(https://www.cnbc.com/2026/07/14/consumer-price-index-inflation-report-june-2026.html) to 3.5% YoY—the lowest in years. Markets are celebrating the inflation win. But here's what the balance sheet data tells me: retailer profitability masks a deeper structural problem. WMT posted in Q4 revenue with a net margin. HD is sitting on in annual revenue with a net margin—stronger than WMT's, but carrying $44.8B in debt against only $1.6B cash.

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