approximately
Net earnings for the fourth quarter of fiscal 2024 were
Adjusted(1) diluted earnings per share for the fourth quarter of fiscal 2024 were
Fiscal 2024
Sales for fiscal 2024 were
Net earnings for fiscal 2024 were
Adjusted(1) diluted earnings per share for fiscal 2024 were
"Our fourth quarter results exceeded our expectations as we saw greater engagement in home improvement spend, despite ongoing pressure on large remodeling projects," said Ted Decker, chair, president and CEO. "Throughout the year, we remained steadfast in our investments across our strategic initiatives to position ourselves for continued success, despite uncertain macroeconomic conditions and a higher interest rate environment that impacted home improvement demand. I would like to thank our associates for all that they do to serve our customers and communities."
Dividend Declaration
The company today announced that its board of directors approved a
The dividend is payable on March 27, 2025, to shareholders of record on the close of business on March 13, 2025. This is the 152nd consecutive quarter the company has paid a cash dividend.
Fiscal 2025 Guidance
The company provides the following guidance for fiscal 2025, a 52-week year compared to fiscal 2024, a 53-week year:
- Total sales growth of approximately
2.8% - Comparable sales growth of approximately
1.0% for the comparable 52-week period - Approximately 13 new stores
- Gross margin of approximately
33.4% - Operating margin of approximately
13.0% - Adjusted(1) operating margin of approximately
13.4% - Tax rate of approximately
24.5% - Net interest expense of approximately
$2.2 billion - Diluted earnings-per-share to decline approximately
3% from$14.91 - Adjusted(1) diluted earnings-per-share to decline approximately
2% from$15.24 - Capital expenditures of approximately
2.5% of total sales
(1) | The Company reports its financial results in accordance with |
The Home Depot will conduct a conference call today at 9 a.m. ET to discuss information included in this news release and related matters. The conference call will be available in its entirety through a webcast and replay at ir.homedepot.com/events-and-presentations.
At the end of the fourth quarter, the company operated a total of 2,347 retail stores and over 780 branches across all 50 states, the
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events, and use words such as "may," "will," "could," "should," "would," "anticipate," "intend," "estimate," "project," "plan," "believe," "expect," "target," "prospects," "potential," "commit" and "forecast," or words of similar import or meaning or refer to future time periods. Forward-looking statements may relate to, among other things, the demand for our products and services, including as a result of macroeconomic conditions and changing customer preferences and expectations; net sales growth; comparable sales; the effects of competition; our brand and reputation; implementation of interconnected retail, store, supply chain, technology innovation and other strategic initiatives, including with respect to real estate; inventory and in-stock positions; the state of the economy; the state of the housing and home improvement markets; the state of the credit markets, including mortgages, home equity loans, and consumer and trade credit; the impact of tariffs; issues related to the payment methods we accept; demand for credit offerings including trade credit; management of relationships with our associates, jobseekers, suppliers and service providers; cost and availability of labor; costs of fuel and other energy sources; events that could disrupt our business, supply chain, technology infrastructure, or demand for our products and services, such as international trade disputes, natural disasters, climate change, public health issues, cybersecurity events, labor disputes, geopolitical conflicts, military conflicts, or acts of war; our ability to maintain a safe and secure store environment; our ability to address expectations regarding sustainability and human capital management matters and meet related goals; continuation or suspension of share repurchases; net earnings performance; earnings per share; future dividends; capital allocation and expenditures; liquidity; return on invested capital; expense leverage; changes in interest rates; changes in foreign currency exchange rates; commodity or other price inflation and deflation; our ability to issue debt on terms and at rates acceptable to us; the impact and expected outcome of investigations, inquiries, claims, and litigation, including compliance with related settlements; the challenges of operating in international markets; the adequacy of insurance coverage; the effect of accounting charges; the effect of adopting certain accounting standards; the impact of legal and regulatory changes, including executive orders and other administrative or legislative actions, such as changes to tax laws and regulations; store openings and closures; guidance for fiscal 2025 and beyond; financial outlook; and the impact of acquired companies, including SRS, on our organization and the ability to recognize the anticipated benefits of any acquisitions.
These statements are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond our control, dependent on the actions of third parties, or currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially from our historical experience and our expectations and projections. These risks and uncertainties include, but are not limited to, those described in Part I, Item 1A. "Risk Factors," and elsewhere in our Annual Report on Form 10-K for our fiscal year ended January 28, 2024 and also as described from time to time in reports subsequently filed with the Securities and Exchange Commission. There also may be other factors that we cannot anticipate or that are not described herein, generally because we do not currently perceive them to be material. Such factors could cause results to differ materially from our expectations. Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures we make on related subjects in our filings with the Securities and Exchange Commission and in our other public statements.
Non-GAAP Financial Measures
These statements are also supplemented with certain non-GAAP financial measures. When used in conjunction with our GAAP financial measures, we believe these supplemental non-GAAP financial measures will help management and investors to better understand and analyze our performance. However, this supplemental information should not be considered in isolation or as a substitute for the related GAAP measures. Refer to the end of this release for an explanation and definitions of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures.
THE HOME DEPOT, INC. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) | |||||||||||
Three Months Ended (1) | Fiscal Year Ended (2) | ||||||||||
in millions, except per share data | February 2, | January 28, | % Change | February 2, | January 28, | % Change | |||||
Net sales | $ 39,704 | $ 34,786 | 14.1 % | 4.5 % | |||||||
Cost of sales | 26,670 | 23,278 | 14.6 | 106,206 | 101,709 | 4.4 | |||||
Gross profit | 13,034 | 11,508 | 13.3 | 53,308 | 50,960 | 4.6 | |||||
Operating expenses: | |||||||||||
Selling, general and administrative | 7,725 | 6,679 | 15.7 | 28,748 | 26,598 | 8.1 | |||||
Depreciation and amortization | 814 | 686 | 18.7 | 3,034 | 2,673 | 13.5 | |||||
Total operating expenses | 8,539 | 7,365 | 15.9 | 31,782 | 29,271 | 8.6 | |||||
Operating income | 4,495 | 4,143 | 8.5 | 21,526 | 21,689 | (0.8) | |||||
Interest and other (income) expense: | |||||||||||
Interest income and other, net | (30) | (55) | (45.5) | (201) | (178) | 12.9 | |||||
Interest expense | 638 | 513 | 24.4 | 2,321 | 1,943 | 19.5 | |||||
Interest and other, net | 608 | 458 | 32.8 | 2,120 | 1,765 | 20.1 | |||||
Earnings before provision for income taxes | 3,887 | 3,685 | 5.5 | 19,406 | 19,924 | (2.6) | |||||
Provision for income taxes | 890 | 884 | 0.7 | 4,600 | 4,781 | (3.8) | |||||
Net earnings | $ 2,997 | $ 2,801 | 7.0 % | $ 14,806 | $ 15,143 | (2.2) % | |||||
Basic weighted average common shares | 991 | 991 | — % | 990 | 999 | (0.9) % | |||||
Basic earnings per share | $ 3.02 | $ 2.83 | 6.7 | $ 14.96 | $ 15.16 | (1.3) | |||||
Diluted weighted average common shares | 994 | 994 | — % | 993 | 1,002 | (0.9) % | |||||
Diluted earnings per share | $ 3.02 | $ 2.82 | 7.1 | $ 14.91 | $ 15.11 | (1.3) | |||||
Three Months Ended (1) | Fiscal Year Ended (2) | ||||||||||
Selected Sales Data (3) | February 2, | January 28, | % Change | February 2, | January 28, | % Change | |||||
Customer transactions (in millions) | 400.4 | 372.0 | 7.6 % | 1,637.2 | 1,621.8 | 0.9 % | |||||
Average ticket | $ 89.11 | $ 88.87 | 0.3 | $ 89.31 | $ 90.07 | (0.8) | |||||
Sales per retail square foot | $ 556.90 | $ 550.50 | 1.2 | $ 599.92 | $ 604.55 | (0.8) | |||||
————— | |
(1) | Three months ended February 2, 2025 includes 14 weeks. Three months ended January 28, 2024 includes 13 weeks. |
(2) | Fiscal year ended February 2, 2025 includes 53 weeks. Fiscal year ended January 28, 2024 includes 52 weeks. |
(3) | Selected Sales Data does not include results for HD Supply or SRS. |
THE HOME DEPOT, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | |||
in millions | February 2, | January 28, | |
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 1,659 | $ 3,760 | |
Receivables, net | 4,903 | 3,328 | |
Merchandise inventories | 23,451 | 20,976 | |
Other current assets | 1,670 | 1,711 | |
Total current assets | 31,683 | 29,775 | |
Net property and equipment | 26,702 | 26,154 | |
Operating lease right-of-use assets | 8,592 | 7,884 | |
Goodwill | 19,475 | 8,455 | |
Intangible assets, net | 8,983 | 3,606 | |
Other assets | 684 | 656 | |
Total assets | $ 96,119 | $ 76,530 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Short-term debt | $ 316 | $ — | |
Accounts payable | 11,938 | 10,037 | |
Accrued salaries and related expenses | 2,315 | 2,096 | |
Current installments of long-term debt | 4,582 | 1,368 | |
Current operating lease liabilities | 1,274 | 1,050 | |
Other current liabilities | 8,236 | 7,464 | |
Total current liabilities | 28,661 | 22,015 | |
Long-term debt, excluding current installments | 48,485 | 42,743 | |
Long-term operating lease liabilities | 7,633 | 7,082 | |
Other long-term liabilities | 4,700 | 3,646 | |
Total liabilities | 89,479 | 75,486 | |
Total stockholders' equity | 6,640 | 1,044 | |
Total liabilities and stockholders' equity | $ 96,119 | $ 76,530 | |
THE HOME DEPOT, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||
Fiscal Year Ended (1) | |||
in millions | February 2, | January 28, | |
Cash Flows from Operating Activities: | |||
Net earnings | $ 14,806 | $ 15,143 | |
Reconciliation of net earnings to net cash provided by operating activities: | |||
Depreciation and amortization, excluding amortization of intangible assets | 3,336 | 3,061 | |
Intangible asset amortization | 425 | 186 | |
Stock-based compensation expense | 442 | 380 | |
Changes in working capital | 679 | 2,333 | |
Changes in deferred income taxes | 15 | (245) | |
Other operating activities | 107 | 314 | |
Net cash provided by operating activities | 19,810 | 21,172 | |
Cash Flows from Investing Activities: | |||
Capital expenditures | (3,485) | (3,226) | |
Payments for businesses acquired, net | (17,644) | (1,514) | |
Other investing activities | 98 | 11 | |
Net cash used in investing activities | (21,031) | (4,729) | |
Cash Flows from Financing Activities: | |||
Proceeds from short-term debt, net | 316 | — | |
Proceeds from long-term debt, net of discounts | 10,010 | 1,995 | |
Repayments of long-term debt | (1,536) | (1,271) | |
Repurchases of common stock | (649) | (7,951) | |
Proceeds from sales of common stock | 395 | 323 | |
Cash dividends | (8,929) | (8,383) | |
Other financing activities | (301) | (156) | |
Net cash used in financing activities | (694) | (15,443) | |
Change in cash and cash equivalents | (1,915) | 1,000 | |
Effect of exchange rate changes on cash and cash equivalents | (186) | 3 | |
Cash and cash equivalents at beginning of period | 3,760 | 2,757 | |
Cash and cash equivalents at end of period | $ 1,659 | $ 3,760 | |
————— | |
(1) | Fiscal year ended February 2, 2025 includes 53 weeks. Fiscal year ended January 28, 2024 includes 52 weeks. |
NON-GAAP FINANCIAL MEASURES
Adjusted operating income, adjusted operating margin (calculated as adjusted operating income divided by total net sales), and adjusted diluted earnings per share are presented as supplemental financial measures in the evaluation of our business that are not required by or presented in accordance with GAAP. The Company excludes the impact of amortization expense from acquired intangible assets from adjusted operating income and adjusted operating margin, and the impact of amortization expense from acquired intangible assets, including the related tax effects, from adjusted diluted earnings per share. We do not adjust for the revenue that is generated in part from the use of our acquired intangible assets. Amortization expense, unlike the related revenue, is not affected by operations in any particular period unless an intangible asset becomes impaired, or the useful life of an intangible asset is revised.
When used in conjunction with our GAAP results, we believe these non-GAAP measures provide investors with meaningful supplemental measures of our performance period to period, make it easier for investors to compare our underlying business performance to peers, and align to how management analyzes trends and evaluates performance internally. The Company provides non-GAAP financial information on this basis to facilitate comparability when we report earnings results. These non-GAAP measures should not be a substitute for their comparable GAAP financial measures. Investors should rely primarily on our GAAP results and use non-GAAP financial measures only supplementally in making investment decisions. Our calculation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies and other companies may not define these non-GAAP financial measures in the same way, which may limit their usefulness as comparative measures.
RECONCILIATION OF ADJUSTED OPERATING INCOME AND ADJUSTED OPERATING MARGIN | |||||||||||
Three Months Ended (1) | Fiscal Year Ended (2) | ||||||||||
USD in millions | February 2, | January 28, | % | February 2, | January 28, | % | |||||
Operating income (GAAP) | $ 4,495 | $ 4,143 | 8.5 % | $ 21,526 | $ 21,689 | (0.8) % | |||||
Operating margin (3) | 11.3 % | 11.9 % | 13.5 % | 14.2 % | |||||||
Acquired intangible asset amortization (4) | 145 | 50 | 425 | 186 | |||||||
Adjusted operating income (Non-GAAP) | $ 4,640 | $ 4,193 | 10.7 % | $ 21,951 | $ 21,875 | 0.3 % | |||||
Adjusted operating margin (Non-GAAP) (5) | 11.7 % | 12.1 % | 13.8 % | 14.3 % | |||||||
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(1) | Three months ended February 2, 2025 and January 28, 2024 includes 14 and 13 weeks, respectively. |
(2) | Fiscal year ended February 2, 2025 and January 28, 2024 includes 53 and 52 weeks, respectively. |
(3) | Operating margin is calculated as operating income divided by total net sales. |
(4) | Amounts include acquired intangible asset amortization of |
(5) | Adjusted operating margin is calculated as adjusted operating income divided by total net sales. |
Our adjusted operating margin guidance for fiscal 2025 excludes an expected approximately 40 basis point impact from acquired intangible asset amortization.
RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE | |||||||||||
Three Months Ended (1) | Fiscal Year Ended (2) | ||||||||||
per share amounts | February 2, | January 28, | % | February 2, | January 28, | % | |||||
Diluted earnings per share (GAAP) | $ 3.02 | $ 2.82 | 7.1 % | $ 14.91 | $ 15.11 | (1.3) % | |||||
Impact of acquired intangible asset amortization | 0.14 | 0.05 | 0.43 | 0.19 | |||||||
Income tax impact of non-GAAP adjustment (3) | (0.03) | (0.01) | (0.10) | (0.05) | |||||||
Adjusted diluted earnings per share (Non-GAAP) | $ 3.13 | $ 2.86 | 9.4 % | $ 15.24 | $ 15.25 | (0.1) % | |||||
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(1) | Three months ended February 2, 2025 and January 28, 2024 includes 14 and 13 weeks, respectively. The 14th week of the fourth quarter of fiscal 2024 increased adjusted diluted earnings per share by approximately |
(2) | Fiscal year ended February 2, 2025 and January 28, 2024 includes 53 and 52 weeks, respectively. The 53rd week of fiscal 2024 increased adjusted diluted earnings per share by approximately |
(3) | Calculated as the per share impact of acquired intangible asset amortization multiplied by the Company's effective tax rate for the period. |
Our adjusted diluted earnings per share guidance for fiscal 2025 excludes an expected after-tax impact of approximately
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SOURCE The Home Depot
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