Home Depot Q3 2025 Earnings Report
Home Depot (HD) Earnings & Outlook - November 14, 2025 – Analysis by victoriasterling
This report summarizes Home Depot’s recent performance and revised outlook as of November 14, 2025, based on details from CNBC.
Key Takeaways:
* Profit Forecast Cut: Home Depot cut its full-year profit forecast.
* Earnings Miss: The company missed Wall Street’s earnings expectations for the third consecutive quarter.
* Demand Weakness: Lower home improvement demand,tepid consumer spending,and reduced storm activity contributed to the weaker results.
* Stock Performance: Shares were down approximately 4% in early trading on Tuesday and are down about 8% year-to-date, underperforming the S&P 500’s 13% gain.
* Consumer Behavior: Homeowners are exhibiting a “deferral mindset” regarding larger home improvement projects due to higher interest/mortgage rates.
Financial performance – Q3 2025 vs. Expectations:
| Metric | Actual | Expected |
|---|---|---|
| Earnings Per Share (adjusted) | $3.74 | $3.84 |
| Revenue | $41.35 Billion | $41.10 billion |
Full-Year Outlook (Revised):
| Metric | Previous Outlook | Revised Outlook |
|---|---|---|
| Sales Growth | 2.8% | ~3% |
| Comparable Sales Growth | 1% | Slightly Positive |
| Adjusted EPS Decline | ~2% | ~5% |
Factors Influencing Performance:
* Interest Rates: Higher interest and mortgage rates are impacting housing turnover and large project spending. The company had anticipated rates easing, which did not occur.
* Consumer Uncertainty: Ongoing consumer uncertainty is contributing to the deferral of home improvement projects.
* storm Activity: lower-than-usual storm activity reduced demand for related supplies (roofing, generators, etc.).
* GMS Acquisition: the acquisition of GMS is expected to add approximately $2 billion in incremental revenue for the full year, but was not factored into prior guidance.