Retail Home Improvement

FY2025: Home Depot $164.7B, Lowe's $86.3B. Home Depot's +3.2% sales print includes $6.3B of incremental SRS and GMS. Lowe's FBM closed in October 2025 and is not a full-year add yet.

Home Depot 2,359 retail stores plus more than 1,250 SRS locations. Lowe's 1,759 stores plus 540 branches. The branch bars are distributors, not warehouse stores.

Home Depot comps +0.3% and GAAP operating margin about 12.7% ($20.9B / $164.7B). Lowe's comps +0.2% and reported operating margin 11.77%. This is not a housing recovery print.