Home Depot got a lift in the first quarter from professionals and also homeowners stocking up on spring supplies.
Profit fell from its first quarter last year, but the national home improvement retailer beat Wall Street expectations.
"The underlying demand in our business was relatively similar to what we saw throughout fiscal 2025, despite greater consumer uncertainty and housing affordability pressure,” CEO Ted Decker said Tuesday.
The housing market has been static as Americans wrestle with rising costs and other economic concerns.
Sales of previously occupied U.S. homes were essentially flat in April, another lackluster showing for the housing market during what’s traditionally its busiest time of the year. Existing home sales edged up 0.2% last month from March to a seasonally adjusted annual rate of 4.02 million units, the National Association of Realtors said a week ago. Sales were unchanged compared to April last year.
The U.S. housing market has been in a slump dating back to 2022, the year mortgage rates began climbing from historic lows that fueled a homebuying frenzy at the start of this decade. American consumers are cautious as gas prices fuel an inflation surge of 3.8% in the U.S. Labor Department figures last week showed that gasoline prices are up more than 28% compared with a year ago.
For the three months ended May 3, Home Depot earned $3.29 billion, or $3.30 per share. A year earlier the Atlanta company earned $3.43 billion, or $3.45 per share.
Removing certain items, earnings were $3.43 per share. That's better than the $3.41 per share that analysts surveyed by FactSet were calling for.
Revenue climbed to $41.77 billion from $39.86 billion, which topped Wall Street's expectations for revenue of $41.59 billion.
Sales at stores open at least a year, a key gauge of a retailer’s health, rose 0.6%. In the U.S., comparable store sales climbed 0.4%.
Customer transactions declined 1.3% in the quarter, but the amount that shoppers spent increased to $92.76 per average receipt from $90.71 a year ago.
Neil Saunders, managing director of GlobalData, said in a statement that Home Depot is continuing to navigate well through a weak housing market and constrained consumer spending.
“Overall, Home Depot is a well-run business that has impressive dominance in its sector,” he said. “It has been right to pivot to the professional side of the market as this is where the opportunities currently lie. However, it must also ensure it stays up to par on the consumer side – and that means improving small things and making marginal gains now, as these will translate into bigger benefits as the market recovers.”
Home Depot still anticipates fiscal 2026 total sales growth of about 2.5% to 4.5% and comparable sales growth to be about flat to up 2%.
Shares rose slightly before the opening bell Tuesday.
FILE - A view of the exterior of the Home Depot improvement store, in Niles, Ill., on Feb. 19, 2022. (AP Photo/Nam Y. Huh, File)
FILE - A "For Sale" sign is displayed outside a home on Friday, July 11, 2025, in Portland, Ore. (AP Photo/Jenny Kane, File)
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--May 19, 2026--
Matternet, the world’s only FAA Type Certified drone delivery company, and Amprius Technologies, Inc., a leader in advanced lithium-ion batteries, today announced a strategic collaboration to advance the performance and economics of autonomous aerial delivery through high-energy density silicon anode cells. Amprius cells are now deployed in Matternet’s M2 aircraft, and the companies are extending their work to battery solutions optimized for Matternet's next-generation platform.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260519144971/en/
As physical AI moves into the real world — with small, electric, autonomous aircraft transporting goods through cities — batteries are becoming a strategic driver of platform performance. In drone delivery, battery performance shapes not only aircraft capability, but also network design, asset utilization, and cost per delivery.
“As the world's leading urban drone delivery player, we partner with the best technology companies in the world to push what's possible,” said Andreas Raptopoulos, Founder and CEO of Matternet. “Amprius delivers best-in-class battery performance, and in drone delivery that translates directly into commercial advantage. Every additional mile of range expands our network coverage. Every minute saved in charging increases fleet utilization. And every gram saved can translate into greater payload capacity. With Amprius, we have the opportunity to engineer that technology around our aircraft, our network model, and our cost-per-delivery targets.”
High-Energy-Density Cells for Commercial Drone Delivery
Amprius’ silicon anode cells deliver up to twice the energy density of conventional graphite-based batteries, a critical advantage in aviation, where battery weight directly constrains range, payload, and economics.
For Matternet, this partnership is focused on translating battery performance into commercial operating advantage. Amprius and Matternet will work together to optimize cell selection, form factor, thermal performance, charge rate, and cycle life for Matternet’s next-generation aircraft.
The goal is to go beyond cell-level performance and tune the battery system around Matternet’s aircraft architecture and delivery network, improving aircraft availability, expanding service areas, and reducing cost per delivery as Matternet scales commercial operations.
“At Amprius, we are focused on partnering with category leaders in applications where battery performance changes what is possible,” said Tom Stepien, CEO of Amprius Technologies. “Matternet is exactly that kind of partner, a company with a proven certified platform, real commercial operations, and a clear path to scale. By working closely with Matternet’s engineering team, we can optimize our silicon anode technology for their aircraft, operating models, and cost-per-delivery objectives. That kind of alignment is how battery innovation translates into real-world commercial advantage.”
With Amprius cells already flying in Matternet’s M2 fleet, the companies are now focused on deeper integration for Matternet’s next-generation platform, with Amprius targeting volume production readiness aligned with Matternet’s fleet expansion plans beginning in early 2027.
About Matternet
Matternet is a leading commercial drone delivery platform for urban and suburban environments. The company builds the Matternet M2 drone, the Matternet Station, and the Matternet Software Platform and operates its technology directly for customers or in partnership with logistics organizations such as UPS. Matternet has achieved many industry firsts, including being the first company authorized for commercial Beyond Visual Line of Sight (BVLOS) drone delivery operations over cities in Switzerland, the first to launch routine revenue-generating drone delivery operations in the U.S., and the first to achieve standard Type Certification and Production Certification from the U.S. Federal Aviation Administration. Matternet is partnered with UPS and Ameriflight, which have received approval from the Federal Aviation Administration to operate the Matternet M2 under Part 135. Matternet has operated commercially for more than a decade, beginning with humanitarian drone delivery missions in 2014, launching B2B healthcare operations in Europe in 2017 and the U.S. in 2019, and expanding into B2C drone delivery operations in Silicon Valley in 2024. To date, Matternet's technology has enabled more than 60,000 commercial flights across dense urban and suburban environments in the U.S. and Europe.
About Amprius Technologies, Inc.
Amprius Technologies, Inc. is a leader in advanced lithium-ion battery technology, delivering high-energy and high-power silicon-anode batteries with up to twice the energy density, range, and flight time of conventional graphite-based cells. Headquartered in Fremont, California, Amprius operates an R&D lab and pilot manufacturing facility for silicon anodes and cells. To support scalable production, the Company employs a contract manufacturing strategy, enabling rapid capacity expansion with minimal capital investment. Committed to driving innovation in energy storage, Amprius powers next-generation applications in aerospace, defense, and mobility. For additional information, please visit amprius.com and the Company's LinkedIn page.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “will” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the performance of Amprius’ products, the benefits of Amprius’ products to its customer and the industry, the prospects of the drone delivery market, the ability of Amprius to meet the demand of the drone delivery market , the collaboration between Amprius and Matternet, and the anticipated collaboration milestones of Amprius and Matternet. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Amprius’ management and are not predictions of actual performance. Actual results could differ materially from these forward-looking statements as a result of certain risks and uncertainties, including Amprius’ liquidity position; risks related to the rollout of Amprius’ business and the timing of expected business milestones; Amprius’ ability to commercially produce high-performing batteries through its contract manufacturers; the effects of competition on Amprius’ business; supply shortages in the materials necessary for the production of Amprius’ products; and changes in domestic and foreign business, market, financial, political, and legal conditions. More information on these risks and uncertainties can be found in the documents we filed from time to time with the Securities and Exchange Commission (the “SEC”), all of which are available on the SEC’s website at www.sec.gov. There may be additional risks that Amprius does not presently know or that Amprius currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Amprius specifically disclaims any obligation to update any forward-looking statements.
Matternet M2 in Mountain View, California.
