Skip to main content
← All exclusions

Home Depot, Inc. (The)

HD

Consumer Discretionary

2

exclusion reasons

2 themes

Surveillance Capitalism (1) Labor Rights (1)
HD Consumer Discretionary Current as of March 2026

This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.

Data & Privacy
Since Mar 12, 2026

Home Depot's data privacy record begins with one of the largest retail breaches in history. From April to September 2014 attackers used credentials stolen from a third-party vendor to deploy custom malware on self-checkout systems across 2,200 stores, exposing 56 million payment cards over five months. The breach cost Home Depot $179 million in settlements: $134.5 million to banks and credit card companies, $27 million to additional financial institutions, and $17.5 million to a multistate coalition of 46 attorneys general.

Home Depot's Orange Apron Media network (formerly Retail Media+) provides advertisers access to behavioral and purchase data from 198 million individual customers, enabling retargeted advertising across social media and offsite channels. In January 2023, the Office of the Privacy Commissioner of Canada found that Home Depot had been sharing customer email addresses and in-store purchase information with Meta through Meta's Offline Conversions program from 2018 through October 2022, without customer knowledge or consent. The Commissioner rejected Home Depot's argument that its privacy statements constituted adequate consent. In 2024 a class action filed under the California Invasion of Privacy Act alleged that Home Depot allowed Google's Cloud Contact Center AI to monitor and record customer service calls without consent. A separate 2023 class action alleged the company embedded session-replay software on its website to intercept users' browsing activity.

Home Depot also deploys Flock Safety automated license-plate readers in its parking lots and stores. Although the company states it does not grant direct access to federal law enforcement, reporting by 404 Media documented that ICE agents have used Flock Safety data for immigration enforcement investigations after local police departments forwarded the data — creating what the Interfaith Center on Corporate Responsibility described in a letter to Home Depot's board as "de facto federal surveillance without transparency or consent." Home Depot stores have become frequent sites for ICE arrests targeting migrant day laborers who congregate in parking lots. In January 2026, Zevin Asset Management led a shareholder proposal with 17 co-filers asking Home Depot to evaluate and report the privacy and civil rights risks associated with sharing data with third-party surveillance vendors, including the risk of "discrimination or wrongful detention from misuse of customer data." Home Depot's own privacy policy discloses that it shares demographic information including age, race, ethnicity, and gender with "law enforcement, public and government authorities."

Working Conditions
Since Mar 12, 2026

Historical reliance on informal migrant day labor leading to systemic wage theft; FLSA violations documented in ViolationTracker enforcement records

Research Sources 4 organizations

Wondering what we do invest in?

The Naughty List

A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.

RSS feed No spam · Unsubscribe anytime

Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.

This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.

Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.