Home Depot vs. Walmart: Comparing Scale and Revenue Seasonality
Key Points
Walmart generates higher total revenue than Home Depot across all eight reported quarterly periods, consistently maintaining a wide absolute advantage that reflects the underlying baseline volume and the extensive geographic reach of its global retail operations.
Both retail companies experience distinct and predictable seasonal fluctuations quarter-over-quarter, with Walmart consistently posting steady, long-term upward revenue gains across most periods while Home Depot regularly navigates more pronounced cyclical peaks followed by occasional year-over-year top-line declines during its slower retail shopping seasons.
Investors should pay careful, ongoing attention to whether the absolute top-line revenue gap between the two companies continues to steadily expand over the long term, or if their comparative financial trajectories start gradually converging during upcoming seasonal retail reporting cycles.
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Home Depot: Cyclical Shifts Shape Recent Revenue Patterns
Home Depot (NYSE:HD) primarily earns revenue by supplying building materials and home renovation services to homeowners and professional contractors.
It recently launched a new nationwide flat-fee express delivery alternative to help streamline direct product logistics for everyday online shoppers, and it simultaneously updated an extensive educational training program designed specifically to introduce younger students to various essential construction and skilled trade careers.
Walmart: Consistent Upward Momentum Anchors Recent Revenue Quarters
Walmart generates revenue through an international network of discount supercenters and digital storefronts that sell essential groceries and everyday merchandise.
It recently opened a large next-generation automated fulfillment center in California to further accelerate its regional consumer logistics operations, and simultaneously introduced a new proprietary women's apparel brand to continually broaden the lifestyle merchandise available across its vast physical retail store footprint.
Why Revenue Matters for Investors
Revenue here refers to the data provider's standardized income-statement revenue line item, which helps investors track overall business scale before any operating expenses are deducted.
Home Depot vs. Walmart Revenue over the last 8 quarters.
Reviewing Quarterly Revenue for Home Depot and Walmart
| Calendar quarter | Home Depot Revenue | Walmart Revenue |
|---|---|---|
| Q3 2024 | $40.2 billion (quarter ended Oct. 27, 2024) | $169.6 billion (quarter ended Oct. 31, 2024) |
| Q4 2024 | $39.7 billion (quarter ended Feb. 2, 2025) | $180.6 billion (quarter ended Jan. 31, 2025) |
| Q1 2025 | $39.9 billion (quarter ended May 4, 2025) | $165.6 billion (quarter ended April 30, 2025) |
| Q2 2025 | $45.3 billion (quarter ended Aug. 3, 2025) | $177.4 billion (quarter ended July 31, 2025) |
| Q3 2025 | $41.4 billion (quarter ended Nov. 2, 2025) | $179.5 billion (quarter ended Oct. 31, 2025) |
| Q4 2025 | $38.2 billion (quarter ended Feb. 1, 2026) | $190.7 billion (quarter ended Jan. 31, 2026) |
| Q1 2026 | $41.8 billion (quarter ended May 3, 2026) | $177.8 billion (quarter ended April 30, 2026) |
| Q2 2026 | $47.9 billion (quarter ended Aug. 2, 2026) | $187.9 billion (quarter ended July 31, 2026) |
Foolish Take
Of the two retail stocks, Walmart appears to be the clear choice over Home Depot for growth investors.
Admittedly, Home Depot’s steady revenue stream may appeal to investors, especially risk-averse investors. Consumers have a seemingly continuous need to fix or update their homes, ensuring its store footprint across the U.S. will continue to attract shoppers, even with its enduring business cycles.
Moreover, at a P/E ratio of 21, its valuation is far below Walmart’s 41 earnings multiple. With that, Home Depot shareholders will also earn a 3.2% dividend yield, even as Walmart yields less than 1%. This gives the home improvement retailer an edge with income investors.
However, Walmart holds a clear edge in the addressable market. Amid failed international expansion strategies, Home Depot operates only in the U.S., Canada, and Mexico.
Walmart’s international expansion did not fare much better in terms of physical stores. Nonetheless, it has made strides internationally in Canada, Mexico, and Central America. Also, thanks to Flipkart in India, its international e-commerce has also experienced success.
Furthermore, Walmart remains a leader in supply chain efficiency, and higher-margin products such as memberships and advertising have also bolstered Walmart’s top line.
Ultimately, if looking for income, investors should probably choose Home Depot. However, Walmart is more likely to be the faster-growing stock over time, even with its higher valuation.
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Will Healy has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Home Depot and Walmart. The Motley Fool has a disclosure policy.
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