Home Depot nails first same-store sales growth in two years after Q4 beat

Home Depot breaks two-year same-store sales slump as home improvement spending rebounds.

2/25/25 11:17AM

Home Depot delivered a strong fourth-quarter beat after reporting its first same-store sales growth in two years. The home improvement giant posted $34.8 billion in revenue, slightly exceeding Wall Street expectations. Net earnings per share came in at $3.02, narrowly topping analysts’ forecasts of $3.01. Meanwhile, comparable sales, a key metric also known as same-store sales, jumped 0.8% — ending eight straight quarters of declines.

The stock rallied on the report, with the stock up 3.8% as of 11 a.m. ET.

CEO Ted Decker credited the results to increased consumer spending on home improvement, even as larger remodeling projects remained muted. Looking ahead to 2025, Home Depot plans to open 13 new stores and expects total sales growth of approximately 2.8%.

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Constellation, Talen, and NRG surge as BNP analysts see “golden (AI)ge” ahead for them

Power producers Talen Energy, Constellation Energy, and NRG jumped Wednesday, benefiting in part from a rosy write-up by analysts at BNP Paribas, who launched coverage of all three at “outperform” and argued that the AI energy trade — a big AI-related winner in recent years that has lagged a bit recently — is due for a second wind.

That view was in a broad note on the independent power producer segment of utilities industry that the analysts published Wednesday, titled “The Golden (AI)ge of IPPs.”

Here’s the gist of it:

US independent power producers (IPPs) have lagged the AI basket for 6+ months, after garnering much attention in 2023-1H25. Investors are caught up in the minutia of perceived headwinds: underwhelming pace of power purchase agreement deals, distributed behind-the-meter solutions stealing the ‘time-to-power’ edge, pressure for data centers to bring generation and not tighten the grid, etc.

And yet, as we demonstrate, despite all this noise, the wave of rising load is at the cusp of an acceleration that will nonetheless overwhelm new supply—well into the 2030s, in our view. Hop on or risk missing the resurgent AI trade this decade.

BNP’s price targets for the stocks — Constellation ($407), NRG ($232) and Talen ($549) — implied gains of 32%, 50%, and 68% respectively. (Though today’s gains would reduce those potential upside targets somewhat for new buyers.)

US independent power producers (IPPs) have lagged the AI basket for 6+ months, after garnering much attention in 2023-1H25. Investors are caught up in the minutia of perceived headwinds: underwhelming pace of power purchase agreement deals, distributed behind-the-meter solutions stealing the ‘time-to-power’ edge, pressure for data centers to bring generation and not tighten the grid, etc.

And yet, as we demonstrate, despite all this noise, the wave of rising load is at the cusp of an acceleration that will nonetheless overwhelm new supply—well into the 2030s, in our view. Hop on or risk missing the resurgent AI trade this decade.

Home Depot nails first same-store sales growth in two years after Q4 beat

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