D.R. Horton (DHI) Financials

$169.66 +0.75 (+0.44%)

Closing price 08/29/2025 03:59 PM Eastern

Extended Trading

$170.15 +0.49 (+0.29%)

As of 08/29/2025 07:53 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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2014	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Income / (Loss) Attributable to Common Shareholders	534	751	886	1,038	1,460	1,619	2,374	4,176	5,858	4,746	4,756
Consolidated Net Income / (Loss)	534	751	886	1,038	1,462	1,619	2,381	4,191	5,896	4,795	4,806
Net Income / (Loss) Continuing Operations	534	751	886	1,038	1,462	1,619	2,381	4,191	5,896	4,795	4,806
Total Pre-Tax Income	814	1,123	1,354	1,602	2,060	2,125	2,983	5,356	7,630	6,315	6,285
Total Operating Income	809	1,116	1,332	1,577	2,012	2,093	2,950	5,333	7,570	6,102	5,936
Total Gross Profit	1,756	2,288	2,655	3,048	3,670	3,872	4,938	7,875	10,504	9,350	9,535
Total Revenue	8,025	10,824	12,157	14,091	16,068	17,593	20,311	27,774	33,480	35,460	36,801
Operating Revenue	8,025	10,824	12,157	14,091	16,068	17,593	20,311	27,774	33,480	35,460	36,801
Total Cost of Revenue	6,269	8,536	9,503	11,043	12,398	13,721	15,373	19,899	22,976	26,110	27,266
Operating Cost of Revenue	6,269	8,536	9,503	11,043	12,398	13,721	15,373	19,899	22,976	26,110	27,266
Total Operating Expenses	948	1,173	1,323	1,472	1,658	1,779	1,988	2,542	2,934	3,249	3,600
Selling, General & Admin Expense	965	1,186	1,320	1,472	1,677	1,833	2,048	2,556	2,934	3,249	3,600
Total Other Income / (Expense), net	5.50	7.80	22	26	48	32	33	24	59	213	349
Other Income / (Expense), net	5.50	7.80	22	26	45	32	33	42	59	213	349
Income Tax Expense	281	373	467	564	598	507	603	1,165	1,734	1,520	1,479
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	2.00	0.10	6.80	15	38	50	50
Basic Earnings per Share	$1.57	$2.05	$2.39	$2.77	$3.88	$4.34	$6.49	$11.56	$16.65	$13.93	$14.44
Weighted Average Basic Shares Outstanding	340M	366.30M	371M	374.30M	376.60M	372.60M	365.50M	361.10M	351.70M	340.70M	329.50M
Diluted Earnings per Share	$1.50	$2.03	$2.36	$2.74	$3.81	-	$6.41	$11.41	$16.51	$13.82	$14.34
Weighted Average Diluted Shares Outstanding	340M	366.30M	375.10M	378.90M	383.40M	377.40M	370.20M	365.80M	354.80M	343.30M	331.60M
Weighted Average Basic & Diluted Shares Outstanding	340M	366.30M	372.93M	374.90M	376.40M	377.40M	370.20M	356.53M	344.34M	333.18M	321.17M
Cash Dividends to Common per Share	$0.14	$0.25	$0.32	$0.40	$0.50	$0.60	$0.70	$0.80	$0.90	$1.00	$1.20

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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	959	942	1,335	1,510	947	1,172	1,354	1,283	845	810	1,025
Consolidated Net Income / (Loss)	968	950	1,352	1,526	956	1,184	1,367	1,300	852	819	1,033
Net Income / (Loss) Continuing Operations	968	950	1,352	1,526	956	1,184	1,367	1,300	852	819	1,033
Total Pre-Tax Income	1,267	1,245	1,784	2,018	1,248	1,529	1,799	1,710	1,110	1,067	1,358
Total Operating Income	1,230	1,203	1,732	1,937	1,171	1,452	1,718	1,594	1,032	1,002	1,265
Total Gross Profit	1,967	1,977	2,584	2,823	2,006	2,333	2,642	2,554	1,910	1,900	2,209
Total Revenue	7,258	7,973	9,726	10,504	7,726	9,107	9,966	10,003	7,613	7,734	9,226
Operating Revenue	7,258	7,973	9,726	10,504	7,726	9,107	9,966	10,003	7,613	7,734	9,226
Total Cost of Revenue	5,291	5,996	7,142	7,681	5,720	6,774	7,324	7,448	5,703	5,834	7,017
Operating Cost of Revenue	5,291	5,996	7,142	7,681	5,720	6,774	7,324	7,448	5,703	5,834	7,017
Total Operating Expenses	737	774	852	886	835	881	924	960	878	899	944
Selling, General & Admin Expense	737	774	852	886	835	881	924	960	878	899	944
Total Other Income / (Expense), net	38	42	52	81	76	76	81	116	78	66	93
Other Income / (Expense), net	38	42	52	81	76	76	81	116	78	66	93
Income Tax Expense	299	296	432	493	292	345	432	410	258	248	325
Net Income / (Loss) Attributable to Noncontrolling Interest	9.60	7.40	17	16	8.30	12	13	17	7.00	8.70	8.50
Basic Earnings per Share	$2.79	$2.75	$3.93	$4.46	$2.84	$3.54	$4.12	$3.94	$2.63	$2.59	$3.37
Weighted Average Basic Shares Outstanding	344.20M	342.10M	339.90M	340.70M	333.30M	330.90M	328.40M	329.50M	321.50M	312.50M	304.10M
Diluted Earnings per Share	$2.76	$2.73	$3.90	$4.43	$2.82	$3.52	$4.10	$3.90	$2.61	$2.58	$3.36
Weighted Average Diluted Shares Outstanding	346.90M	344.90M	342.30M	343.30M	335.70M	333.30M	330.10M	331.60M	323.30M	314M	304.90M
Weighted Average Basic & Diluted Shares Outstanding	343.39M	341.07M	338.30M	333.18M	331.82M	329.31M	326.04M	321.17M	315.12M	307.18M	298.12M
Cash Dividends to Common per Share	$0.25	$0.25	$0.25	-	$0.30	$0.30	$0.30	-	$0.40	$0.40	$0.40

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2014	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Change in Cash & Equivalents	-316	722	-81	-288	482	8.00	1,526	197	-664	1,327	644
Net Cash From Operating Activities	-661	700	624	440	545	892	1,422	534	562	4,304	2,190
Net Cash From Continuing Operating Activities	-661	700	624	440	545	892	1,422	534	562	4,290	2,190
Net Income / (Loss) Continuing Operations	534	751	886	1,038	1,462	1,619	2,381	4,191	5,896	4,795	4,806
Consolidated Net Income / (Loss)	534	751	886	1,038	1,462	1,619	2,381	4,191	5,896	4,795	4,806
Depreciation Expense	38	54	61	55	62	72	91	82	81	92	87
Non-Cash Adjustments To Reconcile Net Income	111	100	73	85	87	73	42	-180	-1,548	26	-18
Changes in Operating Assets and Liabilities, net	-1,372	-210	-402	-743	-1,076	-883	-1,092	-3,559	-3,868	-622	-2,686
Net Cash From Investing Activities	-282	-95	-113	-164	19	-394	-166	-252	-415	-310	-191
Net Cash From Continuing Investing Activities	-282	-95	-113	-164	19	-394	-166	-252	-415	-310	-191
Purchase of Property, Plant & Equipment	-100	-56	-86	-157	-138	-224	-287	-267	-148	-149	-165
Acquisitions	-244	-71	-82	-4.10	-159	-316	-9.70	-25	-272	-213	-40
Sale of Property, Plant & Equipment	0.00	56	0.00	0.00	293	144	130	38	0.00	52	19
Other Investing Activities, net	68	-16	36	-8.80	7.30	2.10	0.60	2.10	4.80	-0.70	-4.30
Net Cash From Financing Activities	628	117	-592	-565	-83	-490	271	-85	-811	-2,667	-1,355
Net Cash From Continuing Financing Activities	628	117	-592	-565	-83	-490	271	-85	-811	-2,667	-1,355
Repayment of Debt	-797	-1,456	-550	-1,245	-2,182	-2,686	-1,444	-467	-3,586	-1,879	-1,215
Repurchase of Common Equity	-	0.00	0.00	-61	-128	-480	-360	-848	-1,132	-1,179	-1,788
Payment of Dividends	-49	-92	-119	-150	-192	-227	-256	-289	-317	-341	-395
Issuance of Debt	1,428	1,591	0.00	835	2,381	2,779	2,346	1,542	4,250	762	2,086
Issuance of Common Equity	45	62	72	47	47	143	23	56	35	26	40
Other Financing Activities, net	0.60	12	4.10	9.20	-10	-20	-38	-79	-62	-56	-84
Cash Income Taxes Paid	280	334	390	446	387	488	581	1,138	1,701	1,442	1,670

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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	40	462	333	492	-556	-251	-73	1,524	-1,475	-551	147
Net Cash From Operating Activities	829	645	788	2,043	-153	-317	698	1,962	647	-436	739
Net Cash From Continuing Operating Activities	829	645	788	2,029	-153	-317	698	1,962	647	-436	739
Net Income / (Loss) Continuing Operations	968	950	1,352	1,526	956	1,184	1,367	1,300	852	819	1,033
Consolidated Net Income / (Loss)	968	950	1,352	1,526	956	1,184	1,367	1,300	852	819	1,033
Depreciation Expense	20	27	24	21	20	21	22	24	24	25	25
Non-Cash Adjustments To Reconcile Net Income	-307	-280	-48	660	-210	-92	53	231	-27	-67	65
Changes in Operating Assets and Liabilities, net	148	-52	-540	-178	-920	-1,430	-744	407	-202	-1,213	-385
Net Cash From Investing Activities	-143	-38	-128	-1.70	-39	-27	-95	-30	-57	-37	-29
Net Cash From Continuing Investing Activities	-143	-38	-128	-1.70	-39	-27	-95	-30	-57	-37	-29
Purchase of Property, Plant & Equipment	-48	-32	-29	-40	-48	-24	-62	-32	-13	-34	-46
Sale of Property, Plant & Equipment	0.00	-	-	52	9.90	-	5.00	4.50	0.00	-	18
Other Investing Activities, net	1.70	0.40	-0.30	-2.50	-0.60	-3.00	-1.20	0.50	7.20	-1.00	-1.40
Net Cash From Financing Activities	-647	-145	-326	-1,549	-363	92	-677	-408	-2,065	-77	-563
Net Cash From Continuing Financing Activities	-647	-145	-326	-1,549	-363	92	-677	-408	-2,065	-77	-563
Repayment of Debt	-722	-9.70	93	-1,240	-570	358	-426	-577	-1,513	-134	-61
Repurchase of Common Equity	-118	-302	-340	-419	-377	-418	-436	-557	-1,056	-1,352	-1,168
Payment of Dividends	-86	-86	-85	-84	-100	-99	-98	-98	-129	-126	-122
Issuance of Debt	300	275	-	187	720	265	285	816	660	1,562	790
Other Financing Activities, net	-26	-30	-0.10	-0.20	-38	-44	-1.30	-1.00	-28	-36	-0.80

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2014	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Total Assets	10,185	11,151	11,559	12,185	14,115	15,607	18,912	24,016	30,351	32,582	36,104
Total Current Assets	8,372	9,201	9,654	10,261	11,901	12,796	3,040	19,716	24,229	26,273	29,447
Cash & Equivalents	662	1,384	1,303	1,008	1,473	1,494	3,019	3,210	2,541	3,874	4,516
Restricted Cash	10	9.70	9.50	17	33	20	22	27	32	27	28
Inventories, net	7,701	7,807	8,341	9,237	10,395	11,282	-	16,479	21,656	22,373	24,903
Plant, Property, & Equipment, net	191	147	195	325	401	499	684	393	472	445	531
Total Noncurrent Assets	1,622	2,362	1,710	1,598	1,813	2,293	15,189	3,907	5,651	5,864	6,126
Goodwill	95	87	80	80	109	164	164	164	164	164	164
Noncurrent Deferred & Refundable Income Taxes	565	1,116	476	365	194	144	145	155	141	187	168
Other Noncurrent Operating Assets	486	527	500	566	1,498	1,985	14,880	3,588	5,346	5,513	5,795
Total Liabilities & Shareholders' Equity	10,185	11,151	11,559	12,185	14,115	15,607	18,912	24,016	30,351	32,582	36,104
Total Liabilities	5,066	5,256	4,766	4,437	4,956	5,312	6,791	8,800	10,566	9,445	10,280
Total Current Liabilities	1,400	1,444	1,495	1,565	1,752	1,912	2,508	3,387	4,499	4,350	4,362
Accounts Payable	525	517	578	580	625	634	901	1,177	1,360	1,246	1,346
Accrued Expenses	875	927	917	985	1,128	1,278	1,607	2,210	3,138	3,104	3,017
Total Noncurrent Liabilities	3,666	3,812	3,271	2,872	3,204	3,399	4,283	5,412	6,067	5,095	5,918
Long-Term Debt	-	3,812	3,271	-	3,204	-	4,283	5,412	6,067	5,095	5,918
Commitments & Contingencies	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,120	5,895	6,793	7,748	9,159	10,295	12,122	15,216	19,786	23,138	25,824
Total Preferred & Common Equity	5,116	5,894	6,793	7,747	8,984	10,021	11,840	14,887	19,396	22,696	25,313
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	5,116	5,894	6,793	7,747	8,984	10,021	11,840	14,887	19,396	22,696	25,313
Common Stock	2,617	2,738	2,870	2,996	3,089	3,183	3,245	3,279	3,354	3,436	3,495
Retained Earnings	2,631	3,290	4,057	4,946	6,218	7,640	9,758	13,644	19,185	23,590	27,951
Treasury Stock	-134	-134	-134	-195	-322	-802	-1,163	-2,037	-3,143	-4,330	-6,133
Noncontrolling Interest	3.90	1.10	0.50	0.50	175	274	282	330	389	442	512

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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	30,265	31,171	32,323	32,582	33,382	34,398	35,151	36,104	35,030	35,690	36,396
Total Current Assets	25,058	25,646	26,392	26,273	27,395	27,933	28,556	29,447	29,150	29,001	29,391
Cash & Equivalents	2,591	3,051	3,379	3,874	3,323	3,063	2,992	4,516	3,050	2,471	2,614
Restricted Cash	21	24	29	27	21	30	28	28	19	47	51
Inventories, net	22,445	22,572	22,984	22,373	24,050	24,840	25,536	24,903	26,081	26,482	26,726
Plant, Property, & Equipment, net	502	510	425	445	476	480	521	531	524	537	560
Total Noncurrent Assets	4,705	5,015	5,506	5,864	5,511	5,985	6,074	6,126	5,356	6,153	6,445
Goodwill	164	164	164	164	164	164	164	164	164	164	164
Noncurrent Deferred & Refundable Income Taxes	138	112	122	187	176	167	157	168	127	75	67
Other Noncurrent Operating Assets	4,404	4,739	5,221	5,513	5,172	5,655	5,754	5,795	5,065	5,915	6,215
Total Liabilities & Shareholders' Equity	30,265	31,171	32,323	32,582	33,382	34,398	35,151	36,104	35,030	35,690	36,396
Total Liabilities	9,712	10,049	10,241	9,445	9,778	10,102	10,001	10,280	9,567	10,831	11,803
Total Current Liabilities	4,022	4,082	4,136	4,350	4,488	4,164	4,310	4,362	4,469	4,313	4,554
Accounts Payable	1,205	1,251	1,370	1,246	1,260	1,387	1,413	1,346	1,373	1,374	1,389
Accrued Expenses	2,817	2,831	2,766	3,104	3,227	2,777	2,897	3,017	3,097	2,939	3,165
Total Noncurrent Liabilities	5,690	5,967	6,105	5,095	5,290	5,938	5,691	5,918	5,098	6,518	7,249
Long-Term Debt	5,690	-	6,105	5,095	5,290	5,938	5,691	5,918	5,098	6,518	7,249
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	20,552	21,122	22,082	23,138	23,604	24,296	25,151	25,824	25,463	24,859	24,593
Total Preferred & Common Equity	20,153	20,713	21,656	22,696	23,153	23,816	24,657	25,313	24,944	24,327	24,053
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	20,153	20,713	21,656	22,696	23,153	23,816	24,657	25,313	24,944	24,327	24,053
Common Stock	3,356	3,362	3,399	3,436	3,444	3,436	3,463	3,495	3,512	3,514	3,541
Retained Earnings	20,058	20,915	22,164	23,590	24,437	25,510	26,765	27,951	28,667	29,352	30,255
Treasury Stock	-3,261	-3,564	-3,907	-4,330	-4,728	-5,130	-5,572	-6,133	-7,236	-8,539	-9,742
Noncontrolling Interest	399	409	426	442	450	481	494	512	519	532	540

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/30/2014	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	28.21%	34.88%	12.32%	15.90%	14.03%	9.49%	15.45%	36.74%	20.54%	5.92%	3.78%
EBITDA Growth	21.33%	34.44%	20.02%	17.04%	28.14%	3.70%	39.19%	77.53%	41.32%	-16.92%	-0.54%
EBIT Growth	22.82%	37.98%	20.48%	18.37%	28.41%	3.31%	40.36%	80.17%	41.96%	-17.24%	-0.48%
NOPAT Growth	16.25%	40.69%	16.98%	17.18%	39.76%	11.63%	47.64%	77.28%	40.19%	-20.79%	-2.03%
Net Income Growth	15.30%	40.71%	18.06%	17.16%	40.82%	10.69%	47.07%	76.06%	40.67%	-18.66%	0.23%
EPS Growth	12.78%	35.33%	16.26%	16.10%	39.05%	0.00%	0.00%	78.00%	44.70%	-16.29%	3.76%
Operating Cash Flow Growth	46.20%	205.90%	-10.92%	-29.44%	23.85%	63.63%	59.35%	-62.41%	5.13%	666.13%	-49.12%
Free Cash Flow Firm Growth	166.27%	-215.42%	126.97%	207.48%	-188.32%	236.50%	-161.14%	106.50%	-126.30%	9,419.31%	-53.26%
Invested Capital Growth	-37.39%	99.45%	-1.35%	-23.18%	61.31%	-19.21%	52.52%	30.13%	33.86%	4.52%	11.78%
Revenue Q/Q Growth	8.26%	6.92%	4.91%	3.06%	2.20%	3.13%	36.05%	-7.68%	4.79%	2.50%	-1.34%
EBITDA Q/Q Growth	5.00%	8.24%	7.52%	2.91%	6.15%	2.70%	328.35%	-38.14%	4.64%	-0.73%	-4.59%
EBIT Q/Q Growth	5.82%	8.50%	7.49%	3.39%	6.16%	2.66%	308.08%	-38.40%	4.65%	-0.75%	-4.68%
NOPAT Q/Q Growth	6.28%	11.05%	4.06%	3.27%	11.69%	5.28%	337.74%	-45.68%	5.36%	-3.49%	-5.28%
Net Income Q/Q Growth	5.29%	10.72%	5.32%	2.93%	11.92%	2.20%	15.94%	13.99%	5.41%	-2.49%	-4.49%
EPS Q/Q Growth	3.45%	10.93%	5.36%	2.62%	11.73%	0.00%	0.00%	0.00%	6.17%	-1.50%	-3.56%
Operating Cash Flow Q/Q Growth	0.80%	594.15%	3.91%	25.92%	-41.53%	179.30%	1.52%	-33.05%	9,109.84%	27.13%	-3.58%
Free Cash Flow Firm Q/Q Growth	-8.28%	-625.58%	120.76%	193.67%	-174.46%	209.29%	-19.54%	-96.67%	93.62%	30.33%	-4.37%
Invested Capital Q/Q Growth	80,770.91%	38,671.74%	56.44%	-31.67%	44.59%	-29.22%	0.71%	4.94%	2.43%	-1.81%	-2.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.89%	21.14%	21.84%	21.63%	22.84%	22.01%	24.31%	28.35%	31.37%	26.37%	25.91%
EBITDA Margin	10.97%	10.93%	11.68%	11.79%	13.25%	12.55%	15.13%	19.65%	23.03%	18.07%	17.31%
Operating Margin	10.08%	10.31%	10.95%	11.19%	12.52%	11.90%	14.52%	19.20%	22.61%	17.21%	16.13%
EBIT Margin	10.15%	10.38%	11.13%	11.37%	12.80%	12.08%	14.69%	19.35%	22.79%	17.81%	17.08%
Profit (Net Income) Margin	6.65%	6.94%	7.29%	7.37%	9.10%	9.20%	11.72%	15.09%	17.61%	13.52%	13.06%
Tax Burden Percent	65.52%	66.82%	65.48%	64.81%	70.99%	76.16%	79.80%	78.25%	77.27%	75.94%	76.47%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.14%	100.00%	100.00%	99.66%	100.00%	100.00%	100.00%
Effective Tax Rate	34.48%	33.18%	34.52%	35.19%	29.01%	23.84%	20.20%	21.75%	22.73%	24.06%	23.53%
Return on Invested Capital (ROIC)	9.17%	11.19%	9.90%	13.21%	16.26%	16.26%	21.28%	27.13%	28.77%	19.46%	17.62%
ROIC Less NNEP Spread (ROIC-NNEP)	9.48%	11.65%	10.47%	16.74%	26.57%	47.85%	2.86%	28.21%	30.38%	26.37%	38.39%
Return on Net Nonoperating Assets (RNNOA)	2.45%	2.44%	4.07%	1.08%	1.04%	0.38%	-0.04%	3.53%	4.92%	2.88%	2.01%
Return on Equity (ROE)	11.62%	13.63%	13.97%	14.28%	17.30%	16.64%	21.24%	30.66%	33.69%	22.34%	19.63%
Cash Return on Invested Capital (CROIC)	55.17%	-55.23%	11.26%	39.42%	-30.67%	37.51%	-20.32%	0.95%	-0.19%	15.04%	6.50%
Operating Return on Assets (OROA)	8.55%	10.53%	11.92%	13.50%	15.64%	14.30%	17.28%	25.04%	28.07%	20.07%	18.30%
Return on Assets (ROA)	5.60%	7.04%	7.81%	8.75%	11.12%	10.89%	13.79%	19.53%	21.69%	15.24%	13.99%
Return on Common Equity (ROCE)	11.61%	13.62%	13.97%	14.28%	17.12%	16.26%	20.71%	29.98%	33.00%	21.91%	19.25%
Return on Equity Simple (ROE_SIMPLE)	10.43%	12.74%	13.05%	13.40%	16.28%	16.15%	20.11%	28.15%	30.40%	21.13%	18.99%
Net Operating Profit after Tax (NOPAT)	530	745	872	1,022	1,428	1,594	2,354	4,173	5,850	4,633	4,539
NOPAT Margin	6.60%	6.89%	7.17%	7.25%	8.89%	9.06%	11.59%	15.02%	17.47%	13.07%	12.33%
Net Nonoperating Expense Percent (NNEP)	-0.30%	-0.45%	-0.58%	-3.54%	-10.31%	-31.59%	18.41%	-1.08%	-1.62%	-6.90%	-20.77%
Cost of Revenue to Revenue	78.11%	78.86%	78.16%	78.37%	77.16%	77.99%	75.69%	71.65%	68.63%	73.63%	74.09%
SG&A Expenses to Revenue	12.03%	10.96%	10.86%	10.44%	10.44%	10.42%	10.08%	9.20%	8.76%	9.16%	9.78%
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	11.81%	10.83%	10.88%	10.44%	10.32%	10.11%	9.79%	9.15%	8.76%	9.16%	9.78%
Earnings before Interest and Taxes (EBIT)	814	1,123	1,354	1,602	2,057	2,125	2,983	5,374	7,630	6,315	6,285
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	880	1,183	1,420	1,662	2,130	2,208	3,074	5,457	7,711	6,406	6,372
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.31	1.65	1.51	1.79	1.66	1.85	2.24	1.96	1.18	1.59	2.45
Price to Tangible Book Value (P/TBV)	1.34	1.68	1.53	1.81	1.68	1.88	2.27	1.98	1.19	1.60	2.47
Price to Revenue (P/Rev)	0.84	0.90	0.85	0.98	0.93	1.05	1.30	1.05	0.68	1.01	1.69
Price to Earnings (P/E)	12.57	12.98	11.60	13.33	10.20	11.45	11.15	7.00	3.92	7.58	13.05
Dividend Yield	0.75%	0.94%	1.16%	1.08%	1.27%	1.20%	0.96%	0.98%	1.36%	0.94%	0.63%
Earnings Yield	7.96%	7.70%	8.62%	7.50%	9.80%	8.73%	8.97%	14.29%	25.54%	13.19%	7.67%
Enterprise Value to Invested Capital (EV/IC)	1.36	1.37	1.40	1.91	1.55	1.97	2.09	1.82	1.15	1.55	2.35
Enterprise Value to Revenue (EV/Rev)	0.75	1.12	1.01	0.91	1.04	0.98	1.38	1.14	0.80	1.06	1.74
Enterprise Value to EBITDA (EV/EBITDA)	6.86	10.28	8.62	7.72	7.87	7.83	9.11	5.81	3.48	5.87	10.03
Enterprise Value to EBIT (EV/EBIT)	7.41	10.83	9.05	8.00	8.15	8.14	9.38	5.90	3.51	5.96	10.17
Enterprise Value to NOPAT (EV/NOPAT)	11.39	16.32	14.04	12.55	11.73	10.84	11.89	7.60	4.58	8.12	14.09
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	17.37	19.62	29.13	30.74	19.38	19.69	59.36	47.73	8.74	29.20
Enterprise Value to Free Cash Flow (EV/FCFF)	1.89	0.00	12.34	4.20	0.00	4.70	0.00	217.11	0.00	10.50	38.21
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.65	0.48	0.00	0.35	0.00	0.35	0.36	0.31	0.22	0.23
Long-Term Debt to Equity	0.00	0.65	0.48	0.00	0.35	0.00	0.35	0.36	0.31	0.22	0.23
Financial Leverage	0.26	0.21	0.39	0.06	0.04	0.01	-0.01	0.13	0.16	0.11	0.05
Leverage Ratio	2.07	1.94	1.79	1.63	1.56	1.53	1.54	1.57	1.55	1.47	1.40
Compound Leverage Factor	2.07	1.94	1.79	1.63	1.56	1.53	1.54	1.57	1.55	1.47	1.40
Debt to Total Capital	0.00%	39.27%	32.50%	0.00%	25.91%	0.00%	26.11%	26.24%	23.47%	18.04%	18.64%
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	0.00%	39.27%	32.50%	0.00%	25.91%	0.00%	26.11%	26.24%	23.47%	18.04%	18.64%
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	0.08%	0.01%	0.01%	0.01%	1.41%	2.66%	1.72%	1.60%	1.51%	1.56%	1.61%
Common Equity to Total Capital	99.92%	60.72%	67.49%	99.99%	72.68%	97.34%	72.17%	72.16%	75.03%	80.39%	79.75%
Debt to EBITDA	0.00	3.22	2.30	0.00	1.50	0.00	1.39	0.99	0.79	0.80	0.93
Net Debt to EBITDA	0.00	2.04	1.38	0.00	0.79	0.00	0.40	0.40	0.45	0.19	0.22
Long-Term Debt to EBITDA	0.00	3.22	2.30	0.00	1.50	0.00	1.39	0.99	0.79	0.80	0.93
Debt to NOPAT	0.00	5.11	3.75	0.00	2.24	0.00	1.82	1.30	1.04	1.10	1.30
Net Debt to NOPAT	0.00	3.24	2.25	0.00	1.18	0.00	0.53	0.52	0.60	0.26	0.30
Long-Term Debt to NOPAT	0.00	5.11	3.75	0.00	2.24	0.00	1.82	1.30	1.04	1.10	1.30
Altman Z-Score	3.03	3.66	4.07	4.89	4.90	5.19	4.69	5.50	4.90	5.83	7.13
Noncontrolling Interest Sharing Ratio	0.07%	0.05%	0.01%	0.01%	1.04%	2.31%	2.48%	2.24%	2.05%	1.94%	1.95%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.98	6.37	6.46	6.56	6.79	6.69	1.21	5.82	5.39	6.04	6.75
Quick Ratio	0.47	0.96	0.87	0.64	0.84	0.78	1.20	0.95	0.56	0.89	1.04
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3,187	-3,678	992	3,050	-2,694	3,677	-2,248	146	-38	3,581	1,673
Operating Cash Flow to CapEx	-660.08%	700,400.00%	724.62%	279.85%	0.00%	1,110.96%	905.48%	232.55%	379.08%	4,455.59%	1,500.89%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8.07	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	29.52	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	16.83	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.84	1.01	1.07	1.19	1.22	1.18	1.18	1.29	1.23	1.13	1.07
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	0.90	1.10	1.18	1.26	1.26	1.27	0.00	0.00	1.21	1.19	1.15
Fixed Asset Turnover	53.45	64.10	71.03	54.15	44.26	39.08	34.34	51.60	77.46	77.34	75.38
Accounts Payable Turnover	13.55	16.39	17.37	19.07	20.58	21.80	20.04	19.16	18.11	20.03	21.04
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)	404.61	331.56	310.12	290.50	288.98	288.32	0.00	0.00	302.91	307.75	316.44
Days Payable Outstanding (DPO)	26.93	22.27	21.01	19.14	17.74	16.74	18.22	19.05	20.15	18.22	17.35
Cash Conversion Cycle (CCC)	377.68	309.29	289.11	271.37	271.25	271.58	-18.22	-19.05	282.75	289.53	299.09
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,448	8,872	8,752	6,723	10,845	8,762	13,365	17,391	23,280	24,332	27,198
Invested Capital Turnover	1.39	1.63	1.38	1.82	1.83	1.79	1.84	1.81	1.65	1.49	1.43
Increase / (Decrease) in Invested Capital	-2,657	4,424	-120	-2,028	4,122	-2,083	4,602	4,027	5,888	1,053	2,866
Enterprise Value (EV)	6,037	12,165	12,244	12,822	16,759	17,289	27,995	31,722	26,815	37,611	63,935
Market Capitalization	6,705	9,746	10,285	13,846	14,898	18,529	26,471	29,217	22,932	35,975	62,050
Book Value per Share	$14.04	$16.07	$18.25	$20.70	$23.83	$27.10	$32.55	$41.56	$55.82	$67.09	$77.64
Tangible Book Value per Share	$13.78	$15.83	$18.03	$20.48	$23.54	$26.65	$32.10	$41.10	$55.35	$66.61	$77.14
Total Capital	5,120	9,707	10,064	7,748	12,362	10,295	16,405	20,629	25,853	28,232	31,742
Total Debt	0.00	3,812	3,271	0.00	3,204	0.00	4,283	5,412	6,067	5,095	5,918
Total Long-Term Debt	0.00	3,812	3,271	0.00	3,204	0.00	4,283	5,412	6,067	5,095	5,918
Net Debt	-672	2,418	1,959	-1,024	1,687	-1,514	1,243	2,175	3,494	1,194	1,374
Capital Expenditures (CapEx)	100	0.10	86	157	-155	80	157	230	148	97	146
Debt-free, Cash-free Net Working Capital (DFCFNWC)	6,301	6,363	6,846	7,672	8,643	9,370	-2,508	13,092	17,157	18,023	20,541
Debt-free Net Working Capital (DFNWC)	6,972	7,756	8,159	8,696	10,149	10,884	533	16,329	19,730	21,923	25,085
Net Working Capital (NWC)	6,972	7,756	8,159	8,696	10,149	10,884	533	16,329	19,730	21,923	25,085
Net Nonoperating Expense (NNE)	-3.60	-5.21	-14	-17	-34	-24	-27	-18	-46	-162	-267
Net Nonoperating Obligations (NNO)	-672	2,976	1,959	-1,024	1,687	-1,533	1,243	2,175	3,494	1,194	1,374
Total Depreciation and Amortization (D&A)	66	60	66	60	72	83	91	82	81	92	87
Debt-free, Cash-free Net Working Capital to Revenue	78.51%	58.79%	56.31%	54.44%	53.79%	53.26%	-12.35%	47.14%	51.25%	50.83%	55.82%
Debt-free Net Working Capital to Revenue	86.88%	71.66%	67.11%	61.71%	63.16%	61.87%	2.62%	58.79%	58.93%	61.83%	68.16%
Net Working Capital to Revenue	86.88%	71.66%	67.11%	61.71%	63.16%	61.87%	2.62%	58.79%	58.93%	61.83%	68.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.57	$2.05	$2.39	$2.77	$0.00	$4.34	$6.49	$11.56	$16.65	$13.93	$14.44
Adjusted Weighted Average Basic Shares Outstanding	364.59M	368.70M	372.93M	375.04M	0.00	372.60M	365.50M	361.10M	351.70M	340.70M	329.50M
Adjusted Diluted Earnings per Share	$1.50	$2.03	$2.36	$2.74	$0.00	$4.29	$6.41	$11.41	$16.51	$13.82	$14.34
Adjusted Weighted Average Diluted Shares Outstanding	364.59M	368.70M	372.93M	375.04M	0.00	377.40M	370.20M	365.80M	354.80M	343.30M	331.60M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	364.59M	368.70M	372.93M	375.04M	0.00	368.49M	364.39M	356.53M	344.34M	333.18M	321.17M
Normalized Net Operating Profit after Tax (NOPAT)	530	752	874	1,022	1,415	1,553	2,306	4,162	5,850	4,633	4,539
Normalized NOPAT Margin	6.60%	6.95%	7.19%	7.25%	8.81%	8.83%	11.36%	14.98%	17.47%	13.07%	12.33%
Pre Tax Income Margin	10.15%	10.38%	11.13%	11.37%	12.82%	12.08%	14.69%	19.29%	22.79%	17.81%	17.08%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	296.93	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	230.54	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	284.23	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	217.85	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	9.11%	12.20%	13.39%	14.41%	13.10%	14.04%	10.75%	6.90%	5.37%	7.12%	8.22%
Augmented Payout Ratio	9.11%	12.20%	13.39%	20.24%	21.82%	43.69%	25.89%	27.15%	24.56%	31.69%	45.42%

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

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.90%	-0.33%	10.67%	8.97%	6.45%	14.23%	2.47%	-4.78%	-1.46%	-15.08%	-7.43%
EBITDA Growth	-15.14%	-33.17%	-17.99%	-2.27%	-1.52%	21.82%	0.76%	-15.02%	-10.53%	-29.55%	-24.05%
EBIT Growth	-15.37%	-33.88%	-18.29%	-2.30%	-1.55%	22.74%	0.85%	-15.29%	-11.03%	-30.19%	-24.51%
NOPAT Growth	-17.15%	-36.08%	-20.37%	-10.31%	-4.50%	22.59%	-0.50%	-17.25%	-11.71%	-31.65%	-26.30%
Net Income Growth	-15.49%	-34.16%	-18.54%	-7.44%	-1.30%	24.65%	1.12%	-14.80%	-10.86%	-30.80%	-24.41%
EPS Growth	-12.93%	-32.26%	-16.49%	-4.53%	2.17%	28.94%	5.13%	-11.96%	-7.45%	-26.70%	-18.05%
Operating Cash Flow Growth	576.22%	197.58%	189.74%	81.66%	-118.50%	-149.14%	-11.33%	-3.98%	521.58%	-37.73%	5.77%
Free Cash Flow Firm Growth	-23.42%	195.60%	83.56%	109.67%	73.71%	-305.98%	-134.33%	-501.77%	-12.55%	88.09%	77.37%
Invested Capital Growth	25.67%	-14.06%	9.03%	4.52%	8.12%	50.39%	12.28%	11.78%	7.60%	6.33%	4.87%
Revenue Q/Q Growth	-24.71%	9.85%	21.98%	8.00%	-26.45%	17.88%	9.43%	0.37%	-23.89%	1.59%	19.29%
EBITDA Q/Q Growth	-38.33%	-1.17%	42.11%	12.84%	-37.86%	22.26%	17.54%	-4.84%	-34.58%	-3.73%	26.71%
EBIT Q/Q Growth	-38.66%	-1.73%	43.25%	13.14%	-38.19%	22.53%	17.70%	-4.96%	-35.08%	-3.86%	27.27%
NOPAT Q/Q Growth	-42.46%	-2.35%	43.03%	11.60%	-38.73%	25.35%	16.08%	-7.18%	-34.63%	-2.96%	25.17%
Net Income Q/Q Growth	-41.25%	-1.93%	42.34%	12.87%	-37.36%	23.86%	15.47%	-4.90%	-34.46%	-3.85%	26.13%
EPS Q/Q Growth	-40.52%	-1.09%	42.86%	13.59%	-36.34%	24.82%	16.48%	-4.88%	-33.08%	-1.15%	30.23%
Operating Cash Flow Q/Q Growth	-26.28%	-22.27%	22.19%	159.43%	-107.51%	-106.45%	320.49%	180.91%	-67.03%	-167.45%	269.33%
Free Cash Flow Firm Q/Q Growth	8.67%	199.54%	-119.15%	155.55%	-348.22%	-679.86%	78.21%	4.76%	30.46%	17.46%	58.61%
Invested Capital Q/Q Growth	1.51%	-23.63%	37.30%	-1.81%	5.00%	6.23%	2.51%	-2.24%	1.08%	4.97%	1.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.10%	24.79%	26.57%	26.88%	25.97%	25.62%	26.51%	25.54%	25.09%	24.57%	23.95%
EBITDA Margin	17.73%	15.95%	18.59%	19.42%	16.41%	17.02%	18.28%	17.33%	14.90%	14.12%	14.99%
Operating Margin	16.94%	15.09%	17.81%	18.44%	15.16%	15.95%	17.24%	15.94%	13.56%	12.95%	13.71%
EBIT Margin	17.46%	15.62%	18.34%	19.21%	16.15%	16.78%	18.05%	17.09%	14.58%	13.80%	14.72%
Profit (Net Income) Margin	13.34%	11.91%	13.90%	14.52%	12.37%	13.00%	13.72%	12.99%	11.19%	10.59%	11.20%
Tax Burden Percent	76.41%	76.25%	75.77%	75.59%	76.61%	77.44%	75.98%	76.03%	76.75%	76.76%	76.07%
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	23.59%	23.75%	24.23%	24.41%	23.39%	22.56%	24.02%	23.98%	23.25%	23.24%	23.93%
Return on Invested Capital (ROIC)	20.55%	19.84%	19.65%	20.77%	16.97%	20.26%	18.58%	17.30%	14.40%	12.54%	12.65%
ROIC Less NNEP Spread (ROIC-NNEP)	21.53%	27.82%	20.78%	23.38%	19.30%	-31.03%	20.86%	24.16%	17.40%	14.01%	14.61%
Return on Net Nonoperating Assets (RNNOA)	3.46%	0.59%	3.58%	2.55%	2.20%	0.16%	2.37%	1.27%	1.41%	1.95%	2.13%
Return on Equity (ROE)	24.01%	20.42%	23.23%	23.32%	19.16%	20.42%	20.95%	18.57%	15.80%	14.49%	14.78%
Cash Return on Invested Capital (CROIC)	3.91%	41.43%	11.57%	15.04%	10.87%	-19.01%	6.65%	6.50%	9.40%	8.43%	8.35%
Operating Return on Assets (OROA)	21.28%	18.17%	20.74%	21.65%	18.23%	18.97%	19.96%	18.32%	15.64%	13.90%	14.23%
Return on Assets (ROA)	16.26%	13.86%	15.72%	16.37%	13.97%	14.69%	15.16%	13.92%	12.00%	10.67%	10.82%
Return on Common Equity (ROCE)	23.52%	20.02%	22.78%	22.87%	18.80%	20.02%	20.54%	18.21%	15.49%	14.19%	14.48%
Return on Equity Simple (ROE_SIMPLE)	28.37%	25.23%	22.71%	0.00%	20.66%	21.06%	20.41%	0.00%	18.85%	17.83%	16.65%
Net Operating Profit after Tax (NOPAT)	939	917	1,312	1,464	897	1,125	1,306	1,212	792	769	962
NOPAT Margin	12.94%	11.51%	13.49%	13.94%	11.61%	12.35%	13.10%	12.12%	10.41%	9.94%	10.43%
Net Nonoperating Expense Percent (NNEP)	-0.98%	-7.98%	-1.13%	-2.61%	-2.33%	51.29%	-2.28%	-6.85%	-3.00%	-1.47%	-1.95%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	3.11%	-	-	-	2.59%	2.45%	3.02%
Cost of Revenue to Revenue	72.91%	75.21%	73.43%	73.12%	74.03%	74.38%	73.49%	74.46%	74.91%	75.43%	76.05%
SG&A Expenses to Revenue	10.15%	9.70%	8.76%	8.44%	10.81%	9.67%	9.27%	9.60%	11.53%	11.62%	10.24%
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	10.15%	9.70%	8.76%	8.44%	10.81%	9.67%	9.27%	9.60%	11.53%	11.62%	10.24%
Earnings before Interest and Taxes (EBIT)	1,267	1,245	1,784	2,018	1,248	1,529	1,799	1,710	1,110	1,067	1,358
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,287	1,272	1,808	2,040	1,268	1,550	1,821	1,733	1,134	1,092	1,383
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.50	1.60	1.90	1.59	2.20	2.28	1.88	2.45	1.80	1.65	1.65
Price to Tangible Book Value (P/TBV)	1.51	1.61	1.91	1.60	2.22	2.30	1.89	2.47	1.81	1.66	1.66
Price to Revenue (P/Rev)	0.90	0.98	1.19	1.01	1.42	1.47	1.24	1.69	1.22	1.13	1.15
Price to Earnings (P/E)	5.33	6.40	8.44	7.58	10.77	10.96	9.30	13.05	9.65	9.33	9.99
Dividend Yield	1.05%	1.22%	0.81%	0.94%	0.86%	0.67%	0.82%	0.63%	0.93%	1.10%	1.16%
Earnings Yield	18.77%	15.64%	11.85%	13.19%	9.28%	9.13%	10.75%	7.67%	10.36%	10.71%	10.01%
Enterprise Value to Invested Capital (EV/IC)	1.43	1.69	1.78	1.55	2.09	2.13	1.78	2.35	1.73	1.55	1.53
Enterprise Value to Revenue (EV/Rev)	1.00	0.91	1.28	1.06	1.49	1.56	1.33	1.74	1.29	1.26	1.29
Enterprise Value to EBITDA (EV/EBITDA)	4.51	4.45	6.85	5.87	8.36	8.66	7.41	10.03	7.61	7.71	8.37
Enterprise Value to EBIT (EV/EBIT)	4.56	4.51	6.95	5.96	8.48	8.77	7.51	10.17	7.72	7.84	8.53
Enterprise Value to NOPAT (EV/NOPAT)	5.96	5.93	9.21	8.12	11.63	12.03	10.33	14.09	10.70	10.93	11.97
Enterprise Value to Operating Cash Flow (EV/OCF)	21.54	10.61	13.06	8.74	16.07	24.45	21.79	29.20	15.87	15.54	15.37
Enterprise Value to Free Cash Flow (EV/FCFF)	40.67	3.77	16.09	10.50	19.98	0.00	28.28	38.21	19.04	18.89	18.79
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.28	0.00	0.28	0.22	0.22	0.24	0.23	0.23	0.20	0.26	0.29
Long-Term Debt to Equity	0.28	0.00	0.28	0.22	0.22	0.24	0.23	0.23	0.20	0.26	0.29
Financial Leverage	0.16	0.02	0.17	0.11	0.11	-0.01	0.11	0.05	0.08	0.14	0.15
Leverage Ratio	1.51	1.51	1.51	1.47	1.44	1.44	1.43	1.40	1.39	1.43	1.44
Compound Leverage Factor	1.51	1.51	1.51	1.47	1.44	1.44	1.43	1.40	1.39	1.43	1.44
Debt to Total Capital	21.68%	0.00%	21.66%	18.04%	18.31%	19.64%	18.45%	18.64%	16.68%	20.77%	22.76%
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	21.68%	0.00%	21.66%	18.04%	18.31%	19.64%	18.45%	18.64%	16.68%	20.77%	22.76%
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	1.52%	1.94%	1.51%	1.56%	1.56%	1.59%	1.60%	1.61%	1.70%	1.69%	1.70%
Common Equity to Total Capital	76.80%	98.06%	76.83%	80.39%	80.13%	78.77%	79.95%	79.75%	81.62%	77.53%	75.54%
Debt to EBITDA	0.76	0.00	0.95	0.80	0.83	0.89	0.85	0.93	0.82	1.13	1.36
Net Debt to EBITDA	0.41	0.00	0.42	0.19	0.30	0.43	0.40	0.22	0.33	0.69	0.86
Long-Term Debt to EBITDA	0.76	0.00	0.95	0.80	0.83	0.89	0.85	0.93	0.82	1.13	1.36
Debt to NOPAT	1.01	0.00	1.27	1.10	1.15	1.24	1.19	1.30	1.15	1.60	1.94
Net Debt to NOPAT	0.54	0.00	0.56	0.26	0.42	0.59	0.56	0.30	0.46	0.98	1.23
Long-Term Debt to NOPAT	1.01	0.00	1.27	1.10	1.15	1.24	1.19	1.30	1.15	1.60	1.94
Altman Z-Score	4.88	4.96	5.45	5.40	6.18	6.32	5.90	6.71	5.96	5.29	5.07
Noncontrolling Interest Sharing Ratio	2.01%	1.97%	1.97%	1.94%	1.92%	1.96%	1.95%	1.95%	1.98%	2.06%	2.08%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.23	6.28	6.38	6.04	6.10	6.71	6.63	6.75	6.52	6.72	6.45
Quick Ratio	0.64	0.75	0.82	0.89	0.74	0.74	0.69	1.04	0.68	0.57	0.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3,887	3,869	-741	412	-1,022	-7,969	-1,737	-1,654	-1,150	-949	-393
Operating Cash Flow to CapEx	1,745.47%	2,033.12%	2,706.19%	0.00%	-406.90%	-1,336.29%	1,225.09%	7,133.09%	4,862.41%	-1,271.72%	2,676.09%
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	1.22	1.16	1.13	1.13	1.13	1.13	1.11	1.07	1.07	1.01	0.97
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	1.15	1.13	1.13	1.19	1.14	1.15	1.13	1.15	1.09	1.03	1.00
Fixed Asset Turnover	73.86	71.34	76.32	77.34	73.53	74.91	78.85	75.38	73.40	69.49	63.99
Accounts Payable Turnover	19.83	18.20	17.51	20.03	21.53	20.71	19.77	21.04	20.70	19.06	18.56
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)	317.54	323.53	323.72	307.75	319.74	316.75	322.01	316.44	335.75	356.02	366.82
Days Payable Outstanding (DPO)	18.40	20.06	20.84	18.22	16.95	17.62	18.46	17.35	17.63	19.15	19.66
Cash Conversion Cycle (CCC)	299.14	303.47	302.88	289.53	302.79	299.13	303.55	299.09	318.12	336.87	347.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	23,630	18,047	24,780	24,332	25,549	27,141	27,822	27,198	27,492	28,859	29,177
Invested Capital Turnover	1.59	1.72	1.46	1.49	1.46	1.64	1.42	1.43	1.38	1.26	1.21
Increase / (Decrease) in Invested Capital	4,826	-2,952	2,053	1,053	1,919	9,094	3,042	2,866	1,942	1,718	1,355
Enterprise Value (EV)	33,714	30,464	44,207	37,611	53,390	57,720	49,498	63,935	47,454	44,593	44,726
Market Capitalization	30,237	33,129	41,084	35,975	50,994	54,395	46,333	62,050	44,906	40,062	39,602
Book Value per Share	$58.53	$60.32	$63.50	$67.09	$69.47	$71.77	$74.87	$77.64	$77.67	$77.20	$78.30
Tangible Book Value per Share	$58.05	$59.84	$63.02	$66.61	$68.98	$71.28	$74.38	$77.14	$77.16	$76.68	$77.77
Total Capital	26,243	21,122	28,188	28,232	28,894	30,234	30,842	31,742	30,561	31,377	31,842
Total Debt	5,690	0.00	6,105	5,095	5,290	5,938	5,691	5,918	5,098	6,518	7,249
Total Long-Term Debt	5,690	0.00	6,105	5,095	5,290	5,938	5,691	5,918	5,098	6,518	7,249
Net Debt	3,078	-3,075	2,697	1,194	1,946	2,845	2,671	1,374	2,029	4,000	4,584
Capital Expenditures (CapEx)	48	32	29	-12	38	24	57	28	13	34	28
Debt-free, Cash-free Net Working Capital (DFCFNWC)	18,424	18,490	18,848	18,023	19,563	20,676	21,226	20,541	21,611	22,170	22,172
Debt-free Net Working Capital (DFNWC)	21,036	21,564	22,256	21,923	22,907	23,770	24,246	25,085	24,680	24,688	24,837
Net Working Capital (NWC)	21,036	21,564	22,256	21,923	22,907	23,770	24,246	25,085	24,680	24,688	24,837
Net Nonoperating Expense (NNE)	-29	-32	-40	-61	-58	-59	-61	-88	-60	-50	-71
Net Nonoperating Obligations (NNO)	3,078	-3,075	2,697	1,194	1,946	2,845	2,671	1,374	2,029	4,000	4,584
Total Depreciation and Amortization (D&A)	20	27	24	21	20	21	22	24	24	25	25
Debt-free, Cash-free Net Working Capital to Revenue	54.69%	54.93%	54.48%	50.83%	54.45%	55.79%	56.90%	55.82%	58.91%	62.78%	64.13%
Debt-free Net Working Capital to Revenue	62.45%	64.07%	64.33%	61.83%	63.76%	64.13%	65.00%	68.16%	67.27%	69.91%	71.83%
Net Working Capital to Revenue	62.45%	64.07%	64.33%	61.83%	63.76%	64.13%	65.00%	68.16%	67.27%	69.91%	71.83%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.79	$2.75	$3.93	$4.46	$2.84	$3.54	$4.12	$3.94	$2.63	$2.59	$3.37
Adjusted Weighted Average Basic Shares Outstanding	344.20M	342.10M	339.90M	340.70M	333.30M	330.90M	328.40M	329.50M	321.50M	312.50M	304.10M
Adjusted Diluted Earnings per Share	$2.76	$2.73	$3.90	$4.43	$2.82	$3.52	$4.10	$3.90	$2.61	$2.58	$3.36
Adjusted Weighted Average Diluted Shares Outstanding	346.90M	344.90M	342.30M	343.30M	335.70M	333.30M	330.10M	331.60M	323.30M	314M	304.90M
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	343.39M	341.07M	338.30M	333.18M	331.82M	329.31M	326.04M	321.17M	315.12M	307.18M	298.12M
Normalized Net Operating Profit after Tax (NOPAT)	939	917	1,312	1,464	897	1,125	1,306	1,212	792	769	962
Normalized NOPAT Margin	12.94%	11.51%	13.49%	13.94%	11.61%	12.35%	13.10%	12.12%	10.41%	9.94%	10.43%
Pre Tax Income Margin	17.46%	15.62%	18.34%	19.21%	16.15%	16.78%	18.05%	17.09%	14.58%	13.80%	14.72%
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	5.64%	6.30%	6.81%	7.12%	7.42%	7.35%	7.59%	8.22%	9.01%	10.38%	11.84%
Augmented Payout Ratio	22.18%	25.08%	27.78%	31.69%	37.48%	38.31%	40.36%	45.42%	61.46%	88.78%	115.08%

Key Financial Trends

D.R. Horton (NYSE: DHI) has demonstrated solid financial performance across recent quarters through Q3 2025, supported by consistent revenue growth, strong net income, and steady cash flow from operations. Below are the key takeaways from an analysis of the company's quarterly financial statements over the past four years:

Revenue Growth: Operating revenue grew steadily from approximately $7.3 billion in Q1 2023 to $9.2 billion by Q3 2025, indicating strong top-line expansion.
Consistent Profitability: Net income showed a positive trend, rising from $955 million in Q1 2023 to over $1 billion in Q3 2025, highlighting effective expense management and operational efficiency.
Solid Gross Margins: Despite fluctuations, gross profit remained strong, with $2.2 billion in Q3 2025 and peaks above $2.6 billion in prior periods, reflecting good cost control.
Growing EBITDA indicated by operating income: Operating income increased from $835 million in Q1 2023 to $1.26 billion in Q3 2025, signaling improving operational performance.
Cash from Operations Recovery: Operating cash flow demonstrated resilience with $738 million positive cash flow in Q3 2025, after a temporary negative $436 million in Q2 2025.
Strong Balance Sheet: Total assets have grown to nearly $36.4 billion by Q3 2025, with equity of approximately $24 billion, signifying solid capitalization.
Inventory Management: Inventories increased moderately year over year, reflecting controlled growth aligned with revenue expansion.
Debt Levels Increasing: Long-term debt rose from about $5 billion in early 2023 to $7.25 billion in Q3 2025, which may imply leveraged expansion but requires monitoring.
Share Repurchases and Dividends: The company has been actively repurchasing common shares (over $1.16 billion in Q3 2025 alone) and paying dividends ($0.40 per share in Q3 2025), which, while rewarding shareholders, reduce cash reserves and may increase financial risk.
Volatile Operating Cash Flows: Significant swings in operating cash flows, such as a $436 million outflow in Q2 2025, suggest working capital volatility tied to changes in operating assets and liabilities.

In summary, D.R. Horton shows healthy revenue and profit growth with strong operating income. The company maintains a robust balance sheet, though rising debt and active share repurchases and dividends may limit financial flexibility. Investors should watch for ongoing effective management of working capital and debt levels which will be crucial for sustaining growth and shareholder returns.

08/31/25 03:56 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

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

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

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

How has D.R. Horton's net income changed over the last 10 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 $533.50 million in 2014. The previous period was $4.80 billion in 2023. View D.R. Horton's forecast to see where analysts expect D.R. Horton to go next.

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's revenue changed over the last 10 years?

Over the last 10 years, D.R. Horton's total revenue changed from $8.02 billion in 2014 to $36.80 billion in 2024, a change of 358.6%.

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 102.9% increase since 2014.

How much cash does D.R. Horton have?

In the past 10 years, D.R. Horton's cash and equivalents has ranged from $661.80 million in 2014 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 10 years?

Over the last 10 years, D.R. Horton's book value per share changed from 14.04 in 2014 to 77.64 in 2024, a change of 453.1%.

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This page (NYSE:DHI) was last updated on 8/31/2025 by MarketBeat.com Staff

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D.R. Horton (DHI) Financials

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