⚠ Nobody Outside Can See the MRO NumbersLow threat

Home Depot (HD) — threat to the moat

Home Depot reports HD Supply inside the stores segment, so five years after buying it nobody outside the company can tell how it is doing.

HD Supply is aggregated into the Primary segment1, and its results are excluded from the transaction and ticket measures2. That leaves investors with no way to check the growth of a business bought for $8,692 million3.

What Home Depot discloses about HD SupplyPurchase consideration (Dec 2020)$8,692MSeparate sales or profit disclosed0 linesIncluded in transactions and ticketnoSegmentinside PrimaryPrimary net sales FY2025$151,966MHome Depot Forms 10-K fiscal 2020 and 2025; Form 8-K 21 August 2026
Bought for $8.7 billion, reported as nothing.

This matters more now that the MRO business sits inside a new Pro structure. The Office of Pro Acceleration coordinates it with SRS and Home Depot Pro4, and cross-selling between them is the stated logic of the Pro strategy5. If the combination works, investors will see it only in the total.

The Primary segment's figures give a limit. Its net sales were $152,669 million in fiscal 2023 and $151,966 million in fiscal 20256; whatever HD Supply did inside that, the whole did not grow.

Even the pay plans refer to it separately. Home Depot maintains an HD Supply Restoration Plan alongside its FutureBuilder plan7, a sign that the business still has its own people and structures five years after the purchase. The disclosure has not caught up with the organisation.

The sign to watch is a change in segment reporting. A decision to break out the Pro businesses would be a vote of confidence; continued silence while the Primary segment shrinks would say there is little to show.

References
  1. ReportedHD Supply is aggregated into the Primary segment, and its results are excluded from the transaction and ticket measures.
    The Home Depot Form 10-K for fiscal 2025 (the 52 weeks ended 1 February 2026) - Item 7 MD&A: segments, comparable sales, transactions, product lines, margins and ROIC. — Fiscal 2025 · publ. 18 March 2026 · source ↗
  2. ReportedHD Supply is aggregated into the Primary segment, and its results are excluded from the transaction and ticket measures.
    The Home Depot Form 10-K for fiscal 2025 (the 52 weeks ended 1 February 2026) - Item 7 MD&A: segments, comparable sales, transactions, product lines, margins and ROIC. — Fiscal 2025 · publ. 18 March 2026 · source ↗
  3. ReportedThat leaves investors with no way to check the growth of a business bought for $8,692 million.
    The Home Depot Form 10-K for fiscal 2020 - the HD Supply acquisition (total consideration $8,692 million) and comparable sales of 19.7%. — Fiscal 2020 · publ. March 2021 · source ↗
  4. ReportedThe Office of Pro Acceleration coordinates it with SRS and Home Depot Pro, and cross-selling between them is the stated logic of the Pro strategy.
    The Home Depot Form 8-K, item 5.02 - the 30 July 2026 reorganisation and the Office of Pro Acceleration across Home Depot Pro, HD Supply, SRS Distribution and Construction Resources. — August 2026 · publ. 21 August 2026 · source ↗
  5. ReportedThe Office of Pro Acceleration coordinates it with SRS and Home Depot Pro, and cross-selling between them is the stated logic of the Pro strategy.
    The Home Depot fiscal 2025 annual report to shareholders - the letter's Pro strategy, the six capabilities larger Pros expect, and same-day or next-day delivery. — Fiscal 2025 · publ. April 2026 · source ↗
  6. ReportedIts net sales were $152,669 million in fiscal 2023 and $151,966 million in fiscal 2025; whatever HD Supply did inside that, the whole did not grow.
    The Home Depot Form 10-K for fiscal 2025 (the 52 weeks ended 1 February 2026) - Item 7 MD&A: segments, comparable sales, transactions, product lines, margins and ROIC. — Fiscal 2025 · publ. 18 March 2026 · source ↗
  7. ReportedHome Depot maintains an HD Supply Restoration Plan alongside its FutureBuilder plan, a sign that the business still has its own people and structures five years after the purchase.
    The Home Depot Form 10-K for fiscal 2025 (the 52 weeks ended 1 February 2026) - Item 1 business and Item 2 properties: stores, Pros, SRS, competition and supply chain. — Fiscal 2025 · publ. 18 March 2026 · source ↗
Sources
Generated September 26, 2026