Home Depot, Inc.'s 10-K, read.

Home Depot remains a dominant, highly profitable home improvement retailer, with a six-month operating cash flow of $11.4 billion and trailing ROIC of 24.8%. Growth is now coming increasingly from acquisitions (GMS, Mingledorff's) rather than the core store base, whose sales grew only about 1.5% in the latest quarter, and the buyback pause has pushed ROIC down from 27.2% a year earlier.

• Core Primary segment growth is slowing: Q2 fiscal 2026 Primary net sales rose only about 1.5% year over year ($42.8B vs. $42.2B), so most top-line growth is coming from acquisitions.
• Acquisition-driven growth adds impairment and integration risk: goodwill rose to $22.9B and intangibles to $10.5B, and the GMS and Mingledorff's purchases were about $6.2B combined in cash.
• Debt remains large at roughly $52.9B in total (short-term, current and long-term), though it fell from about $55.8B at year-end, and the company is still repaying maturing senior notes.
• Trailing ROIC declined to 24.8% from 27.2%, attributed to higher average equity from the buyback pause, which has been in place since March 2024 with about $11.7B of authorization unused.
• Recent profit support includes a one-time tailwind: about $730M of IEEPA tariff refunds, of which roughly $685M reduced cost of goods sold, while tariff policy remains unsettled and could raise costs again.

Not investment advice — general research, the same for every reader. You make your own calls.