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Home Depot tops estimates as CFO warns of “frozen” housing demand
Home Depot reported adjusted earnings of $4.92 per share and revenue of $47.86 billion, while guidance held steady amid customer hesitation tied to inflation, fuel costs, and uncertainty.
Home Depot beat Wall Street on both earnings and revenue Tuesday, even as the company’s CFO said demand remains constrained by what he called frozen housing market conditions, in remarks carried by CNBC, according to Yahoo Finance. CFO Richard McPhail said the retailer is still taking share and serving customers better, but the housing market is not yet providing decisive momentum.
The company posted adjusted earnings of $4.92 per share versus $4.73 expected, and revenue rose 5.7% to $47.86 billion versus $47.27 billion expected. Comparable sales climbed 1.7%, which Home Depot said was its best figure since fiscal 2022, and net income rose to $4.77 billion from $4.55 billion a year earlier.
McPhail described customers as having the means to spend but hesitating, citing worries about inflation, fuel costs, and general uncertainty as projects grow. He also noted that the quarter’s outlook was supported by tariff refunds that helped offset fuel and input costs elsewhere, while guidance held steady instead of rising.
The results came as investor attention focused on whether recent market and macro signals were translating into renovation activity, with the week also marked by items mentioned in the report such as oil above $90 and the 30-year Treasury at its highest level since 2007. Yahoo Finance said the housing market dynamics were reflected directly in Home Depot’s performance and comments.