Home Depot, Inc. (the) · NYSE:HD
Home Depot, Inc. (the) — The Home Depot — Investor Day (2025)
72 slides from Home Depot, Inc. (the)'s investor day presentation, 2025
Slide 1: Ted Decker, Chair, President & CEO
TED DECKER CHAIR, PRESIDENT & CEO 2025 INVESTOR AND ANALYST CONFERENCE 1
Slide 2: Winning Formula
Winning Formula MASSIVE MARKET DISTINCT COMPETITIVE CULTURE STRATEGY OPPORUNITY ADVANTAGES AND VALUES DRIVE OUR BRAND ASSOCIATES CORE AND & CULTURE CULTURE ~$1.1T TOTAL ADDRESSABLE MARKET PREMIER DELIVER A SCALE REAL ESTATE FRICTIONLESS INTERCONNECTED EXPERIENCE $900B+ PRODUCT AUTHORITY DIGITAL & IN
Slide 3: Large and Highly Fragmented Market
Large and Highly Fragmented Market TOTAL ADDRESSABLE MARKET MARKET SHARE ~15% CONSUMER ~$500B THE HOME DEPOT TOTAL MARKET SHARE ~$1.1T TOTAL ADDRESSABLE PRO ~$600B MARKET Source: Home Improvement Research Institute, John Burns Research & Consulting, American Rental Association, and Internal Research
Slide 4: Distinct Competitive Advantages
Distinct Competitive Advantages ASSOCIATES BRAND SCALE PREMIER REAL ESTATE & CULTURE PRODUCT AUTHORITY DIGITAL & SUPPLY CHAIN PRO INTERCONNECTED 4
Slide 5: Our Strategy
Our Strategy DELIVER FRICTIONLESS DRIVE OUR INTERCONNECTED WIN THE PRO CORE AND CULTURE CUSTOMER EXPERIENCE 5
Slide 6: Drive Our Core and Culture
Drive Our Core and Culture CUSTOMER SERVICE PRODUCT AUTHORITY AND VALUE CULTURE 6
Slide 7: Best Interconnected Experience
Best Interconnected Experience FRICTIONLESS CUSTOMER POWERFUL UNMATCHED DELIVERY EXPERIENCE ACROSS ECOMMERCE SITE CHANNELS CAPABILITIES 7
Slide 8: Win the Pro
Win the Pro ILLUSTRATIVE CROSS-CATEGORY PRO SPECIALTY TRADES MRO SMALL / MED MED / LARGE CUSTOMER ROOFING INSULATION MULTI-FAMILY TYPE SMALL / MED MED / LARGE POOL WALLBOARD HOSPITALITY SINGLE-FAMILY SINGLE-FAMILY REPAIR & RENOVATOR & CUSTOM BUILDER TRACT BUILDER REMODELER REMODELER LANDSCAPE OTHER
Slide 9: Technology and AI Enable Our Growth
Technology and AI Enable Our Growth HUNDREDS OF AI APPLICATIONS ACROSS VARIOUS BUSINESS FUNCTIONS HUMAN STORE ONLINE MARKETING FINANCE RESOURCES OPERATIONS CUSTOMER SALES MERCHANDISING SUPPLY CHAIN PRO EXPERIENCE DRIVE IMPROVE CUSTOMER PRODUCTIVITY AND GROWTH EXPERIENCE EFFICIENCY 9
Slide 10: The Home Depot's Investment Proposition
The Home Depot’s Investment Proposition LARGE AND HIGHLY FRAGMENTED ~$1.1T TOTAL ADDRESSABLE MARKET WELL POSITIONED TO GROW SHARE THROUGH OUR DISTINCT COMPETITIVE ADVANTAGES AND OPERATIONAL EXCELLENCE WE HAVE A CLEAR GROWTH STRATEGY INVESTMENTS ACROSS THE BUSINESS ENHANCE OUR UNIQUE VALUE PROPOSITIO
Slide 11: Ann-Marie Campbell
ANN-MARIE CAMPBELL SENIOR EXECUTIVE VICE PRESIDENT 2025 INVESTOR AND ANALYST CONFERENCE 11
Slide 12: The Power of The Home Depot Store Network
The Power of The Home Depot Store Network 2,350+ STORES ACROSS NORTH AMERICA 1.6B+ TOTAL TRANSACTIONS ASSOCIATES SELLING ~470K ACROSS NORTH AMERICA 240M+ SQUARE FOOTAGE 17+ AVERAGE STORE MANAGER ~90% OF STORES ARE OWNED YEARS TENURE We Are the #1 Home Improvement Retailer in the U.S., Canada, and Me
Slide 13: The Power of Core and Culture
The Power of Core and Culture OUR CORE MISSION: DRIVING A CULTURE OF SELLING AND SERVICE, AND DELIVERING THE BEST CUSTOMER EXPERIENCE WITH ASSOCIATES THAT HAVE PASSION, KNOWLEDGE, AND EXPERTISE 13
Slide 14: Cultivating the Best Associate Experience
Cultivating the Best Associate Experience TRAINING & CERTIFICATIONS DEVELOPMENT CULTURE OF SELLING & SERVICE JOB TOOLS SAFE & SECURE WAGE INVESTMENTS ENVIRONMENT Our Highly Engaged Associates Provide Superior Customer Service 14
Slide 15: Driving a Culture of Selling
Driving a Culture of Selling FOCUS ON THE CULTURE OF SELLING EMPOWER ASSOCIATES WITH TRAINING & TOOLS SHIFT ASSOCIATE TASKING TO MET 15
Slide 16: Leveraging Technology Across the Store
Leveraging Technology Across the Store IN-STOCK AND ON-SHELF TECHNOLOGY ENHANCEMENTS AVAILABILITY ARE AT ALL-TIME HIGHS IN-STOCK ON-SHELF SIDEKICK APPLICATION COMPUTER VISION 16
Slide 17: Win the Pro
Win the Pro ILLUSTRATIVE CROSS-CATEGORY PRO SPECIALTY TRADES MRO SMALL / MED MED / LARGE CUSTOMER ROOFING INSULATION MULTI-FAMILY TYPE SMALL / MED MED / LARGE POOL WALLBOARD HOSPITALITY SINGLE-FAMILY SINGLE-FAMILY REPAIR & RENOVATOR & CUSTOM BUILDER TRACT BUILDER REMODELER REMODELER LANDSCAPE OTHER
Slide 18: Investing in a Premier In-Store Pro Experience
Investing in a Premier In-Store Pro Experience RIGHT PRODUCTS, UNIFIED SERVICE AND RIGHT BRANDS PRO TEAM SUPPORT 18
Slide 19: Driving the Best Interconnected Experience
Driving the Best Interconnected Experience ASSORTMENT DEPTH ONE PAINT FULFILLMENT OPTIONS AND BREADTH In-Store Buy Online Pickup In-Store Job Site Delivery Vendor Delivery Pro Paint Sales Have More Than Doubled Since 2019 19
Slide 20: Serving Our Communities
Serving Our Communities VETERAN CAUSES PATH TO PRO DISASTER RECOVERY 20
Slide 21: Billy Bastek
BILLY BASTEK EXECUTIVE VICE PRESIDENT MERCHANDISING 2025 INVESTOR AND ANALYST CONFERENCE 21
Slide 22: Merchandising Objectives
Merchandising Objectives MAINTAIN OUR DRIVE GROWTH WITH LEADING MERCHANDISING PRODUCT AUTHORITY BRANDS AND INNOVATION EXCELLENCE 22
Slide 23: Product Authority in Home Improvement
Product Authority in Home Improvement POWERED BY OUR PRODUCT IS KING PARTNERSHIPS AND CUSTOMER-BACK INVESTMENTS PRODUCT INNOVATION & VALUE COMPLETE PROJECT OFFERINGS CUSTOMER EXPERIENCE 23
Slide 24: Innovation Powering Growth
Innovation Powering Growth EXCLUSIVE KILZ FIRST-TO-MARKET PREMIER BATTERY PARTNERSHIP INNOVATION PLATFORMS MATCH THE BULBS IN YOUR HOME TODAY WITH A CLICK OF A SWITCH. IT’S THAT EASY. MAKE ONE RUN & YOU’RE DONE VAST MAJORITY ~75% OF BATTERY OF BATTERIES SELECT FROM A RANGE PLATFORMS ARE ARE WITH BRA
Slide 25: Strategic Vendor Partnerships Drive Exclusivity
Strategic Vendor Partnerships Drive Exclusivity HARDLINES DECOR BUILDING MATERIALS 25
Slide 26: Vendor Relationships Create Differentiated Experiences
Vendor Relationships Create Differentiated Experiences EXAMPLE: TODAY | 100+ SKUs AVAILABLE FOR SAME OR NEXT-DAY PREVIOUSLY, ONLY ~25 DELIVERY FROM VARIOUS LOCATIONS SKUS AVAILABLE FOR DELIVERY FROM STORE Driving Over 500bps of Sales Lift with Rheem Water Heaters 26
Slide 27: Vendors Aligning with HD for Future Growth
Vendors Aligning with HD for Future Growth PRO 27
Slide 28: Our Private Brands Provide Differentiated Value
Our Private Brands Provide Differentiated Value 28
Slide 29: Balancing the Art and Science
Balancing the Art and Science PRODUCT AND ASSORTMENT AND DATA AND AI INNOVATION SPACE PLANNING We Continue to Invest in People, Processes, and Technology to Optimize Our Business 29
Slide 30: Merchandising Excellence is a Competitive Advantage
Merchandising Excellence is a Competitive Advantage RECORD GREATER MERCHANT DEDICATED IN-STOCKS CONNECTIVITY EXPERTISE MET TASKING 30
Slide 31: #1 Brand in Home Improvement
#1 Brand in Home Improvement 31
Slide 32: We Are the Product Authority in Home Improvement
We Are the Product Authority in Home Improvement PRODUCT AUTHORITY IN HOME IMPROVEMENT 32
Slide 33: Jordan Broggi
JORDAN BROGGI EXECUTIVE VICE PRESIDENT CUSTOMER EXPERIENCE & PRESIDENT | ONLINE 2025 INVESTOR AND ANALYST CONFERENCE 33
Slide 34: Best Interconnected Experience
Best Interconnected Experience FRICTIONLESS CUSTOMER POWERFUL UNMATCHED DELIVERY EXPERIENCE ACROSS ECOMMERCE SITE CAPABILITIES CHANNELS ~$25B ANNUAL ONLINE SALES ~16K DELIVERY ASSETS 6B+ WEBSITE AND STORE VISITS ANNUALLY 34
Slide 35: Interconnected Includes the Entire Shopping Journey
Interconnected Includes the Entire Shopping Journey PHYSICAL RESEARCH FULFILL IN-STORE FROM STORE/DC/VENDOR (+STORE MODE IN-APP) TO HOME/JOBSITE/ STORE DIGITAL RESEARCH PURCHASE POST-SALE SUPPORT APP, DESKTOP, ONLINE & IN-STORE, IN-STORE, CALL CENTER, MOBILE WEB PARCEL, BIG & BULKY SELF SERVICE Mill
Slide 36: Unmatched Delivery Network
Unmatched Delivery Network STORES / BRANCHES 2,350+ HOME DEPOT STORES 1,200+ SRS BRANCHES ~120 HD SUPPLY FACILITIES Facility Type Stores U.S. LAST MILE DISTRIBUTION PRO FDC FLATBED 17 Distribution Facilities DFC PARCEL / BIG 20 & BULKY MDO CROSS-DOCK 160 36
Slide 37: Supply Chain Assets + Technology = Faster Speeds
Supply Chain Assets + Technology = Faster Speeds INCREASED DELIVERY SPEED ACROSS PRODUCT TYPES AND DELIVERY MODES PARCEL CAR VAN BOX FLATBED FOR IN-STOCK SKUS, For In-Stock SKUs, 55%+ OVER HALF OF DELIVERIES ARE SAME OR Of Deliveries NEXT-DAY are Same or Next Day 3X+ 3x+ INCREASE Increase FROM 2022
Slide 38: Best-in-Class Delivery Experience
Best-in-Class Delivery Experience AVAILABILITY SPEED RELIABILITY COMMUNICATION ABC1234567 Customer Satisfaction for Pro Deliveries at All-Time Highs 38
Slide 39: Tech Enablement Driving Personalization
Tech Enablement Driving Personalization MAGIC IMPROVED AI POWERED REFRESHED APRON SEARCH FUNCTION PROJECT LISTS CUSTOMER CHAT 39
Slide 40: Driving Greater Engagement
Driving Greater Engagement CUSTOMER SPEND INCREASES WITH CHANNEL AND CAPABILITY UTILIZATION IN-STORE ONLY IN-STORE IN-STORE, ONLINE & IN-STORE, ONLINE, FAST & ONLINE FAST DELIVERY DELIVERY & UTILIZING NEW SUPPLY CHAIN ASSETS 40
Slide 41: Relentless Focus on Enhancing Customer Experience
Relentless Focus on Enhancing Customer Experience AI-ENABLED ONLINE PRODUCT MOBILE APP IMPROVED DELIVERY TECHNOLOGY AUTHORITY EXPERIENCE EXPERIENCE 41
Slide 42: Mike Rowe
MIKE ROWE EXECUTIVE VICE PRESIDENT PRO 2025 INVESTOR AND ANALYST CONFERENCE 42
Slide 43: We Are the Destination for Pros
We Are the Destination for Pros PRO CUSTOMERS THD STORES SRS BRANCHES 9M+ 2,350+ 1,200+ 43
Slide 44: Win the Pro
Win the Pro ILLUSTRATIVE CROSS-CATEGORY PRO SPECIALTY TRADES MRO SMALL / MED MED / LARGE CUSTOMER ROOFING INSULATION MULTI-FAMILY TYPE SMALL / MED MED / LARGE POOL WALLBOARD HOSPITALITY SINGLE-FAMILY SINGLE-FAMILY REPAIR & RENOVATOR & CUSTOM BUILDER TRACT BUILDER REMODELER REMODELER LANDSCAPE OTHER
Slide 45: Pro Total Addressable Market
Pro Total Addressable Market ~15% THE HOME DEPOT MARKET SHARE ~50% OF THE ADDRESSABLE ~$600B MARKET OPPORTUNITY REPRESENTS PROS WORKING PRO TOTAL ADDRESSABLE MARKET ON COMPLEX PROJECTS Source: Home Improvement Research Institute, John Burns Real Estate Consulting, American Rental Association, and In
Slide 46: Our Unique Pro Value Proposition
Our Unique Pro Value Proposition FUTURE VISION: THD TO SERVE AS ONE TODAY: PROS RELY ON 30+ SUPPLIERS FOR A JOB PREFERRED PARTNER FOR THE WHOLE PROJECT STREAMLINED COMMUNICATION SINGLE POINT-OF-CONTACT MILLWORK SUPPLY LUMBERYARD PLUMBING SUPPLY SIMPLIFIED ORDERING ONE WEBSITE TO NAVIGATE GYPSUM SUPP
Slide 47: Pro Ecosystem
Pro Ecosystem SALES FORCE CONVENIENT LOCATIONS DELIVERY TRADE CREDIT BRANDS ASSORTMENT DEPTH PREFERRED & BREADTH PRICING PRO ORDER RENTAL MANAGEMENT SHOWROOMS DIGITAL & B2B EXPERIENCE LOYALTY PROGRAM 47
Slide 48: Incremental Capabilities to Win the Pro
Incremental Capabilities to Win the Pro SALES FORCE CONVENIENT SALES FORCE DELIVERY LOCATIONS DELIVERY TRADE CREDIT BRANDS TRADE CREDIT ASSORTMENT DEPTH PREFERRED & BREADTH PRICING PREFERRED PRICING PRO ORDER MANAGEMENT RENTAL ORDER MANAGEMENT SHOWROOMS DIGITAL & B2B EXPERIENCE LOYALTY PROGRAM DIGIT
Slide 49: Expanding Delivery Through Relay Markets
Expanding Delivery Through Relay Markets WE CONTINUE TO INCREASE FDC COVERAGE …THAT EXPAND OUR REACH AND IMPROVE AND ARE TESTING NEW CAPABILITIES… THE CUSTOMER DELIVERY EXPERIENCE FDC RELAY EXAMPLE: ATLANTA TO CHATTANOOGA EXTENDED FDC COVERAGE TO SERVE NEW MARKETS EXPANDED FDC COVERAGE CHATTANOOGA E
Slide 50: We Are Winning Today
We Are Winning Today DELIVERY PRO SALES FULFILLMENT PROS ON THD RESOURCES LOCATIONS TRADE CREDIT 1,500+ 2,500+ 7K+ GROWING SHARE AND DELIVERED SALES ON AVERAGE, DRIVING HIGHER SALES UP ~40% INCREASING SPEND ~30% Double-Digit Billion Dollar Opportunity 50
Slide 51: Winning Faster Together
Winning Faster Together WIN WITH PRODUCT STORE DELIVERY DELIVERY AUTHORITY FOOTPRINT NETWORK FLEET 3M+ PRODUCTS 2.3K+ STORE ~200 CORE DCs 5K+ FLEET ASSETS MULTIPLE PROS ACROSS OFFERED LOCATIONS SHARED VISION MULTIPLE PURCHASE OCCASIONS SPECIALIZED BRANCH LOCALIZED PRIVATIZED ASSORTMENT NETWORK SALES
Slide 52: Serving the Pro
Serving the Pro 52
Slide 53: Dan Tinker, SRS President & CEO
DAN TINKER SRS - PRESIDENT & CEO 2025 INVESTOR AND ANALYST CONFERENCE 53
Slide 54: SRS Distribution – Competitive Advantages
SRS Distribution – Competitive Advantages ECOSYSTEM AND CAPABILITIES FACTORS FUELING SRS GROWTH PEOPLE-FIRST TECHNOLOGY AND VENDOR AND CUSTOMER SIZE AND SCALE CULTURE DIGITAL LEADERSHIP RELATIONSHIPS DIFFERENTIATED ACQUISITION SIZE AND SCALE CAPABILITIES EXPERTISE 1,200+ 8,000+ 18,000+ BRANCH DELIVE
Slide 55: Win the Pro
Win the Pro ILLUSTRATIVE CROSS-CATEGORY PRO SPECIALTY TRADES MRO SMALL / MED MED / LARGE CUSTOMER ROOFING INSULATION MULTI-FAMILY TYPE SMALL / MED MED / LARGE POOL WALLBOARD HOSPITALITY SINGLE-FAMILY SINGLE-FAMILY REPAIR & RENOVATOR & CUSTOM BUILDER TRACT BUILDER REMODELER REMODELER LANDSCAPE OTHER
Slide 56: SRS Distribution – Verticals
SRS Distribution – Verticals ROOFING AND EXTERIOR OUTDOOR INTERIOR BUILDING PRODUCTS LIVING BUILDING PRODUCTS ENTERED IN 2008 ENTERED IN 2019 ENTERED IN 2025 Leadership Position Across Verticals 56
Slide 57: SRS Growth Strategy
SRS Growth Strategy SAME STORE NEW GREENFIELD STRATEGIC M&A DIGITAL SALES LOCATIONS ACTIVITY SOLUTIONS CONSISTENT SAME 38 OPENINGS SINCE 17 NEW ACQUISITIONS INTEGRATED ERP STORE SALES GROWTH THD ACQUISITION SINCE THD ACQUISITION AND IT SYSTEMS 57
Slide 58: Winning Faster Together
Winning Faster Together WIN WITH PRODUCT STORE DELIVERY DELIVERY AUTHORITY FOOTPRINT NETWORK FLEET 3M+ PRODUCTS 2.3K+ STORE ~200 CORE DCs 5K+ FLEET ASSETS MULTIPLE PROS ACROSS OFFERED LOCATIONS SHARED VISION MULTIPLE PURCHASE OCCASIONS SPECIALIZED BRANCH LOCALIZED PRIVATIZED ASSORTMENT NETWORK SALES
Slide 59: Generating Incremental Revenue Through Cross-Selling
Generating Incremental Revenue Through Cross-Selling SRS/GMS CUSTOMERS HOME DEPOT BUYING MORE FROM CUSTOMERS BUYING HOME DEPOT MORE FROM SRS/GMS NATIONAL ACCOUNTS LOOKING FOR HOMEOWNER ENTERPRISE-WIDE REFERRAL PROGRAM SOLUTIONS DRIVING SALES 59
Slide 60: Becoming the Leader in Building Products Distribution
Becoming the Leader in Building Products Distribution 60
Slide 61: Richard McPhail, EVP & CFO
RICHARD MCPHAIL EXECUTIVE VICE PRESIDENT & CFO 2025 INVESTOR AND ANALYST CONFERENCE
Slide 62: Reaffirm Fiscal 2025 Guidance
Reaffirm Fiscal 2025 Guidance FY 2025 TOTAL SALES GROWTH ~ 3% COMP SALES GROWTH SLIGHTLY POSITIVE GROSS MARGIN ~ 33.2% OPERATING MARGIN ~ 12.6% ADJ. OPERATING MARGIN ~ 13.0% EFFECTIVE TAX RATE ~ 24.5% NET INTEREST EXPENSE ~ $2.3B DILUTED EPS ~ -6% ADJ. DILUTED EPS ~ -5% Note: Adjusted operating marg
Slide 63: Current Housing Market Conditions
Current Housing Market Conditions LOCK-IN EFFECT HOUSING TURNOVER PERCENTAGE OF OUTSTANDING RESIDENTIAL MORTGAGES BY INTEREST RATE TOTAL HOUSING TURNOVER: SF SAAR SALES AS % OF TOTAL HOUSING STOCK 50-Yr. Avg ~80% OF >6% 5%-6% 4%-5% 3%-4% <3% MORTGAGES 5.0% ARE BELOW 6% 4.4% 4.0% 2.8% 2.9% 3.0% 2022
Slide 64: Short-Term Pressures
Short-Term Pressures HOME PRICES REASONS FOR DEFERRING PROJECTS CASE-SHILLER NATIONAL HOME PRICE INDEX YOY % FACTORS LIMITING PROFESSIONAL REMODELERS' GROWTH OVER THE NEXT 6 MONTHS 22% 20.7% 20% Consumer Uncertainty 18% Building Material Costs 16% 14% Skilled Labor Shortages 12% 10.9% Higher Financi
Slide 65: Preliminary 2026 Outlook
Preliminary 2026 Outlook FY 2026 MARKET GROWTH ~ -1% to ~ +1% COMP SALES GROWTH ~ 0% to ~ 2% TOTAL SALES GROWTH ~ 2.5% to ~ 4.5% OPERATING MARGIN ~ 12.6% at 2% Comp ADJ. OPERATING MARGIN ~ 13.0% at 2% Comp DILUTED EPS ~ 4% at 2% Comp ADJ. DILUTED EPS ~ 4% at 2% Comp Note: Adjusted operating margin e
Slide 66: Strong Long-Term Housing Fundamentals
Strong Long-Term Housing Fundamentals VALUE OF HOUSING STOCK AGE OF HOUSING STOCK HOME EQUITY ($T) MORTGAGE DEBT ($T) 40+ YEARS 30-39 YEARS 20-29 YEARS 10-19 YEARS 0-9 YEARS TODAY: 55% OF HOMES ARE $50 TOTAL VALUE OF HOUSING STOCK (Q2 2025): ~$50T 40+ YEARS OLD $45 HOME EQUITY +$16T SINCE Q4 2019 (~
Slide 67: Fundamentals Supporting Future Demand
Fundamentals Supporting Future Demand HOUSING SHORTAGE PENT-UP DEMAND HOUSING UNITS NEEDED OVER NEXT 10 YEARS HOME IMPROVEMENT DEFERRAL ESTIMATE TOTAL # OF HOMES CURRENT SHORTAGE(1) ~ 2M – 5M FORECASTED HOUSEHOLD FORMATION + NEW 12M – 14M Billions ($) HOME/TEARDOWNS 0 1 2 3 4 5 6 7 8 9 10 11 12 13 1
Slide 68: Investing for Future Growth
Investing for Future Growth CAPITAL EXPENDITURES INVESTMENT PRIORITIES CAPEX $ % OF SALES DRIVING THE CORE 2.5% 2.4% 2.3% 2.2% 1.9% 2.1% 2.0% 1.9% 1.7% INTERCONNECTED WIN THE PRO FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025F 68
Slide 69: Generating Billions in Productivity Across the Business
Generating Billions in Productivity Across the Business FREIGHT FLOW SUPPLY CHAIN STREAMLINE MANAGEMENT OPTIMIZATION CENTRAL PROCESSES 69
Slide 70: Market Recovery Case
Market Recovery Case RECOVERY CASE ACCELERATED RECOVERY CASE TOTAL SALES GROWTH ~ 5% to ~ 6% COMP ~ 4% to ~ 5% SHARPER HOUSING RECOVERY NON-COMP ~ 1% DRIVES SALES AND EPS GROWTH FASTER THAN RECOVERY CASE OPERATING PROFIT GROWTH FASTER THAN SALES EPS & ADJ. EPS GROWTH MID TO HIGH SINGLE DIGITS Note:
Slide 71: Capital Allocation
Capital Allocation INVEST IN PAY THE RETURN THE BUSINESS DIVIDEND EXCESS CASH 71
Slide 72: Home Depot's Investment Proposition
Home Depot's Investment Proposition LARGE AND HIGHLY FRAGMENTED ~$1.1T TOTAL ADDRESSABLE MARKET WELL POSITIONED TO GROW SHARE THROUGH OUR DISTINCT COMPETITIVE ADVANTAGES AND OPERATIONAL EXCELLENCE INVESTMENTS ACROSS THE BUSINESS ENHANCE OUR UNIQUE VALUE PROPOSITION CREATE SHAREHOLDER VALUE THROUGH D