Home Depot Files Fiscal 2025 Annual Report, Revealing Workforce and Guidance Data

The Form 10-K Home Depot filed with the SEC on March 18, 2026 put a number on the workforce every associate already knows is massive: over 470,000 associates employed at the close of the fiscal year ended February 1, 2026. That headcount, disclosed inside the formal annual report, covers the full footprint of 2,359 retail stores and over 1,250 SRS locations across all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico.

The filing incorporated the earnings press release Home Depot had already issued on February 24, 2026, which reported a Q4 revenue figure that requires some calendar context to read correctly. Sales for the fourth quarter of fiscal 2025 were $38.2 billion, a decrease of $1.5 billion, or 3.8% from the fourth quarter of fiscal 2024, with Q4 fiscal 2025 consisting of 13 weeks compared with 14 weeks in the prior year; that 14th week in fiscal 2024 added approximately $2.5 billion of sales to the fourth quarter and the year. Strip out the calendar quirk and the underlying demand picture looks more stable: comparable sales for the fourth quarter of fiscal 2025 increased 0.4%, and comparable sales in the U.S. increased 0.3%.

Diluted earnings per share for fiscal 2025 were $14.23, down from $14.91 the prior year, while adjusted diluted EPS for fiscal 2025 was $14.69, below the prior-year adjusted figure of $15.24. For the full fiscal year, fiscal 2025 sales reached $164.7 billion, up 3.2% year over year.

On the dividend, the board approved a raise. The board approved a 1.3% increase to a $2.33 quarterly dividend, payable March 26, 2026, with shareholders of record on March 12, 2026 receiving the payment.

The 10-K also formalized the fiscal 2026 guidance that management first outlined at its December investor conference. Fiscal 2026 guidance includes total sales growth of 2.5% to 4.5%, comparable sales flat to 2.0%, approximately 15 new stores, gross margin of roughly 33.1%, and adjusted diluted EPS growth flat to 4.0%. That EPS range is calculated off the $14.69 adjusted diluted EPS base from fiscal 2025, with capital expenditures planned at approximately 2.5% of total sales.

The cautious comp guidance reflects a housing market that management has repeatedly described as constrained by elevated mortgage rates. Management guided to modest sales and EPS growth, signaling a slow recovery tied to mortgage rates and housing turnover. The fiscal 2026 outlook also excludes an expected after-tax impact of approximately $0.50 from acquired intangible asset amortization, a cost tied to the SRS Distribution acquisition that continues to flow through results.

For store-level associates, the most immediate disclosure from the filing cycle is the dividend payable March 26 to shareholders, which includes anyone enrolled in Home Depot's stock purchase plan. The bigger picture in the 10-K is a company holding its workforce steady above 470,000 heading into the spring selling season, while betting that a gradual housing thaw will bring larger project spending back to the orange aisles.