Home Depot: Strategic Positioning for Long-Term Growth Amid Short-Term ChallengesHD reported 3Q'25 adj. EPS of $3.74, compared to UBSe & cons. $3.84 Overall, we think this print may resonate more with the bears than with the bulls. HD's comp of 0.2% fell short of our forecast of 1.0%, consensus 1.3% and buy-side bar of around 1%. Plus, its US comp grew 0.1% in 3Q (vs. 1.4% in 2Q). This compares to the Census category retail sales being down -5.7% in August. If category trends persisted throughout 3Q, this would still suggest HD gained share. The top-line results reflected a lack of hurricane activity in the quarter (we think this was a -100bp headwind), along with consumer uncertainty and a soft housing backdrop. So excluding the storm impact, we believe that underlying demand remained relatively stable. Importantly, HD's reduced guidance suggests that it expects a similar result in 4Q that it achieved in 3Q of around a flat comp.