HOME DEPOT, INC.
For the period ended Feb 1, 2026. Filed Mar 18, 2026.
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FY2026 · Filed Mar 18, 2026
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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):
| Fiscal | Fiscal | Fiscal | |
|---|---|---|---|
| dollars in millions | 2025 | 2024 | 2023 |
| Net earnings | $14,156 | $14,806 | $15,143 |
| Interest and other, net | 2,288 | 2,120 | 1,765 |
| Provision for income taxes | 4,446 | 4,600 | 4,781 |
| Operating income | 20,890 | 21,526 | 21,689 |
| Income tax adjustment (1) | (4,993) | (5,102) | (5,205) |
| NOPAT | $15,897 | $16,424 | $16,484 |
| Average debt and equity | $61,914 | $52,431 | $44,955 |
| ROIC | 25.7% | 31.3% | 36.7% |
Note: Fiscal 2025 and fiscal 2023 include 52 weeks. Fiscal 2024 includes 53 weeks. Consistent with our consolidated financial statements, periods presented only include operating results for acquisitions since their respective acquisition dates.
(1)Income tax adjustment is defined as operating income multiplied by our effective tax rate for the trailing twelve months.
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