ATLANTA, August 22, 2026, 11:10 EDT
- The Gates Foundation Trust reported holding 1,000,000 shares of The Home Depot NYSE:HD, valued at $352.68 million as of June 30.
- The filing does not indicate a personal purchase by Bill Gates, a trade date, or a cost basis.
- Home Depot ended Friday at $335.61, down 4.84% from the quarter-end reference price stated in the filing.
- Home Depot recorded a 5.7% increase in fiscal second-quarter sales, but its shares declined 0.96% for the week.
The Gates Foundation Trust reported a new holding of 1,000,000 shares in The Home Depot, valued at $352.68 million as of June 30. This position accounted for 1.02% of the trust’s disclosed 13F securities.
The statement “Bill Gates buys Home Depot” simplifies a key detail. While Gates serves as trustee of the trust, it is Cascade Asset Management that oversees the trust’s endowment. Cascade also manages Gates’s private wealth through Cascade Investment, L.L.C. Gates Foundation Trust; Cascade FAQ
The disclosure indicates stock holdings, rather than an acquisition of the retailer. It does not include information on when the trade occurred, the amount paid, or the reasoning behind the investment. Form 13F provides an end-of-quarter look at portfolio positions, not a transactional history.
| Gates Foundation Trust disclosure | March 31, 2026 | June 30, 2026 | Change |
|---|---|---|---|
| Home Depot holdings | 0 | 1,000,000 | +1,000,000 |
| Market value reported | $0 | $352.68 million | +$352.68 million |
| 13F portfolio weight | 0% | 1.02% | +1.02 percentage points |
| Total reported positions | 22 | 24 | +2 |
The trust disclosed holdings of $34.42 billion spread across 24 securities, which does not represent its full asset portfolio. Home Depot did not appear in the previous filing. The trust had previously invested in the company, holding 5,692 shares in September 2023.
Home Depot finished Friday with a closing price of $335.61 as of 4 p.m. EDT. Should the position have stayed the same, its value would stand at $335.61 million, $17.07 million lower than its value posted on June 30.
| Position reference | June 30 filing snapshot | August 21 close | Change |
|---|---|---|---|
| HD price | $352.68 | $335.61 | -$17.07 |
| Value of 1,000,000 shares | $352.68 million | $335.61 million | -$17.07 million |
| Percentage change | — | — | -4.84% |
U.S. markets did not open on Saturday. Home Depot rose 0.33% on Friday, but ended the week 0.96% lower. The stock has fallen 2.47% since the start of the year and is down 18.70% in the past twelve months, based on unadjusted closing prices.
The operating environment saw improvement in the last quarter. Home Depot reported a 5.7% increase in fiscal second-quarter sales to $47.86 billion. Comparable sales rose by 1.7%, and adjusted earnings came in at $4.92 per share. “Our second quarter results exceeded our expectations,” finance chief Richard McPhail said. Home Depot results
| Fiscal second quarter | Home Depot | Lowe’s NYSE:LOW |
|---|---|---|
| Net sales | $47.861 billion | $25.956 billion |
| Sales growth | 5.7% | 8.3% |
| Comparable-sales growth | 1.7% | 0.2% |
| Adjusted diluted EPS | $4.92 | $4.40 |
| Adjusted EPS growth | 5.1% | 1.6% |
Lowe’s recorded a quicker increase in sales, aided by takeovers. However, comparable sales and adjusted earnings rose at a slower pace. Lowe’s trimmed its full-year guidance, in contrast to Home Depot, which maintained its outlook.
Home Depot maintains its outlook for fiscal sales to rise by 2.5% to 4.5%. The company projects comparable sales between unchanged and 2% higher. Adjusted earnings per share are forecast to remain flat or increase up to 4%. The board has announced a quarterly dividend of $2.33, marking the 158th straight cash distribution.
With that dividend, holding one million shares would bring in $9.32 million each year, provided the payout remains the same. At Friday’s close, the yield stood at 2.78%. These figures do not indicate the trust’s intent, but illustrate the cash return tied to the announced stake.
FactSet data shows analysts generally positive, though there is not full consensus. Twenty-two analysts rate the stock as Buy or Overweight, while 17 recommend holding. The consensus price target stands at $380, suggesting a 13.2% potential gain from Friday’s closing price.
| FactSet recommendation | Analyst count | Price-target snapshot | Value |
|---|---|---|---|
| Buy | 19 | Lowest | $310 |
| Overweight | 3 | Average | $380 |
| Hold | 17 | Median | $385 |
| Underweight | 0 | Highest | $425 |
| Sell | 0 | Consensus | Overweight |
Risks: Elevated borrowing costs continue to weigh on large renovation projects. Single-family housing starts dropped 9.9% in July, while comparable transactions at Home Depot slipped 1.0%. Margins may also face pressure from tariffs, rising fuel prices and a protracted housing recovery.
Focus returns to the housing sector and interest rates next week. July new-home sales data is set for release on Tuesday at 10 a.m. EDT. GDP for the second quarter and inflation figures for July are due Wednesday at 8:30 a.m. EDT. The upcoming economic reports could impact mortgage forecasts ahead of trading resuming on Monday.
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