The Home Depot, Inc. (HD) Cash Flow Statement
Where HD’s cash came from and went, FY2026
January 31, 2026 · U.S. dollars- Cash from operations
- $16.32B −17.6% vs FY2025
- Capital expenditures
- $3.68B 2.2% of revenue
- Free cash flow
- $12.65B 7.7% margin
- Returned to shareholders
- $9.15B 72% of free cash flow
- Change in cash
- −$270.0M cash at year-end $1.39B
Cash from operations
$16.32B
Capital expenditures
−$3.68B
Acquisitions & other
−$5.30B
Dividends
−$9.15B
Share buybacks (net)
+$314.0M
Net borrowing (repayment)
+$1.27B
Shares issued
+$314.0M
Other financing
−$459.0M
Currency & other
+$99.0M
Change in cash
−$270.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
HD operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
HD cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $9.78BFY2017 | $16.32BFY2026 | +5.9%/yr | |
| Capital expenditures | $1.62BFY2017 | $3.68BFY2026 | +9.5%/yr | |
| Free cash flow | $8.16BFY2017 | $12.65BFY2026 | +5.0%/yr | |
| Free cash flow margin | 8.6%FY2017 | 7.7%FY2026 | −0.9 pts | |
| Operating cash flow / net income | 1.23FY2017 | 1.15FY2026 | −0.08 | |
| Stock-based compensation | $267.0MFY2017 | $522.0MFY2026 | +7.7%/yr | |
| Dividends paid | $3.40BFY2017 | $9.15BFY2026 | +11.6%/yr | |
| Share buybacks (net) | $6.88BFY2017 | $0FY2026 | −100.0% | |
| Capex / revenue | 1.7%FY2017 | 2.2%FY2026 | +0.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HD cash flow by activity
OperatingInvestingFinancingChange in cash
HD net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HD cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $14.16B | $14.81B | $15.14B | $17.11B | $16.43B | $12.87B | $11.24B | $11.12B | $8.63B | $7.96B |
| Depreciation & amortization | $4.12B | $3.76B | $3.25B | $2.98B | $2.86B | $2.52B | $2.30B | $2.15B | $2.06B | $1.97B |
| Stock-based compensation | $522.0M | $442.0M | $380.0M | $366.0M | $399.0M | $310.0M | $251.0M | $282.0M | $273.0M | $267.0M |
| Change in working capital | −$3.08B | $694.0M | $2.09B | −$6.24B | −$3.04B | $3.59B | −$452.0M | −$534.0M | $646.0M | −$418.0M |
| Other non-cash items | $610.0M | $107.0M | $314.0M | $409.0M | −$80.0M | −$448.0M | $386.0M | $144.0M | $420.0M | $4.0M |
| Cash from operating activities | $16.32B | $19.81B | $21.17B | $14.62B | $16.57B | $18.84B | $13.72B | $13.16B | $12.03B | $9.78B |
| Investing activities | ||||||||||
| Capital expenditures | −$3.68B | −$3.48B | −$3.23B | −$3.12B | −$2.57B | −$2.46B | −$2.68B | −$2.44B | −$1.90B | −$1.62B |
| Investments (net) | — | −$21.03B | −$4.73B | −$3.14B | −$2.97B | −$10.17B | −$2.65B | −$2.42B | −$2.23B | −$1.58B |
| Acquisitions & other investing | −$5.30B | $3.48B | $3.23B | $3.12B | $2.57B | $2.46B | $2.68B | $2.44B | $1.90B | $1.62B |
| Cash from investing activities | −$8.98B | −$21.03B | −$4.73B | −$3.14B | −$2.97B | −$10.17B | −$2.65B | −$2.42B | −$2.23B | −$1.58B |
| Financing activities | ||||||||||
| Dividends paid | −$9.15B | −$8.93B | −$8.38B | −$7.79B | −$6.99B | −$6.45B | −$5.96B | −$4.70B | −$4.21B | −$3.40B |
| Share repurchases & issuance (net) | $314.0M | −$649.0M | −$7.95B | −$6.70B | −$14.81B | −$791.0M | −$6.96B | −$9.96B | −$8.00B | −$6.88B |
| Net borrowing (repayment) | $1.27B | $8.79B | $724.0M | $3.42B | $2.48B | $4.09B | $1.99B | $2.04B | $3.30B | $2.27B |
| Shares issued | $314.0M | $395.0M | $323.0M | $264.0M | $337.0M | $326.0M | $280.0M | $236.0M | $0 | $0 |
| Other financing | −$459.0M | −$301.0M | −$156.0M | −$188.0M | −$145.0M | −$154.0M | −$176.0M | −$153.0M | $44.0M | $140.0M |
| Cash from financing activities | −$7.71B | −$694.0M | −$15.44B | −$10.99B | −$19.12B | −$2.98B | −$10.83B | −$12.55B | −$8.87B | −$7.87B |
| Summary | ||||||||||
| Net change in cash | −$270.0M | −$2.10B | $1.00B | $414.0M | −$5.55B | $5.76B | $355.0M | −$1.82B | $1.06B | $322.0M |
| Cash at end of period | $1.39B | $1.66B | $3.76B | $2.76B | $2.34B | $7.89B | $2.13B | $1.78B | $3.60B | $2.54B |
| Free cash flow | $12.65B | $16.32B | $17.95B | $11.50B | $14.01B | $16.38B | $11.04B | $10.72B | $10.13B | $8.16B |
| Free cash flow margin | 7.7% | 10.2% | 11.8% | 7.3% | 9.3% | 12.4% | 10.0% | 9.9% | 10.0% | 8.6% |
| Capex / revenue | 2.2% | 2.2% | 2.1% | 2.0% | 1.7% | 1.9% | 2.4% | 2.3% | 1.9% | 1.7% |
| Operating cash flow / net income | 1.15 | 1.34 | 1.40 | 0.85 | 1.01 | 1.46 | 1.22 | 1.18 | 1.39 | 1.23 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $4.77B | $3.29B | $2.57B | $3.60B | $4.55B | $3.43B | $3.00B | $3.65B | $4.56B | $3.60B | $2.80B | $3.81B |
| Depreciation & amortization | $1.11B | $1.08B | $1.08B | $1.04B | $1.00B | $994.0M | $1.01B | $995.0M | $920.0M | $837.0M | $832.0M | $827.0M |
| Stock-based compensation | $148.0M | $178.0M | $114.0M | $120.0M | $118.0M | $170.0M | $114.0M | $106.0M | $98.0M | $124.0M | $80.0M | $85.0M |
| Change in working capital | −$1.26B | $1.26B | −$2.18B | −$902.0M | $247.0M | −$247.0M | $440.0M | −$572.0M | −$99.0M | $925.0M | $1.01B | −$335.0M |
| Other non-cash items | $630.0M | $223.0M | $1.76B | $147.0M | −$1.28B | −$25.0M | $111.0M | $56.0M | −$71.0M | $11.0M | $13.0M | −$153.0M |
| Cash from operating activities | $5.39B | $6.03B | $3.35B | $4.01B | $4.64B | $4.33B | $4.67B | $4.23B | $5.41B | $5.50B | $4.73B | $4.23B |
| Investing activities | ||||||||||||
| Capital expenditures | −$880.0M | −$844.0M | −$1.06B | −$898.0M | −$917.0M | −$806.0M | −$1.10B | −$818.0M | −$719.0M | −$847.0M | −$858.0M | −$671.0M |
| Investments (net) | — | — | — | −$5.87B | −$961.0M | −$931.0M | −$1.12B | −$814.0M | −$18.27B | −$830.0M | −$1.58B | −$1.25B |
| Acquisitions & other investing | −$1.02B | −$265.0M | −$157.0M | $898.0M | $917.0M | $806.0M | $1.10B | $818.0M | $719.0M | $847.0M | $858.0M | −$1.23B |
| Cash from investing activities | −$1.90B | −$1.11B | −$1.22B | −$5.87B | −$961.0M | −$931.0M | −$1.12B | −$814.0M | −$18.27B | −$830.0M | −$1.58B | −$3.15B |
| Financing activities | ||||||||||||
| Dividends paid | −$2.32B | −$2.32B | −$2.29B | −$2.29B | −$2.29B | −$2.29B | −$2.23B | −$2.23B | −$2.23B | −$2.23B | −$2.08B | −$2.09B |
| Share repurchases & issuance (net) | — | — | $314.0M | $185.0M | $163.0M | $11.0M | −$254.0M | −$418.0M | $0 | −$649.0M | −$1.49B | −$1.51B |
| Net borrowing (repayment) | −$817.0M | −$2.32B | −$322.0M | $3.03B | −$84.0M | −$1.35B | −$1.18B | −$1.25B | — | — | — | −$70.0M |
| Shares issued | $159.0M | $33.0M | $129.0M | $22.0M | $152.0M | $11.0M | $164.0M | $21.0M | $148.0M | $62.0M | $131.0M | $17.0M |
| Other financing | −$7.0M | −$109.0M | −$312.0M | −$202.0M | −$167.0M | −$137.0M | $176.0M | $407.0M | $12.34B | −$1.33B | $1.91B | −$4.0M |
| Cash from financing activities | −$2.99B | −$4.71B | −$2.48B | $746.0M | −$2.22B | −$3.76B | −$3.33B | −$3.48B | $10.26B | −$4.15B | −$1.52B | −$3.66B |
| Summary | ||||||||||||
| Net change in cash | $484.0M | $212.0M | −$295.0M | −$1.12B | $1.44B | −$290.0M | $128.0M | −$82.0M | −$2.65B | $504.0M | $1.70B | −$756.0M |
| Cash at end of period | $2.08B | $1.60B | $1.39B | $1.68B | $2.80B | $1.37B | $1.66B | $1.53B | $1.61B | $4.26B | $3.76B | $2.06B |
| Free cash flow | $4.51B | $5.19B | $2.29B | $3.11B | $3.73B | $3.52B | $3.57B | $3.42B | $4.69B | $4.65B | $3.88B | $3.56B |
| Free cash flow margin | 9.4% | 12.4% | 6.0% | 7.5% | 8.2% | 8.8% | 9.0% | 8.5% | 10.9% | 12.8% | 11.1% | 9.4% |
| Capex / revenue | 1.8% | 2.0% | 2.8% | 2.2% | 2.0% | 2.0% | 2.8% | 2.0% | 1.7% | 2.3% | 2.5% | 1.8% |
| Operating cash flow / net income | 1.13 | 1.83 | 1.30 | 1.11 | 1.02 | 1.26 | 1.56 | 1.16 | 1.19 | 1.53 | 1.69 | 1.11 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
HD cash generation
In fiscal 2026 (ended January 31, 2026), Home Depot generated $16.3 billion of cash from operations (down 17.6%) and spent $3.7 billion on capital expenditures, leaving free cash flow of $12.6 billion, 7.7% of revenue. It returned $9.2 billion to shareholders through dividends ($9.2 billion) and net share buybacks ($0). Cash and equivalents fell by $270.0 million over the year.
Related: HD income statement, HD balance sheet, HD dividend history. See the HD stock overview for the latest quote and news.
HD cash flow FAQ
What is Home Depot's free cash flow?
Home Depot's free cash flow was $12.6 billion in fiscal 2026: $16.3 billion of operating cash flow minus $3.7 billion of capital expenditures It was $16.3 billion a year earlier..
How much cash does Home Depot generate from operations?
Home Depot generated $16.3 billion of cash from operating activities in fiscal 2026, 1.15 times its net income of $14.2 billion.
How much does Home Depot spend on capital expenditures?
Home Depot spent $3.7 billion on capital expenditures in fiscal 2026, 2.2% of revenue, compared with $3.5 billion the year before.
How much does Home Depot pay in dividends?
Home Depot paid $9.2 billion in dividends in fiscal 2026, 72.4% of free cash flow.