Home Depot misses earnings and revenue in Q2 2025

CFO describes a deferral mindset among homeowners as the retailer keeps its full-year outlook despite a quarterly miss.

Home Depot misses earnings and revenue in Q2 2025

Home Depot reported fiscal second-quarter results for the period ended August 3, 2025, with adjusted earnings per share of $4.68 on revenue of $45.28 billion, just shy of estimates of $4.71 per share and $45.36 billion in revenue. Net income was $4.55 billion, or $4.58 per share, slightly lower than the year-ago figures, while revenue rose about 5 percent from $43.18 billion a year earlier.

The miss highlights a still fragile recovery in home-improvement demand. The CFO’s description of a deferral mindset points to cautious spending even as some categories show resilience. The fact that big-ticket purchases rose 2.6 percent and most departments posted year-over-year gains suggests pockets of strength, but they have not been enough to lift earnings above peers. Management’s decision to keep the full-year outlook unchanged implies confidence in a later reacceleration if housing turnover improves or rates ease. Investors will watch the next few quarters for a clearer picture of whether slower activity becomes a longer-term trend or simply a temporary pause.

Highlights

The next earnings cycle will reveal if the recovery broadens beyond single-digit gains in select categories.