The Home Depot Inc. published the transcript of its Q4’25 Home Depot Earnings Call held on February 24, 2026. The call was hosted by Isabel Janci, VP, IR & Treasurer, and featured Chair, President and CEO Ted Decker; Senior EVP Ann-Marie Campbell; EVP of Merchandising Billy Bastek; EVP and CFO Richard McPhail; and executives including EVP, Pro Mike Rowe, EVP, Supply Chain & Product Development John Deaton, and EVP, Customer Experience and President - Online Jordan Broggi. Management said fiscal 2025 sales rose 3.2% to $164.7 billion, with total company comparable sales up 0.3%, while Q4 sales fell 3.8% year over year to $38.2 billion due in part to lapping last year’s 53rd week, even as Q4 comps increased 0.4%. Decker said results were “largely in-line with our expectations,” citing stable underlying demand and a benefit from January storm activity, while acknowledging “ongoing consumer uncertainty and pressure in housing.” The company reaffirmed its fiscal 2026 outlook, projecting total sales growth of about 2.5% to 4.5%, comps ranging from flat to 2.0%, and adjusted EPS growth of roughly flat to 4.0%. CFO Richard McPhail said housing pressures are expected to persist because the company has “not yet seen a catalyst for an inflection in housing activity,” and added that EPS should be “mid-single-digit percentage negative in Q1 improving through the year” due to acquisition annualization and timing. Home Depot highlighted continued investment in its Pro ecosystem and interconnected retail capabilities, including improved delivery reliability and AI-enabled tools. Decker said the company achieved “Two Sigma, on-time and complete” delivery performance for Pros and is rolling out “project management and list builders… including things like an AI takeoff scheme.” Bastek noted online sales leveraging digital platforms rose about 11% in Q4 and said the company rolled out “real-time delivery tracking for big and bulky deliveries across all categories.” On acquisitions, leadership said SRS performed well despite a weak roofing market, and expects SRS organic sales to grow mid-single digits in fiscal 2026; McPhail cited industry data showing shingle shipments were down 28% year over year in Q4. The company also discussed the impact of the GMS acquisition on margins, with McPhail guiding to gross margin of about 33.1% in 2026 and noting the annualization effect will pressure the first half more than the second. Home Depot also announced a dividend increase: McPhail said the quarterly dividend was raised 1.3% to $2.33 per share. The full transcript can be accessed through the link below.

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