Home Depot Q1 10-Q: GMS drove sales growth and no IEEPA tariff refunds had been booked by May 3

Home Depot's quarterly report for the period ended May 3, 2026 shows that growth was driven mainly by GMS, which contributed $1.3 billion of net sales in the quarter. Gross margin fell to 33.0% from 33.8%, which the filing attributes to including GMS. The filing also says the company had not recorded any IEEPA tariff refunds as of May 3, with only an immaterial amount received after quarter end, so the timing of any refund remains uncertain.

• Quarter ended May 3, 2026; report signed May 26, 2026
• GMS contributed $1.3B of Q1 net sales
• Gross margin 33.0% versus 33.8% a year earlier, attributed to GMS consolidation
• No IEEPA tariff refunds recorded as of May 3; timing and amount uncertain