Overview

• Consensus from LSEG points to revenue growth of about 5.1% for Home Depot and 1.6% for Lowe’s in the quarter ending July.
• NRF data show building materials and garden supply retailers logged at least 4% year-over-year declines each month from May through July as shoppers prioritized essentials.
• Elevated mortgage rates are curbing housing turnover and shifting demand toward professional contractors, leading both chains to lean into pro-focused categories.
• Tariff costs remain a key variable, with most goods sourced in North America and roughly 20% of Lowe’s assortment from China; Home Depot says it will not broadly raise prices due to tariffs though some items may disappear, and Lowe’s plans price increases concentrated in the second half.
• Analysts say the two leaders continue to take share from smaller rivals, and investors will listen for any signs of a turn on Home Depot’s Tuesday and Lowe’s Wednesday earnings calls.