---
title: "Home Depot: Business Model"
description: "Home Depot revenue by business segment and geography from its fiscal 2026 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/home-depot/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Home Depot: Business Model & Revenue Engine

## Direct Answer

Home Depot reports revenue across 2 business segments in its fiscal 2026 Form 10-K. Primary is the largest, with $152 billion of revenue (92% of the total), followed by All Other at $12.7 billion (8%). 92% of revenue came from the United States.

## How Does Home Depot Make Money?

Primary supplies 92% of revenue, so Home Depot's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2025 and 2026, All Other grew fastest (+98.5%) and Primary slowest (-0.7%), so the revenue mix tilts toward All Other while that gap lasts.

| Segment | FY2026 revenue | FY2025 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Primary | $152 billion | $153 billion | 92.3% | -0.7% |
| All Other | $12.7 billion | $6.4 billion | 7.7% | 98.5% |

![Bar chart of Home Depot revenue by segment for fiscal 2026: Primary 92.3%, All Other 7.7%.](https://www.getswoopr.com/images/charts/home-depot-business-model-segment-mix.webp)
*Home Depot revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Which Home Depot Segments Earn the Most?

| Segment | FY2026 segment operating income | Segment margin |
| --- | --- | --- |
| Primary | $20.6 billion | 13.5% |
| All Other | $316 million | 2.5% |

Segment operating income is the profit measure Home Depot reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Home Depot more safely than against another company.

## What Does Home Depot Sell?

Home Depot also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.

| Product or service | FY2026 revenue | FY2025 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Product | $159 billion | $154 billion | 96.6% | 3.5% |
| Service | $5.7 billion | $5.8 billion | 3.4% | -3.2% |

## Where Does Home Depot's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2026 revenue | FY2025 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $152 billion | $147 billion | 92.4% | 3.5% |
| Outside the United States | $12.5 billion | $12.5 billion | 7.6% | 0.0% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of Home Depot's reported revenue for fiscal 2026; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Home Depot reported in the segment note and revenue disclosures of its Form 10-K filed March 18, 2026 (accession 0001628280-26-019436), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2026; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Home Depot's business segments?

In its fiscal 2026 Form 10-K, Home Depot reports revenue for Primary and All Other.

### Which part of Home Depot brings in the most revenue?

Primary, with $152 billion of revenue in fiscal 2026, or 92% of the total.

### How much of Home Depot's revenue comes from outside the United States?

8% in fiscal 2026, by the geographic breakdown Home Depot reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: HOME DEPOT, INC. Form 10-K filed March 18, 2026](https://www.sec.gov/Archives/edgar/data/354950/000162828026019436/hd-20260201.htm)
- [SEC EDGAR: HOME DEPOT, INC. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=354950&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Home Depot company dossier](https://www.getswoopr.com/stocks/companies/home-depot/)
- [Home Depot financial metrics](https://www.getswoopr.com/stocks/companies/home-depot/metrics/)
- [Home Depot financial risk indicators](https://www.getswoopr.com/stocks/companies/home-depot/risks/)
- [Home Depot peer comparison](https://www.getswoopr.com/stocks/companies/home-depot/competitors/)
- [Home Depot business model and revenue mix](https://www.getswoopr.com/stocks/companies/home-depot/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).