HOME DEPOT, INC.
For the period ended Feb 2, 2025. Filed Mar 21, 2025.
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FY2025 · Filed Mar 21, 2025
HD$351.00-0.7%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Fiscal | Fiscal | Fiscal | |
|---|---|---|---|
| in millions | 2024 | 2023 | 2022 |
| Cash Flows from Operating Activities: | |||
| Net earnings | $14,806 | $15,143 | $17,105 |
| Reconciliation of net earnings to net cash provided by operating activities: | |||
| Depreciation and amortization, excluding amortization of intangible assets | 3,336 | 3,061 | 2,796 |
| Intangible asset amortization | 425 | 186 | 179 |
| Stock-based compensation expense | 442 | 380 | 366 |
| Changes in receivables, net | 174 | 134 | 111 |
| Changes in merchandise inventories | (743) | 4,137 | (2,830) |
| Changes in other current assets | 86 | (184) | (311) |
| Changes in accounts payable and accrued expenses | 518 | (1,411) | (2,577) |
| Changes in deferred revenue | (165) | (318) | (526) |
| Changes in income taxes payable | 809 | (25) | (107) |
| Changes in deferred income taxes | 15 | (245) | 138 |
| Other operating activities | 107 | 314 | 271 |
| Net cash provided by operating activities | 19,810 | 21,172 | 14,615 |
| Cash Flows from Investing Activities: | |||
| Capital expenditures | (3,485) | (3,226) | (3,119) |
| Payments for businesses acquired, net | (17,644) | (1,514) | — |
| Other investing activities | 98 | 11 | (21) |
| Net cash used in investing activities | (21,031) | (4,729) | (3,140) |
| Cash Flows from Financing Activities: | |||
| Proceeds from (repayments of) short-term debt, net | 316 | — | (1,035) |
| Proceeds from long-term debt, net of discounts | 10,010 | 1,995 | 6,942 |
| Repayments of long-term debt | (1,536) | (1,271) | (2,491) |
| Repurchases of common stock | (649) | (7,951) | (6,696) |
| Proceeds from sales of common stock | 395 | 323 | 264 |
| Cash dividends | (8,929) | (8,383) | (7,789) |
| Other financing activities | (301) | (156) | (188) |
| Net cash used in financing activities | (694) | (15,443) | (10,993) |
| Change in cash and cash equivalents | (1,915) | 1,000 | 482 |
| Effect of exchange rate changes on cash and cash equivalents | (186) | 3 | (68) |
| Cash and cash equivalents at beginning of year | 3,760 | 2,757 | 2,343 |
| Cash and cash equivalents at end of year | $1,659 | $3,760 | $2,757 |
| Supplemental Disclosures: | |||
| Cash paid for income taxes | $3,653 | $5,023 | $5,435 |
| Cash paid for interest, net of interest capitalized | 2,199 | 1,809 | 1,449 |
| Non-cash capital expenditures | 250 | 364 | 351 |
| Non-cash acquisition purchase consideration (Note 13) | 321 | — | — |
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