Overview

• Home Depot reports before the bell Tuesday and Lowe’s on Wednesday, with LSEG expecting about $45.36 billion in Q2 sales at Home Depot and a 1.6% revenue rise at Lowe’s.
• Building materials and garden retailers saw at least 4% year‑over‑year sales declines from May through July as high interest rates kept housing turnover low and curbed big‑ticket projects.
• Tariff exposure varies by mix: both chains source most goods from North America, Lowe’s gets roughly 20% from China, new U.S. duties broadened in early August, and a planned increase on Chinese goods was delayed 90 days.
• Home Depot says it will generally hold prices rather than pass on tariffs and is diversifying sourcing so no country outside the U.S. exceeds 10% of purchases by May 2026, while Lowe’s previously signaled most price increases would land in the second half.
• Both retailers are leaning into professional customers, with Home Depot highlighting growth in concrete, gypsum and siding and bolstering its pro reach through the SRS Distribution purchase and a June deal to acquire GMS.