Home Depot Q2 revenue +5.7% to $47.9B; net income +4.7% to $4.77B; tariff refund boosts margin

Filed August 25, 2026 · Period ending August 2, 2026 · Compared to 10-Q Aug 26, 2025 · ~1 min read

Key Changes

• high

  $730M in IEEPA tariff refunds received following U.S. Supreme Court ruling, with $685M recognized as cost-of-goods-sold reduction in Q2, materially improving gross margin to 33.7% (+30 bp).

  MD&A: IEEPA tariff refunds verify on EDGAR →
• high

  GMS acquisition closed Sept 2025 for $5.1B cash, contributing $1.4B in Q2 net sales; Mingledorff's (HVAC) acquired May 2026 for ~$1.1B, expanding SRS to five verticals.

  Notes: Acquisitions verify on EDGAR →
• high

  Operating cash flow rose $2.4B to $11.4B in H1 FY26.

  MD&A: Cash flow and capital allocation verify on EDGAR →