家得寶 (HD) 2025 Q4 法說會逐字稿

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Greetings and welcome to the Home Depot fourth-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加家得寶2025年第四季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Isabel Janci. Please go ahead.

現在我很榮幸地向大家介紹主持人伊莎貝爾詹西。請繼續。

Thank you, Christine, and good morning, everyone. Welcome to Home Depot's fourth-quarter and fiscal year 2025 earnings call. Joining us on our call today are Ted Decker, Chair, President, and CEO; Anne-Marie Campbell, Senior Executive Vice President; Billy Bastek, Executive Vice President of Merchandizing; and Richard McPhail, Executive Vice President and Chief Financial Officer.

謝謝你，克里斯汀，大家早安。歡迎參加家得寶2025財年第四季及全年財報電話會議。今天參加我們電話會議的有：董事長、總裁兼執行長 Ted Decker；資深執行副總裁 Anne-Marie Campbell；商品銷售執行副總裁 Billy Bastek；以及執行副總裁兼財務長 Richard McPhail。

Following our prepared remarks, the call will be open for questions. Questions will be limited to analysts and investors, and as a reminder, please limit yourself to one question with one follow-up. If we are unable to get to your question during the call, please call our investor relations department at 770-384-2387.

在我們發言結束後，將開放式提問環節。提問僅限分析師和投資人參加，再次提醒，請每人限提一個問題，並可追問一個後續問題。如果在通話期間我們無法解答您的問題，請致電我們的投資者關係部門，電話號碼是 770-384-2387。

Before I turn the call over to Ted, let me remind you that today's press release and the presentations made by our executives include forward-looking statements under the federal securities laws, including as defined in the Private Securities Litigation Reform Act of 1995.

在將電話交給泰德之前，請允許我提醒各位，今天的新聞稿和我們高管的演講包含聯邦證券法（包括 1995 年《私人證券訴訟改革法案》中定義的證券法）所界定的前瞻性陳述。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to the factors identified in the release in our most recent annual report on Form 10-K and in our other filings with the Securities and Exchange Commission.

這些聲明存在風險和不確定性，可能導致實際結果與我們的預期和預測有重大差異。這些風險和不確定性包括但不限於我們在最新的 10-K 表格年度報告以及我們向美國證券交易委員會提交的其他文件中揭露的因素。

Today's presentation will also include certain non-GAAP measures, including but not limited to adjusted operating margin, adjusted diluted earnings per share, and return on invested capital. For a reconciliation of these and other non-GAAP measures to the corresponding GAAP measures, please refer to our earnings press release and our website.

今天的演示還將包括一些非GAAP指標，包括但不限於調整後的營業利潤率、調整後的稀釋每股盈餘和投資資本回報率。有關這些及其他非GAAP指標與對應GAAP指標的調節表，請參閱我們的獲利新聞稿和我們的網站。

Now let me turn the call over to Ted.

現在我把電話交給泰德。

Thank you, Isabel, and good morning everyone. Sales for fiscal 2025 $164.7 billion, an increase of 3.2% from the same period last year. Comp sales increased 0.3% from the same period last year, and comps in the US increased 0.5%. Adjusted diluted earnings per share were $14.69 compared to $15.24 in the prior period.

謝謝你，伊莎貝爾，大家早安。2025 財年銷售額為 1,647 億美元，較上年同期成長 3.2%。與去年同期相比，同店銷售額成長了 0.3%，其中美國同店銷售額成長了 0.5%。調整後的稀釋每股收益為 14.69 美元，而上一時期為 15.24 美元。

In the fourth quarter, comp sales increased 0.4% from last year and in the US were up 0.3%. Adjusted diluted earnings per share were $2.72 compared to $3.13 in the prior year. In the quarter, our regional performance varied with our northern and western divisions posting positive comps. In local currency, Mexico reported positive comps and Canada reported negative comps.

第四季度，同店銷售額比去年同期成長了0.4%，其中美國市場成長了0.3%。經調整後的稀釋每股收益為 2.72 美元，而去年同期為 3.13 美元。本季度，我們各地區的業績表現不一，其中北部和西部地區的業績均實現了正增長。以當地貨幣計算，墨西哥的年比業績為正，而加拿大的年比業績為負。

Our fourth quarter results were largely in line with our expectations, reflecting the lack of storm activity in the third quarter and ongoing consumer uncertainty and pressure on housing. Additionally, storm activity in January provided a sales benefit in the quarter. Adjusting for storms, underlying demand was relatively stable throughout the year. As you'll hear from Billy, we are growing market share by delivering the best value proposition in home improvement.

我們的第四季業績基本上符合預期，這反映了第三季缺乏風暴活動以及消費者持續的不確定性和住房壓力。此外，1月的風暴活動也為該季度帶來了銷售利好。剔除風暴影響後，全年潛在需求相對穩定。正如比利所說，我們透過提供最有價值的家居裝修方案來擴大市場份額。

As we shared with you at our investor and analyst conference in December, we are uniquely positioned to grow share of wallet with all our customers. We are investing across the business to drive our current culture, deliver a frictionless interconnected experience and win the Pro.

正如我們在 12 月的投資者和分析師會議上與大家分享的那樣，我們擁有獨特的優勢，可以提高所有客戶的錢包份額。我們正在對整個業務進行投資，以推動我們當前的文化，提供無縫互聯的體驗，並贏得專業客戶。

As annual detail, our teams did an incredible job staying engaged, focusing on the customer, and elevating the customer experience. In fact, our customers are telling us that our associates continue to deliver exceptional service. In addition, our merchants continue to offer tremendous value, as evidenced by record-setting events in the quarter.

作為年度細節，我們的團隊在保持積極性、關注客戶和提升客戶體驗方面做得非常出色。事實上，我們的客戶告訴我們，我們的員工一直在提供卓越的服務。此外，我們的商家繼續提供巨大的價值，本季創紀錄的業績證明了這一點。

We're also encouraged by the traction we see with the Pro, Pros who are utilizing our Pro ecosystem of capabilities are spending more with us, and we remain focused on enhancing our capabilities from sales support to project management to delivery, all to better support Pros throughout the life of their projects.

我們也對專業版的發展勢頭感到鼓舞，使用我們專業版生態系統功能的專業人士在我們這裡消費更多，我們將繼續專注於提升從銷售支援到專案管理再到交付的各項能力，以便更好地在專業人士的專案生命週期內為其提供支援。

This year, SRS grew organic sales by a low single-digit percentage and expanded market share despite pressured industry demand and lack of storms in the back half of the year. This is a testament to their strong value proposition, customer relationships and consistent execution. In addition to the GMS acquisition, they completed several tuck in acquisitions and opened a number of Greenfield locations across their verticals. Going forward, we will continue to support SRS's momentum, and we expect their organic sales to grow mid-single-digits in fiscal 2026.

今年，儘管產業需求承壓，下半年缺乏風暴，SRS 的有機銷售額仍實現了個位數百分比的成長，市場份額也得以擴大。這證明了他們強大的價值主張、良好的客戶關係和一致的執行力。除了收購 GMS 之外，他們還完成了幾項收購，並在其各個垂直領域開設了許多新的分店。展望未來，我們將繼續支持 SRS 的發展勢頭，我們預計其 2026 財年的有機銷售額將實現中等個位數的成長。

Looking ahead to fiscal 2026, we expect total sales growth of approximately 2.5% to 4.5%. Comparable sales growth of approximately flat to 2% and adjusted diluted earnings per share to grow approximately flat to 4%. We remain focused on delivering the best customer experience and value proposition and home improvement.

展望 2026 財年，我們預期總銷售額將成長約 2.5% 至 4.5%。可比銷售額成長約持平至 2%，調整後稀釋每股盈餘成長約持平至 4%。我們將繼續專注於提供最佳的客戶體驗、價值主張和家居裝修服務。

We have a clear growth strategy, and we're investing in our stores, in our interconnected shopping experience, and in the Pro to grow share in any market environment. I want to close by thanking our associates for their hard work and dedication to serving our customers in a dynamic year.

我們擁有清晰的成長策略，並且正在投資於我們的門市、連網購物體驗以及專業版服務，以在任何市場環境下擴大市場份額。最後，我要感謝我們的同事在過去一年為服務客戶所付出的辛勤努力和奉獻精神。

With that, let me turn the call over to Ann.

那麼，我把電話交給安吧。

Thanks, Ted, and good morning, everyone. First, I want to thank our associates who did a great job serving our customers during the recent winter storm, Fern, that impacted many of our communities we serve, particularly in our Northern and Southern division.

謝謝你，泰德，大家早安。首先，我要感謝我們的同事們，他們在最近的冬季風暴「弗恩」期間出色地服務了我們的客戶。這場風暴影響了我們服務的許多社區，特別是我們的北部和南部地區。

Our priority in situations like these is always the safety of our associates and customers. We activated our emergency response protocols. We're working with our vendors and merchant teams to deliver essential products to the appropriate stores.

在這樣的情況下，我們的首要任務始終是保障員工和顧客的安全。我們啟動了緊急應變機制。我們正與供應商和商家團隊合作，將必需品運送到合適的門市。

This ensured we remained in stock and ready to serve our communities before, during and after the storm. As always, I'm extremely proud of how our team showed up for each other and our customers, and that commitment continues to be a defined in part of who we are as a company.

這確保了我們在風暴來臨前、風暴期間和風暴過後都能保持充足的庫存，隨時為我們的社區提供服務。一如既往，我為我們團隊的互助精神和對客戶的盡心盡力感到無比自豪，這種奉獻精神也一直是我們公司文化的重要組成部分。

As you heard from us in December, we are focused on the core and culture of our company. Our associates are the key to delivering an exceptional customer experience. Their passion, knowledge and expertise are critical to solving customers' problems and fulfilling their dreams.

正如我們在 12 月向您介紹的那樣，我們專注於公司的核心和文化。我們的員工是提供卓越客戶體驗的關鍵。他們的熱情、知識和專業技能對於解決客戶的問題和實現客戶的夢想至關重要。

Over the last year, we have talked about how we have enabled tools and processes for our associates to better serve our customers. These changes not only increase associate engagement, but also enhance store performance by driving higher sales, productivity and efficiency in our operations.

過去一年，我們一直在討論如何為我們的員工提供工具和流程，以便更好地服務我們的客戶。這些改變不僅提高了員工的參與度，而且透過提高銷售額、生產力和營運效率來提升門市業績。

We are also improving the customer experience by transitioning tasking to our MET team. Our MET team's core competency is servicing our base and executing merchandising changes in our stores. By transitioning tasking to them, our orange apron associates have more time to engage with customers and drive sales. And while this transition is not complete, in our pilot stores, we have already seen a meaningful increase in labor productivity.

我們也透過將任務交給我們的 MET 團隊來改善客戶體驗。我們MET團隊的核心競爭力在於服務我們的客戶群，並在我們的門市執行商品陳列調整。透過將任務轉移給他們，我們的橙色圍裙員工有更多的時間與客戶互動並促進銷售。雖然這項轉變尚未完成，但在我們的試點門市中，我們已經看到勞動生產力有了顯著提高。

Over the years, our business has evolved to meet the needs of more interconnected and Pro customers. As you know, over 50% of our online orders are fulfilled through our stores, ensuring that orders are picked, staged and delivered in a reliable and repeatable fashion is critical to providing a frictionless customer experience regardless of the type of fulfillment with a pick up in store or deliver the same day to a home or del site.

多年來，我們的業務不斷發展，以滿足互聯程度更高、更專業的客戶的需求。如您所知，超過 50% 的線上訂單是透過我們的門市完成的，因此，確保訂單以可靠且可重複的方式進行揀貨、分揀和配送，對於提供流暢的客戶體驗至關重要，無論訂單是到店自提還是當天送貨上門或送貨到指定地點。

As a result, we have realigned certain positions in our stores to better drive the outcomes we desire. We now have an Operations Experience Manager who is responsible for managing customer service more broadly, including driving uniform operational processes to enhance the interconnected and fulfillment experiences.

因此，我們調整了門市中的某些職位，以更好地實現我們想要的結果。我們現在設立了營運體驗經理一職，負責更廣泛地管理客戶服務，包括推動統一的營運流程，以增強互聯互通的體驗和履行體驗。

And for Pros, our dedicated unified Pro team including a Pro Customer Experience Manager continues to elevate the Pro experience in our stores by assisting Pros and serving as a main point of contact, ensuring a superior and cohesive shopping and fulfillment experience for our customers inside and outside of our stores. As a result, we've seen increased engagement, higher Pro sales and continued growth in our Pro Extra loyalty program.

對於專業人士，我們專業的統一專業人士團隊（包括專業人士客戶體驗經理）將繼續提升我們門市的專業人士體驗，為專業人士提供協助並作為主要聯絡人，確保我們的客戶在店內外都能獲得卓越且一致的購物和配送體驗。因此，我們看到用戶參與度提高，Pro 會員銷售額成長，Pro Extra 會員忠誠度計畫也持續成長。

We're excited about all of the progress we have made in our stores this year. Our efforts are paying off. This year, our customer satisfaction score increased every quarter and our tenure with hourly associates is the highest expense since 2017. Our associates continue to go above and beyond several customers despite a challenging environment, and I'd like to close by thanking them for all that they do. We are relentlessly focused on delivering the best customer experience in home improvement, and we know that our efforts are positioning us well to grow share in the market.

我們對今年門市取得的所有進展感到非常興奮。我們的努力正在發揮成效。今年，我們的客戶滿意度得分每季都在提高，而我們與小時工的僱傭關係是自 2017 年以來最高的支出。儘管面臨挑戰，我們的員工仍然竭盡全力為眾多客戶提供優質服務，最後，我要感謝他們所做的一切。我們始終致力於為家庭裝修客戶提供最佳體驗，並且我們知道，我們的努力使我們在市場份額的成長中佔據有利地位。

With that, let me turn the call over to Billy.

那麼，我把電話交給比利吧。

Thank you, Ann, and good morning, everyone. I want to start by also thanking all of our associates, suppliers and supply chain partners for their ongoing commitment to serving our customers and communities. As you heard from Ted, our performance during the fourth quarter was largely in line with expectations with underlying demand in the quarter, similar to what we've seen throughout the year.

謝謝你，安，大家早安。首先，我還要感謝我們所有的同事、供應商和供應鏈合作夥伴，感謝他們一直以來對服務我們的客戶和社區所做的貢獻。正如泰德所說，我們第四季的業績基本上符合預期，本季的潛在需求與我們全年所看到的情況類似。

Turning to our merchandising department comp performance for the fourth quarter, 8 of our 16 merchandising departments posted positive comps, including power, electrical, storage, indoor garden, hardware, plumbing, bath and kitchen.

再來看我們商品部門第四季度的同店銷售業績，我們 16 個商品部門中有 8 個實現了正增長，包括電力、電氣、倉儲、室內花園、五金、管道、衛浴和廚房用品。

During the fourth quarter, our comp average ticket increased 2.4% and comp transactions decreased 1.6%. The growth in comp average ticket primarily reflects some price increases, a greater mix of higher ticket items and customers continuing to trade up for new and innovative products.

第四季度，我們的同店平均客單價成長了 2.4%，同店交易量下降了 1.6%。同店平均客單價的成長主要反映了部分商品價格上漲、高價商品佔比增加以及顧客不斷購買創新新產品的趨勢。

Big ticket comp transactions or those over $1,000 were positive 1.3% compared to the fourth quarter of last year. We were pleased with the performance we saw in categories such as power, plumbing and electrical. However, larger discretionary projects remain under pressure.

與去年第四季相比，金額超過 1000 美元的大額贈品交易增加了 1.3%。我們對電力、管道和電氣等領域的表現感到滿意。然而，規模較大的可自由支配項目仍面臨壓力。

During the fourth quarter, Pro posted positive comps and outperformed DIY. We saw strength across Pro heavy categories like gypsum, wire, concrete and plumbing. In DIY, we saw strength across our gift center events, hand tools, storage, portable power and hardscapes.

第四季度，Pro 的業績表現良好，超過了 DIY。我們看到石膏、電線、混凝土和管道等專業重型材料類別表現強勁。在 DIY 領域，我們看到禮品中心活動、手動工具、儲物、便攜式電源和硬景觀方面都表現出強勁勢頭。

Turning to total company online comp sales. Sales leveraging our digital platforms increased approximately 11% compared to the fourth quarter of last year. We're excited about the continued success we are seeing across our interconnected platforms. This quarter, we continued to enhance delivery reliability and communication with the rollout of real-time delivery tracking for big and bulky deliveries across all categories. This enhancement gives our customers greater visibility and certainty on the timing of their delivery. We know that as we remove friction from the experience, we see incremental customer engagement leading to greater sales across all points of interaction.

轉向公司整體線上同店銷售額。利用我們的數位平台實現的銷售額比去年第四季成長了約 11%。我們對旗下互聯平台持續取得成功感到非常興奮。本季度，我們繼續提高配送可靠性和溝通效率，在所有類別的大件和笨重貨物的配送中推出了即時配送追蹤服務。這項改進使我們的客戶能夠更清楚地了解和確定交貨時間。我們知道，隨著我們消除體驗中的摩擦，客戶參與度會逐步提高，從而在所有互動點上帶來更高的銷售。

During the fourth quarter, we hosted our appliance Gift Center and Black Friday events. We saw strong engagement across all of these events with our Gift Center and Black Friday events posting record sales years. We are looking forward to the year ahead, particularly with the spring selling season right around the corner, and we have a great lineup of innovative products that provide our customers with tremendous value from outdoor living products, including patio and grills, to our lineup of outdoor power equipment.

第四季度，我們舉辦了家電禮品中心和黑色星期五促銷活動。我們看到所有這些活動都受到了熱烈歡迎，其中禮品中心和黑色星期五活動的銷售額更是創下了歷史新高。我們期待著新的一年，尤其是春季銷售旺季即將到來，我們推出了一系列創新產品，為我們的客戶提供巨大的價值，從戶外生活產品（包括庭院和燒烤架）到我們的戶外動力設備系列。

Whether it's our RYOBI 40-volt lawn mower with a brushless motor and lithium-ion batteries, which deliver more power and longer run times, or a Milwaukee 18-volt string trimmer kit designed to meet the needs of the landscape professional. And our spring Gift Center bank continues to lean into cordless technology with a wide assortment of products from RYOBI, Milwaukee, Makita and DEWALT, many of which are exclusive to The Home Depot in the big box retail channel.

無論是我們配備無刷馬達和鋰離子電池的 RYOBI 40 伏特割草機（可提供更強勁的動力和更長的運行時間），還是專為滿足園林綠化專業人士的需求而設計的 Milwaukee 18 伏特割草機套件。我們的春季禮品中心繼續大力推廣無線技術，提供來自 RYOBI、Milwaukee、Makita 和 DEWALT 的各種產品，其中許多產品是家得寶在大型零售通路的獨家產品。

We're also excited about our live goods program. Every year, our merchants partner with our national and regional growers to provide our customers with new and improved varieties to enhance the overall garden experience. Investing in our relationships with our growers allows us to continue to drive innovation and value to meet the needs of our customers and improves their shopping experience while building loyalty to The Home Depot. We remain focused on delivering the best brand assortments and value to our customers.

我們也對我們的活體商品項目感到興奮。每年，我們的商家都會與全國和地區的種植者合作，為顧客提供新的、改良的品種，以提升整體的園藝體驗。投資與種植者的關係，使我們能夠不斷推動創新和創造價值，以滿足客戶的需求，改善他們的購物體驗，同時建立客戶對家得寶的忠誠度。我們將繼續致力於為客戶提供最佳的品牌組合和價值。

With that, I'd like to turn the call over to Richard.

接下來，我想把電話交給理查。

Thank you, Billy, and good morning, everyone. Before I comment on our results, I would like to remind everyone that fiscal 2025 consisted of 52 weeks, while fiscal 2024 consisted of 53 weeks. The extra week added approximately $2.5 billion in sales to the fourth quarter of fiscal 2024. When we report our comparable sales or comps, we report them on a 52-week to 52-week basis by comparing weeks 1 through 52 of fiscal 2025, with weeks 2 through 53 of fiscal 2024.

謝謝你，比利，大家早安。在評論我們的結果之前，我想提醒大家，2025 財年有 52 週，而 2024 財年有 53 週。多出的一周為 2024 財年第四季增加了約 25 億美元的銷售額。當我們報告可比較銷售額或可比較數據時，我們以 52 週為單位進行報告，即將 2025 財年的第 1 週至第 52 週與 2024 財年的第 2 週至第 53 週進行比較。

In the fourth quarter of 2025, total sales were $38.2 billion, a decrease of $1.5 billion or approximately 3.8% from last year. During the fourth quarter, our total company comps were positive 0.4% with comps of negative 0.2% in November, positive 0.1% in December and positive 1.3% in January.

2025 年第四季總銷售額為 382 億美元，比去年同期減少了 15 億美元，降幅約 3.8%。第四季度，我們公司整體同店銷售額成長了0.4%，其中11月份下降了0.2%，12月份成長了0.1%，1月成長了1.3%。

Comps in the US were positive 0.3% for the quarter, with comps of negative 0.3% in November, negative 0.2% in December and positive 1.4% in January. For the year, our sales totaled $164.7 billion, an increase of $5.2 billion or 3.2% versus fiscal 2024. For the year, total company comp sales increased 0.3%, and US comp sales increased 0.5%.

美國同店銷售額本季成長0.3%，11月下降0.3%，12月下降0.2%，1月成長1.4%。本年度，我們的銷售額總計 1,647 億美元，比 2024 財年增加了 52 億美元，增幅為 3.2%。本年度，公司同店銷售額總成長0.3%，美國同店銷售額成長0.5%。

In the fourth quarter, our gross margin was approximately 32.6%, a decrease of approximately 20 basis points from the fourth quarter last year primarily reflecting a change in mix as a result of the GMS acquisition, which was in line with our expectations. For the year, our gross margin was approximately 33.3%, a decrease of 10 basis points from last year, which was in line with our expectations.

第四季度，我們的毛利率約為 32.6%，比去年第四季下降了約 20 個基點，主要反映了由於收購 GMS 而導致的產品組合變化，這符合我們的預期。本年度，我們的毛利率約為 33.3%，比上年下降了 10 個基點，這與我們的預期相符。

During the fourth quarter, operating expense as a percent of sales increased approximately 105 basis points to 22.6% compared to the fourth quarter of 2024. Our operating expense performance reflects natural deleverage from top line results as well as lapping the 53rd week.

第四季度，營業費用佔銷售額的百分比比 2024 年第四季成長了約 105 個基點，達到 22.6%。我們的營運費用表現反映了營收成長帶來的自然去槓桿化，以及已經過了 53 週。

For the year, operating expenses were approximately 20.6% of sales, representing an increase of approximately 70 basis points from fiscal 2024. Our operating margin for the fourth quarter was 10.1% compared to 11.3% in the fourth quarter of 2024. Excluding intangible asset amortization in the quarter, our adjusted operating margin for the fourth quarter was 10.5% compared to 11.7% in the fourth quarter of 2024.

本年度，營運費用約佔銷售額的 20.6%，比 2024 財年成長了約 70 個基點。我們第四季的營業利潤率為 10.1%，而 2024 年第四季的營業利潤率為 11.3%。若不計入本季的無形資產攤銷，我們第四季的調整後營業利潤率為 10.5%，而 2024 年第四季為 11.7%。

Our operating margin for the year was 12.7% compared to 13.5% in 2024. Excluding intangible asset amortization, our adjusted operating margin for the year was 13.1% compared to 13.8% in 2024. Interest and other expense for the fourth quarter decreased by $57 million to $551 million.

本年度營業利益率為 12.7%，而 2024 年預計為 13.5%。剔除無形資產攤銷後，我們本年度的調整後營業利益率為 13.1%，而 2024 年為 13.8%。第四季利息和其他支出減少了 5,700 萬美元，至 5.51 億美元。

In the fourth quarter, our effective tax rate was 22%, and for the year, it was 23.9%. Our diluted earnings per share for the fourth quarter were $2.58, a decrease of 14.6% compared to the fourth quarter of 2024. Diluted earnings per share for fiscal 2025 were $14.23, a decrease of 4.6% compared to fiscal 2024.

第四季度，我們的實際稅率為 22%，全年實際稅率為 23.9%。我們在第四季稀釋後每股收益為 2.58 美元，比 2024 年第四季下降了 14.6%。2025 財年稀釋後每股收益為 14.23 美元，比 2024 財年下降 4.6%。

Excluding intangible asset amortization, our adjusted diluted earnings per share for the fourth quarter were $2.72, a decrease of 13.1% compared to the fourth quarter of 2024. Adjusted diluted earnings per share for fiscal 2025 were $14.69, a decrease of 3.6% compared to fiscal 2024. Recall that fiscal 2024 included a 53rd week, which added approximately $0.30 to diluted earnings per share and adjusted diluted earnings per share for the fourth quarter and the year.

在剔除無形資產攤銷後，我們第四季的調整後稀釋每股收益為 2.72 美元，比 2024 年第四季下降了 13.1%。2025 財年調整後稀釋每股收益為 14.69 美元，比 2024 財年下降 3.6%。回想一下，2024 財年包含第 53 週，這使得第四季度和全年的稀釋每股收益和調整後稀釋每股收益增加了約 0.30 美元。

During the year, we opened 12 new stores, bringing our store count to 2,359 at the end of fiscal 2025. At the end of the quarter, merchandise inventories were $25.8 billion, up approximately $2.4 billion versus last year, reflecting higher inventory costs and the acquisition of GMS. Inventory turns were 4.4 times, down from 4.7 times last year.

年內，我們開了 12 家新店，到 2025 財年末，我們的門市總數達到 2,359 家。截至季末，商品庫存為 258 億美元，比去年同期增加約 24 億美元，反映庫存成本上升和收購 GMS。庫存週轉率為 4.4 次，低於去年的 4.7 次。

Turning to capital allocation. During the fourth quarter, we invested approximately $1.1 billion back into our business in the form of capital expenditures. This brings total capital expenditures for fiscal 2025 to approximately $3.7 billion. And during the year, we paid approximately $9.2 billion in dividends to our shareholders.

接下來討論資本配置。第四季度，我們以資本支出的形式將約 11 億美元重新投入我們的業務。這將使 2025 財年的總資本支出達到約 37 億美元。年內，我們向股東支付了約 92 億美元的股利。

Today, we announced our Board of Directors increased our quarterly dividend by 1.3% to $2.33 per share, which equates to an annual dividend of $9.32 per share. Computed on the average of beginning and ending long-term debt and equity for the trailing 12 months, return on invested capital was approximately 25.7%, down from 31.3% in the fourth quarter of fiscal 2024.

今天，我們宣布董事會將季度股息提高 1.3% 至每股 2.33 美元，相當於年度股息每股 9.32 美元。根據過去 12 個月的期初和期末長期債務和權益的平均值計算，投資資本回報率約為 25.7%，低於 2024 財年第四季的 31.3%。

Now I will comment on our outlook for 2026. As we shared at our investor and analyst conference in December, there are a number of dynamics we are observing that are pressuring housing and home improvement demand. The current mortgage rate environment and significant increase in home prices since 2019 have impacted housing affordability.

現在我將談談我們對2026年的展望。正如我們在 12 月的投資者和分析師會議上所分享的那樣，我們觀察到一些動態因素正在對住房和房屋裝修需求構成壓力。目前的抵押貸款利率環境以及自 2019 年以來房價的大幅上漲，對住房負擔能力產生了影響。

Housing turnover has remained at historical lows since 2023, which has significantly reduced demand for projects and other purchases associated with buying and selling a home. Our customers also tell us they have concerns over general economic uncertainty including inflation, growing job concerns and higher financing costs.

自 2023 年以來，房屋週轉率一直處於歷史低位，這大大降低了與房屋買賣相關的項目和其他購買需求。我們的客戶也告訴我們，他們對整體經濟的不確定性感到擔憂，包括通貨膨脹、日益嚴重的就業問題和更高的融資成本。

As we look ahead to fiscal 2026, we anticipate these pressures will persist as we have not yet seen a catalyst for an inflection in housing activity. As a result, we affirm the preliminary fiscal 2026 guidance we provided at our investor conference. We expect to continue to grow our market share and for our comp sales to range between flat to 2% growth, with total sales growth of between approximately 2.5% and 4.5%, reflecting the contribution of the GMS acquisition, new stores, branches and tuck-in acquisitions.

展望 2026 財年，我們預計這些壓力將持續存在，因為我們還沒有看到住房活動出現轉機的催化劑。因此，我們重申在投資者大會上提供的 2026 財年初步業績指引。我們預期市佔率將繼續成長，同店銷售額將保持穩定或成長 2%，總銷售額成長約 2.5% 至 4.5%，這反映了 GMS 收購、新店、分店和補充收購的貢獻。

For the year, we expect SRS to deliver mid-single-digit percent organic sales growth. We plan to open approximately 15 new stores and 40 to 50 new SRS locations. Our gross margin is expected to be approximately 33.1%. Further, we expect operating margin of approximately 12.4% to 12.6% and adjusted operating margin of approximately 12.8% to 13%. Our effective tax rate is targeted at approximately 24.3%. We expect net interest expense of approximately $2.3 billion.

我們預計 SRS 今年的有機銷售額將實現中等個位數百分比的成長。我們計劃開設約 15 家新店和 40 至 50 家新的 SRS 門市。我們的毛利率預計約為 33.1%。此外，我們預期營業利潤率約為 12.4% 至 12.6%，調整後營業利潤率約為 12.8% 至 13%。我們實際稅率的目標約為 24.3%。我們預計淨利息支出約為23億美元。

We expect our diluted earnings per share and adjusted diluted earnings per share to both increase approximately flat to 4% compared to fiscal 2025. We plan to continue investing in our business with capital expenditures of approximately 2.5% of sales for fiscal 2026. We believe that we will grow market share in any environment by strengthening our competitive position with our customers and delivering the best customer experience and home improvement.

我們預計，與 2025 財年相比，稀釋後每股盈餘和調整後稀釋後每股盈餘將基本持平，成長 4%。我們計劃繼續投資我們的業務，2026 財年的資本支出約為銷售額的 2.5%。我們相信，透過加強與客戶的競爭地位，並提供最佳的客戶體驗和家居裝修服務，我們將在任何環境下擴大市場份額。

Thank you for your participation in today's call. And Christine, we are now ready for questions.

感謝您參加今天的電話會議。克里斯汀，現在我們準備回答問題。

Thank you. We will now be conducting a question-and-answer session.

謝謝。接下來我們將進行問答環節。

(Operator Instructions)

（操作說明）

Steven Forbes, Guggenheim.

史蒂文福布斯，古根漢。

Good morning. Ted, I was down at Ibis and just talk about chip down there about some of the digital planning tools and some of the initiatives you guys have to improve delivery. So I don't know if maybe you could just explore the topics on some of the initiatives you're trying to lean into here, digital planning tools being one of them. You mentioned product management. But what are some of the bigger initiatives that you guys are leaning into in 2026 to improve the overall value proposition for your Pro?

早安.泰德，我剛才去宜必思酒店，跟那裡的晶片聊了聊一些數位化規劃工具，以及你們為改進服務而採取的一些舉措。所以我不知道您是否可以探討一下您正在努力推進的一些舉措的相關主題，其中就包括數位化規劃工具。你提到了產品管理。那麼，在 2026 年，你們有哪些更重要的措施旨在提升 Pro 用戶的整體價值主張？

Sure. And Mike is here, and he can go into some more detail, but we know, we talked about the capabilities we need to deliver for the Pro experience. We continue to mature our sales force. Order management, as you say, our trade credit platform. Delivery has gotten better and better. We've been looking for 2-Sigma on time and complete for our delivery to our Pros, and we achieved that this past year.

當然。Mike 也在這裡，他可以更詳細地介紹一下，但我們知道，我們已經討論過我們需要為專業體驗提供哪些功能。我們的銷售團隊正在不斷壯大。正如您所說，我們的貿易信用平台負責訂單管理。配送服務越來越好了。我們一直在尋求按時、完整地交付給專業人士的 2-Sigma 水平，而我們在過去一年中實現了這一目標。

And also now with the advent of AI tools, we're introducing a number of project management and list builders for our Pros, including things like an AI takeoff scheme, letting Pros build projects, just typing in the type of project they're working on in a prepopulated list of the project in the app for the Pro, so they don't have to go through and put the hundreds of items. It pre-populates and then they can edit that list. They can save that, repeat it for future jobs. So there's a tremendous set of activities.

隨著人工智慧工具的出現，我們正在為我們的專業人士推出一系列專案管理和清單建立工具，包括人工智慧起飛方案等功能，讓專業人士能夠創建項目，只需在專業人士應用程式的預填充項目清單中輸入他們正在進行的項目類型，這樣他們就不必逐一添加數百個項目了。它會預先填入列表，然後使用者可以編輯該列表。他們可以保存這些訊息，以便在未來的工作中重複使用。所以這裡有非常豐富的活動。

Yeah. I mean you captured a lot of it, Ted. Hence, the performance that we had in the fourth quarter, pleased overall with the investment and the capabilities both when it comes to in-store investments as well as outside sales. We've improved in-store tools and processes that drive greater engagement with our Pros that have resulted in higher sales there, record levels of delivery reliability from our order management investments, and we're continuing to take that to another level with job site preferences that we're including in our order management tools as well as business hours of our customers.

是的。我的意思是，泰德，你捕捉到了很多。因此，我們對第四季度的業績總體上感到滿意，無論是店內投資還是店外銷售，我們都對投資和能力感到滿意。我們改善了店內工具和流程，從而提高了與專業人士的互動，進而提高了銷售額；透過對訂單管理的投資，實現了創紀錄的交付可靠性；我們正在透過將工地偏好添加到訂單管理工具中以及客戶的營業時間，進一步提升這一水平。

We've taken customer communications to a whole new level. We used to only be able to communicate to one person on the job. Now we can communicate to many, including the owner and those that are kind of on the job site when it comes to those deliveries.

我們將客戶溝通提升到了一個全新的水平。以前我們在工作中只能和一個人溝通。現在我們可以與很多人溝通，包括業主以及那些在送貨時身處工地的人員。

As Ted spoke to, our online B2B sales outpaced our overall online sales growth driven by the features that we've added, such as the projects tool where we're seeing tens of thousands of projects each week being started and those result in higher conversion and greater engagement around transactions for complex sales. And we saw continued growth in our trade credit efforts along with strong early days from our AI blueprint takeoffs. So with all of that in mind, just pleased with the continued momentum in Pro

正如 Ted 所說，我們的線上 B2B 銷售額超過了整體線上銷售成長，這得益於我們添加的功能，例如專案工具，我們每週都能看到數萬個專案啟動，這些專案帶來了更高的轉換率和更積極的交易參與度，尤其是在複雜的銷售中。我們的貿易信貸業務持續成長，同時人工智慧藍圖的早期推廣也取得了強勁的進展。綜上所述，我對Pro的持續發展動能感到非常滿意。

I appreciate the color there

我喜歡那裡的顏色。

And maybe (multiple speakers) can hit the handheld delivery

或許（多位揚聲器）可以實現手持式遞送

Yes. One of the other capabilities that we've recently rolled out that allows our drivers to stay connected with our customers' needs is our delivery handheld device. This is a tool that we use to track the status of all of our deliveries and the progress that we're making as well as all of the other request that we get from our customers to make sure that we're fulfilling the exact needs of the service that they require on their particular job sites.

是的。我們最近推出的另一項功能是送貨手持設備，它可以讓我們的司機與客戶的需求保持聯繫。我們使用這款工具來追蹤所有交付狀態和進度，以及我們從客戶收到的所有其他請求，以確保我們能夠滿足他們在特定工作現場所需的確切服務需求。

Yeah. And then this is Jordan. As we said in our prepared remarks as well, as Billy called out, that also enables our live tracking on big and bulky, which customers have come to expect on small items, but to be able to track live of bulky delivery, whether that's a flatbed rolling down with lumber to a job site or an appliance showing up at the home, that's been a really big win for our customers, and they are loving that feature that we've rolled out, which was enabled by our new handheld.

是的。這是約旦。正如我們在準備好的演講稿中所說，也正如比利所指出的那樣，這使我們能夠對大型笨重物品進行即時追蹤。客戶已經習慣於對小型物品進行實時跟踪，但能夠實時跟踪笨重物品的配送，無論是平闆卡車運送木材到工地，還是家電送到家門口，這對我們的客戶來說都是一個巨大的勝利，他們非常喜歡我們推出的這項功能，這項功能是由我們新的手持設備實現的。

Appreciate all that. And just a quick follow-up, maybe for Richard. If you can maybe set the base for SRS sales in 2025 and then comment on how GMS performed in the fourth quarter relative to that $1.1 billion framework or guidance framework that you had?

非常感謝。最後還有一個簡短的後續問題，可能是給理查德的。如果您能設定 2025 年 SRS 銷售額的基準，然後評論一下 GMS 在第四季度相對於您之前設定的 11 億美元框架或指導框架的表現如何？

Sure. So look, we were really pleased, continue to be really pleased with SRS' performance. I think it's important to provide some context. So SRS was down low single-digit comps year-over-year for the fourth quarter. But if you look at the industry, in the fourth quarter, according to ARMA data, total industry shipments of single squares were down 28% year over year.

當然。所以你看，我們對SRS的表現非常滿意，而且現在仍然非常滿意。我認為提供一些背景資訊很重要。因此，SRS第四季同比下降了個位數百分比。但如果你看看整個產業，根據 ARMA 的數據，第四季單塊地毯的總出貨量比去年同期下降了 28%。

That's the lowest industry volume since 2019. And so that fourth quarter literally pulled the whole year of 2025 shipments down to the lowest annual volume since 2019. So it was a remarkably bad quarter for the roofing industry. With that, SRS performed exceptionally and by all external measures, took share in the quarter.

這是自 2019 年以來的行業最低銷量。因此，第四季的低迷實際上拉低了 2025 年全年的出貨量，使其降至 2019 年以來的最低年度出貨量。所以，對於屋頂產業來說，這是一個極其糟糕的季度。因此，SRS 表現優異，從所有外部指標來看，都在本季佔據了市場份額。

With respect to GMS, we've owned them for five months of the year, and we're pleased with their performance. And very happy to welcome them to The Home Depot family. And I'll turn to Mike in a second just to talk about the power of SRS and GMS with Home Depot.

至於 GMS，我們一年中使用了五個月，我們對它們的表現感到滿意。非常高興地歡迎他們加入家得寶大家庭。稍後我會請 Mike 談談 SRS 和 GMS 在 Home Depot 的強大作用。

But let's talk about SRS a bit more. So look, that lack of demand in the market did put significant pressure on the pricing environment for SRS in the fourth quarter. We expected that when we reset our guidance at the end of Q3, we knew that given the absence of storms in Q3, the industry was likely to see pricing performance.

但我們不妨再多談談SRS（間隔重複系統）。所以你看，市場需求的不足確實給第四季 SRS 的定價環境帶來了巨大的壓力。我們在第三季末調整業績指引時就預料到了，鑑於第三季沒有風暴，該產業可能會出現價格波動。

So they did invest in price to maintain share gains that will bleed over into our margin expectations for the first quarter. But as Ted said, we anticipate and expect them to grow organic sales mid-single digit for 2026 and are really excited about what we're seeing. And Steve, you'd mentioned the IBS, hopefully, that came to life. The ties between SRS and GMS and Home Depot, Mike, maybe you can just talk a little bit about how we're working together.

因此，他們確實投資於價格，以維持市場份額的成長，這將影響我們第一季的利潤率預期。但正如泰德所說，我們預計並期望他們在 2026 年實現中等個位數的有機銷售額成長，我們對目前所看到的景象感到非常興奮。史蒂夫，你之前提到腸躁症，希望它能好起來。麥克，SRS、GMS 和家得寶之間的聯繫，或許你可以談談我們是如何合作的。

Yeah. I mean that's the opportunity for us to focus further on revenue synergies. We've had a number of examples where we've approached our customers in a combined fashion, but also a number of customers, frankly, asking for that from us. One particular example at the moment amongst many is the ability to turn a multifamily construction and property management company from a significant customer of one of our companies to be that way for all of Home Depot, HD Supply, SRS and GMS. And this, as our national account structure continues to grow take an opportunity to support our customers better.

是的。我的意思是，這給了我們進一步專注於收入綜效的機會。我們曾多次嘗試以組合方式與客戶溝通，但坦白說，也有很多客戶要求我們這樣做。目前眾多例子中的一個特別之處在於，我們有能力將多戶住宅建築和物業管理公司從我們公司的重要客戶轉變為家得寶、HD Supply、SRS 和 GMS 所有公司的重要客戶。隨著我們全國客戶體系的不斷發展，我們將抓住這個機會更好地為客戶提供支援。

Beyond that, we're pleased also with what we're seeing in some pilot markets with Home Depot and SRS with our Pro referral project on roofing leads. We've also done the mapping of our common customers for HD reps to be able to contact HD Supply reps to be able to contact SRS or GMS sales rep to have that common approach. So very much focused on driving these revenue synergies.

除此之外，我們也對在一些試點市場與家得寶和SRS合作開展的屋頂施工線索專業推薦計畫所取得的成果感到滿意。我們也繪製了共同客戶的地圖，以便 HD 代表能夠聯繫 HD Supply 代表，進而聯繫 SRS 或 GMS 銷售代表，從而採用這種通用方法。因此，我們非常注重推動這些收入協同效應。

Thank you.

謝謝。

Zach Fadem, Wells Fargo.

札克法德姆，富國銀行。

Hey, good morning. So as you look back through 2025, could you talk about the performance of markets like Florida and Texas that saw a more challenging housing turnover and home price appreciation environment compared to those markets with perhaps a more favorable or normalized outlook for turnover, and whether you saw any change or bifurcation between these two types of markets through the year into early '26

嘿，早安。展望2025年，您能否談談佛羅裡達州和德克薩斯州等市場的表現？這些市場的房屋週轉率和房價上漲環境更具挑戰性，而其他市場則可能面臨更有利或更正常的周轉率前景。您是否觀察到這兩類市場在2026年初之前出現任何變化或分化？

Sure, Zach. I would say that first and perhaps most important throughout the year, we don't have perfect adjustments for storms and the like. But as best as we can adjust, our comp performance was relatively stable across the four quarters of the year. And something under 1% consistent underlying demand comp across the country.

當然可以，札克。我想說，首先，也是一年中最重要的一點，我們無法完美地應對暴風雨等天氣狀況。但經過我們盡力調整，我們的同業表現全年四個季度都相對穩定。全國範圍內，持續的基本需求較去年同期變化幅度低於 1%。

Now obviously, the geographies that we're lapping, the significant storms from last year didn't have any storm activity. It's quite remarkable that 2025, really from hail to wind to hurricane, there was literally no storm activity in 2025. So those are the most pronounced geographies where you have tough comp compares of '25 over '24.

顯然，我們所討論的地理區域，也就是去年發生重大風暴的區域，並沒有出現任何風暴活動。令人驚訝的是，2025 年，從冰雹到強風再到颶風，竟然真的沒有任何風暴活動。所以，這些地區的情況最為突出，2025 年與 2024 年的比較非常困難。

We're also seeing geographies where you are starting to see some housing price declines and you're seeing some markets with lower turnover rates than others. And as we've always said, if you look over time, the highest correlation to home improvement activity is probably home prices and secondly, turnover.

我們也看到一些地區的房價開始下跌，一些市場的房屋週轉率也低於其他市場。正如我們一直所說，從長遠來看，與房屋裝修活動相關性最高的可能是房價，其次是房屋週轉率。

I think because we're sort of bouncing, hopefully, we're bouncing along the bottom of turnover, and we're not seeing meaningful price declines. We haven't seen a lot of difference in regional geographical performance just based on price alone. We have some markets that you look at and say, yeah, price is still going up. Sales are a little stronger. We look at other markets that price is more challenged and you can see a weaker comp.

我認為，因為我們目前處於某種程度的反彈狀態，希望我們是在成交量底部反彈，所以我們沒有看到明顯的下跌。單從價格來看，我們還沒有看到區域地理表現有太大差異。有些市場，你觀察一下就會發現，價格還在上漲。銷售額略有成長。我們觀察其他價格面臨更大挑戰的市場，你會發現它們的比較基數較小。

But then we have things in between. We have markets where prices are adjusting down but actually had quite strong comps. So we always talked about prices being certainly very important, but a lag, and I think the price declines that have happened are still within that window that we're not seeing statistical relevance.

但除此之外，還有介於兩者之間的情況。有些市場的價格正在下調，但實際上之前的同比數據相當強勁。所以我們一直在討論價格固然非常重要，但價格存在滯後性，我認為目前的價格下跌仍然處於我們尚未看到統計意義的時間段內。

And on turnover, while there are some markets that have weaker turnover. I mean we're at, what, 30, 40-year lows across the country. So again, with everyone sort of bouncing along decade lows, we're not seeing a big differential.

至於成交量，雖然有些市場的成交量較弱。我的意思是，現在全國各地的疫情都處於30到40年來的最低水準。所以，由於大家都在十年來的低點附近波動，我們沒有看到太大的差異。

Got it. And then thinking through some of the moving pieces for '26, I'm looking out the window, and I'm seeing 2 feet of snow on the ground from last night. We've got larger tax refunds coming, perhaps also a more manageable tariff environment. Could you talk through these dynamics, particularly as you think through first half versus second half within your flat to 2% comp outlook?

知道了。然後，在思考 2026 年的一些變動因素時，我望向窗外，看到昨晚地面上積了 2 英尺厚的雪。我們有望獲得更大的退稅，關稅環境也可能更加寬鬆。您能否詳細談談這些動態，特別是考慮到您在薪資持平或成長 2% 的預期下，上半年與下半年的薪資差異？

Sure. I'll do a higher level, and then Billy can talk a little more specifically about tariffs. I mean, we very purposely obviously have a range and we maintain that range from December of flat to 2%. We think the overall market is likely down one to up one. So in each instance, we believe within our range that we would be outperforming the market.

當然。我先從更高的層次講起，然後比利可以更具體地談談關稅問題。我的意思是，我們很明確地設定了一個區間，並且從 12 月起一直保持在這個區間內，利率從持平到 2%。我們認為整體市場走勢可能會下跌一到上漲一。因此，在每種情況下，我們都相信在我們的投資範圍內，我們的表現會優於市場。

The things that could point to a little stronger market performance would be improved affordability, and that would be, we have incomes rising. We have some nice improvement in mortgage rates. I think this morning, we came just under 6% on the 30-year. And in the longer, medium longer-term modest price adjustments after the 50% increase from the end of 2019 would be helpful from an affordability perspective.

可能預示市場表現會略微走強的因素是購買力的提高，而購買力的提高意味著收入的成長。抵押貸款利率方面出現了一些不錯的改善。我認為今天早上，我們30年期公債殖利率略低於6%。從中長期來看，在 2019 年底上漲 50% 之後進行適度的價格調整，對於消費者的負擔能力而言是有幫助的。

Tax stimulus, you mentioned, we're actually not counting on a lot of support from tax stimulus. We've seen very large ranges of what will show up in household pocket books. And we've seen as low as 70 and as high as $200 billion in terms of refunds and adjusted rates for 2026. If you take the midpoint of that, $135-odd billion, and you look at our share, Home Depot share of PCE, which is about 60 basis points, you would get at the midpoint, maybe 0.5 point of comp support at that high level analysis of tax relief.

你提到了稅收刺激措施，但實際上我們並沒有指望稅收刺激措施能提供太多支持。我們已經看到，家庭錢包裡會出現各種各樣的東西。我們看到，2026 年的退款和調整費率最低為 700 億美元，最高為 2,000 億美元。如果取其中值，即 1350 億美元左右，再看看我們家得寶在 PCE 中的份額，大約是 60 個基點，那麼在對稅收減免進行如此高層次的分析後，你可能會得到 0.5 個基點的可比支撐。

But we're hearing that it's just as likely that, that's either going to be used for debt pay down for lower income deciles or saved by higher income deciles. So we're not planning on a lot. We're thrilled to get some tax stimulus benefit, but we're not planning on a lot of it. And then tariffs, I mean, this news is breaking by the moment.

但我們聽說，這筆錢很可能要不是用於償還低收入者的債務，就是被高收入者儲蓄起來。所以我們沒打算做太多。我們很高興能獲得一些稅收刺激優惠，但我們並不打算獲得很多。還有關稅問題，我的意思是，這方面的消息瞬息萬變。

And Billy, why don't you, you and your team have been at it for almost a year now.

比利，你為什麼不呢？你和你的團隊已經為此努力了將近一年了。

Yeah, Zach, thanks for the question. I just, from a high level, just a reminder, we've talked about this in the past. But it's important to remember that more than 50% of our projects are sourced domestically and haven't been subject to tariffs. Obviously, the announcement on Friday and then the administration over the weekend, we're still analyzing the impacts of those decisions. I can tell you that we're going to continue to be the customer's advocate for value.

是的，扎克，謝謝你的提問。我只是想從宏觀層面提醒一下，我們過去已經討論過這個問題了。但要記住的是，我們超過 50% 的項目都是在國內採購的，並且沒有被徵收關稅。顯然，週五的公告以及週末政府的舉措，我們仍在分析這些決定的影響。我可以告訴大家，我們將繼續做客戶價值的倡導者。

I can't say enough about how pleased I am with the merchants. Our finance teams, our supply chain and logistics folks are sourcing offices all over the world, have done an incredible job and spent the better part of almost a year now working through that.

我對這些商家非常滿意，簡直無法用語言表達我的感激之情。我們的財務團隊、供應鏈和物流人員正在世界各地尋找辦事處，他們做得非常出色，並且花了將近一年的時間來完成這項工作。

And just to give you some context, we're mostly done with tariff-related pricing actions as it relates to the impacts back to April. And to give some, again, context around that. If you think about, our exposure was kind of mid-single digits. And then if you think of like SKU price, that's right about 3% just in terms of the impact. So we feel great about our position.

為了讓大家更理解情況，我們基本上已經完成了與關稅相關的定價措施，這些措施與 4 月的影響有關。再補充一些背景資訊。仔細想想，我們當時的風險敞口只有個位數左右。如果考慮到 SKU 價格，那麼僅就影響而言，大約就是 3%。所以我們對自己的處境感到非常滿意。

Our teams, along with our merchants, our suppliers have done an incredible job continuing to advocate on low prices and being the customer's advocate there. So we look forward to spring, as I mentioned in my prepared remarks. And as I said, we're mostly done with the related pricing actions around what we've seen so far.

我們的團隊，連同我們的商家和供應商，在持續倡導低價和維護客戶利益方面做得非常出色。正如我在準備好的演講稿中提到的，我們期待著春天的到來。正如我所說，我們已經基本完成了與目前所見情況相關的定價措施。

And Zach, what may drive us to the lower end of the range would be if the market is not performing as well. And the number one driver of that would be continued consumer uncertainty. That's still the number one reason. Our people are telling us, our customers are telling us that they're not investing certainly in large projects. And that has everything to do with consumer confidence and sentiment, jobs picture, overall price levels and affordability in the economy.

札克，​​如果市場表現不佳，可能會促使我們把價格下調到區間的下限。而造成這種情況的首要原因是消費者持續的不確定性。這仍然是首要原因。我們的員工告訴我們，我們的客戶也告訴我們，他們絕對不會投資大型專案。而這一切都與消費者的信心和情緒、就業狀況、整體物價水準以及經濟中的可負擔性息息相關。

Home prices, if we do start to see some wider spread home price decrease that may have a negative psychological impact. Turnover stays low and that there's a little more price elasticity. As Billy said, while we have a modest year over year price outlook for the year, we could see higher responses of elasticity. So that could be on the macro why we would have a more challenged year as an industry. And then we have a little unique profile of the year by quarter going into '26, which Richard will take us through.

如果房價開始出現更大範圍的下跌，這可能會對心理產生負面影響。週轉率維持低位，價格彈性略高。正如比利所說，雖然我們對今年的價格比預期較為溫和，但我們可能會看到更高的彈性反應。所以從宏觀角度來看，這可能是我們這個產業今年面臨更大挑戰的原因。接下來，我們將按季度對 2026 年進行一次獨特的年度概況介紹，理查德將為我們詳細解讀。

Sure. Yes. So you mentioned the shape of the year and we thought that it would be helpful to give a little more color than typical on the shape of the year. First, we expect our comps in the second half to be slightly higher than our comps in the first half. This is a reflection of compares to 2025 storm activity and the absence thereof. That is, in essence, what is shaping our comp expectation for the year.

當然。是的。所以你提到了年份的形狀，我們認為對年份的形狀進行一些比通常更生動的描述會很有幫助。首先，我們預計下半年的同店銷售額將略高於上半年的同店銷售額。這是 2025 年風暴活動及其缺失情況的比較。從本質上講，這就是影響我們對今年薪酬預期的主要因素。

Second, we expect gross margin to be down by about 24 basis points year over year, reflecting the annualization of GMS. So recall that the pro forma impact of GMS to gross margin is about 40 basis points per year. And so that 24 basis points reflects about seven non-comp months of ownership. This annualization means that we expect our first half gross margin to be down about 50 basis points versus last year, and our second half gross margin to be right around flat to last year.

其次，我們預期毛利率將年減約 24 個基點，這反映了 GMS 的年化。因此請記住，GMS 對毛利率的預期影響約為每年 40 個基點。因此，24 個基點反映了約 7 個月的非補償性持有期。按年計算，我們預計上半年毛利率將比去年同期下降約 50 個基點，下半年毛利率將與去年同期基本持平。

And so you're going to see the largest year over year impact to gross margin in the first quarter, and then that will gradually improve through the year. In addition, due to the timing of expense comparisons versus last year. And this is also driven by the addition of the GMS expense base compared to the first half of last year.

因此，你會看到第一季毛利率比去年同期受到的影響最大，然後這種情況會在今年逐漸改善。此外，由於與去年相比，費用比較的時間點不同。與去年上半年相比，GMS 支出基數的增加也是造成此現象的原因之一。

So the addition of that expense base along with some other timing means that we expect operating expense as a percentage of sales to be at their highest level of the year in Q1. So as a result of all this, our expectations are that our year over year EPS performance will be mid-single-digit percentage negative in Q1, improving through the year, and this is solely due to acquisition annualization and a few timing comparisons.

因此，加上該費用基數以及其他一些時間因素，我們預計第一季營業費用佔銷售額的百分比將達到全年最高水準。因此，由於上述種種原因，我們預計第一季每股收益將年比將出現個位數百分比的負成長，並在年內逐步改善，這完全是由於收購年化和一些時間上的比較造成的。

Really appreciate all the time, guys. Thanks so much.

非常感謝各位一直以來的支持。非常感謝。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

Good morning. Thank you so much for taking my question. You mentioned that SRS was a little bit more aggressive on the pricing side in the fourth quarter in order to maintain market share, and you expect some of that to persist in the first quarter. So do you think that's going to linger beyond the first quarter? And are you seeing signals of that behavior happening in anywhere beyond just the roofing category such that it could lead to more volatility in the Home Depot's gross margin rate over time?

早安.非常感謝您回答我的問題。您提到 SRS 在第四季度為了保持市場份額而在定價方面採取了更激進的策略，您預計這種策略會在第一季繼續實施。所以你認為這種情況會持續到第一季之後嗎？您是否發現這種行為的跡象表明，這種行為不僅發生在屋頂材料類別中，而且可能隨著時間的推移導致家得寶的毛利率出現更大的波動？

Thanks, Michael. I don't think it would lead to significantly more volatility over time. I think with the dramatic fall in roofing shipments in 2024, again, as Richard said, down 28%. SRS just took an opportunity, which we fully supported to take share. And remember, not having storms in the back half of '24, stronger impact in the back half of '25, but some of that will bleed into Q1 as well. So we're not expecting a robust building materials environment in Q1, and we're happy to make the investments and take share.

謝謝你，麥可。我不認為這會導致長期波動性顯著增加。我認為，正如理查所說，2024 年屋頂材料出貨量將大幅下降 28%。SRS只是抓住了一個機會，我們對此表示全力支持，希望藉此機會擴大市場佔有率。記住，2024 年下半年沒有風暴，2025 年下半年影響更大，但其中一些影響也會延續到第一季。因此，我們預期第一季建材市場環境不會強勁，但我們樂於進行投資並搶佔市場份額。

And that's all embedded in our guidance for the year.

而這些都已納入我們今年的指導方針中。

Okay, thank you very much for that. If you had perfect insight that housing turnover was going to remain muted through 2027, would that change any of your capital allocation priorities, especially now that Home Depot has made a lot of foundational investments, both organically as well as through acquisitions. How are you going to approach balancing returning capital to shareholders with continuing to build out the capabilities that are necessary to capitalize on the Pro ecosystem that you've built?

好的，非常感謝。如果你完全預見到 2027 年住房週轉率將保持低迷，這會改變你的資本配置優先事項嗎？尤其是在家得寶已經透過自身發展和收購進行了大量基礎性投資的情況下。您打算如何平衡向股東返還資本與繼續建立必要的能力以充分利用您已建立的專業生態系統之間的關係？

Well, Michael, if turnover in starts and all housing activity is more or less flat through '26, then we'll have the absence of further declines. And in '25, as the market continued to drop off, we took share and we'd look to take share in '26 as well.

邁克爾，如果到 2026 年房屋開工量和所有住房活動的周轉率基本上保持平穩，那麼就不會出現進一步的下滑。2025 年，隨著市場持續下滑，我們搶佔了市場份額，我們希望在 2026 年也能搶佔市場份額。

At this point, the level of potential downs, we said minus one, potentially the plus one, that would not be a significant enough drop in the overall macro of our space to come off our investment profile. We're extremely happy with the strategy that we laid out in December that we are focused on our core and our culture, and we continue to invest in our stores, the maintenance of the stores and the shopping environment and also building new stores.

目前來看，我們所說的潛在下跌幅度（-1，也可能是+1）不足以對我們所在領域的整體宏觀經濟造成足夠大的衝擊，進而影響我們的投資策略。我們對去年 12 月制定的策略非常滿意，該策略專注於我們的核心業務和企業文化，我們將繼續投資於我們的門市、門市維護和購物環境，並建立新門市。

Interconnected penetration continues to grow, delivery continues to grow. So we've never come off all the investments we're making and the strong results on our interconnected portfolio. And Pros represents in any market environment, still that $200 billion of white space for us, that is the share we're capturing, and we would continue to invest in that to take share.

互聯互通滲透率持續成長，交付量持續成長。因此，我們從未動搖過我們所有的投資，以及我們相互關聯的投資組合所取得的強勁成果。在任何市場環境下，Pros 仍然代表著我們擁有的 2000 億美元的空白市場，那是我們正在佔領的份額，我們將繼續投資於此以奪取市場份額。

From a capital allocation perspective, our principles haven't changed. As Ted said, we reinvest in the business first. And look, we have a high bar for what we are willing to invest in. Every project has to provide an exceptional return on investment, and we feel like that is our profile. And after that, we return our capital to shareholders in the form of dividends. And once we return to an excess cash position, which we anticipate will be sometime in the first half of 2027, we would expect to return to share repurchases.

從資本配置的角度來看，我們的原則並沒有改變。正如泰德所說，我們首先會把資金再投資到企業中。而且，我們對投資對象的要求很高。每個專案都必須帶來卓越的投資回報，我們認為這正是我們的優勢所在。之後，我們將資本以股利的形式回饋給股東。一旦我們恢復到現金盈餘狀態（我們預計這將在 2027 年上半年發生），我們預計會恢復股票回購。

Very helpful. Thanks, again.

很有幫助。再次感謝。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Thanks everyone. Good morning. I want to follow up on consumer health. Can you talk about if the consumer is behaving a little more value conscious? And then there's always this higher spending you're going to get from a turning home versus a nonturning home. Is there anything that you're seeing in that multiplier that's changing? Is the consumer not spending as much when they are turning a home over? Thanks.

謝謝大家。早安.我想跟進消費者健康方面的資訊。您能否談談消費者是否變得更加重視性價比？此外，與非翻新房屋相比，翻新房屋的消費額總是會更高。你觀察到這個乘數有什麼改變嗎？消費者在房屋翻新時是否花費較少？謝謝。

Simeon, it's Billy. Thanks for the question. I'll take the first part just around what we're seeing from a customer standpoint. We haven't seen, it's really been balanced throughout the entire year. Obviously, you have different points in time.

西蒙，我是比利。謝謝你的提問。我先從客戶的角度談談我們目前看到的情況。我們沒有看到，全年情況一直都很平衡。顯然，你們所處的時間點不同。

I mentioned the record sales we had in our Black Friday events, in our Gift Center, so great interaction across our entire interconnected experience. We haven't seen a lot of trade down, but we've seen some, as we've talked about, countertops and things of those nature. We saw a little bit in our appliance business as well but haven't seen that more broadly, but just very consistent across every single quarter.

我提到了我們在黑色星期五活動和禮品中心創下的銷售紀錄，這表明我們整個互聯體驗的互動效果非常好。我們沒有看到很多降級交易，但正如我們之前討論過的，我們看到了一些檯面之類的東西的降級交易。我們在家電業務中也看到了一些這種情況，但還沒有在更廣泛的範圍內看到這種情況，不過每季的情況都非常穩定。

Outside of the dynamics we've talked about, whether those are storms or other things, we continue to see strong customer engagement, don't really see a decline or trade down, if you will, from what customers are engaging. And as I mentioned, we had a record Q4 across our events. So where we've continue to create great value for customers, we're seeing just great interaction across the board.

除了我們討論過的那些動態因素（無論是風暴還是其他因素）之外，我們繼續看到強勁的客戶參與度，並沒有看到客戶參與度下降或降低。正如我之前提到的，我們第四季的各項賽事都創下了紀錄。因此，當我們持續為客戶創造巨大價值時，我們看到了各方面的良好互動。

Yeah. I think, Simeon, a dynamic we're seeing in others in our space have reported on the supplier side have said some similar things that with turnover down and people still wanting to move, they're not spending as much in their home if they anticipate moving in the next year or two. So there's maybe a bit more repair than replace. And you've heard us talk before about the cumulative underspend in home improvement, which we use some third-party consulting folks who put that at $22 billion today that people have underspent in the aging home.

是的。西蒙，我認為，我們在這個領域的其他一些供應商也看到了類似的趨勢，他們表示，隨著人員流動減少，人們仍然想要搬家，如果他們預計在未來一兩年內搬家，他們就不會在住房上花費那麼多錢。所以可能維修的部分比更換的部分多。您之前也聽過我們談過家庭裝修方面的累積支出不足問題，我們聘請了一些第三方諮詢機構，他們估計目前人們在老舊房屋裝修方面的支出不足高達 220 億美元。

So turnover obviously helps people fix things up before they sell, and the new owner modifies the house to how they want it, but it also has an impact to the people who think they're going to move and just waiting in more of a repair than a replacement cycle. I don't necessarily think that's going to get any worse, but we're certainly bouncing along with what we hope would be a bottom in things like turnover

因此，房屋週轉顯然有助於人們在出售房屋前進行修繕，新業主可以根據自己的意願改造房屋，但對於那些認為自己會搬家，只是等待房屋修繕而不是更換的人來說，房屋週轉也會產生影響。我並不認為情況會變得更糟，但我們目前確實在圍繞著營業額等指標的反彈，希望這已經觸底反彈了。

Okay. And just a follow-up to the earlier question on the Pro, when you bought SRS, we talked a lot about order management and trade credit as capabilities that needed to be implemented for the Home Depot. It sounds like the rollout of that is done, or is '26 continued rollout of those capabilities across the rest of the enterprise? It's not clear how much of that is in place versus how much of that needs to get done versus now you can execute and drive the business?

好的。關於之前提到的 Pro 的問題，我想補充一點：當您收購 SRS 時，我們曾多次討論過訂單管理和貿易信用功能，這些都是 Home Depot 需要實現的功能。聽起來這項功能的推廣已經完成，還是說 '26 將繼續在企業其他部門推廣這些功能？目前還不清楚有多少工作已經到位，有多少工作需要完成，以及現在您可以執行並推動業務？

Yeah, it's Mike here. I mean I would say a good high percentage depending on the capability is done. On Pro trade credit, there's continued investments this year to bring it online, to bring it down to a store level throughout the year versus a bit more focused on our outside sales right now. So those capabilities will come out this year.

是的，我是麥克。我的意思是，根據能力的不同，我認為已經完成了相當高比例的工作。對於 Pro 貿易信貸，今年我們將繼續投資，使其上線，並在全年逐步擴展到門市層面，而不是像現在這樣更專注於我們的外部銷售。所以這些功能將在今年推出。

On the pricing side, we are into a number of pilots right now that we're listing to expand later this year to bring it across the country. And from an order management standpoint, we're pleased with the improvements that we've seen in delivery, reliability year after year after year from John's team and beyond, but there are still opportunities for some order consolidation work to go on.

在定價方面，我們目前正在進行一些試點項目，並計劃在今年稍後擴大規模，將其推廣到全國各地。從訂單管理的角度來看，我們對約翰的團隊以及其他團隊多年來在交付和可靠性方面取得的進步感到滿意，但訂單整合方面仍有一些改進空間。

And those will happen kind of throughout the year using our one supply chain system versus having to rely on our stores that we do in some cases when it comes to some of our non-stock deliveries out to our customers.

而這些工作將在全年進行，我們將使用我們單一的供應鏈系統，而不是像某些情況下那樣依賴我們的門市來向客戶交付一些非庫存商品。

And then further on the B2B side, the opportunity to invest there further in areas such as e-procurement integration for spend management tools that a number of our customers use along with construction management software integration when it comes to job management software that customers use. So there is a continued healthy build-out in 2026 to be done, although a significant portion has been completed already.

此外，在 B2B 方面，還有機會進一步投資於一些領域，例如電子採購整合（用於支出管理工具，我們的許多客戶都在使用）以及施工管理軟體整合（用於客戶使用的工作管理軟體）。因此，儘管很大一部分已經完成，但到 2026 年仍需繼續進行健康的建設。

But Simeon, on the vision of SRS and now GMS, ultimately cross-sell opportunity and further penetration with large remodelers and builders. We're super excited about that and starting to see some really nice wins in cross-selling, where either the Home Depot, the GMS or the SRS sales rep who have a line of business with a particular customer have done the introductions, and we're winning frankly tens of thousands of incremental homes through a warm handoff with the other product categories that, of the team that was introduced.

但西蒙認為，SRS 和現在的 GMS 的願景是，最終要抓住交叉銷售的機會，進一步滲透到大型改造商和建築商。我們對此感到非常興奮，並且開始在交叉銷售方面取得一些非常好的成果。無論是家得寶、GMS 或 SRS 的銷售代表，只要他們與特定客戶有業務往來，都會進行介紹。坦白說，透過與其他產品類別的順利交接，我們贏得了數萬個新增家庭客戶。

And also on commercial roofing, SRS does some commercial roofing. So when you think of our stores and our warehouses and our larger suppliers and builders of those commercial properties are also happy to use SRS' commercial roofing capabilities. So the vision of being a point of contact for that Pro and cross-selling is really gaining momentum, which we're really, really happy about.

此外，SRS 也承接一些商業屋頂工程。因此，當您想到我們的商店、倉庫以及我們的大型供應商和這些商業房地產的建築商時，他們也很樂意使用 SRS 的商業屋頂能力。因此，成為專業人士的聯絡點並進行交叉銷售的願景正在迅速發展，我們對此感到非常非常高興。

Thank you. Good luck.

謝謝。祝你好運。

Steven Zaccone, Citi.

史蒂文‧扎科內，花旗集團。

Hey, good morning. Thanks very much for taking my questions. I wanted to follow up on the same-store sales outlook. First question just on how to think about ticket versus transactions within the outlook? Any cadence to be mindful of there? And then big ticket saw an inflection in '25. How do you see that performing in 2026? Just curious on the balance between replacement cycles and innovation versus large private project activity still being a drag.

嘿，早安。非常感謝您回答我的問題。我想了解同店銷售前景。首先，我想問在 Outlook 中，如何區分票據和交易？有什麼節奏需要注意嗎？然後，大宗商品在 2025 年出現了轉捩點。您認為它在 2026 年的表現會如何？我只是好奇，在更新換代週期和創新之間，大型私人專案活動是否仍然會拖累創新，兩者之間是否存在平衡。

Great. So thanks for the question. As Billy said, for 2026, you're likely to see ticket reflect that 3 percentage point increase in retail as we end our, really our, essentially done with our price actions. You'll see that on average through the year. It will be a little higher at the beginning of the year, a little lower at the end of the year than that three. And we, right now, our guidance assumes negative transactions offsetting that ticket.

偉大的。謝謝你的提問。正如比利所說，到 2026 年，隨著我們價格政策的結束，零售價可能會反映出 3 個百分點的成長。你會發現，平均下來，一年中大部分時間都是如此。年初時會比這三個數字略高一些，年末時會比這三個數字略低。目前，我們的指導意見假設負面交易可以抵銷該筆交易。

And Billy, maybe talk about big ticket.

比利，或許可以談談大宗交易。

Yeah. We were pleased with our big-ticket comp transactions, as I mentioned, transactions over $1,000, up 1.3% for the quarter, that's now multiple quarters where we've seen positive impact. The dynamic of that was a little bit different as Ted alluded to around kind of the maintenance and repair. So you think of plumbing and electrical and certainly our power business in the quarter all drove significant gains as it relates to that performance.

是的。正如我之前提到的，我們對大額同店交易感到滿意，超過 1000 美元的交易在本季度增長了 1.3%，這已經是連續多個季度我們看到積極影響了。泰德提到的維護和修理方面的情況略有不同。所以，您可以考慮管道、電氣以及我們本季的電力業務，這些業務都為業績帶來了顯著成長。

And that's a little bit of a change as we've seen in some of the areas around appliances where it's a little more duress related at this point in time but a similar composition, as I mentioned for the last quarter, and we look to see a very similar performance in 2026.

正如我們在家用電器領域的一些方面所看到的，這確實略有變化，目前這與壓力有關，但構成相似，正如我在上一季提到的那樣，我們預計 2026 年的表現將非常相似。

Okay, great. Then the follow-up I had is just I'm also looking at (inaudible) out my window, as Zach mentioned. Should we expect any differences like first quarter comps versus second quarter? Just being mindful if that has still caused any sort of disruption? And then also, where we had this prolonged winter, can that sometimes lead to a later start to spring in certain markets?

好的，太好了。然後我的後續反應是，我也正看著窗外（聽不清楚），就像 Zach 提到的那樣。我們是否應該預期第二季與第一季相比會有任何差異？只是想確認一下，這是否仍然造成了任何干擾？此外，由於今年冬季持續時間較長，這是否會導致某些市場的春季開始時間較晚？

All of the above, Steven. I would say, again, as Richard said, we're looking for back half comps to be stronger than the first half, and that's really more of a normalized, we don't plan for storms, but in the normal case, there's storms in your base.

以上全部，史蒂文。我想再次強調，正如理查德所說，我們預計下半年的業績將強於上半年，這實際上是一種正常情況，我們不為風暴做準備，但在正常情況下，你們的基地會有風暴。

The timing of spring, you're right, when you have a really rough winter in the north, you get a lot of landscape damage and roofing and gutters and all those things will be, need to be repaired, and that will be helpful for Q1.

你說得對，春天的時機，如果北方的冬天非常嚴寒，就會造成很多景觀損壞，屋頂、排水溝等等都需要維修，這對第一季會有幫助。

But then if you, obviously, get a cold late spring, and that pushes, we've talked about the bathtub effect for years, and that pushes the core spring business into Q2 and don't have a crystal ball at this point on how spring is going to play out. But there will be, there will definitely be some damage repair from all this ice and snow in the north.

但是，如果春季來得晚一些，天氣寒冷，這顯然會把我們多年來一直在討論的「浴缸效應」推到第二季度，而目前我們無法預測春季的走勢。但是，北方這場冰雪災害肯定會造成一些損失，需要進行修復。

Fair enough. Thanks very much.

很公平。非常感謝。

Christine, we have time for one more question.

克里斯汀，我們還有時間再問一個問題。

Zhihan Ma, Bernstein.

馬志漢，伯恩斯坦。

Hi, thank you. I'll ask my one and follow up in one go. So just one quick clarification on the big ticket side of things, can you talk about the big ticket discretionary projects? How sales trends are trending there? And are you seeing any improvement?

您好，謝謝。我會一次問完我的問題並跟進。那麼，關於大額支出方面，您能否快速澄清一下，您能談談那些大額的自主支出項目嗎？那裡的銷售趨勢如何？你覺得情況有改善嗎？

And secondly, just quickly on inventory, up about 10% year over year. Can you talk about how much of that is driven by GMS versus the cost going up? Is there any underlying increase in the inventory buildup as well? Thank you.

其次，庫存方面，年增約 10%。您能否談談其中有多少是因為GMS（全球行動服務）上漲，又有多少是因為成本上漲？庫存積壓是否也有增加？謝謝。

I'll take the big ticket question. That's really the telltale for us of when we think the demand profile is going to change for the upside. And we still have not seen that. That's, you've heard us consistently now saying things are improving. Our comp clearly improved, a positive comp in 2025. But we have not seen the increase in big ticket. And that will be a telltale for a turn in the market.

我來回答這個關鍵問題。對我們來說，這才是判斷需求狀況何時會向好轉的真正指標。我們至今仍未看到這種情況。也就是說，你們已經一直聽到我們說情況正在好轉。我們的業績明顯好轉，預計 2025 年業績將實現正成長。但我們尚未看到大宗商品交易量的成長。這將是市場轉向的一個預兆。

And then Richard, you can cover inventory.

然後，理查德，你可以負責盤點庫存。

Sure. Inventory is more of a year over year dynamic rather than a sequential quarter dynamic. The increase in inventory year-over-year primarily reflects the addition of GMS' inventory onto our balance sheet. It also reflects higher cost of inventory reflecting tariffs and then some year over year increase in inventory levels as we leaned into our accelerated delivery speed through the year. We think our in-stocks and our inventory position are in great shape, and we feel fantastic about how we're positioned for 2026.

當然。庫存變化更多地體現在同比變化上，而不是季度環比變化上。庫存同比增加主要反映了 GMS 的庫存併入我們的資產負債表。這也反映了庫存成本的上升，這主要是由於關稅以及我們全年加快交付速度導致的庫存水準較去年同期上升。我們認為我們的庫存和庫存狀況良好，我們對 2026 年的情況感到非常滿意。

Great. Thank you so much.

偉大的。太感謝了。

Ms. Janci, I'd like to turn the floor back over to you for closing comments

詹西女士，我想把發言權交還給您，請您作總結發言。

Thank you, Christine, and thank you, everybody, for joining us today. We look forward to speaking with you on our first quarter earnings call in May.

謝謝克里斯汀，也謝謝各位今天蒞臨。我們期待在五月的第一季財報電話會議上與您交流。

Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與，祝您有美好的一天。