Home Depot Inc.: 1Q26 First Take: Slightly Positive, With More Opportunities Through the Year

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Home Depot Inc.: 1Q26 First Take: Slightly Positive, With More Opportunities Through the Year

Equity Research

U.S. Broadlines, Hardlines & Food Retail

19 May 2026

Home Depot Inc.

1Q26 First Take: Slightly Positive,

With More Opportunities Through First Look

HD OVERWEIGHTthe Year

U.S. Broadlines, Hardlines & NEUTRAL

HD 1Q26 results were relatively in line with expectations, and Food Retail Price Target USD 420.00

guidance was maintained, with comps modestly positive at Price (18-May-26) USD 299.81

+0.4% in the US (total comps +0.6% or relatively flat ex. FX), Potential Upside/Downside +40.1% Source: Bloomberg, Barclays Research

similar to recent quarters. EPS came in slightly better due to

SG&A, even with a ~$0.05 headwind below the line. U.S. Broadlines, Hardlines & Food

Retail

Seth Sigman

Overall, we view the results as stable, still more ticket-driven and likely not enough to really +1 212 526 7417

change sentiment, given the inflation/rate backdrop, but we think they should support a seth.sigman@barclays.com

positive reaction in the stock. Trends are tracking about in-line and slightly positive even during BCI, US

a period of greater consumer uncertainty and continued housing pressure, with progress in

Oliver Hu

laying the foundation for future growth and more opportunities for improvement through the +1 212 526 6180

year. Further, the company seems comfortable with the FY guidance despite some new oliver.hu@barclays.com

headwinds, incl. fuel. We continue to see favorable risk/reward. BCI, US

Adj. EPS of $3.43 compared to our $3.41/consensus $3.42, with a ~$0.05 headwind below the Serena E Shalam

+1 212 526 3492line (interest expense -$0.02 headwind vs. consensus; tax rate -$0.03, coming in above the FY

serena.shalam@barclays.com

guidance).