# EDGAR Filing Document

**Accession Number:** 0000354950
**File Stem:** 0001628280-26-045242
**Filing Date:** 2026-6
**Character Count:** 39472
**Document Hash:** fddb37c3136025def33c70e768290dd3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-045242.hdr.sgml**: 20260624

**ACCESSION NUMBER**: 0001628280-26-045242

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260624

**DATE AS OF CHANGE**: 20260624

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HOME DEPOT, INC.
- **CENTRAL INDEX KEY:** 0000354950
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-LUMBER & OTHER BUILDING MATERIALS DEALERS [5211]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 953261426
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08207
- **FILM NUMBER:** 261116557

**BUSINESS ADDRESS:**
- **STREET 1:** 2455 PACES FERRY ROAD
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30339-4024
- **BUSINESS PHONE:** 770-433-8211

**MAIL ADDRESS:**
- **STREET 1:** 2455 PACES FERRY ROAD
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30339-4024

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HOME DEPOT INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? hd-20251231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 11-K**

<u>___________________</u>

**(Mark One)**

⌧**ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2025** 

**OR**

◻**TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from_______to_______ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Commission file number 1-08207**

![thdpms5prcntrulemediuma18.jpg](hd-20251231_g1.jpg)

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

**The Home Depot FutureBuilder for Puerto Rico**

<u>___________________</u>

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

**The Home Depot, Inc.**

**2455 Paces Ferry Road**

**Atlanta, Georgia 30339**

------

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| <u>[Report of Independent Registered Public Accounting Firm](#ib751a622e8664dc3b0ee6dcf8fba915c_13)</u> | <u>[2](#ib751a622e8664dc3b0ee6dcf8fba915c_13)</u> |
| <u>[Statements of Net Assets Available for Benefits](#ib751a622e8664dc3b0ee6dcf8fba915c_16)</u> | <u>[3](#ib751a622e8664dc3b0ee6dcf8fba915c_16)</u> |
| <u>[Statement of Changes in Net Assets Available for Benefits](#ib751a622e8664dc3b0ee6dcf8fba915c_19)</u> | <u>[4](#ib751a622e8664dc3b0ee6dcf8fba915c_19)</u> |
| <u>[Notes to Financial Statements](#ib751a622e8664dc3b0ee6dcf8fba915c_22)</u> | <u>[5](#ib751a622e8664dc3b0ee6dcf8fba915c_22)</u> |
| <u>[Schedule H, Line 4a – Schedule of Delinquent Participant Contributions](#ib751a622e8664dc3b0ee6dcf8fba915c_55)</u> | <u>[12](#ib751a622e8664dc3b0ee6dcf8fba915c_55)</u> |
| <u>[Schedule H, Line 4i – Schedule of Assets (Held at End of Year)](#ib751a622e8664dc3b0ee6dcf8fba915c_58)</u> | <u>[13](#ib751a622e8664dc3b0ee6dcf8fba915c_58)</u> |
| <u>[Exhibit Index](#ib751a622e8664dc3b0ee6dcf8fba915c_61)</u> | <u>[14](#ib751a622e8664dc3b0ee6dcf8fba915c_61)</u> |
| <u>[Signatures](#ib751a622e8664dc3b0ee6dcf8fba915c_64)</u> | <u>[15](#ib751a622e8664dc3b0ee6dcf8fba915c_64)</u> |

---

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| | |
|:---|:---|
| Fiscal 2025 Form 11-K<sub>1</sub> | ![thdpms5prcntrulemediuma21.jpg](hd-20251231_g1.jpg) |

---

------

<u>[**Table of Contents**](#ib751a622e8664dc3b0ee6dcf8fba915c_7)</u>

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Plan Participants and Plan Administrator

The Home Depot FutureBuilder for Puerto Rico:

*Opinion on the Financial Statements*

We have audited the accompanying statements of net assets available for benefits of The Home Depot FutureBuilder for Puerto Rico (the Plan) as of December 31, 2025 and 2024, the related statement of changes in net assets available for benefits for the year ended December 31, 2025, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

*Accompanying Supplemental Information*

The Schedule H, Line 4a — Schedule of Delinquent Participant Contributions for the year ended December 31, 2025 and Schedule H, Line 4i — Schedule of Assets (Held at End of Year) as of December 31, 2025 have been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ KPMG LLP

We have served as the Plan's auditor since 2001.

Atlanta, Georgia

June 24, 2026

---

| | |
|:---|:---|
| Fiscal 2025 Form 11-K<sub>2</sub> | ![thdpms5prcntrulemediuma21.jpg](hd-20251231_g1.jpg) |

---

------

<u>[**Table of Contents**](#ib751a622e8664dc3b0ee6dcf8fba915c_7)</u>

**THE HOME DEPOT FUTUREBUILDER FOR PUERTO RICO**

**STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS**

---

| | | |
|:---|:---|:---|
| ***in thousands*** | **December 31, 2025** | **December 31, 2024** |
| **Assets:** | | |
| &nbsp;&nbsp;Plan's interest in Master Trust at fair value | $38554 | $30480 |
| &nbsp;&nbsp;Plan's interest in Master Trust at contract value | 4873 | 4093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plan's interest in Master Trust | 43427 | 34573 |
| &nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes receivable from participants | 3477 | 2923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total receivables | 3477 | 2923 |
| Net assets available for benefits | $46904 | $37496 |

---

—————

*See accompanying notes to financial statements.*

---

| | |
|:---|:---|
| Fiscal 2025 Form 11-K<sub>3</sub> | ![thdpms5prcntrulemediuma21.jpg](hd-20251231_g1.jpg) |

---

------

<u>[**Table of Contents**](#ib751a622e8664dc3b0ee6dcf8fba915c_7)</u>

**THE HOME DEPOT FUTUREBUILDER FOR PUERTO RICO**

**STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS**

---

| | |
|:---|:---|
| ***in thousands*** | **Year Ended**<br>**December 31, 2025** |
| **Additions to net assets attributable to:** | |
| &nbsp;&nbsp;Plan's interest in Master Trust income | $5655 |
| &nbsp;&nbsp;Interest income on notes receivable from participants | 223 |
| &nbsp;&nbsp;Contributions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participant | 4288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employer | 2825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total contributions | 7113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total additions to net assets | 12991 |
| **Deductions from net assets attributable to:** |  |
| &nbsp;&nbsp;Benefits paid to participants | 3364 |
| &nbsp;&nbsp;Administrative expenses | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deductions from net assets | 3583 |
| Net increase | 9408 |
| **Net assets available for benefits:** |  |
| &nbsp;&nbsp;Beginning of year | 37496 |
| &nbsp;&nbsp;End of year | $46904 |

---

—————

*See accompanying notes to financial statements.*

---

| | |
|:---|:---|
| Fiscal 2025 Form 11-K<sub>4</sub> | ![thdpms5prcntrulemediuma21.jpg](hd-20251231_g1.jpg) |

---

------

<u>[**Table of Contents**](#ib751a622e8664dc3b0ee6dcf8fba915c_7)</u>

**THE HOME DEPOT FUTUREBUILDER FOR PUERTO RICO**

**NOTES TO FINANCIAL STATEMENTS**

**1. DESCRIPTION OF THE PLAN**

The following is a brief description of The Home Depot FutureBuilder for Puerto Rico (the "Plan"). Participants should refer to the Plan document or the summary plan description for a more complete description of the Plan's provisions.

**General**

The Plan is a defined contribution retirement plan covering substantially all associates of Home Depot Puerto Rico, Inc. (the "Company"), the Plan sponsor, working and residing in Puerto Rico. The Company is a wholly-owned subsidiary of Home Depot Latin America Holdings, Inc., which is owned by Home Depot International, Inc. ("HDI"). HDI is, in turn, a wholly-owned subsidiary of The Home Depot, Inc. (the "Parent Company"). The Plan is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended, excluding provisions of ERISA applicable only to plans qualified under Section 401(a) of the U.S. Internal Revenue Code. It is also intended to qualify under Section 1081.01(a) of the Puerto Rico Internal Revenue Code of 2011, as amended ("PRIRC of 2011"). The Plan is administered by the Administrative Committee, the members of which are officers of Home Depot U.S.A., Inc., a wholly-owned subsidiary of the Parent Company. Banco Popular de Puerto Rico is the Trustee of the Plan.

Associates are eligible to participate in the Plan as soon as administratively practicable following the date of hire. Temporary associates are eligible to participate in the Plan for purposes of making before-tax contributions on the first day of the calendar quarter beginning on or following the completion of one year of service and 1,000 hours. Participants are eligible for the Company's matching contributions on the first day of the calendar quarter (January 1, April 1, July 1, and October 1) beginning on or after the earlier of (i) the date the associate completes one year of service and 1,000 hours; or (ii) the date the associate completes two years of service, regardless of hours worked. The Plan excludes leased associates, associates who are not bona fide residents of Puerto Rico, independent contractors, and associates covered by a collective bargaining agreement, unless the terms of the collective bargaining agreement require that the associate be eligible to participate in the Plan.

**Participant Accounts**

The Plan maintains a separate account for each participant which is credited with the participant's contributions and rollovers, the Company's matching contributions and an allocation of the Plan's earnings or losses based upon the participant's investment election. Withdrawals and expenses are deducted from each participant's account. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.

**Contributions**

Under the Plan, participants may contribute up to 50% of annual compensation, as defined in the Plan document, on a before-tax basis subject to regulatory limitations. Participants aged 50 or older can make catch-up contributions to the Plan. Participants may also contribute amounts representing eligible rollover distributions from other retirement plans qualified under Section 1081.01(a) of the PRIRC of 2011.

The Company provides matching contributions of 150% of the first 1% of eligible compensation contributed by a participant and 50% of the next 2% to 5% of eligible compensation contributed by a participant beginning on the first day of the calendar quarter following the completion of the earlier of (i) the date the associate completes one year of service and 1,000 hours; or (ii) the date the associate completes two years of service, regardless of hours worked. Before-tax contributions are eligible for matching contributions. Catch-up contributions are not eligible for matching contributions. Additional amounts may be contributed by the Company.

The default investment of the Company's matching contribution if no direction is given by the participant is the participant's current investment election with respect to before-tax contributions. If the participant has made no affirmative investment election with respect to before-tax contributions, the default is the appropriate LifePath Fund based on the participant's expected age at retirement.

---

| | |
|:---|:---|
| Fiscal 2025 Form 11-K<sub>5</sub> | ![thdpms5prcntrulemediuma21.jpg](hd-20251231_g1.jpg) |

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<u>[**Table of Contents**](#ib751a622e8664dc3b0ee6dcf8fba915c_7)</u>

**Vesting**

Participants are immediately vested in their contributions and actual earnings thereon. Vesting in the Company's matching and discretionary contributions and actual earnings thereon is generally based on years of vesting service. For vesting purposes, a year of service is any calendar year in which a participant completes at least 1,000 hours of service. A participant is cliff vested 100% in the Company's matching contributions after three years of vesting service. In addition, each participant who completes an hour of service in a calendar year becomes 100% vested in the Company's matching contributions upon completing five years of employment if such event precedes the vesting dates above.

A participant becomes 100% vested in the Company's matching and any discretionary contributions and actual earnings thereon upon death, attaining age 65 while still employed, total or permanent disability, or if the Plan is terminated.

**Payment of Benefits**

Upon death, disability, or termination of service for any other reason, participants or beneficiaries may elect to receive either a lump-sum payment or partial and installment distributions of their vested account balance at fair value on the date of distribution in the form of cash or Parent Company stock, if invested in the Parent Company stock fund, in accordance with the terms of the Plan document. The Plan also permits payments upon hardship or attaining age 59½.

**Notes Receivable from Participants**

Participants may borrow from their accounts a minimum of $1,000 and up to a maximum amount equal to the lesser of: (i) $50,000 less the highest outstanding loan balance in the preceding 12 months or (ii) 50% of their total vested account balance, in accordance with the terms of the Plan. Note terms generally range from one to four years. The notes bear interest at a rate equal to the prime rate as of the last day of the prior quarter plus 1%. Notes receivable from participants are measured at their unpaid balance plus any accrued but unpaid interest. For participant loans that become delinquent, are not cured and result in default, the amount of the unpaid loan principal and interest due to the Plan will be treated as a deemed distribution. Deemed distributions are reported as a taxable distribution and remain part of the participant's account balance until a distributable event occurs (i.e., termination of employment).

**Forfeited Accounts**

Forfeited nonvested account balances may be used to reduce future employer contributions and/or Plan expenses. At December 31, 2025 and 2024, there were no unallocated forfeitures. In 2025, an immaterial amount of forfeitures were used to reduce Plan expenses.

**Administrative Expenses**

Certain administrative expenses of maintaining the Plan may be paid by the Company, the Parent Company or another member of the controlled group and thus are excluded from these financial statements. These costs include certain legal, accounting, and administrative fees. Additionally, any other indirect expenses, such as investment management fees, are reflected in the change in net asset value of the various funds. Expenses paid by the Plan include recordkeeping fees and other costs not paid by the Company, the Parent Company or another member of the controlled group and are included in administrative expenses.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies followed by the Plan in preparing its financial statements.

**Basis of Presentation**

The accompanying financial statements have been prepared on the accrual basis of accounting. The Plan evaluated subsequent events and transactions for potential recognition in the financial statements through June 24, 2026, the date at which the financial statements were issued.

**Use of Estimates**

The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires the Administrative Committee of the Plan to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions to and deductions from net assets available for benefits during the reporting period. Actual results could differ from those estimates.

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| | |
|:---|:---|
| Fiscal 2025 Form 11-K<sub>6</sub> | ![thdpms5prcntrulemediuma21.jpg](hd-20251231_g1.jpg) |

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<u>[**Table of Contents**](#ib751a622e8664dc3b0ee6dcf8fba915c_7)</u>

**Investment Valuation and Income Recognition**

The Plan's assets are held in a Puerto Rico trust, which is invested in a Master Trust more fully described in <u>[Note 6](#ib751a622e8664dc3b0ee6dcf8fba915c_40)</u>. The Plan invests only in the Master Trust. Investments within the Master Trust are valued as described below.

Shares of registered investment funds, equities, and the brokerage window are valued at quoted market prices, which represent the net asset value of shares held by the Master Trust.

Investments in synthetic investment contracts issued by insurance companies and banks that are fully benefit-responsive are presented at contract value, which is equal to the principal balance plus accrued interest, of units held by the Master Trust. Additional information is discussed in <u>[Note 3](#ib751a622e8664dc3b0ee6dcf8fba915c_31)</u>.

Investments in units of collective trusts are valued at the respective net asset values as reported by such trusts. Net asset value is a readily determinable fair value of the underlying assets and is the basis for current transactions.

The Parent Company's common stock is valued at its quoted market price as obtained from the New York Stock Exchange.

Securities transactions are accounted for on a trade date basis. Any portion of the Plan's investments, pending investment, transfer, or distribution, may be held on a short-term basis as cash or cash equivalents. Cash equivalents are comprised of short-term money market instruments and are valued at cost plus accrued interest, which approximates fair value.

Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.

The Plan's investments include funds that invest in various types of investment securities and in various companies within various markets. Investment securities are exposed to several risks, such as interest rate, market, credit, and individual country and currency risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the Plan's financial statements and supplemental schedule.

**Payment of Benefits**

Benefit payments are recorded when paid.

**Fair Value of Financial Instruments**

The fair value of an asset is considered to be the price at which the asset could be sold in an orderly transaction between unrelated knowledgeable and willing parties. The Plan's investments in the Master Trust are stated at fair value, with the exception of the Plan's investment in the fully benefit-responsive investment contracts held by the Master Trust, which are stated at contract value, within the Statements of Net Assets Available for Benefits.

**3. STABLE VALUE FUND**

Through the Master Trust, the Plan invests in the T. Rowe Price Value Fund ("Stable Value Fund"), through which the Plan owns fully benefit-responsive synthetic guaranteed investment contracts. The Plan's investment is presented at contract value, rather than fair value, in the Statements of Net Assets Available for Benefits.

A synthetic guaranteed investment contract, also known as a wrap contract, is an investment contract issued by an insurance company or other financial institution, designed to provide a contract value "wrapper" around an underlying portfolio of bonds or other fixed income securities. The wrap contracts are issued by creditworthy financial institutions, and there were no reserves against the carrying values due to credit risk of the issuers. These contracts provide that realized and unrealized gains and losses on the underlying assets are not reflected immediately in the net assets of the Plan, but rather are amortized, over the duration of the underlying assets, through adjustments to the future interest crediting rate. The interest crediting rate is determined quarterly and is primarily based on the current yield to maturity of the covered investments, plus or minus amortization of the difference between the market value and the contract value of the covered investments over the duration of the covered investments at the time of computation. The wrap contract issuers guarantee that all qualified participant withdrawals will occur at contract value.

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|:---|:---|
| Fiscal 2025 Form 11-K<sub>7</sub> | ![thdpms5prcntrulemediuma21.jpg](hd-20251231_g1.jpg) |

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<u>[**Table of Contents**](#ib751a622e8664dc3b0ee6dcf8fba915c_7)</u>

Certain events limit the ability of the Plan to transact at contract value with the wrap contract issuer. Such events include the following: (1) amendments to the Plan document (including complete or partial Plan termination or merger with another plan), (2) changes to the Plan's prohibition on competing investment options, (3) bankruptcy of the Plan sponsor or other Plan sponsor events (for example, divestitures or spin-offs of a subsidiary) that cause a significant withdrawal from the Plan, or (4) the failure of the Master Trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA. The Plan's Administrative Committee does not believe that any events that would limit the Plan's ability to transact at contract value with the wrap contract issuer are probable of occurring.

**4. PUERTO RICO INCOME TAXES**

The Puerto Rico Department of the Treasury has determined and informed the Company by letters dated (a) January 4, 1999 and April 13, 2005 that the Plan and the Master Trust are designed in accordance with applicable sections of the Puerto Rican Internal Revenue Code (the "PRIRC") of 1994, and (b) April 11, 2014, March 3, 2016 and January 31, 2017 that the Plan and the Master Trust are designed in accordance with applicable sections of the PRIRC of 2011. The Plan has been amended since receiving the determination letters. However, the Administrative Committee of the Plan believes the Plan and the Master Trust continue to be designed and are currently being operated in material compliance with the applicable requirements of the PRIRC of 2011 and therefore believes that the Plan is tax-exempt. For these reasons, no provision for income taxes is shown in the Plan's financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan's Administrative Committee believes it is no longer subject to income tax examinations for Plan years prior to 2021.

**5. PLAN TERMINATION**

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and terminate the Plan subject to the provisions of ERISA. In the event the Plan is terminated, participants will become 100% vested in their accounts.

**6. INVESTMENT IN MASTER TRUST**

The assets of the Plan are held in a Puerto Rico trust, which is invested in a Master Trust administered by The Northern Trust Company. At both December 31, 2025 and December 31, 2024, the Plan's interest in the net assets of the Master Trust was less than 1%, with The Home Depot FutureBuilder and the HD Supply Holdings, Inc. and its subsidiaries (collectively "HD Supply") 401(k) Retirement Plans holding the remaining interest. The Home Depot FutureBuilder and the HD Supply 401(k) Retirement Plans are defined contribution retirement plans covering substantially all U.S. associates of the Parent Company and HD Supply, respectively. Net assets, investment income, and administrative expenses related to the Master Trust are allocated to the individual plans based upon actual activity for each of the plans.

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| | |
|:---|:---|
| Fiscal 2025 Form 11-K<sub>8</sub> | ![thdpms5prcntrulemediuma21.jpg](hd-20251231_g1.jpg) |

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<u>[**Table of Contents**](#ib751a622e8664dc3b0ee6dcf8fba915c_7)</u>

The net assets of the Master Trust and the Plan's respective interest in the Master Trust are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Master Trust** | **Master Trust** | **Plan's Interest in Master Trust** | **Plan's Interest in Master Trust** |
| ***in thousands*** | **December 31, 2025** | **December 31, 2024** | **December 31, 2025** | **December 31, 2024** |
| **Assets:** | | | | |
| Investments at fair value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $54063 | $59712 | $105 | $33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equities | 2875954 | 3105335 | 2140 | 2275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collective trust funds | 10765933 | 9201146 | 35112 | 27831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Registered investment funds | 1244628 | 1014249 | 1197 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brokerage window | 460347 | 393713 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value | 15400925 | 13774155 | 38554 | 31067 |
| Fully benefit-responsive investment at contract value | 776605 | 758680 | 4873 | 4093 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 196 | 252 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total receivables | 196 | 252 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 16177726 | 14533087 | 43427 | 35160 |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 25 | 609 |  | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 25 | 609 |  | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets | $16177701 | $14532478 | $43427 | $34573 |

---

Investment income for the Master Trust and the Plan's respective interest in the Master Trust are as follows:

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| | | |
|:---|:---|:---|
| | **Master Trust** | **Plan's Interest in Master Trust** |
| ***in thousands*** | **Year Ended**<br>**December 31, 2025** | **Year Ended**<br>**December 31, 2025** |
| **Investment income:** | | |
| Net appreciation in fair value of investments | $1861692 | $5615 |
| &nbsp;&nbsp;Dividends and interest income | 52844 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | $1914536 | $5655 |

---

The Master Trust's investments that are measured at fair value on a recurring basis, and their level within the fair value hierarchy, are shown in the following tables. Investments are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The levels of the fair value hierarchy are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1: observable inputs such as quoted prices in active markets for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2: inputs other than quoted prices in active markets in Level 1 that are either directly or indirectly observable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3: unobservable inputs for which little or no market data exists, therefore requiring management judgment to develop the Company's own models with estimates and assumptions.

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| | |
|:---|:---|
| Fiscal 2025 Form 11-K<sub>9</sub> | ![thdpms5prcntrulemediuma21.jpg](hd-20251231_g1.jpg) |

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<u>[**Table of Contents**](#ib751a622e8664dc3b0ee6dcf8fba915c_7)</u>

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| | | | |
|:---|:---|:---|:---|
| | **Investments at Fair Value as of December 31, 2025** | **Investments at Fair Value as of December 31, 2025** | **Investments at Fair Value as of December 31, 2025** |
| ***in thousands*** | **Level 1** | **Level 2** | **Total** |
| Cash and cash equivalents | $54063 | $— | $54063 |
| Equities | 2875954 |  | 2875954 |
| Collective trust funds |  | 10765933 | 10765933 |
| Registered investment funds | 1244628 |  | 1244628 |
| Brokerage window | 460347 |  | 460347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value | $4634992 | $10765933 | $15400925 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Investments at Fair Value as of December 31, 2024** | **Investments at Fair Value as of December 31, 2024** | **Investments at Fair Value as of December 31, 2024** |
| ***in thousands*** | **Level 1** | **Level 2** | **Total** |
| Cash and cash equivalents | $59712 | $— | $59712 |
| Equities | 3105335 |  | 3105335 |
| Collective trust funds |  | 9201146 | 9201146 |
| Registered investment funds | 1014249 |  | 1014249 |
| Brokerage window | 393713 |  | 393713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments at fair value | $4573009 | $9201146 | $13774155 |

---

**7. RELATED-PARTY TRANSACTIONS**

Certain Plan investments included in the Master Trust include shares of common stock issued by the Parent Company. At December 31, 2025 the Plan held a combined total of 4,090 shares valued at $344.10 per share. At December 31, 2024 the Plan held a combined total of 4,262 shares valued at approximately $388.99 per share. Additionally, dividends received through the Master Trust by the Plan include dividends paid by the Parent Company totaling approximately $38,000 for the year ended December 31, 2025. These transactions constitute exempt party-in-interest transactions, since the Parent Company is a member of a controlled group that includes the Company, and the Company is the Plan sponsor.

Plan investments in the Master Trust include units of short-term investment funds managed by The Northern Trust Company. The Northern Trust Company is the Trustee of the Master Trust as defined by the Plan and a Plan fiduciary, and therefore, these transactions constitute exempt party-in-interest transactions. The Plan also paid Master Trust fees to The Northern Trust Company, which were immaterial for the year ended December 31, 2025.

The Plan holds notes receivable from participants, which qualify as exempt party-in-interest transactions under ERISA regulations.

**8. PLAN CHANGES**

Temco Logistics was acquired by the Parent Company in 2023. Effective May 1, 2025, Temco Logistics became a participating employer in the Plan for Puerto Rico associates; no plan assets were merged into the Plan.

Effective July 1, 2025, the Baird Core Plus Bond Fund was added as a new investment option.

**9. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500** 

The following is a reconciliation of net assets available for benefits as presented in these financial statements to the balance presented in Form 5500 (as expected to be filed for 2025 and as filed for 2024):

---

| | | |
|:---|:---|:---|
| ***in thousands*** | **December 31, 2025** | **December 31, 2024** |
| Net assets available for benefits per the financial statements | $46904 | $37496 |
| Deemed distributions<sup>(1)</sup> | (199) | (303) |
| Participant withdrawals payable | (22) | (49) |
| Adjustment from contract value to fair value for Plan's interest in <br>&nbsp;&nbsp;&nbsp;&nbsp;Master Trust for fully benefit-responsive investment contracts | (72) | (178) |
| Net assets available for benefits per Form 5500 | $46611 | $36966 |

---

—————

<sup>(1)</sup> *Deemed distributions are defaulted and unpaid notes receivable from participants.*

---

| | |
|:---|:---|
| Fiscal 2025 Form 11-K<sub>10</sub> | ![thdpms5prcntrulemediuma21.jpg](hd-20251231_g1.jpg) |

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------

<u>[**Table of Contents**](#ib751a622e8664dc3b0ee6dcf8fba915c_7)</u>

The following is a reconciliation of changes in net assets available for benefits as presented in these financial statements to the changes presented in Form 5500 (as expected to be filed for 2025):

---

| | |
|:---|:---|
| ***in thousands*** | **Year Ended**<br>**December 31, 2025** |
| Increase in net assets available for benefits per the financial statements | $9408 |
| Deemed distributions<sup>(1)</sup> | 104 |
| Participant withdrawals payable | 27 |
| Adjustment from contract value to fair value for Plan's interest in <br>&nbsp;&nbsp;&nbsp;&nbsp;Master Trust for fully benefit-responsive investment contracts | 106 |
| Net income per Form 5500 | $9645 |

---

—————

<sup>(1)</sup> *Deemed distributions are defaulted and unpaid notes receivable from participants.*

---

| | |
|:---|:---|
| Fiscal 2025 Form 11-K<sub>11</sub> | ![thdpms5prcntrulemediuma21.jpg](hd-20251231_g1.jpg) |

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------

<u>[**Table of Contents**](#ib751a622e8664dc3b0ee6dcf8fba915c_7)</u>

**THE HOME DEPOT FUTUREBUILDER FOR PUERTO RICO**

Schedule H, Line 4a – Schedule of Delinquent Participant Contributions

For the Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Participant Contributions Transferred Late to Plan** | **Total that Constitute Nonexempt Prohibited Transactions** | **Total that Constitute Nonexempt Prohibited Transactions** | **Total that Constitute Nonexempt Prohibited Transactions** | |
| **Check here if late participant loan repayments are included** ⌧ | **Contributions not corrected** | **Contributions corrected outside VFCP** | **Contributions pending correction in VFCP** |<br>**Total fully corrected under VFCP and PTE 2002-51** |
| $463 | $463 | $— | $— | $— |

---

—————

*During 2025, an immaterial amount of participant contributions were not remitted to the Plan within the timeframe prescribed by the Department of Labor. These transactions are considered prohibited transactions, as defined by ERISA. The participant contributions were remitted to the Plan during 2025 and the related immaterial lost investment earnings were remitted to the Plan during 2026.*

*See accompanying report of independent registered public accounting firm.*

---

| | |
|:---|:---|
| Fiscal 2025 Form 11-K<sub>12</sub> | ![thdpms5prcntrulemediuma21.jpg](hd-20251231_g1.jpg) |

---

------

<u>[**Table of Contents**](#ib751a622e8664dc3b0ee6dcf8fba915c_7)</u>

**THE HOME DEPOT FUTUREBUILDER FOR PUERTO RICO**

Schedule H, Line 4i – Schedule of Assets (Held at End of Year)

December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| ***in thousands*** | ***in thousands*** | | |
| **Identity of Issue, Borrower, Lessor, or Similar Party** | **Identity of Issue, Borrower, Lessor, or Similar Party** | **Description of Investment including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value** | **Current Value** |
| \* | Plan's interest in Master Trust |  | $43427 |
| \* | Notes receivable from participants | Notes with interest rates generally ranging from 4.25% to 9.50% and maturity dates through December 17, 2029 | 3477 |
|  |  |  | $46904 |

---

—————

*\*Indicates party-in-interest included in Master Trust.*

*See accompanying report of independent registered public accounting firm.* 

---

| | |
|:---|:---|
| Fiscal 2025 Form 11-K<sub>13</sub> | ![thdpms5prcntrulemediuma21.jpg](hd-20251231_g1.jpg) |

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------

<u>[**Table of Contents**](#ib751a622e8664dc3b0ee6dcf8fba915c_7)</u>

**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| <u>[23.1](fbpr_exhibit231x12312025.htm)</u> | <u>[Consent of Independent Registered Public Accounting Firm](fbpr_exhibit231x12312025.htm)</u> |

---

---

| | |
|:---|:---|
| Fiscal 2025 Form 11-K<sub>14</sub> | ![thdpms5prcntrulemediuma21.jpg](hd-20251231_g1.jpg) |

---

------

<u>[**Table of Contents**](#ib751a622e8664dc3b0ee6dcf8fba915c_7)</u>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | The Home Depot FutureBuilder for Puerto Rico | The Home Depot FutureBuilder for Puerto Rico |
| Date: | June 24, 2026 | By: | /s/ CASEY RICHTER |
|  |  |  | Casey Richter |
|  |  |  | Member of The Home Depot |
|  |  |  | FutureBuilder for Puerto Rico |
|  |  |  | Administrative Committee |

---

---

| | | |
|:---|:---|:---|
| Fiscal 2025 Form 11-K | 15 | ![thdpms5prcntrulemediuma21.jpg](hd-20251231_g1.jpg) |

---

## Exhibit 23.1

**Exhibit 23.1** 

**Consent of Independent Registered Public Accounting Firm** 

We consent to the incorporation by reference in the registration statement (No. 333-125332) on Form S-8 of The Home Depot, Inc. of our report dated June 24, 2026, with respect to the financial statements and the supplemental schedules of The Home Depot FutureBuilder for Puerto Rico.

/s/ KPMG LLP

Atlanta, Georgia

June 24, 2026

<br>