HD · 10-Q · 2026Q2 · Full report

Operating Cash Flow Trends

HOME DEPOT, INC. · 2026-05-27 · Importance 76 · Surprise 56 · Contradicted

Operating cash flow was $6.0 billion in the first quarter of fiscal 2026, up from $4.3 billion in the comparable prior-year quarter, an increase driven primarily by working capital changes. During the quarter, operating cash flow financed $2.3 billion of cash dividends, $1.4 billion of long-term debt repayments, $1.0 billion of net commercial paper repayments, and $844 million of capital expenditures. Management states its cash position, operating cash flow, commercial paper availability and access to long-term debt markets are sufficient to fund operations, debt payments, investments, dividends and potential share repurchases over the next several fiscal years. The increase in operating cash flow reflects inventory management and timing of tax payments versus the prior-year period.

Key facts

• Net cash provided by operating activities for the three months ended May 3, 2026: $6,032 million. source
• Operating cash flow uses during first three months of fiscal 2026 included repayment of $1.4 billion of long-term debt and repayment of $1.0 billion of net commercial paper borrowings. source
• SG&A increased $429 million, or 5.7%, to $8,0 59 million for the first quarter of fiscal 2026 from $7,530 million for the first quarter of fiscal 2025. source
• Depreciation and amortization for the first quarter of fiscal 2026: $841 million, an increase of $45 million or 5.7% from $796 million in fiscal 2025 first quarter. source
• Selling, general and administrative expense for three months ended May 3, 2026: $7,959 million. source
• Depreciation and amortization (part of total operating expenses) for the three months ended May 3, 2026 included total operating expenses of $8,800 million. source

Impact estimates