D.R. Horton (DHI) Financials

$122.57 -2.36 (-1.89%)

As of 05/20/2025 03:59 PM Eastern

Annual Income Statements for D.R. Horton

This table shows D.R. Horton's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020	9/30/2019	9/30/2018	9/30/2017	9/30/2016	9/30/2015
Net Income / (Loss) Attributable to Common Shareholders	4,756	4,746	5,858	4,176	2,374	1,619	1,460	1,038	886	751
Consolidated Net Income / (Loss)	4,806	4,795	5,896	4,191	2,381	1,619	1,462	1,038	886	751
Net Income / (Loss) Continuing Operations	4,806	4,795	5,896	4,191	2,381	1,619	1,462	1,038	886	751
Total Pre-Tax Income	6,285	6,315	7,630	5,356	2,983	2,125	2,060	1,602	1,354	1,123
Total Operating Income	5,936	6,102	7,570	5,333	2,950	2,093	2,012	1,577	1,332	1,116
Total Gross Profit	9,535	9,350	10,504	7,875	4,938	3,872	3,670	3,048	2,655	2,288
Total Revenue	36,801	35,460	33,480	27,774	20,311	17,593	16,068	14,091	12,157	10,824
Operating Revenue	36,801	35,460	33,480	27,774	20,311	17,593	16,068	14,091	12,157	10,824
Total Cost of Revenue	27,266	26,110	22,976	19,899	15,373	13,721	12,398	11,043	9,503	8,536
Operating Cost of Revenue	27,266	26,110	22,976	19,899	15,373	13,721	12,398	11,043	9,503	8,536
Total Operating Expenses	3,600	3,249	2,934	2,542	1,988	1,779	1,658	1,472	1,323	1,173
Selling, General & Admin Expense	3,600	3,249	2,934	2,556	2,048	1,833	1,677	1,472	1,320	1,186
Total Other Income / (Expense), net	349	213	59	24	33	32	48	26	22	7.80
Other Income / (Expense), net	349	213	59	42	33	32	45	26	22	7.80
Income Tax Expense	1,479	1,520	1,734	1,165	603	507	598	564	467	373
Net Income / (Loss) Attributable to Noncontrolling Interest	50	50	38	15	6.80	0.10	2.00	0.00	0.00	-
Basic Earnings per Share	$14.44	$13.93	$16.65	$11.56	$6.49	$4.34	$3.88	$2.77	$2.39	$2.05
Weighted Average Basic Shares Outstanding	329.50M	340.70M	351.70M	361.10M	365.50M	372.60M	376.60M	374.30M	371M	366.30M
Diluted Earnings per Share	$14.34	$13.82	$16.51	$11.41	$6.41	-	$3.81	$2.74	$2.36	$2.03
Weighted Average Diluted Shares Outstanding	331.60M	343.30M	354.80M	365.80M	370.20M	377.40M	383.40M	378.90M	375.10M	366.30M
Weighted Average Basic & Diluted Shares Outstanding	321.17M	333.18M	344.34M	356.53M	370.20M	377.40M	376.40M	374.90M	372.93M	366.30M
Cash Dividends to Common per Share	$1.20	$1.00	$0.90	$0.80	$0.70	$0.60	$0.50	$0.40	$0.32	$0.25

This table shows D.R. Horton's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	810	845	1,283	1,354	1,172	947	1,510	1,335	942	959	1,632
Consolidated Net Income / (Loss)	819	852	1,300	1,367	1,184	956	1,526	1,352	950	968	1,648
Net Income / (Loss) Continuing Operations	819	852	1,300	1,367	1,184	956	1,526	1,352	950	968	1,648
Total Pre-Tax Income	1,067	1,110	1,710	1,799	1,529	1,248	2,018	1,784	1,245	1,267	2,066
Total Operating Income	1,002	1,032	1,594	1,718	1,452	1,171	1,937	1,732	1,203	1,230	2,046
Total Gross Profit	1,900	1,910	2,554	2,642	2,333	2,006	2,823	2,584	1,977	1,967	2,879
Total Revenue	7,734	7,613	10,003	9,966	9,107	7,726	10,504	9,726	7,973	7,258	9,640
Operating Revenue	7,734	7,613	10,003	9,966	9,107	7,726	10,504	9,726	7,973	7,258	9,640
Total Cost of Revenue	5,834	5,703	7,448	7,324	6,774	5,720	7,681	7,142	5,996	5,291	6,761
Operating Cost of Revenue	5,834	5,703	7,448	7,324	6,774	5,720	7,681	7,142	5,996	5,291	6,761
Total Operating Expenses	899	878	960	924	881	835	886	852	774	737	832
Selling, General & Admin Expense	899	878	960	924	881	835	886	852	774	737	832
Total Other Income / (Expense), net	66	78	116	81	76	76	81	52	42	38	19
Other Income / (Expense), net	66	78	116	81	76	76	81	52	42	38	19
Income Tax Expense	248	258	410	432	345	292	493	432	296	299	418
Net Income / (Loss) Attributable to Noncontrolling Interest	8.70	7.00	17	13	12	8.30	16	17	7.40	9.60	16
Basic Earnings per Share	$2.59	$2.63	$3.94	$4.12	$3.54	$2.84	$4.46	$3.93	$2.75	$2.79	$4.67
Weighted Average Basic Shares Outstanding	312.50M	321.50M	329.50M	328.40M	330.90M	333.30M	340.70M	339.90M	342.10M	344.20M	351.70M
Diluted Earnings per Share	$2.58	$2.61	$3.90	$4.10	$3.52	$2.82	$4.43	$3.90	$2.73	$2.76	$4.64
Weighted Average Diluted Shares Outstanding	314M	323.30M	331.60M	330.10M	333.30M	335.70M	343.30M	342.30M	344.90M	346.90M	354.80M
Weighted Average Basic & Diluted Shares Outstanding	307.18M	315.12M	321.17M	326.04M	329.31M	331.82M	333.18M	338.30M	341.07M	343.39M	344.34M
Cash Dividends to Common per Share	$0.40	$0.40	-	$0.30	$0.30	$0.30	-	$0.25	$0.25	$0.25	-

This table details how cash moves in and out of D.R. Horton's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020	9/30/2019	9/30/2018	9/30/2017	9/30/2016	9/30/2015
Net Change in Cash & Equivalents	644	1,327	-664	197	1,526	8.00	482	-288	-81	722
Net Cash From Operating Activities	2,190	4,304	562	534	1,422	892	545	440	624	700
Net Cash From Continuing Operating Activities	2,190	4,290	562	534	1,422	892	545	440	624	700
Net Income / (Loss) Continuing Operations	4,806	4,795	5,896	4,191	2,381	1,619	1,462	1,038	886	751
Consolidated Net Income / (Loss)	4,806	4,795	5,896	4,191	2,381	1,619	1,462	1,038	886	751
Depreciation Expense	87	92	81	82	91	72	62	55	61	54
Non-Cash Adjustments To Reconcile Net Income	-18	26	-1,548	-180	42	73	87	85	73	100
Changes in Operating Assets and Liabilities, net	-2,686	-622	-3,868	-3,559	-1,092	-883	-1,076	-743	-402	-210
Net Cash From Investing Activities	-191	-310	-415	-252	-166	-394	19	-164	-113	-95
Net Cash From Continuing Investing Activities	-191	-310	-415	-252	-166	-394	19	-164	-113	-95
Purchase of Property, Plant & Equipment	-165	-149	-148	-267	-287	-224	-138	-157	-86	-56
Acquisitions	-40	-213	-272	-25	-9.70	-316	-159	-4.10	-82	-71
Sale of Property, Plant & Equipment	19	52	0.00	38	130	144	293	0.00	0.00	56
Other Investing Activities, net	-4.30	-0.70	4.80	2.10	0.60	2.10	7.30	-8.80	36	-16
Net Cash From Financing Activities	-1,355	-2,667	-811	-85	271	-490	-83	-565	-592	117
Net Cash From Continuing Financing Activities	-1,355	-2,667	-811	-85	271	-490	-83	-565	-592	117
Repayment of Debt	-1,215	-1,879	-3,586	-467	-1,444	-2,686	-2,182	-1,245	-550	-1,456
Repurchase of Common Equity	-1,788	-1,179	-1,132	-848	-360	-480	-128	-61	0.00	0.00
Payment of Dividends	-395	-341	-317	-289	-256	-227	-192	-150	-119	-92
Issuance of Debt	2,086	762	4,250	1,542	2,346	2,779	2,381	835	0.00	1,591
Issuance of Common Equity	40	26	35	56	23	143	47	47	72	62
Other Financing Activities, net	-84	-56	-62	-79	-38	-20	-10	9.20	4.10	12
Cash Income Taxes Paid	1,670	1,442	1,701	1,138	581	488	387	446	390	334

This table details how cash moves in and out of D.R. Horton's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-551	-1,475	1,524	-73	-251	-556	492	333	462	40	889
Net Cash From Operating Activities	-436	647	1,962	698	-317	-153	2,043	788	645	829	1,125
Net Cash From Continuing Operating Activities	-436	647	1,962	698	-317	-153	2,029	788	645	829	1,125
Net Income / (Loss) Continuing Operations	819	852	1,300	1,367	1,184	956	1,526	1,352	950	968	1,648
Consolidated Net Income / (Loss)	819	852	1,300	1,367	1,184	956	1,526	1,352	950	968	1,648
Depreciation Expense	25	24	24	22	21	20	21	24	27	20	21
Non-Cash Adjustments To Reconcile Net Income	-67	-27	231	53	-92	-210	660	-48	-280	-307	-528
Changes in Operating Assets and Liabilities, net	-1,213	-202	407	-744	-1,430	-920	-178	-540	-52	148	-17
Net Cash From Investing Activities	-37	-57	-30	-95	-27	-39	-1.70	-128	-38	-143	-42
Net Cash From Continuing Investing Activities	-37	-57	-30	-95	-27	-39	-1.70	-128	-38	-143	-42
Purchase of Property, Plant & Equipment	-34	-13	-32	-62	-24	-48	-40	-29	-32	-48	-40
Acquisitions	-2.10	-51	-2.50	-37	-	-1.00	-11	-99	-6.40	-97	-
Other Investing Activities, net	-1.00	7.20	0.50	-1.20	-3.00	-0.60	-2.50	-0.30	0.40	1.70	-1.80
Net Cash From Financing Activities	-77	-2,065	-408	-677	92	-363	-1,549	-326	-145	-647	-194
Net Cash From Continuing Financing Activities	-77	-2,065	-408	-677	92	-363	-1,549	-326	-145	-647	-194
Repayment of Debt	-134	-1,513	-577	-426	358	-570	-1,240	93	-9.70	-722	-1,475
Repurchase of Common Equity	-1,352	-1,056	-557	-436	-418	-377	-419	-340	-302	-118	-272
Payment of Dividends	-126	-129	-98	-98	-99	-100	-84	-85	-86	-86	-78
Issuance of Debt	1,562	660	816	285	265	720	187	-	275	300	1,625
Issuance of Common Equity	8.50	0.00	8.40	-	30	1.60	6.80	5.80	7.40	5.50	6.30
Other Financing Activities, net	-36	-28	-1.00	-1.30	-44	-38	-0.20	-0.10	-30	-26	-0.20

This table presents D.R. Horton's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020	9/30/2019	9/30/2018	9/30/2017	9/30/2016	9/30/2015
Total Assets	36,104	32,582	30,351	24,016	18,912	15,607	14,115	12,185	11,559	11,151
Total Current Assets	29,447	26,273	24,229	19,716	3,040	12,796	11,901	10,261	9,654	9,201
Cash & Equivalents	4,516	3,874	2,541	3,210	3,019	1,494	1,473	1,008	1,303	1,384
Restricted Cash	28	27	32	27	22	20	33	17	9.50	9.70
Inventories, net	24,903	22,373	21,656	16,479	-	11,282	10,395	9,237	8,341	7,807
Plant, Property, & Equipment, net	531	445	472	393	684	499	401	325	195	147
Total Noncurrent Assets	6,126	5,864	5,651	3,907	15,189	2,293	1,813	1,598	1,710	2,362
Goodwill	164	164	164	164	164	164	109	80	80	87
Noncurrent Deferred & Refundable Income Taxes	168	187	141	155	145	144	194	365	476	1,116
Other Noncurrent Operating Assets	5,795	5,513	5,346	3,588	14,880	1,985	1,498	566	500	527
Total Liabilities & Shareholders' Equity	36,104	32,582	30,351	24,016	18,912	15,607	14,115	12,185	11,559	11,151
Total Liabilities	10,280	9,445	10,566	8,800	6,791	5,312	4,956	4,437	4,766	5,256
Total Current Liabilities	4,362	4,350	4,499	3,387	2,508	1,912	1,752	1,565	1,495	1,444
Accounts Payable	1,346	1,246	1,360	1,177	901	634	625	580	578	517
Accrued Expenses	3,017	3,104	3,138	2,210	1,607	1,278	1,128	985	917	927
Total Noncurrent Liabilities	5,918	5,095	6,067	5,412	4,283	3,399	3,204	2,872	3,271	3,812
Long-Term Debt	5,918	5,095	6,067	5,412	4,283	-	3,204	-	3,271	3,812
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	25,824	23,138	19,786	15,216	12,122	10,295	9,159	7,748	6,793	5,895
Total Preferred & Common Equity	25,313	22,696	19,396	14,887	11,840	10,021	8,984	7,747	6,793	5,894
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	25,313	22,696	19,396	14,887	11,840	10,021	8,984	7,747	6,793	5,894
Common Stock	3,495	3,436	3,354	3,279	3,245	3,183	3,089	2,996	2,870	2,738
Retained Earnings	27,951	23,590	19,185	13,644	9,758	7,640	6,218	4,946	4,057	3,290
Treasury Stock	-6,133	-4,330	-3,143	-2,037	-1,163	-802	-322	-195	-134	-134
Noncontrolling Interest	512	442	389	330	282	274	175	0.50	0.50	1.10

This table presents D.R. Horton's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	35,690	35,030	36,104	35,151	34,398	33,382	32,582	32,323	31,171	30,265	30,351
Total Current Assets	29,001	29,150	29,447	28,556	27,933	27,395	26,273	26,392	25,646	25,058	24,229
Cash & Equivalents	2,471	3,050	4,516	2,992	3,063	3,323	3,874	3,379	3,051	2,591	2,541
Restricted Cash	47	19	28	28	30	21	27	29	24	21	32
Inventories, net	26,482	26,081	24,903	25,536	24,840	24,050	22,373	22,984	22,572	22,445	21,656
Plant, Property, & Equipment, net	537	524	531	521	480	476	445	425	510	502	472
Total Noncurrent Assets	6,153	5,356	6,126	6,074	5,985	5,511	5,864	5,506	5,015	4,705	5,651
Goodwill	164	164	164	164	164	164	164	164	164	164	164
Noncurrent Deferred & Refundable Income Taxes	75	127	168	157	167	176	187	122	112	138	141
Other Noncurrent Operating Assets	5,915	5,065	5,795	5,754	5,655	5,172	5,513	5,221	4,739	4,404	5,346
Total Liabilities & Shareholders' Equity	35,690	35,030	36,104	35,151	34,398	33,382	32,582	32,323	31,171	30,265	30,351
Total Liabilities	10,831	9,567	10,280	10,001	10,102	9,778	9,445	10,241	10,049	9,712	10,566
Total Current Liabilities	4,313	4,469	4,362	4,310	4,164	4,488	4,350	4,136	4,082	4,022	4,499
Accounts Payable	1,374	1,373	1,346	1,413	1,387	1,260	1,246	1,370	1,251	1,205	1,360
Accrued Expenses	2,939	3,097	3,017	2,897	2,777	3,227	3,104	2,766	2,831	2,817	3,138
Total Noncurrent Liabilities	6,518	5,098	5,918	5,691	5,938	5,290	5,095	6,105	5,967	5,690	6,067
Long-Term Debt	6,518	5,098	5,918	5,691	5,938	5,290	5,095	6,105	-	5,690	6,067
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	24,859	25,463	25,824	25,151	24,296	23,604	23,138	22,082	21,122	20,552	19,786
Total Preferred & Common Equity	24,327	24,944	25,313	24,657	23,816	23,153	22,696	21,656	20,713	20,153	19,396
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	24,327	24,944	25,313	24,657	23,816	23,153	22,696	21,656	20,713	20,153	19,396
Common Stock	3,514	3,512	3,495	3,463	3,436	3,444	3,436	3,399	3,362	3,356	3,354
Retained Earnings	29,352	28,667	27,951	26,765	25,510	24,437	23,590	22,164	20,915	20,058	19,185
Treasury Stock	-8,539	-7,236	-6,133	-5,572	-5,130	-4,728	-4,330	-3,907	-3,564	-3,261	-3,143
Noncontrolling Interest	532	519	512	494	481	450	442	426	409	399	389

This table displays calculated financial ratios and metrics derived from D.R. Horton's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020	9/30/2019	9/30/2018	9/30/2017	9/30/2016	9/30/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.78%	5.92%	20.54%	36.74%	15.45%	9.49%	14.03%	15.90%	12.32%	34.88%
EBITDA Growth	-0.54%	-16.92%	41.32%	77.53%	39.19%	3.70%	28.14%	17.04%	20.02%	34.44%
EBIT Growth	-0.48%	-17.24%	41.96%	80.17%	40.36%	3.31%	28.41%	18.37%	20.48%	37.98%
NOPAT Growth	-2.03%	-20.79%	40.19%	77.28%	47.64%	11.63%	39.76%	17.18%	16.98%	40.69%
Net Income Growth	0.23%	-18.66%	40.67%	76.06%	47.07%	10.69%	40.82%	17.16%	18.06%	40.71%
EPS Growth	3.76%	-16.29%	44.70%	78.00%	0.00%	0.00%	39.05%	16.10%	16.26%	35.33%
Operating Cash Flow Growth	-49.12%	666.13%	5.13%	-62.41%	59.35%	63.63%	23.85%	-29.44%	-10.92%	205.90%
Free Cash Flow Firm Growth	-53.26%	9,419.31%	-126.30%	106.50%	-161.14%	236.50%	-188.32%	207.48%	126.97%	-215.42%
Invested Capital Growth	11.78%	4.52%	33.86%	30.13%	52.52%	-19.21%	61.31%	-23.18%	-1.35%	99.45%
Revenue Q/Q Growth	-1.34%	2.50%	4.79%	-7.68%	36.05%	3.13%	2.20%	3.06%	4.91%	6.92%
EBITDA Q/Q Growth	-4.59%	-0.73%	4.64%	-38.14%	328.35%	2.70%	6.15%	2.91%	7.52%	8.24%
EBIT Q/Q Growth	-4.68%	-0.75%	4.65%	-38.40%	308.08%	2.66%	6.16%	3.39%	7.49%	8.50%
NOPAT Q/Q Growth	-5.28%	-3.49%	5.36%	-45.68%	337.74%	5.28%	11.69%	3.27%	4.06%	11.05%
Net Income Q/Q Growth	-4.49%	-2.49%	5.41%	13.99%	15.94%	2.20%	11.92%	2.93%	5.32%	10.72%
EPS Q/Q Growth	-3.56%	-1.50%	6.17%	0.00%	0.00%	0.00%	11.73%	2.62%	5.36%	10.93%
Operating Cash Flow Q/Q Growth	-3.58%	27.13%	9,109.84%	-33.05%	1.52%	179.30%	-41.53%	25.92%	3.91%	594.15%
Free Cash Flow Firm Q/Q Growth	-4.37%	30.33%	93.62%	-96.67%	-19.54%	209.29%	-174.46%	193.67%	120.76%	-625.58%
Invested Capital Q/Q Growth	-2.24%	-1.81%	2.43%	4.94%	0.71%	-29.22%	44.59%	-31.67%	56.44%	38,671.74%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.91%	26.37%	31.37%	28.35%	24.31%	22.01%	22.84%	21.63%	21.84%	21.14%
EBITDA Margin	17.31%	18.07%	23.03%	19.65%	15.13%	12.55%	13.25%	11.79%	11.68%	10.93%
Operating Margin	16.13%	17.21%	22.61%	19.20%	14.52%	11.90%	12.52%	11.19%	10.95%	10.31%
EBIT Margin	17.08%	17.81%	22.79%	19.35%	14.69%	12.08%	12.80%	11.37%	11.13%	10.38%
Profit (Net Income) Margin	13.06%	13.52%	17.61%	15.09%	11.72%	9.20%	9.10%	7.37%	7.29%	6.94%
Tax Burden Percent	76.47%	75.94%	77.27%	78.25%	79.80%	76.16%	70.99%	64.81%	65.48%	66.82%
Interest Burden Percent	100.00%	100.00%	100.00%	99.66%	100.00%	100.00%	100.14%	100.00%	100.00%	100.00%
Effective Tax Rate	23.53%	24.06%	22.73%	21.75%	20.20%	23.84%	29.01%	35.19%	34.52%	33.18%
Return on Invested Capital (ROIC)	17.62%	19.46%	28.77%	27.13%	21.28%	16.26%	16.26%	13.21%	9.90%	11.19%
ROIC Less NNEP Spread (ROIC-NNEP)	38.39%	26.37%	30.38%	28.21%	2.86%	47.85%	26.57%	16.74%	10.47%	11.65%
Return on Net Nonoperating Assets (RNNOA)	2.01%	2.88%	4.92%	3.53%	-0.04%	0.38%	1.04%	1.08%	4.07%	2.44%
Return on Equity (ROE)	19.63%	22.34%	33.69%	30.66%	21.24%	16.64%	17.30%	14.28%	13.97%	13.63%
Cash Return on Invested Capital (CROIC)	6.50%	15.04%	-0.19%	0.95%	-20.32%	37.51%	-30.67%	39.42%	11.26%	-55.23%
Operating Return on Assets (OROA)	18.30%	20.07%	28.07%	25.04%	17.28%	14.30%	15.64%	13.50%	11.92%	10.53%
Return on Assets (ROA)	13.99%	15.24%	21.69%	19.53%	13.79%	10.89%	11.12%	8.75%	7.81%	7.04%
Return on Common Equity (ROCE)	19.25%	21.91%	33.00%	29.98%	20.71%	16.26%	17.12%	14.28%	13.97%	13.62%
Return on Equity Simple (ROE_SIMPLE)	18.99%	21.13%	30.40%	28.15%	20.11%	16.15%	16.28%	13.40%	13.05%	12.74%
Net Operating Profit after Tax (NOPAT)	4,539	4,633	5,850	4,173	2,354	1,594	1,428	1,022	872	745
NOPAT Margin	12.33%	13.07%	17.47%	15.02%	11.59%	9.06%	8.89%	7.25%	7.17%	6.89%
Net Nonoperating Expense Percent (NNEP)	-20.77%	-6.90%	-1.62%	-1.08%	18.41%	-31.59%	-10.31%	-3.54%	-0.58%	-0.45%
Cost of Revenue to Revenue	74.09%	73.63%	68.63%	71.65%	75.69%	77.99%	77.16%	78.37%	78.16%	78.86%
SG&A Expenses to Revenue	9.78%	9.16%	8.76%	9.20%	10.08%	10.42%	10.44%	10.44%	10.86%	10.96%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	9.78%	9.16%	8.76%	9.15%	9.79%	10.11%	10.32%	10.44%	10.88%	10.83%
Earnings before Interest and Taxes (EBIT)	6,285	6,315	7,630	5,374	2,983	2,125	2,057	1,602	1,354	1,123
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6,372	6,406	7,711	5,457	3,074	2,208	2,130	1,662	1,420	1,183
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.45	1.59	1.18	1.96	2.24	1.85	1.66	1.79	1.51	1.65
Price to Tangible Book Value (P/TBV)	2.47	1.60	1.19	1.98	2.27	1.88	1.68	1.81	1.53	1.68
Price to Revenue (P/Rev)	1.69	1.01	0.68	1.05	1.30	1.05	0.93	0.98	0.85	0.90
Price to Earnings (P/E)	13.05	7.58	3.92	7.00	11.15	11.45	10.20	13.33	11.60	12.98
Dividend Yield	0.63%	0.94%	1.36%	0.98%	0.96%	1.20%	1.27%	1.08%	1.16%	0.94%
Earnings Yield	7.67%	13.19%	25.54%	14.29%	8.97%	8.73%	9.80%	7.50%	8.62%	7.70%
Enterprise Value to Invested Capital (EV/IC)	2.35	1.55	1.15	1.82	2.09	1.97	1.55	1.91	1.40	1.37
Enterprise Value to Revenue (EV/Rev)	1.74	1.06	0.80	1.14	1.38	0.98	1.04	0.91	1.01	1.12
Enterprise Value to EBITDA (EV/EBITDA)	10.03	5.87	3.48	5.81	9.11	7.83	7.87	7.72	8.62	10.28
Enterprise Value to EBIT (EV/EBIT)	10.17	5.96	3.51	5.90	9.38	8.14	8.15	8.00	9.05	10.83
Enterprise Value to NOPAT (EV/NOPAT)	14.09	8.12	4.58	7.60	11.89	10.84	11.73	12.55	14.04	16.32
Enterprise Value to Operating Cash Flow (EV/OCF)	29.20	8.74	47.73	59.36	19.69	19.38	30.74	29.13	19.62	17.37
Enterprise Value to Free Cash Flow (EV/FCFF)	38.21	10.50	0.00	217.11	0.00	4.70	0.00	4.20	12.34	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.23	0.22	0.31	0.36	0.35	0.00	0.35	0.00	0.48	0.65
Long-Term Debt to Equity	0.23	0.22	0.31	0.36	0.35	0.00	0.35	0.00	0.48	0.65
Financial Leverage	0.05	0.11	0.16	0.13	-0.01	0.01	0.04	0.06	0.39	0.21
Leverage Ratio	1.40	1.47	1.55	1.57	1.54	1.53	1.56	1.63	1.79	1.94
Compound Leverage Factor	1.40	1.47	1.55	1.57	1.54	1.53	1.56	1.63	1.79	1.94
Debt to Total Capital	18.64%	18.04%	23.47%	26.24%	26.11%	0.00%	25.91%	0.00%	32.50%	39.27%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	18.64%	18.04%	23.47%	26.24%	26.11%	0.00%	25.91%	0.00%	32.50%	39.27%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.61%	1.56%	1.51%	1.60%	1.72%	2.66%	1.41%	0.01%	0.01%	0.01%
Common Equity to Total Capital	79.75%	80.39%	75.03%	72.16%	72.17%	97.34%	72.68%	99.99%	67.49%	60.72%
Debt to EBITDA	0.93	0.80	0.79	0.99	1.39	0.00	1.50	0.00	2.30	3.22
Net Debt to EBITDA	0.22	0.19	0.45	0.40	0.40	0.00	0.79	0.00	1.38	2.04
Long-Term Debt to EBITDA	0.93	0.80	0.79	0.99	1.39	0.00	1.50	0.00	2.30	3.22
Debt to NOPAT	1.30	1.10	1.04	1.30	1.82	0.00	2.24	0.00	3.75	5.11
Net Debt to NOPAT	0.30	0.26	0.60	0.52	0.53	0.00	1.18	0.00	2.25	3.24
Long-Term Debt to NOPAT	1.30	1.10	1.04	1.30	1.82	0.00	2.24	0.00	3.75	5.11
Altman Z-Score	7.13	5.83	4.90	5.50	4.69	5.19	4.90	4.89	4.07	3.66
Noncontrolling Interest Sharing Ratio	1.95%	1.94%	2.05%	2.24%	2.48%	2.31%	1.04%	0.01%	0.01%	0.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.75	6.04	5.39	5.82	1.21	6.69	6.79	6.56	6.46	6.37
Quick Ratio	1.04	0.89	0.56	0.95	1.20	0.78	0.84	0.64	0.87	0.96
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,673	3,581	-38	146	-2,248	3,677	-2,694	3,050	992	-3,678
Operating Cash Flow to CapEx	1,500.89%	4,455.59%	379.08%	232.55%	905.48%	1,110.96%	0.00%	279.85%	724.62%	700,400.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	8.07	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	29.52	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	16.83	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.07	1.13	1.23	1.29	1.18	1.18	1.22	1.19	1.07	1.01
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	1.15	1.19	1.21	0.00	0.00	1.27	1.26	1.26	1.18	1.10
Fixed Asset Turnover	75.38	77.34	77.46	51.60	34.34	39.08	44.26	54.15	71.03	64.10
Accounts Payable Turnover	21.04	20.03	18.11	19.16	20.04	21.80	20.58	19.07	17.37	16.39
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	316.44	307.75	302.91	0.00	0.00	288.32	288.98	290.50	310.12	331.56
Days Payable Outstanding (DPO)	17.35	18.22	20.15	19.05	18.22	16.74	17.74	19.14	21.01	22.27
Cash Conversion Cycle (CCC)	299.09	289.53	282.75	-19.05	-18.22	271.58	271.25	271.37	289.11	309.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	27,198	24,332	23,280	17,391	13,365	8,762	10,845	6,723	8,752	8,872
Invested Capital Turnover	1.43	1.49	1.65	1.81	1.84	1.79	1.83	1.82	1.38	1.63
Increase / (Decrease) in Invested Capital	2,866	1,053	5,888	4,027	4,602	-2,083	4,122	-2,028	-120	4,424
Enterprise Value (EV)	63,935	37,611	26,815	31,722	27,995	17,289	16,759	12,822	12,244	12,165
Market Capitalization	62,050	35,975	22,932	29,217	26,471	18,529	14,898	13,846	10,285	9,746
Book Value per Share	$77.64	$67.09	$55.82	$41.56	$32.55	$27.10	$23.83	$20.70	$18.25	$16.07
Tangible Book Value per Share	$77.14	$66.61	$55.35	$41.10	$32.10	$26.65	$23.54	$20.48	$18.03	$15.83
Total Capital	31,742	28,232	25,853	20,629	16,405	10,295	12,362	7,748	10,064	9,707
Total Debt	5,918	5,095	6,067	5,412	4,283	0.00	3,204	0.00	3,271	3,812
Total Long-Term Debt	5,918	5,095	6,067	5,412	4,283	0.00	3,204	0.00	3,271	3,812
Net Debt	1,374	1,194	3,494	2,175	1,243	-1,514	1,687	-1,024	1,959	2,418
Capital Expenditures (CapEx)	146	97	148	230	157	80	-155	157	86	0.10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	20,541	18,023	17,157	13,092	-2,508	9,370	8,643	7,672	6,846	6,363
Debt-free Net Working Capital (DFNWC)	25,085	21,923	19,730	16,329	533	10,884	10,149	8,696	8,159	7,756
Net Working Capital (NWC)	25,085	21,923	19,730	16,329	533	10,884	10,149	8,696	8,159	7,756
Net Nonoperating Expense (NNE)	-267	-162	-46	-18	-27	-24	-34	-17	-14	-5.21
Net Nonoperating Obligations (NNO)	1,374	1,194	3,494	2,175	1,243	-1,533	1,687	-1,024	1,959	2,976
Total Depreciation and Amortization (D&A)	87	92	81	82	91	83	72	60	66	60
Debt-free, Cash-free Net Working Capital to Revenue	55.82%	50.83%	51.25%	47.14%	-12.35%	53.26%	53.79%	54.44%	56.31%	58.79%
Debt-free Net Working Capital to Revenue	68.16%	61.83%	58.93%	58.79%	2.62%	61.87%	63.16%	61.71%	67.11%	71.66%
Net Working Capital to Revenue	68.16%	61.83%	58.93%	58.79%	2.62%	61.87%	63.16%	61.71%	67.11%	71.66%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$14.44	$13.93	$16.65	$11.56	$6.49	$4.34	$0.00	$2.77	$2.39	$2.05
Adjusted Weighted Average Basic Shares Outstanding	329.50M	340.70M	351.70M	361.10M	365.50M	372.60M	0.00	375.04M	372.93M	368.70M
Adjusted Diluted Earnings per Share	$14.34	$13.82	$16.51	$11.41	$6.41	$4.29	$0.00	$2.74	$2.36	$2.03
Adjusted Weighted Average Diluted Shares Outstanding	331.60M	343.30M	354.80M	365.80M	370.20M	377.40M	0.00	375.04M	372.93M	368.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$4.34	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	321.17M	333.18M	344.34M	356.53M	364.39M	368.49M	0.00	375.04M	372.93M	368.70M
Normalized Net Operating Profit after Tax (NOPAT)	4,539	4,633	5,850	4,162	2,306	1,553	1,415	1,022	874	752
Normalized NOPAT Margin	12.33%	13.07%	17.47%	14.98%	11.36%	8.83%	8.81%	7.25%	7.19%	6.95%
Pre Tax Income Margin	17.08%	17.81%	22.79%	19.29%	14.69%	12.08%	12.82%	11.37%	11.13%	10.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	296.93	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	230.54	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	284.23	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	217.85	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	8.22%	7.12%	5.37%	6.90%	10.75%	14.04%	13.10%	14.41%	13.39%	12.20%
Augmented Payout Ratio	45.42%	31.69%	24.56%	27.15%	25.89%	43.69%	21.82%	20.24%	13.39%	12.20%

This table displays calculated financial ratios and metrics derived from D.R. Horton's official financial filings.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-15.08%	-1.46%	-4.78%	2.47%	14.23%	6.45%	8.97%	10.67%	-0.33%	2.90%	18.87%
EBITDA Growth	-29.55%	-10.53%	-15.02%	0.76%	21.82%	-1.52%	-2.27%	-17.99%	-33.17%	-15.14%	19.60%
EBIT Growth	-30.19%	-11.03%	-15.29%	0.85%	22.74%	-1.55%	-2.30%	-18.29%	-33.88%	-15.37%	19.65%
NOPAT Growth	-31.65%	-11.71%	-17.25%	-0.50%	22.59%	-4.50%	-10.31%	-20.37%	-36.08%	-17.15%	22.29%
Net Income Growth	-30.80%	-10.86%	-14.80%	1.12%	24.65%	-1.30%	-7.44%	-18.54%	-34.16%	-15.49%	22.49%
EPS Growth	-26.70%	-7.45%	-11.96%	5.13%	28.94%	2.17%	-4.53%	-16.49%	-32.26%	-12.93%	26.09%
Operating Cash Flow Growth	-37.73%	521.58%	-3.98%	-11.33%	-149.14%	-118.50%	81.66%	189.74%	197.58%	576.22%	97.68%
Free Cash Flow Firm Growth	88.09%	-12.55%	-501.77%	-134.33%	-305.98%	73.71%	109.67%	83.56%	195.60%	-23.42%	-58.10%
Invested Capital Growth	6.33%	7.60%	11.78%	12.28%	50.39%	8.12%	4.52%	9.03%	-14.06%	25.67%	33.86%
Revenue Q/Q Growth	1.59%	-23.89%	0.37%	9.43%	17.88%	-26.45%	8.00%	21.98%	9.85%	-24.71%	9.69%
EBITDA Q/Q Growth	-3.73%	-34.58%	-4.84%	17.54%	22.26%	-37.86%	12.84%	42.11%	-1.17%	-38.33%	-5.32%
EBIT Q/Q Growth	-3.86%	-35.08%	-4.96%	17.70%	22.53%	-38.19%	13.14%	43.25%	-1.73%	-38.66%	-5.38%
NOPAT Q/Q Growth	-2.96%	-34.63%	-7.18%	16.08%	25.35%	-38.73%	11.60%	43.03%	-2.35%	-42.46%	-0.92%
Net Income Q/Q Growth	-3.85%	-34.46%	-4.90%	15.47%	23.86%	-37.36%	12.87%	42.34%	-1.93%	-41.25%	-0.67%
EPS Q/Q Growth	-1.15%	-33.08%	-4.88%	16.48%	24.82%	-36.34%	13.59%	42.86%	-1.09%	-40.52%	-0.64%
Operating Cash Flow Q/Q Growth	-167.45%	-67.03%	180.91%	320.49%	-106.45%	-107.51%	159.43%	22.19%	-22.27%	-26.28%	313.76%
Free Cash Flow Firm Q/Q Growth	17.46%	30.46%	4.76%	78.21%	-679.86%	-348.22%	155.55%	-119.15%	199.54%	8.67%	5.57%
Invested Capital Q/Q Growth	4.97%	1.08%	-2.24%	2.51%	6.23%	5.00%	-1.81%	37.30%	-23.63%	1.51%	2.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.57%	25.09%	25.54%	26.51%	25.62%	25.97%	26.88%	26.57%	24.79%	27.10%	29.86%
EBITDA Margin	14.12%	14.90%	17.33%	18.28%	17.02%	16.41%	19.42%	18.59%	15.95%	17.73%	21.65%
Operating Margin	12.95%	13.56%	15.94%	17.24%	15.95%	15.16%	18.44%	17.81%	15.09%	16.94%	21.23%
EBIT Margin	13.80%	14.58%	17.09%	18.05%	16.78%	16.15%	19.21%	18.34%	15.62%	17.46%	21.43%
Profit (Net Income) Margin	10.59%	11.19%	12.99%	13.72%	13.00%	12.37%	14.52%	13.90%	11.91%	13.34%	17.10%
Tax Burden Percent	76.76%	76.75%	76.03%	75.98%	77.44%	76.61%	75.59%	75.77%	76.25%	76.41%	79.79%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	23.24%	23.25%	23.98%	24.02%	22.56%	23.39%	24.41%	24.23%	23.75%	23.59%	20.21%
Return on Invested Capital (ROIC)	12.54%	14.40%	17.30%	18.58%	20.26%	16.97%	20.77%	19.65%	19.84%	20.55%	27.89%
ROIC Less NNEP Spread (ROIC-NNEP)	14.01%	17.40%	24.16%	20.86%	-31.03%	19.30%	23.38%	20.78%	27.82%	21.53%	28.43%
Return on Net Nonoperating Assets (RNNOA)	1.95%	1.41%	1.27%	2.37%	0.16%	2.20%	2.55%	3.58%	0.59%	3.46%	4.61%
Return on Equity (ROE)	14.49%	15.80%	18.57%	20.95%	20.42%	19.16%	23.32%	23.23%	20.42%	24.01%	32.49%
Cash Return on Invested Capital (CROIC)	8.43%	9.40%	6.50%	6.65%	-19.01%	10.87%	15.04%	11.57%	41.43%	3.91%	-0.19%
Operating Return on Assets (OROA)	13.90%	15.64%	18.32%	19.96%	18.97%	18.23%	21.65%	20.74%	18.17%	21.28%	26.39%
Return on Assets (ROA)	10.67%	12.00%	13.92%	15.16%	14.69%	13.97%	16.37%	15.72%	13.86%	16.26%	21.06%
Return on Common Equity (ROCE)	14.19%	15.49%	18.21%	20.54%	20.02%	18.80%	22.87%	22.78%	20.02%	23.52%	31.82%
Return on Equity Simple (ROE_SIMPLE)	17.83%	18.85%	0.00%	20.41%	21.06%	20.66%	0.00%	22.71%	25.23%	28.37%	0.00%
Net Operating Profit after Tax (NOPAT)	769	792	1,212	1,306	1,125	897	1,464	1,312	917	939	1,633
NOPAT Margin	9.94%	10.41%	12.12%	13.10%	12.35%	11.61%	13.94%	13.49%	11.51%	12.94%	16.94%
Net Nonoperating Expense Percent (NNEP)	-1.47%	-3.00%	-6.85%	-2.28%	51.29%	-2.33%	-2.61%	-1.13%	-7.98%	-0.98%	-0.55%
Return On Investment Capital (ROIC_SIMPLE)	2.45%	2.59%	-	-	-	3.11%	-	-	-	-	-
Cost of Revenue to Revenue	75.43%	74.91%	74.46%	73.49%	74.38%	74.03%	73.12%	73.43%	75.21%	72.91%	70.14%
SG&A Expenses to Revenue	11.62%	11.53%	9.60%	9.27%	9.67%	10.81%	8.44%	8.76%	9.70%	10.15%	8.63%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	11.62%	11.53%	9.60%	9.27%	9.67%	10.81%	8.44%	8.76%	9.70%	10.15%	8.63%
Earnings before Interest and Taxes (EBIT)	1,067	1,110	1,710	1,799	1,529	1,248	2,018	1,784	1,245	1,267	2,066
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,092	1,134	1,733	1,821	1,550	1,268	2,040	1,808	1,272	1,287	2,087
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.65	1.80	2.45	1.88	2.28	2.20	1.59	1.90	1.60	1.50	1.18
Price to Tangible Book Value (P/TBV)	1.66	1.81	2.47	1.89	2.30	2.22	1.60	1.91	1.61	1.51	1.19
Price to Revenue (P/Rev)	1.13	1.22	1.69	1.24	1.47	1.42	1.01	1.19	0.98	0.90	0.68
Price to Earnings (P/E)	9.33	9.65	13.05	9.30	10.96	10.77	7.58	8.44	6.40	5.33	3.92
Dividend Yield	1.10%	0.93%	0.63%	0.82%	0.67%	0.86%	0.94%	0.81%	1.22%	1.05%	1.36%
Earnings Yield	10.71%	10.36%	7.67%	10.75%	9.13%	9.28%	13.19%	11.85%	15.64%	18.77%	25.54%
Enterprise Value to Invested Capital (EV/IC)	1.55	1.73	2.35	1.78	2.13	2.09	1.55	1.78	1.69	1.43	1.15
Enterprise Value to Revenue (EV/Rev)	1.26	1.29	1.74	1.33	1.56	1.49	1.06	1.28	0.91	1.00	0.80
Enterprise Value to EBITDA (EV/EBITDA)	7.71	7.61	10.03	7.41	8.66	8.36	5.87	6.85	4.45	4.51	3.48
Enterprise Value to EBIT (EV/EBIT)	7.84	7.72	10.17	7.51	8.77	8.48	5.96	6.95	4.51	4.56	3.51
Enterprise Value to NOPAT (EV/NOPAT)	10.93	10.70	14.09	10.33	12.03	11.63	8.12	9.21	5.93	5.96	4.58
Enterprise Value to Operating Cash Flow (EV/OCF)	15.54	15.87	29.20	21.79	24.45	16.07	8.74	13.06	10.61	21.54	47.73
Enterprise Value to Free Cash Flow (EV/FCFF)	18.89	19.04	38.21	28.28	0.00	19.98	10.50	16.09	3.77	40.67	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.26	0.20	0.23	0.23	0.24	0.22	0.22	0.28	0.00	0.28	0.31
Long-Term Debt to Equity	0.26	0.20	0.23	0.23	0.24	0.22	0.22	0.28	0.00	0.28	0.31
Financial Leverage	0.14	0.08	0.05	0.11	-0.01	0.11	0.11	0.17	0.02	0.16	0.16
Leverage Ratio	1.43	1.39	1.40	1.43	1.44	1.44	1.47	1.51	1.51	1.51	1.55
Compound Leverage Factor	1.43	1.39	1.40	1.43	1.44	1.44	1.47	1.51	1.51	1.51	1.55
Debt to Total Capital	20.77%	16.68%	18.64%	18.45%	19.64%	18.31%	18.04%	21.66%	0.00%	21.68%	23.47%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	20.77%	16.68%	18.64%	18.45%	19.64%	18.31%	18.04%	21.66%	0.00%	21.68%	23.47%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.69%	1.70%	1.61%	1.60%	1.59%	1.56%	1.56%	1.51%	1.94%	1.52%	1.51%
Common Equity to Total Capital	77.53%	81.62%	79.75%	79.95%	78.77%	80.13%	80.39%	76.83%	98.06%	76.80%	75.03%
Debt to EBITDA	1.13	0.82	0.93	0.85	0.89	0.83	0.80	0.95	0.00	0.76	0.79
Net Debt to EBITDA	0.69	0.33	0.22	0.40	0.43	0.30	0.19	0.42	0.00	0.41	0.45
Long-Term Debt to EBITDA	1.13	0.82	0.93	0.85	0.89	0.83	0.80	0.95	0.00	0.76	0.79
Debt to NOPAT	1.60	1.15	1.30	1.19	1.24	1.15	1.10	1.27	0.00	1.01	1.04
Net Debt to NOPAT	0.98	0.46	0.30	0.56	0.59	0.42	0.26	0.56	0.00	0.54	0.60
Long-Term Debt to NOPAT	1.60	1.15	1.30	1.19	1.24	1.15	1.10	1.27	0.00	1.01	1.04
Altman Z-Score	5.29	5.96	6.71	5.90	6.32	6.18	5.40	5.45	4.96	4.88	4.30
Noncontrolling Interest Sharing Ratio	2.06%	1.98%	1.95%	1.95%	1.96%	1.92%	1.94%	1.97%	1.97%	2.01%	2.05%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.72	6.52	6.75	6.63	6.71	6.10	6.04	6.38	6.28	6.23	5.39
Quick Ratio	0.57	0.68	1.04	0.69	0.74	0.74	0.89	0.82	0.75	0.64	0.56
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-949	-1,150	-1,654	-1,737	-7,969	-1,022	412	-741	3,869	-3,887	-4,255
Operating Cash Flow to CapEx	-1,271.72%	4,862.41%	7,133.09%	1,225.09%	-1,336.29%	-406.90%	0.00%	2,706.19%	2,033.12%	1,745.47%	2,797.51%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.01	1.07	1.07	1.11	1.13	1.13	1.13	1.13	1.16	1.22	1.23
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	1.03	1.09	1.15	1.13	1.15	1.14	1.19	1.13	1.13	1.15	1.21
Fixed Asset Turnover	69.49	73.40	75.38	78.85	74.91	73.53	77.34	76.32	71.34	73.86	77.46
Accounts Payable Turnover	19.06	20.70	21.04	19.77	20.71	21.53	20.03	17.51	18.20	19.83	18.11
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	356.02	335.75	316.44	322.01	316.75	319.74	307.75	323.72	323.53	317.54	302.91
Days Payable Outstanding (DPO)	19.15	17.63	17.35	18.46	17.62	16.95	18.22	20.84	20.06	18.40	20.15
Cash Conversion Cycle (CCC)	336.87	318.12	299.09	303.55	299.13	302.79	289.53	302.88	303.47	299.14	282.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	28,859	27,492	27,198	27,822	27,141	25,549	24,332	24,780	18,047	23,630	23,280
Invested Capital Turnover	1.26	1.38	1.43	1.42	1.64	1.46	1.49	1.46	1.72	1.59	1.65
Increase / (Decrease) in Invested Capital	1,718	1,942	2,866	3,042	9,094	1,919	1,053	2,053	-2,952	4,826	5,888
Enterprise Value (EV)	44,593	47,454	63,935	49,498	57,720	53,390	37,611	44,207	30,464	33,714	26,815
Market Capitalization	40,062	44,906	62,050	46,333	54,395	50,994	35,975	41,084	33,129	30,237	22,932
Book Value per Share	$77.20	$77.67	$77.64	$74.87	$71.77	$69.47	$67.09	$63.50	$60.32	$58.53	$55.82
Tangible Book Value per Share	$76.68	$77.16	$77.14	$74.38	$71.28	$68.98	$66.61	$63.02	$59.84	$58.05	$55.35
Total Capital	31,377	30,561	31,742	30,842	30,234	28,894	28,232	28,188	21,122	26,243	25,853
Total Debt	6,518	5,098	5,918	5,691	5,938	5,290	5,095	6,105	0.00	5,690	6,067
Total Long-Term Debt	6,518	5,098	5,918	5,691	5,938	5,290	5,095	6,105	0.00	5,690	6,067
Net Debt	4,000	2,029	1,374	2,671	2,845	1,946	1,194	2,697	-3,075	3,078	3,494
Capital Expenditures (CapEx)	34	13	28	57	24	38	-12	29	32	48	40
Debt-free, Cash-free Net Working Capital (DFCFNWC)	22,170	21,611	20,541	21,226	20,676	19,563	18,023	18,848	18,490	18,424	17,157
Debt-free Net Working Capital (DFNWC)	24,688	24,680	25,085	24,246	23,770	22,907	21,923	22,256	21,564	21,036	19,730
Net Working Capital (NWC)	24,688	24,680	25,085	24,246	23,770	22,907	21,923	22,256	21,564	21,036	19,730
Net Nonoperating Expense (NNE)	-50	-60	-88	-61	-59	-58	-61	-40	-32	-29	-15
Net Nonoperating Obligations (NNO)	4,000	2,029	1,374	2,671	2,845	1,946	1,194	2,697	-3,075	3,078	3,494
Total Depreciation and Amortization (D&A)	25	24	24	22	21	20	21	24	27	20	21
Debt-free, Cash-free Net Working Capital to Revenue	62.78%	58.91%	55.82%	56.90%	55.79%	54.45%	50.83%	54.48%	54.93%	54.69%	51.25%
Debt-free Net Working Capital to Revenue	69.91%	67.27%	68.16%	65.00%	64.13%	63.76%	61.83%	64.33%	64.07%	62.45%	58.93%
Net Working Capital to Revenue	69.91%	67.27%	68.16%	65.00%	64.13%	63.76%	61.83%	64.33%	64.07%	62.45%	58.93%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.59	$2.63	$3.94	$4.12	$3.54	$2.84	$4.46	$3.93	$2.75	$2.79	$4.67
Adjusted Weighted Average Basic Shares Outstanding	312.50M	321.50M	329.50M	328.40M	330.90M	333.30M	340.70M	339.90M	342.10M	344.20M	351.70M
Adjusted Diluted Earnings per Share	$2.58	$2.61	$3.90	$4.10	$3.52	$2.82	$4.43	$3.90	$2.73	$2.76	$4.64
Adjusted Weighted Average Diluted Shares Outstanding	314M	323.30M	331.60M	330.10M	333.30M	335.70M	343.30M	342.30M	344.90M	346.90M	354.80M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	307.18M	315.12M	321.17M	326.04M	329.31M	331.82M	333.18M	338.30M	341.07M	343.39M	344.34M
Normalized Net Operating Profit after Tax (NOPAT)	769	792	1,212	1,306	1,125	897	1,464	1,312	917	939	1,633
Normalized NOPAT Margin	9.94%	10.41%	12.12%	13.10%	12.35%	11.61%	13.94%	13.49%	11.51%	12.94%	16.94%
Pre Tax Income Margin	13.80%	14.58%	17.09%	18.05%	16.78%	16.15%	19.21%	18.34%	15.62%	17.46%	21.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	10.38%	9.01%	8.22%	7.59%	7.35%	7.42%	7.12%	6.81%	6.30%	5.64%	5.37%
Augmented Payout Ratio	88.78%	61.46%	45.42%	40.36%	38.31%	37.48%	31.69%	27.78%	25.08%	22.18%	24.56%

Frequently Asked Questions About D.R. Horton's Financials

When does D.R. Horton's financial year end?

According to the most recent income statement we have on file, D.R. Horton's fiscal year ends in September. Their fiscal year 2024 ended on September 30, 2024.

How has D.R. Horton's net income changed over the last 9 years?

D.R. Horton's net income appears to be on an upward trend, with a most recent value of $4.81 billion in 2024, rising from $750.70 million in 2015. The previous period was $4.80 billion in 2023. See D.R. Horton's forecast for analyst expectations on what’s next for the company.

What is D.R. Horton's operating income?

D.R. Horton's total operating income in 2024 was $5.94 billion, based on the following breakdown:

Total Gross Profit: $9.54 billion
Total Operating Expenses: $3.60 billion

How has D.R. Horton revenue changed over the last 9 years?

Over the last 9 years, D.R. Horton's total revenue changed from $10.82 billion in 2015 to $36.80 billion in 2024, a change of 240.0%.

How much debt does D.R. Horton have?

D.R. Horton's total liabilities were at $10.28 billion at the end of 2024, a 8.8% increase from 2023, and a 95.6% increase since 2015.

How much cash does D.R. Horton have?

In the past 9 years, D.R. Horton's cash and equivalents has ranged from $1.01 billion in 2017 to $4.52 billion in 2024, and is currently $4.52 billion as of their latest financial filing in 2024.

How has D.R. Horton's book value per share changed over the last 9 years?

Over the last 9 years, D.R. Horton's book value per share changed from 16.07 in 2015 to 77.64 in 2024, a change of 383.1%.

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This page (NYSE:DHI) was last updated on 5/21/2025 by MarketBeat.com Staff

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D.R. Horton (DHI) Financials

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D.R. Horton (DHI) Financials

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