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HOME DEPOT, INC.

For the period ended Nov 2, 2025. Filed Nov 25, 2025.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Nov 2, 2025 · Filed Nov 25, 2025

HD$353.42+2.9%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Non-GAAP Financial Measures

To provide clarity on our operating performance, we supplement our reporting with certain non-GAAP financial measures. However, this supplemental information should not be considered in isolation or as a substitute for the related GAAP measures. Non-GAAP financial measures presented herein may differ from similar measures used by other companies.

Return on Invested Capital

We believe ROIC is meaningful for management, investors and ratings agencies because it measures how effectively we deploy our capital base. ROIC is a non-GAAP profitability measure, not a measure of financial performance under GAAP. We define ROIC as NOPAT, a non-GAAP financial measure, for the most recent twelve-month period, divided by average debt and equity. We define average debt and equity as the average of beginning and ending long-term debt (including current installments) and equity for the most recent twelve-month period.

The following table presents the calculation of ROIC, together with a reconciliation of NOPAT to net earnings (the most comparable GAAP financial measure):

Twelve Months Ended (2)
dollars in millionsNovember 2,2025October 27,2024
Net earnings$14,582$14,610
Interest and other, net2,3451,970
Provision for income taxes4,6094,594
Operating income21,53621,174
Income tax adjustment (1)(5,206)(5,064)
NOPAT$16,330$16,110
Average debt and equity$61,975$51,190
ROIC26.3%31.5%

(1)Income tax adjustment is defined as operating income multiplied by our effective tax rate for the trailing twelve months.

(2)The fourth quarter of fiscal 2024 includes 14 weeks. All other quarters include 13 weeks. Consistent with our consolidated financial statements, periods presented only include operating results for acquisitions since their respective acquisition dates.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.