Building Products: Home Depot 1Q26 Result - REH/RWC Read-Through

This report analyzes Home Depot's 1Q26 results as a proxy for the US residential building and R&R markets, specifically evaluating the impact on Reece Group and Reliance Worldwide.

Key Takeaways

• 1.Home Depot's 1Q26 result showed a demand profile consistent with FY25, with Pro customers outperforming DIY.
• 2.Big-ticket discretionary projects (>US$1,000) remain pressured due to high financing costs despite a slight increase in transaction volume.
• 3.Home Depot's acquisition of Mingledorff's introduces competitive risk for Reece Group (REH) in the HVAC distribution market.

Table of Contents

• Why is this relevant?
• Bottom line
• Key takeaways
• Price Target Risks and Methodology - Reliance Worldwide Corp.
• Price Target Risks and Methodology - Reece Ltd.
• Disclosure Appendix
• Price target and rating history chart(s)

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