How did Home Depot's expense ratios shift in Q3 2025?

Home Depot's expense ratios in Q3 2025 are not currently available. However, we can infer some trends from the available data.

1. **Telsey Advisory Group's Estimate**: Analysts at Telsey Advisory Group reduced their Q3 2025 EPS estimates for Home Depot from $3.82 to $3.61. This reduction suggests that Home Depot's expenses may have increased or that the company's margins could be under pressure.
2. **Actual Performance in Q3 2025**: Home Depot's net income for Q3 2025 was $3.65 billion, which represents a 4.3% decrease from the same period in the previous year. This decline in net income could be indicative of higher expenses or reduced profitability.
3. **Revenue and Earnings Analysis**: Despite the decrease in net income, Home Depot's revenue for Q3 2025 was $40.2 billion, which is a 6.6% increase from the previous year. This growth in revenue could be offsetting higher expenses, but it does not provide direct information about the expense ratios.
4. **Profit Margin**: The profit margin for Home Depot in Q3 2025 was 9.1%, which is a decrease from the 10% profit margin in the same period the previous year. This decline in profit margin suggests that expenses may have increased as a percentage of revenue.

In conclusion, while the exact expense ratios for Home Depot in Q3 2025 are not available, the available data indicates that the company's expenses may have increased, leading to a decrease in net income and profit margin.