HD · 10-Q · 2026Q2 · Full report
Inventory Levels and Turnover
HOME DEPOT, INC. · 2026-05-27 · Importance 49 · Surprise 32
Merchandise inventories were $27.280 billion at May 3, 2026, up from $25.817 billion at February 1, 2026, an increase of $1.463 billion during the period. Inventory turnover was 4.2 times at the end of Q1 fiscal 2026 versus 4.3 times at the end of Q1 fiscal 2025, and the company cites higher average inventory levels as the primary driver of the turnover decline. Changes in inventory levels contributed meaningfully to working capital movements that increased operating cash flow by $1.7 billion year-over-year in Q1. Management indicates inventory increases were intentional to support sales and category expansion across the U.S., Canada and Mexico.