The Home Depot, Inc. · HD · FY2024 Q3 · Calendar Q4 2024

Home Depot: SRS and Pro gains lift outlook as comps remain soft

The supplied analysis supports a constructive but qualified view: SRS integration, Pro ecosystem expansion, and delivery improvements provide growth support, while soft comparable sales, rate-sensitive projects, and mix pressure temper the outlook.

Reported Before market openNYSEConsumer Cyclical $308.91B market cap
80quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $3.63
EPS surprise — Reported versus consensus
Reported revenue — Consensus $39.12B
Revenue surprise — Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -1.3% Event window
SPY move -0.3% Same window
Abnormal move -1.0% Stock minus SPY
Volume 1.7× Versus trailing sessions
Subsequent drift +4.5% Up to 20 sessions
HDSPY benchmark

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Transcript intelligence

What changed

Compared with the prior quarter, management’s tone shifted from cautious to confident, guidance sentiment moved from maintained to raised, and the SRS contribution became more material. The current analysis also emphasizes hurricane-related demand, faster delivery, and broader Pro execution.

Guidance delta

Management guidance was raised: fiscal-year sales growth is expected at about 4%, while comparable sales are expected to decline 2.5% and adjusted EPS to decline modestly.

Key takeaways

  • Q3 sales growth benefited from SRS, favorable weather, and hurricane-related demand, while comparable sales declined modestly.
  • SRS contributed $2.9 billion in Q3 and remains a significant cross-sell opportunity through Home Depot’s Pro channels.
  • The Pro ecosystem is gaining share, but higher interest rates continue to pressure large remodeling projects.
  • Management plans continued investment in delivery speed, technology, stores, and Pro capabilities.

Management priorities

  • Integrate and cross-sell SRS through Home Depot’s Pro channels.
  • Expand Pro ecosystem capabilities and credit programs.
  • Improve delivery speed through order-management and bill-upon-delivery capabilities.
  • Continue capital investment, store openings, and supply-chain improvements.

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Earnings History

Estimate Beat Miss Match
HD REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 2 future estimate-only quarters. Q4 '24 estimate $35B Q4 '24 actual $35B, beat Q1 '25 estimate $37B Q1 '25 actual $36B, miss Q2 '25 estimate $43B Q2 '25 actual $43B, beat Q2 '26 estimate $45B Q2 '26 actual $45B, miss Q3 '26 estimate $41B Q3 '26 actual $41B, beat Q4 '26 estimate $38B Q4 '26 actual $38B, beat Q1 '27 estimate $42B Q1 '27 actual $42B, beat Q2 '27 estimate $47B Q2 '27 actual $48B, beat Q3 '27 estimate $43B Q4 '27 estimate $39B
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Analyst Consensus ?

ConsensusBuy61 ratings
Bullish3760.6%
Neutral2032.8%
Bearish46.6%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$309.63Previous close
$210Low
$383.35Average
$497High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 19, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Bernstein Market Perform Market PerformMaintainSep 9, 2026
UBS Buy BuyMaintainAug 19, 2026
Truist Securities Buy BuyMaintainAug 19, 2026
RBC Capital Sector Perform Sector PerformMaintainAug 19, 2026
Mizuho Outperform OutperformMaintainAug 19, 2026
Show 57 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $309.63. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Melius ResearchMichael Rehaut$397$285.36 +28.2%Oct 6, 2026
BernsteinZhihan Ma$354$347.67 +14.3%Aug 19, 2026
RBC CapitalSteven Shemesh$342$347.75 +10.5%Aug 19, 2026
UBSAnalyst unavailable$420$348.09 +35.6%Aug 19, 2026
Truist FinancialAnalyst unavailable$373$337.49 +20.5%Aug 19, 2026
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Company context

Snapshot as of publication

The Home Depot, Inc. operates as a prominent retailer specializing in home renovation and improvement. Through its expansive network of "The Home Depot" stores, it furnishes consumers with an extensive array of goods, including building materials, home enhancement products, lawn and garden supplies, decorative items, and facilities maintenance, repair, and operational (MRO) supplies. In addition to selling products, the company extends professional installation services for key home features like flooring, cabinetry (including makeovers), countertops, furnaces and central air conditioning systems, and window replacements. Customers can also access tool and equipment rental options.…

Historical context

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2024-11-10T18:39:04.055137+00:00
  3. Polygon adjusted daily market bars · 2026-10-19T09:20:44.224618+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-19T09:20:44.221607+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-19. For educational purposes only; not investment advice.