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Side-by-side financial comparison of Home Depot (The) (HD) and Lowe's (LOW), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Home Depot (The) is the larger business by last-quarter revenue ($41.4B vs $20.8B, roughly 2.0× Lowe's). Home Depot (The) runs the higher net margin — 8.7% vs 7.8%, a 0.9% gap on every dollar of revenue. On growth, Lowe's posted the faster year-over-year revenue change (3.2% vs 2.8%). Home Depot (The) produced more free cash flow last quarter ($3.1B vs $90.0M). Over the past eight quarters, Home Depot (The)'s revenue compounded faster (9.0% CAGR vs -8.7%).
Home Depot (The)HDEarnings & Financial Report
The Home Depot, Inc., often referred to as Home Depot, is an American multinational home improvement retail corporation which sells tools, construction products, appliances, and services including fuel and transportation rentals. Home Depot is the largest home improvement retailer in the United States. In 2021, the company had 490,600 employees and more than $151 billion in revenue. The company is headquartered in Cobb County, Georgia, with an Atlanta mailing address.
Lowe's Companies, Inc. is an American retail company specializing in home improvement. Headquartered in Mooresville, North Carolina, the company operates a chain of retail stores in the United States. As of October 28, 2022, Lowe's and its related businesses operated 2,181 home improvement and hardware stores in North America.
HD vs LOW — Head-to-Head
Income Statement — Q3 2026 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $41.4B | $20.8B |
| Net Profit | $3.6B | $1.6B |
| Gross Margin | 33.4% | 34.2% |
| Operating Margin | 12.9% | 11.9% |
| Net Margin | 8.7% | 7.8% |
| Revenue YoY | 2.8% | 3.2% |
| Net Profit YoY | -1.3% | -4.7% |
| EPS (diluted) | $3.62 | $2.88 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $41.4B | $20.8B | ||
| Q3 25 | $45.3B | — | ||
| Q2 25 | $39.9B | $20.9B | ||
| Q1 25 | $39.7B | — | ||
| Q4 24 | $40.2B | $20.2B | ||
| Q3 24 | $43.2B | $23.6B | ||
| Q2 24 | $36.4B | $21.4B | ||
| Q1 24 | $34.8B | $18.6B |
| Q4 25 | $3.6B | $1.6B | ||
| Q3 25 | $4.6B | — | ||
| Q2 25 | $3.4B | $1.6B | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.6B | $1.7B | ||
| Q3 24 | $4.6B | $2.4B | ||
| Q2 24 | $3.6B | $1.8B | ||
| Q1 24 | $2.8B | $1.0B |
| Q4 25 | 33.4% | 34.2% | ||
| Q3 25 | 33.4% | — | ||
| Q2 25 | 33.8% | 33.4% | ||
| Q1 25 | 32.8% | — | ||
| Q4 24 | 33.4% | 33.7% | ||
| Q3 24 | 33.4% | 33.5% | ||
| Q2 24 | 34.1% | 33.2% | ||
| Q1 24 | 33.1% | 32.4% |
| Q4 25 | 12.9% | 11.9% | ||
| Q3 25 | 14.5% | — | ||
| Q2 25 | 12.9% | 11.9% | ||
| Q1 25 | 11.3% | — | ||
| Q4 24 | 13.5% | 12.6% | ||
| Q3 24 | 15.1% | 14.6% | ||
| Q2 24 | 13.9% | 12.4% | ||
| Q1 24 | 11.9% | 9.1% |
| Q4 25 | 8.7% | 7.8% | ||
| Q3 25 | 10.1% | — | ||
| Q2 25 | 8.6% | 7.8% | ||
| Q1 25 | 7.5% | — | ||
| Q4 24 | 9.1% | 8.4% | ||
| Q3 24 | 10.6% | 10.1% | ||
| Q2 24 | 9.9% | 8.2% | ||
| Q1 24 | 8.1% | 5.5% |
| Q4 25 | $3.62 | $2.88 | ||
| Q3 25 | $4.58 | — | ||
| Q2 25 | $3.45 | $2.92 | ||
| Q1 25 | $3.01 | — | ||
| Q4 24 | $3.67 | $2.99 | ||
| Q3 24 | $4.60 | $4.17 | ||
| Q2 24 | $3.63 | $3.06 | ||
| Q1 24 | $2.83 | $1.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.7B | $1.0B |
| Total DebtLower is stronger | $46.3B | $37.5B |
| Stockholders' EquityBook value | $12.1B | $-10.4B |
| Total Assets | $106.3B | $53.5B |
| Debt / EquityLower = less leverage | 3.82× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $1.7B | $1.0B | ||
| Q3 25 | $2.8B | — | ||
| Q2 25 | $1.4B | $3.4B | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.5B | $3.6B | ||
| Q3 24 | $1.6B | $4.7B | ||
| Q2 24 | $4.3B | $3.5B | ||
| Q1 24 | $3.8B | $1.2B |
| Q4 25 | $46.3B | $37.5B | ||
| Q3 25 | $45.9B | — | ||
| Q2 25 | $47.3B | $30.5B | ||
| Q1 25 | $48.5B | — | ||
| Q4 24 | $50.1B | $32.9B | ||
| Q3 24 | $51.9B | $34.7B | ||
| Q2 24 | $42.1B | $34.6B | ||
| Q1 24 | $42.7B | $35.4B |
| Q4 25 | $12.1B | $-10.4B | ||
| Q3 25 | $10.7B | — | ||
| Q2 25 | $8.0B | $-13.3B | ||
| Q1 25 | $6.6B | — | ||
| Q4 24 | $5.8B | $-13.4B | ||
| Q3 24 | $4.4B | $-13.8B | ||
| Q2 24 | $1.8B | $-14.6B | ||
| Q1 24 | $1.0B | $-15.1B |
| Q4 25 | $106.3B | $53.5B | ||
| Q3 25 | $100.0B | — | ||
| Q2 25 | $99.2B | $45.4B | ||
| Q1 25 | $96.1B | — | ||
| Q4 24 | $97.3B | $44.7B | ||
| Q3 24 | $96.8B | $44.9B | ||
| Q2 24 | $79.2B | $45.4B | ||
| Q1 24 | $76.5B | $41.8B |
| Q4 25 | 3.82× | — | ||
| Q3 25 | 4.31× | — | ||
| Q2 25 | 5.95× | — | ||
| Q1 25 | 7.30× | — | ||
| Q4 24 | 8.65× | — | ||
| Q3 24 | 11.74× | — | ||
| Q2 24 | 23.11× | — | ||
| Q1 24 | 40.94× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $4.0B | $687.0M |
| Free Cash FlowOCF − Capex | $3.1B | $90.0M |
| FCF MarginFCF / Revenue | 7.5% | 0.4% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 2.2% | 2.9% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.11× | 0.43× |
| TTM Free Cash FlowTrailing 4 quarters | $13.9B | $6.4B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $4.0B | $687.0M | ||
| Q3 25 | $4.6B | — | ||
| Q2 25 | $4.3B | $3.4B | ||
| Q1 25 | $4.7B | — | ||
| Q4 24 | $4.2B | $1.3B | ||
| Q3 24 | $5.4B | $3.2B | ||
| Q2 24 | $5.5B | $4.3B | ||
| Q1 24 | $4.7B | $1.1B |
| Q4 25 | $3.1B | $90.0M | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.5B | $2.9B | ||
| Q1 25 | $3.6B | — | ||
| Q4 24 | $3.4B | $728.0M | ||
| Q3 24 | $4.7B | $2.7B | ||
| Q2 24 | $4.7B | $3.9B | ||
| Q1 24 | $3.9B | $488.0M |
| Q4 25 | 7.5% | 0.4% | ||
| Q3 25 | 8.2% | — | ||
| Q2 25 | 8.8% | 13.7% | ||
| Q1 25 | 9.0% | — | ||
| Q4 24 | 8.5% | 3.6% | ||
| Q3 24 | 10.9% | 11.6% | ||
| Q2 24 | 12.8% | 18.2% | ||
| Q1 24 | 11.1% | 2.6% |
| Q4 25 | 2.2% | 2.9% | ||
| Q3 25 | 2.0% | — | ||
| Q2 25 | 2.0% | 2.5% | ||
| Q1 25 | 2.8% | — | ||
| Q4 24 | 2.0% | 2.8% | ||
| Q3 24 | 1.7% | 1.8% | ||
| Q2 24 | 2.3% | 1.8% | ||
| Q1 24 | 2.5% | 3.3% |
| Q4 25 | 1.11× | 0.43× | ||
| Q3 25 | 1.02× | — | ||
| Q2 25 | 1.26× | 2.06× | ||
| Q1 25 | 1.56× | — | ||
| Q4 24 | 1.16× | 0.77× | ||
| Q3 24 | 1.19× | 1.32× | ||
| Q2 24 | 1.53× | 2.43× | ||
| Q1 24 | 1.69× | 1.09× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
HD
| Major Product Line Building Materials | $13.6B | 33% |
| Major Product Line Dcor | $12.9B | 31% |
| Major Product Line Hardlines | $10.9B | 26% |
| Other | $1.5B | 4% |
| Services | $1.5B | 4% |
| GMS Inc | $892.0M | 2% |
LOW
| Home Decor | $7.8B | 37% |
| Building Products | $6.9B | 33% |
| Hardlines | $5.1B | 25% |
| Services | $753.0M | 4% |
| Other | $384.0M | 2% |
