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家得宝The Home Depot(HD)2025财年第四季度及全年财报电话会纪要「NYSE」(英文版)(17页).pdf

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1、HD Q425 Home Depot Earnings Call EVENT DATE/TIME:February 24,2026/09:00AM ET 1 PRESENTATION Operator Greetings,and welcome to The Home Depot Fourth Quarter 2025 Earnings Conference Call.At this time,all participants are in a listen-only mode.A brief question-and-answer session will follow the formal

2、 presentation.Operator Instructions As a reminder,this conference is being recorded.It is now my pleasure to introduce your host,Isabel Janci.Please go ahead.Isabel Janci-The Home Depot,Inc.-VP,IR&Treasurer Thank you,Christine,and good morning,everyone.Welcome to Home Depots fourth quarter and fisca

3、l year 2025 earnings call.Joining us on our call today are:Ted Decker,Chair,President and CEO;Ann-Marie Campbell,Senior Executive Vice President;Billy Bastek,Executive Vice President of Merchandising;and Richard McPhail,Executive Vice President and Chief Financial Officer.Following our prepared rema

4、rks,the call will be open for questions.Questions will be limited to analysts and investors.And as a reminder,please limit yourself to one question with one follow-up.If we are unable to get to your question during the call,please call our Investor Relations department at 770-384-2387.Before I turn

5、the call over to Ted,let me remind you that todays press release and the presentations made by our executives include forward-looking statements under the federal securities laws,including as defined in the Private Securities Litigation Reform Act of 1995.These statements are subject to risks and un

6、certainties that could cause actual results to differ materially from our expectations and projections.These risks and uncertainties include,but are not limited to the factors identified in the release,in our most recent Annual Report on Form 10-K and in our other filings with the Securities and Exc

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1. **2025财年业绩**:总销售额1647亿美元(同比+3.2%),可比销售额+0.3%,调整后每股收益14.69美元(同比-3.6%)。 2. **Q4表现**:总销售额382亿美元(同比-3.8%),可比销售额+0.4%,调整后每股收益2.72美元(同比-13.1%)。 3. **2026财年指引**:总销售额增长2.5%-4.5%,可比销售额持平至+2%,调整后每股收益增长持平至+4%。 4. **关键业务动态**: - 专业客户(Pro)需求强劲,SRS有机销售预计中个位数增长。 - 数字平台销售增长11%,推出实时配送追踪等新功能。 - 毛利率预计33.1%,运营利润率12.4%-12.6%。 5. **挑战与策略**:住房市场低迷持续,但通过投资门店、供应链及Pro生态系统提升市场份额。
**Pro增长动力?** **市场策略调整?** **利润率展望?**
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