Home Depot reported FY2026 full year revenue of approximately $156 billion, with comparable sales modestly positive across the year and the Pro customer business continuing to outperform the DIY business. The full year results frame the conclusion of the Pro customer decade as the dominant strategic focus and position the company for the next investment cycle, which is likely to emphasize services integration, digital experience, and selective acquisition opportunities alongside continued Pro customer investment.
The full year scorecard. Comparable sales grew approximately low single digits for the year, with the Pro customer business contributing the majority of comp performance and the DIY business roughly flat in the soft housing turnover environment. SRS Distribution, the acquired roofing and landscape distributor, contributed meaningfully to the year's revenue and integrated according to plan. Operating margin remained in the mid double digits, with the company continuing to invest behind supply chain, store experience, and digital capabilities.
Total revenue~$156 billionComparable sales growthlow single digitsPro customer revenue share~50 percentPro customer comp growthsolid mid single digitsDIY customer comp growthroughly flatSRS Distribution contributionseveral billion in revenueOperating margin~14 percent
The Pro customer decade. Home Depot's Pro customer strategy has been the defining investment focus of the past decade, with the company building dedicated Pro programs, Pro Desk and Pro Center store formats, Pro specific credit, and the broader services and supply chain capabilities that Pro customers value. The Pro customer business has grown from a meaningful but smaller share of revenue to approximately fifty percent of total revenue, with the structural durability of the segment supporting Home Depot's comp performance across the housing cycle.
The SRS Distribution integration. SRS Distribution, acquired in the prior year, continues to integrate into the Home Depot ecosystem with the expected revenue and operational contribution. SRS adds depth in roofing, landscape, and pool distribution categories that complement Home Depot's existing Pro customer relationships. The integration has progressed on plan, and the company is positioned to continue extending the SRS relationships with the broader Home Depot Pro customer ecosystem.
The next investment cycle. Home Depot is now well positioned to enter the next investment cycle, with the Pro customer strategy producing durable results and the SRS Distribution integration complete. The likely next investments include services integration that extends the Pro customer relationship beyond product purchase into installation, project management, and the broader services portfolio. Digital experience investments that improve both the Pro customer and the DIY customer journey across the integrated digital and in store experience. Selective acquisition opportunities in adjacent category distribution or services businesses that extend the company's Pro customer coverage.
The housing turnover context. The housing turnover environment through FY2026 remained comparatively soft, with existing home sales below the pre pandemic average. The implication for FY2027 is that the housing turnover recovery, when it comes, will provide a tailwind to both the Pro and the DIY businesses. The company's positioning is comparatively defensive, with the Pro customer strategy providing durability through the soft housing cycle and the operational discipline supporting margin protection.
The vendor implications for FY2027. Three things matter for brands at Home Depot for FY2027. First, the Pro customer assortment and the operational requirements for Pro programs continue to be the strongest growth path for brands with Pro customer relevance. Second, the SRS Distribution relationships create new path opportunities for brands in roofing, landscape, and pool adjacent categories. Third, the eventual housing turnover recovery will likely benefit categories with strong DIY shopper preference, but timing remains uncertain.
The competitive position context. Home Depot continues to compete with Lowe's, with the structural advantage Home Depot holds in the Pro customer segment translating to comp sales outperformance in the current housing environment. The competitive intensity at the broader home improvement category level remains stable, with both major players investing behind similar strategic priorities and the share dynamics driven primarily by execution rather than structural shifts.
MOART perspective. Home Depot FY2026 closes the Pro customer decade with the strategy producing the expected durability and the company well positioned for the next investment cycle. For brands considering Home Depot as a North American retail entry in FY2027, the conversation should center on Pro customer relevance, SRS distribution fit, and the operational readiness to support the channel's service expectations. The brands that succeed at Home Depot in FY2027 will build their go to market strategy around the Pro customer focus and the operational requirements that come with serving the Pro channel.
