NYSE : DHI
D.R. Horton, Inc. — Financial statements
Consumer Discretionary · Residential Construction · United States
Last price 146.53 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 39.77B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
D.R. Horton, Inc. (DHI) reported revenue of 33.04B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year October - September; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 32.23B | 32.23B | 33.41B | 35.92B | 34.66B | 32.69B |
| Other Revenue | 817.30M | 817.30M | 841.20M | 882.50M | 801.50M | 795.00M |
| Revenue | 33.04B | 33.04B | 34.25B | 36.80B | 35.46B | 33.48B |
| Cost of Revenue | 25.68B | 25.68B | 25.98B | 27.19B | 26.03B | 22.91B |
| Gross Profit | 6.80B | 6.80B | 7.71B | 9.04B | 8.91B | 10.07B |
| Selling, General & Admin | 3.11B | 3.11B | 3.04B | 2.93B | 2.65B | 2.39B |
| Operating Expenses | 3.11B | 3.11B | 3.04B | 2.93B | 2.65B | 2.39B |
| Operating Income | 3.69B | 3.69B | 4.67B | 6.12B | 6.26B | 7.68B |
| Other Non Operating Income (Expenses) | 213.00M | 213.00M | 226.80M | 247.70M | 136.40M | 16.10M |
| EBT Excluding Unusual Items | 3.91B | 3.91B | 4.90B | 6.36B | 6.39B | 7.70B |
| Asset Writedown | -158.10M | -78.80M | -80.30M | -70.40M | ||
| Pretax Income | 3.91B | 3.91B | 4.74B | 6.28B | 6.31B | 7.63B |
| Income Tax Expense | 968.80M | 968.80M | 1.12B | 1.48B | 1.52B | 1.73B |
| Earnings From Continuing Operations | 2.94B | 2.94B | 3.62B | 4.81B | 4.80B | 5.90B |
| Minority Interest in Earnings | -48.00M | -48.00M | -35.70M | -49.60M | -49.50M | -38.10M |
| Net Income | 2.89B | 2.89B | 3.59B | 4.76B | 4.75B | 5.86B |
| Net Income to Common | 2.89B | 2.89B | 3.59B | 4.76B | 4.75B | 5.86B |
| Shares Outstanding (Basic) | 284.80M | 284.80M | 308.50M | 329.50M | 340.70M | 351.70M |
| Shares Outstanding (Diluted) | 285.80M | 285.80M | 309.90M | 331.60M | 343.30M | 354.80M |
| EPS (Basic) | 10.15 | 10.15 | 11.62 | 14.44 | 13.93 | 16.65 |
| EPS (Diluted) | 10.11 | 10.11 | 11.57 | 14.34 | 13.82 | 16.51 |
| Free Cash Flow | 3.35B | 3.35B | 3.28B | 2.02B | 4.16B | 413.60M |
| Free Cash Flow Per Share | 11.71 | 11.71 | 10.60 | 6.11 | 12.11 | 1.17 |
| Dividend Per Share | 1.80 | 1.80 | 1.60 | 1.20 | 1.00 | 0.90 |
| Gross Margin | 20.58% | 20.58% | 22.52% | 24.57% | 25.13% | 30.08% |
| Operating Margin | 11.18% | 11.18% | 13.64% | 16.62% | 17.65% | 22.95% |
| Profit Margin | 8.74% | 8.74% | 10.47% | 12.93% | 13.38% | 17.50% |
| Free Cash Flow Margin | 10.13% | 10.13% | 9.59% | 5.50% | 11.72% | 1.23% |
| EBITDA | 3.81B | 3.81B | 4.77B | 6.20B | 6.35B | 7.77B |
| EBITDA Margin | 11.53% | 11.53% | 13.93% | 16.86% | 17.91% | 23.19% |
| D&A For EBITDA | 116.50M | 116.50M | 101.30M | 87.10M | 91.60M | 81.40M |
| EBIT | 3.69B | 3.69B | 4.67B | 6.12B | 6.26B | 7.68B |
| EBIT Margin | 11.18% | 11.18% | 13.64% | 16.62% | 17.65% | 22.95% |
| Effective Tax Rate | 24.80% | 24.80% | 23.61% | 23.53% | 24.06% | 22.73% |
| Advertising Expenses | 108.20M | 72.30M | 64.70M | 41.70M |
Balance sheet
Fiscal year October - September; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.06B | 2.06B | 2.99B | 4.52B | 3.87B | 2.44B |
| Cash & Short-Term Investments | 2.06B | 2.06B | 2.99B | 4.52B | 3.87B | 2.44B |
| Other Receivables | 331.00M | 303.90M | 333.00M | 348.80M | ||
| Receivables | 331.00M | 303.90M | 333.00M | 348.80M | ||
| Inventory | 25.07B | 25.07B | 25.29B | 24.90B | 22.37B | 21.66B |
| Finance Div. Loans and Leases | 2.57B | 2.57B | 2.69B | 2.60B | 2.61B | 2.46B |
| Finance Div. Other Current Assets | 20.80M | 20.80M | 19.90M | 20.60M | 16.70M | 123.00M |
| Prepaid Expenses | 134.50M | 117.90M | 93.00M | 77.40M | ||
| Restricted Cash | 34.20M | 34.20M | 28.00M | 7.00M | 9.80M | 12.70M |
| Other Current Assets | 3.00B | 2.60B | 2.33B | 2.30B | ||
| Total Current Assets | 29.75B | 29.75B | 34.48B | 35.07B | 31.65B | 29.42B |
| Property, Plant & Equipment | 629.60M | 629.60M | 637.60M | 578.40M | 487.90M | 513.90M |
| Long-Term Investments | 42.70M | 44.50M | 2.30M | 47.70M | ||
| Goodwill | 163.50M | 163.50M | 163.50M | 163.50M | 163.50M | 163.50M |
| Other Intangible Assets | 27.10M | 5.90M | 11.10M | 10.60M | ||
| Long-Term Deferred Tax Assets | 44.50M | 167.50M | 187.20M | 141.10M | ||
| Other Long-Term Assets | 4.27B | 4.27B | 75.20M | 72.70M | 80.30M | 52.40M |
| Total Assets | 34.82B | 34.82B | 35.47B | 36.10B | 32.58B | 30.35B |
| Accounts Payable | 1.11B | 1.11B | 1.22B | 1.35B | 1.25B | 1.36B |
| Accrued Expenses | 3.30B | 3.30B | 1.24B | 1.13B | 987.40M | 1.02B |
| Short-Term Debt | 600.00M | 745.00M | 800.00M | |||
| Current Portion of Long-Term Debt | 600.00M | 600.00M | 34.10M | 563.00M | 49.60M | 895.40M |
| Current Portion of Leases | 29.00M | |||||
| Finance Div. Debt Current | 1.37B | 1.37B | 1.41B | 1.53B | 1.67B | 1.62B |
| Finance Div. Other Current Liabilities | 533.70M | 533.70M | ||||
| Current Income Taxes Payable | 19.00M | 27.70M | 233.80M | 110.90M | ||
| Other Current Liabilities | 817.60M | 566.90M | 631.30M | 695.20M | ||
| Total Current Liabilities | 6.92B | 6.92B | 5.37B | 5.92B | 4.82B | 6.50B |
| Long-Term Debt | 4.08B | 4.08B | 3.96B | 3.14B | 3.42B | 2.95B |
| Finance Div. Other Long-Term Liabilities | 8.10M | 8.10M | ||||
| Long-Term Leases | 36.60M | 53.30M | 48.10M | 47.90M | ||
| Long-Term Deferred Tax Liabilities | 91.10M | 91.10M | ||||
| Other Long-Term Liabilities | 1.37B | 1.17B | 1.15B | 1.07B | ||
| Total Liabilities | 11.10B | 11.10B | 10.73B | 10.28B | 9.44B | 10.57B |
| Common Stock | 4.00M | 4.00M | 4.00M | 4.00M | 4.00M | 4.00M |
| Additional Paid-In Capital | 3.67B | 3.67B | 3.58B | 3.49B | 3.43B | 3.35B |
| Retained Earnings | 33.42B | 33.42B | 31.04B | 27.95B | 23.59B | 19.19B |
| Treasury Stock | -13.98B | -13.98B | -10.43B | -6.13B | -4.33B | -3.14B |
| Total Common Equity | 23.11B | 23.11B | 24.19B | 25.31B | 22.70B | 19.40B |
| Minority Interest | 604.70M | 604.70M | 551.80M | 511.60M | 441.70M | 389.30M |
| Shareholders' Equity | 23.71B | 23.71B | 24.74B | 25.82B | 23.14B | 19.79B |
| Total Liabilities & Equity | 34.82B | 34.82B | 35.47B | 36.10B | 32.58B | 30.35B |
| Total Debt | 6.05B | 6.05B | 6.07B | 6.03B | 5.19B | 6.31B |
| Net Cash (Debt) | -3.99B | -3.99B | -3.08B | -1.52B | -1.32B | -3.87B |
| Net Cash Per Share | -13.97 | -13.97 | -9.94 | -4.58 | -3.84 | -10.92 |
| Filing Date Shares Outstanding | 271.44M | 271.44M | 292.06M | 321.17M | 333.18M | 344.34M |
| Total Common Shares Outstanding | 271.44M | 271.44M | 294.48M | 324.03M | 334.85M | 343.95M |
| Working Capital | 22.83B | 22.83B | 29.11B | 29.15B | 26.83B | 22.92B |
| Book Value Per Share | 85.14 | 85.14 | 82.15 | 78.12 | 67.78 | 56.39 |
| Tangible Book Value | 22.95B | 22.95B | 24.00B | 25.14B | 22.52B | 19.22B |
| Tangible Book Value Per Share | 84.54 | 84.54 | 81.50 | 77.60 | 67.26 | 55.89 |
| Order Backlog | 4.46B | 4.46B | 4.12B | 4.77B |
Cash flow statement
Fiscal year October - September; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 2.89B | 2.89B | 3.59B | 4.76B | 4.75B | 5.86B |
| Depreciation & Amortization | 116.50M | 116.50M | 101.30M | 87.10M | 91.60M | 81.40M |
| Asset Writedown & Restructuring Costs | 33.00M | 14.00M | 19.00M | 3.80M | ||
| Stock-Based Compensation | 134.00M | 134.00M | 131.00M | 118.10M | 111.20M | 105.10M |
| Other Operating Activities | 391.50M | 391.50M | 284.00M | 133.40M | 64.90M | 133.80M |
| Change in Inventory | 143.70M | 143.70M | -460.10M | -2.65B | -516.40M | -5.18B |
| Change in Accounts Payable | 256.60M | 256.60M | 83.70M | 19.60M | -101.80M | 1.04B |
| Change in Other Net Operating Assets | -424.50M | -424.50M | -337.20M | -289.00M | -110.10M | -1.47B |
| Operating Cash Flow | 3.51B | 3.51B | 3.42B | 2.19B | 4.30B | 561.80M |
| Capital Expenditures | -160.40M | -160.40M | -137.40M | -165.30M | -148.60M | -148.20M |
| Sale of Property, Plant & Equipment | 22.90M | 19.40M | 52.00M | |||
| Cash Acquisitions | -124.10M | -124.10M | -53.10M | -40.40M | -212.90M | -271.50M |
| Other Investing Activities | -27.30M | -27.30M | -1.10M | -4.30M | -700.00K | 4.80M |
| Investing Cash Flow | -311.80M | -311.80M | -168.70M | -190.60M | -310.20M | -414.90M |
| Long-Term Debt Issued | 5.42B | 5.42B | 3.27B | 2.09B | 762.30M | 4.37B |
| Long-Term Debt Repaid | -5.41B | -5.41B | -3.27B | -1.19B | -1.82B | -3.80B |
| Net Debt Issued (Repaid) | 8.80M | 8.80M | 3.70M | 894.70M | -1.06B | 572.50M |
| Issuance of Common Stock | 18.30M | 18.30M | 18.50M | 20.60M | 25.50M | 33.20M |
| Repurchase of Common Stock | -3.58B | -3.58B | -4.35B | -1.87B | -1.23B | -1.19B |
| Common Dividends Paid | -513.30M | -513.30M | -494.80M | -395.20M | -341.20M | -316.50M |
| Other Financing Activities | -47.90M | -47.90M | 55.50M | -4.00M | -54.80M | 93.10M |
| Financing Cash Flow | -4.11B | -4.11B | -4.76B | -1.36B | -2.67B | -811.20M |
| Net Cash Flow | -917.90M | -917.90M | -1.51B | 643.90M | 1.33B | -664.30M |
| Free Cash Flow | 3.35B | 3.35B | 3.28B | 2.02B | 4.16B | 413.60M |
| Free Cash Flow Margin | 10.13% | 10.13% | 9.59% | 5.50% | 11.72% | 1.23% |
| Free Cash Flow Per Share | 11.71 | 11.71 | 10.60 | 6.11 | 12.11 | 1.17 |
| Levered Free Cash Flow | 7.82B | 7.82B | 2.17B | 922.17M | 3.14B | -1.24B |
| Unlevered Free Cash Flow | 7.82B | 7.82B | 2.17B | 922.17M | 3.14B | -1.24B |
| Cash Income Tax Paid | 869.40M | 869.40M | 1.02B | 1.67B | 1.44B | 1.70B |
| Change in Working Capital | -24.20M | -24.20M | -713.60M | -2.92B | -728.30M | -5.62B |
Ratios
Fiscal year October - September; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 39.63B | 38.22B | 50.52B | 62.16B | 36.36B | 23.40B |
| Enterprise Value | 43.62B | 43.92B | 55.81B | 65.42B | 39.82B | 28.33B |
| Last Close Price | 146.00 | 136.65 | 167.46 | 186.42 | 104.17 | 64.65 |
| PE Ratio | 14.44 | 13.23 | 14.09 | 13.07 | 7.66 | 4.00 |
| Forward PE | 15.34 | 12.36 | 14.15 | 12.44 | 7.84 | 4.53 |
| PS Ratio | 1.20 | 1.16 | 1.48 | 1.69 | 1.02 | 0.70 |
| PB Ratio | 1.71 | 1.61 | 2.04 | 2.41 | 1.57 | 1.18 |
| P/TBV Ratio | 1.73 | 1.67 | 2.10 | 2.47 | 1.61 | 1.22 |
| P/FCF Ratio | 11.84 | 11.42 | 15.39 | 30.70 | 8.75 | 56.58 |
| P/OCF Ratio | 11.30 | 10.90 | 14.77 | 28.39 | 8.45 | 41.66 |
| PEG Ratio | 1.98 | 2.73 | 6.46 | 0.91 | 0.19 | 0.08 |
| EV/Sales Ratio | 1.32 | 1.33 | 1.63 | 1.78 | 1.12 | 0.85 |
| EV/EBITDA Ratio | 11.45 | 11.53 | 11.69 | 10.55 | 6.27 | 3.65 |
| EV/EBIT Ratio | 11.81 | 11.89 | 11.95 | 10.70 | 6.36 | 3.69 |
| EV/FCF Ratio | 13.03 | 13.12 | 17.00 | 32.32 | 9.58 | 68.49 |
| Debt / Equity Ratio | 0.26 | 0.26 | 0.24 | 0.23 | 0.22 | 0.32 |
| Debt / EBITDA Ratio | 1.59 | 1.59 | 1.26 | 0.97 | 0.81 | 0.81 |
| Debt / FCF Ratio | 1.81 | 1.81 | 1.85 | 2.98 | 1.25 | 15.26 |
| Net Debt / Equity Ratio | 0.17 | 0.17 | 0.12 | 0.06 | 0.06 | 0.20 |
| Net Debt / EBITDA Ratio | 1.05 | 1.05 | 0.65 | 0.24 | 0.21 | 0.50 |
| Net Debt / FCF Ratio | 1.19 | 1.19 | 0.94 | 0.75 | 0.32 | 9.37 |
| Asset Turnover | 0.94 | 0.94 | 0.96 | 1.07 | 1.13 | 1.23 |
| Inventory Turnover | 1.02 | 1.02 | 1.03 | 1.15 | 1.18 | 1.20 |
| Quick Ratio | 0.30 | 0.30 | 0.64 | 0.83 | 0.89 | 0.46 |
| Current Ratio | 4.30 | 4.30 | 6.42 | 5.93 | 6.57 | 4.52 |
| Return on Equity (ROE) | 12.12% | 12.12% | 14.32% | 19.63% | 22.34% | 33.69% |
| Return on Assets (ROA) | 6.57% | 6.57% | 8.16% | 11.13% | 12.43% | 17.67% |
| Return on Invested Capital (ROIC) | 9.71% | 10.00% | 12.94% | 18.06% | 19.75% | 28.83% |
| Return on Capital Employed (ROCE) | 13.20% | 13.20% | 15.50% | 20.30% | 22.50% | 32.20% |
| Earnings Yield | 6.92% | 7.56% | 7.10% | 7.65% | 13.05% | 25.03% |
| FCF Yield | 8.45% | 8.76% | 6.50% | 3.26% | 11.43% | 1.77% |
| Dividend Yield | 1.37% | 1.28% | 0.93% | 0.63% | 0.92% | 1.32% |
| Payout Ratio | 19.78% | 17.77% | 13.80% | 8.31% | 7.19% | 5.40% |
| Buyback Yield / Dilution | 7.78% | 7.78% | 6.54% | 3.41% | 3.24% | 3.01% |
| Total Shareholder Return | 9.15% | 9.05% | 7.48% | 4.03% | 4.16% | 4.33% |