CLAIM #29756 · The Home Depot Inc (HD) · 2026Q3 earnings call · Nov 18, 2025 · due Jan 31, 2026
“Well, thanks. As Ted said, the underlying demand for the business was sort of similar Q2 to Q3. If you talk about storm Q3 to Q4, we absolutely are lapping strong results, in fact, even slightly higher sales last year in Q4 than Q3. Let's call it relatively even. So let's say, you basically, if you've got underlying minus the storm impact, you've got pretty much similar run rates for Q3 and Q4.”
Richard McPhail · CFO
In context
“y part of the business model. Richard McPhail: And I mean, just to -- it's not just about our plans. It's actually happening right now. If you talk about our non-comp sales, putting new stores and new SRS branches together, you've got about 0.5 point of sales growth driven by those 2 investments. And so we're thrilled with that. Isabel Janci: Christine, we've time for one more question. Operator: Our final question will come from the line of Steven Zaccone with Citi. Steven Zaccone: I wanted to follow up on the storm impact. So it sounds like it was 80 basis points of the third quarter pressure to same-store sales. How large will that be in the fourth quarter? And then we should be mindful of that, that that's also a headwind to think about in the first half of next year? Richard McPhail: Well, thanks. As Ted said, the underlying demand for the business was sort of similar Q2 to Q3. If you talk about storm Q3 to Q4, we absolutely are lapping strong results, in fact, even slightly higher sales last year in Q4 than Q3. Let's call it relatively even. So let's say, you basically, if you've got underlying minus the storm impact, you've got pretty much similar run rates for Q3 and Q4. Steven Zaccone: Okay. Understood. And then your comments on the housing pressure, how does that inform your maybe near- to medium-term outlook for SRS and GMS, right? Like these are new assets for Home Depot. So should we think that original expectation of mid-single-digit growth for SRS stepping down to low single digits? Is that kind of a run rate we should consider for the near to medium term? Edward Decker: I mean I wouldn't say that. We'll talk more about this in a few weeks. But the first thing to remember is SRS is much more in the reroof than new construction. So they're 80-plus percent reroof. So yes, their 15%, 20% of the business that goes into new construction is impacted. But the fundamental business is reroof activity, again, which is why it's disproportionately impacted wit”
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SEC filings for HD ↗ · Claim quote is verbatim from the 2026Q3 earnings call.