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D.R. Horton (DHI) Financials

D.R. Horton logo
$147.20 +0.11 (+0.08%)
Closing price 03:59 PM Eastern
Extended Trading
$146.50 -0.71 (-0.48%)
As of 07:58 PM Eastern
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Annual Income Statements for D.R. Horton

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 9/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 751 886 1,038 1,460 1,619 2,374 4,176 5,858 4,746 4,756 3,585
Consolidated Net Income / (Loss)		 751 886 1,038 1,462 1,619 2,381 4,191 5,896 4,795 4,806 3,621
Net Income / (Loss) Continuing Operations		 751 886 1,038 1,462 1,619 2,381 4,191 5,896 4,795 4,806 3,621
Total Pre-Tax Income 		1,123 1,354 1,602 2,060 2,125 2,983 5,356 7,630 6,315 6,285 4,740
Total Operating Income		 1,116 1,332 1,577 2,012 2,093 2,950 5,333 7,570 6,102 5,936 4,424
Total Gross Profit		 2,288 2,655 3,048 3,670 3,872 4,938 7,875 10,504 9,350 9,535 8,116
Total Revenue		 10,824 12,157 14,091 16,068 17,593 20,311 27,774 33,480 35,460 36,801 34,250
Operating Revenue		 10,824 12,157 14,091 16,068 17,593 20,311 27,774 33,480 35,460 36,801 34,250
Total Cost of Revenue		 8,536 9,503 11,043 12,398 13,721 15,373 19,899 22,976 26,110 27,266 26,134
Operating Cost of Revenue		 8,536 9,503 11,043 12,398 13,721 15,373 19,899 22,976 26,110 27,266 26,134
Total Operating Expenses		 1,173 1,323 1,472 1,658 1,779 1,988 2,542 2,934 3,249 3,600 3,692
Selling, General & Admin Expense		 1,186 1,320 1,472 1,677 1,833 2,048 2,556 2,934 3,249 3,600 3,692
Total Other Income / (Expense), net		 7.80 22 26 48 32 33 24 59 213 349 316
Other Income / (Expense), net		 7.80 22 26 45 32 33 42 59 213 349 316
Income Tax Expense		 373 467 564 598 507 603 1,165 1,734 1,520 1,479 1,119
Net Income / (Loss) Attributable to Noncontrolling Interest		 - 0.00 0.00 2.00 0.10 6.80 15 38 50 50 36
Basic Earnings per Share		 $2.05 $2.39 $2.77 $3.88 $4.34 $6.49 $11.56 $16.65 $13.93 $14.44 $11.62
Weighted Average Basic Shares Outstanding		 366.30M 371M 374.30M 376.60M 372.60M 365.50M 361.10M 351.70M 340.70M 329.50M 308.50M
Diluted Earnings per Share		 $2.03 $2.36 $2.74 $3.81 - $6.41 $11.41 $16.51 $13.82 $14.34 $11.57
Weighted Average Diluted Shares Outstanding		 366.30M 375.10M 378.90M 383.40M 377.40M 370.20M 365.80M 354.80M 343.30M 331.60M 309.90M
Weighted Average Basic & Diluted Shares Outstanding		 366.30M 372.93M 374.90M 376.40M 377.40M 370.20M 356.53M 344.34M 333.18M 321.17M 292.06M

Quarterly Income Statements for D.R. Horton

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 1,510 947 1,172 1,354 1,283 845 810 1,025 905 595 648
Consolidated Net Income / (Loss)		 1,526 956 1,184 1,367 1,300 852 819 1,033 917 601 658
Net Income / (Loss) Continuing Operations		 1,526 956 1,184 1,367 1,300 852 819 1,033 917 601 658
Total Pre-Tax Income 		2,018 1,248 1,529 1,799 1,710 1,110 1,067 1,358 1,205 798 867
Total Operating Income		 1,937 1,171 1,452 1,718 1,594 1,032 1,002 1,265 1,126 730 800
Total Gross Profit		 2,823 2,006 2,333 2,642 2,554 1,910 1,900 2,209 2,097 1,595 1,703
Total Revenue		 10,504 7,726 9,107 9,966 10,003 7,613 7,734 9,226 9,678 6,887 7,558
Operating Revenue		 10,504 7,726 9,107 9,966 10,003 7,613 7,734 9,226 9,678 6,887 7,558
Total Cost of Revenue		 7,681 5,720 6,774 7,324 7,448 5,703 5,834 7,017 7,581 5,292 5,855
Operating Cost of Revenue		 7,681 5,720 6,774 7,324 7,448 5,703 5,834 7,017 7,581 5,292 5,855
Total Operating Expenses		 886 835 881 924 960 878 899 944 971 865 903
Selling, General & Admin Expense		 886 835 881 924 960 878 899 944 971 865 903
Total Other Income / (Expense), net		 81 76 76 81 116 78 66 93 79 69 67
Other Income / (Expense), net		 81 76 76 81 116 78 66 93 79 69 67
Income Tax Expense		 493 292 345 432 410 258 248 325 288 197 209
Net Income / (Loss) Attributable to Noncontrolling Interest		 16 8.30 12 13 17 7.00 8.70 8.50 12 6.60 10
Basic Earnings per Share		 $4.46 $2.84 $3.54 $4.12 $3.94 $2.63 $2.59 $3.37 $3.03 $2.03 $2.25
Weighted Average Basic Shares Outstanding		 340.70M 333.30M 330.90M 328.40M 329.50M 321.50M 312.50M 304.10M 308.50M 292.30M 287.90M
Diluted Earnings per Share		 $4.43 $2.82 $3.52 $4.10 $3.90 $2.61 $2.58 $3.36 $3.02 $2.03 $2.24
Weighted Average Diluted Shares Outstanding		 343.30M 335.70M 333.30M 330.10M 331.60M 323.30M 314M 304.90M 309.90M 293.30M 289M
Weighted Average Basic & Diluted Shares Outstanding		 333.18M 331.82M 329.31M 326.04M 321.17M 315.12M 307.18M 298.12M 292.06M 289.70M 283.58M
Cash Dividends to Common per Share		 - $0.30 $0.30 $0.30 - $0.40 $0.40 $0.40 - $0.45 $0.45

Annual Cash Flow Statements for D.R. Horton

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 9/30/2025
Net Change in Cash & Equivalents		 722 -81 -288 482 8.00 1,526 197 -664 1,327 644 -1,511
Net Cash From Operating Activities		 700 624 440 545 892 1,422 534 562 4,304 2,190 3,421
Net Cash From Continuing Operating Activities		 700 624 440 545 892 1,422 534 562 4,290 2,190 3,421
Net Income / (Loss) Continuing Operations		 751 886 1,038 1,462 1,619 2,381 4,191 5,896 4,795 4,806 3,621
Consolidated Net Income / (Loss)		 751 886 1,038 1,462 1,619 2,381 4,191 5,896 4,795 4,806 3,621
Depreciation Expense		 54 61 55 62 72 91 82 81 92 87 101
Non-Cash Adjustments To Reconcile Net Income		 100 73 85 87 73 42 -180 -1,548 26 -18 485
Changes in Operating Assets and Liabilities, net		 -210 -402 -743 -1,076 -883 -1,092 -3,559 -3,868 -622 -2,686 -786
Net Cash From Investing Activities		 -95 -113 -164 19 -394 -166 -252 -415 -310 -191 -169
Net Cash From Continuing Investing Activities		 -95 -113 -164 19 -394 -166 -252 -415 -310 -191 -169
Purchase of Property, Plant & Equipment		 -56 -86 -157 -138 -224 -287 -267 -148 -149 -165 -137
Acquisitions		 -71 -82 -4.10 -159 -316 -9.70 -25 -272 -213 -40 -53
Sale of Property, Plant & Equipment		 56 0.00 0.00 293 144 130 38 0.00 52 19 23
Other Investing Activities, net		 -16 36 -8.80 7.30 2.10 0.60 2.10 4.80 -0.70 -4.30 -1.10
Net Cash From Financing Activities		 117 -592 -565 -83 -490 271 -85 -811 -2,667 -1,355 -4,763
Net Cash From Continuing Financing Activities		 117 -592 -565 -83 -490 271 -85 -811 -2,667 -1,355 -4,763
Repayment of Debt		 -1,456 -550 -1,245 -2,182 -2,686 -1,444 -467 -3,586 -1,879 -1,215 -3,213
Repurchase of Common Equity		 0.00 0.00 -61 -128 -480 -360 -848 -1,132 -1,179 -1,788 -4,282
Payment of Dividends		 -92 -119 -150 -192 -227 -256 -289 -317 -341 -395 -495
Issuance of Debt		 1,591 0.00 835 2,381 2,779 2,346 1,542 4,250 762 2,086 3,272
Issuance of Common Equity		 62 72 47 47 143 23 56 35 26 40 19
Other Financing Activities, net		 12 4.10 9.20 -10 -20 -38 -79 -62 -56 -84 -64
Cash Income Taxes Paid		 334 390 446 387 488 581 1,138 1,701 1,442 1,670 1,021

Quarterly Cash Flow Statements for D.R. Horton

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 492 -556 -251 -73 1,524 -1,475 -551 147 368 -480 -579
Net Cash From Operating Activities		 2,043 -153 -317 698 1,962 647 -436 739 2,472 854 -413
Net Cash From Continuing Operating Activities		 2,029 -153 -317 698 1,962 647 -436 739 2,472 854 -413
Net Income / (Loss) Continuing Operations		 1,526 956 1,184 1,367 1,300 852 819 1,033 917 601 658
Consolidated Net Income / (Loss)		 1,526 956 1,184 1,367 1,300 852 819 1,033 917 601 658
Depreciation Expense		 21 20 21 22 24 24 25 25 27 28 28
Non-Cash Adjustments To Reconcile Net Income		 660 -210 -92 53 231 -27 -67 65 513 -128 -50
Changes in Operating Assets and Liabilities, net		 -178 -920 -1,430 -744 407 -202 -1,213 -385 1,014 353 -1,049
Net Cash From Investing Activities		 -1.70 -39 -27 -95 -30 -57 -37 -29 -45 -116 -44
Net Cash From Continuing Investing Activities		 -1.70 -39 -27 -95 -30 -57 -37 -29 -45 -116 -44
Purchase of Property, Plant & Equipment		 -40 -48 -24 -62 -32 -13 -34 -46 -44 -27 -37
Acquisitions		 -11 -1.00 - -37 -2.50 -51 -2.10 - - -82 -5.80
Other Investing Activities, net		 -2.50 -0.60 -3.00 -1.20 0.50 7.20 -1.00 -1.40 -5.90 -6.70 -1.20
Net Cash From Financing Activities		 -1,549 -363 92 -677 -408 -2,065 -77 -563 -2,058 -1,218 -122
Net Cash From Continuing Financing Activities		 -1,549 -363 92 -677 -408 -2,065 -77 -563 -2,058 -1,218 -122
Repayment of Debt		 -1,240 -570 358 -426 -577 -1,513 -134 -61 -1,505 -713 -116
Repurchase of Common Equity		 -419 -377 -418 -436 -557 -1,056 -1,352 -1,168 -705 -649 -951
Payment of Dividends		 -84 -100 -99 -98 -98 -129 -126 -122 -118 -132 -130
Issuance of Debt		 187 720 265 285 816 660 1,562 790 260 305 1,090
Other Financing Activities, net		 -0.20 -38 -44 -1.30 -1.00 -28 -36 -0.80 - -30 -25

Annual Balance Sheets for D.R. Horton

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 9/30/2025
Total Assets		 11,151 11,559 12,185 14,115 15,607 18,912 24,016 30,351 32,582 36,104 35,471
Total Current Assets		 9,201 9,654 10,261 11,901 12,796 3,040 19,716 24,229 26,273 29,447 28,321
Cash & Equivalents		 1,384 1,303 1,008 1,473 1,494 3,019 3,210 2,541 3,874 4,516 2,985
Restricted Cash		 9.70 9.50 17 33 20 22 27 32 27 28 48
Inventories, net		 7,807 8,341 9,237 10,395 11,282 - 16,479 21,656 22,373 24,903 25,287
Plant, Property, & Equipment, net		 147 195 325 401 499 684 393 472 445 531 579
Total Noncurrent Assets		 2,362 1,710 1,598 1,813 2,293 15,189 3,907 5,651 5,864 6,126 6,572
Goodwill		 87 80 80 109 164 164 164 164 164 164 164
Noncurrent Deferred & Refundable Income Taxes		 1,116 476 365 194 144 145 155 141 187 168 45
Other Noncurrent Operating Assets		 527 500 566 1,498 1,985 14,880 3,588 5,346 5,513 5,795 6,364
Total Liabilities & Shareholders' Equity		 11,151 11,559 12,185 14,115 15,607 18,912 24,016 30,351 32,582 36,104 35,471
Total Liabilities		 5,256 4,766 4,437 4,956 5,312 6,791 8,800 10,566 9,445 10,280 10,729
Total Current Liabilities		 1,444 1,495 1,565 1,752 1,912 2,508 3,387 4,499 4,350 4,362 4,764
Accounts Payable		 517 578 580 625 634 901 1,177 1,360 1,246 1,346 1,222
Accrued Expenses		 927 917 985 1,128 1,278 1,607 2,210 3,138 3,104 3,017 3,542
Total Noncurrent Liabilities		 3,812 3,271 2,872 3,204 3,399 4,283 5,412 6,067 5,095 5,918 5,966
Long-Term Debt		 3,812 3,271 - 3,204 - 4,283 5,412 6,067 5,095 5,918 5,966
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - - - - - - 0.00
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		 5,895 6,793 7,748 9,159 10,295 12,122 15,216 19,786 23,138 25,824 24,742
Total Preferred & Common Equity		 5,894 6,793 7,747 8,984 10,021 11,840 14,887 19,396 22,696 25,313 24,190
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		 5,894 6,793 7,747 8,984 10,021 11,840 14,887 19,396 22,696 25,313 24,190
Common Stock		 2,738 2,870 2,996 3,089 3,183 3,245 3,279 3,354 3,436 3,495 3,580
Retained Earnings		 3,290 4,057 4,946 6,218 7,640 9,758 13,644 19,185 23,590 27,951 31,041
Treasury Stock		 -134 -134 -195 -322 -802 -1,163 -2,037 -3,143 -4,330 -6,133 -10,431
Noncontrolling Interest		 1.10 0.50 0.50 175 274 282 330 389 442 512 552

Quarterly Balance Sheets for D.R. Horton

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 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 12/31/2025 3/31/2026
Total Assets		 32,323 32,582 33,382 34,398 35,151 36,104 35,030 35,690 36,396 34,640 35,567
Total Current Assets		 26,392 26,273 27,395 27,933 28,556 29,447 29,150 29,001 29,391 28,159 28,278
Cash & Equivalents		 3,379 3,874 3,323 3,063 2,992 4,516 3,050 2,471 2,614 2,506 1,918
Restricted Cash		 29 27 21 30 28 28 19 47 51 47 56
Inventories, net		 22,984 22,373 24,050 24,840 25,536 24,903 26,081 26,482 26,726 25,606 26,304
Plant, Property, & Equipment, net		 425 445 476 480 521 531 524 537 560 582 593
Total Noncurrent Assets		 5,506 5,864 5,511 5,985 6,074 6,126 5,356 6,153 6,445 5,899 6,696
Goodwill		 164 164 164 164 164 164 164 164 164 164 164
Noncurrent Deferred & Refundable Income Taxes		 122 187 176 167 157 168 127 75 67 25 0.00
Other Noncurrent Operating Assets		 5,221 5,513 5,172 5,655 5,754 5,795 5,065 5,915 6,215 5,710 6,532
Total Liabilities & Shareholders' Equity		 32,323 32,582 33,382 34,398 35,151 36,104 35,030 35,690 36,396 34,640 35,567
Total Liabilities		 10,241 9,445 9,778 10,102 10,001 10,280 9,567 10,831 11,803 10,084 11,368
Total Current Liabilities		 4,136 4,350 4,488 4,164 4,310 4,362 4,469 4,313 4,554 4,537 4,796
Accounts Payable		 1,370 1,246 1,260 1,387 1,413 1,346 1,373 1,374 1,389 1,026 1,324
Accrued Expenses		 2,766 3,104 3,227 2,777 2,897 3,017 3,097 2,939 3,165 3,511 3,472
Total Noncurrent Liabilities		 6,105 5,095 5,290 5,938 5,691 5,918 5,098 6,518 7,249 5,547 6,572
Long-Term Debt		 6,105 5,095 5,290 5,938 5,691 5,918 5,098 6,518 7,249 5,547 6,564
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - - - - - - 8.40
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		 22,082 23,138 23,604 24,296 25,151 25,824 25,463 24,859 24,593 24,555 24,199
Total Preferred & Common Equity		 21,656 22,696 23,153 23,816 24,657 25,313 24,944 24,327 24,053 23,996 23,626
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		 21,656 22,696 23,153 23,816 24,657 25,313 24,944 24,327 24,053 23,996 23,626
Common Stock		 3,399 3,436 3,444 3,436 3,463 3,495 3,512 3,514 3,541 3,592 3,607
Retained Earnings		 22,164 23,590 24,437 25,510 26,765 27,951 28,667 29,352 30,255 31,505 32,023
Treasury Stock		 -3,907 -4,330 -4,728 -5,130 -5,572 -6,133 -7,236 -8,539 -9,742 -11,101 -12,004
Noncontrolling Interest		 426 442 450 481 494 512 519 532 540 560 573

Annual Metrics And Ratios for D.R. Horton

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 9/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 34.88% 12.32% 15.90% 14.03% 9.49% 15.45% 36.74% 20.54% 5.92% 3.78% -6.93%
EBITDA Growth		 34.44% 20.02% 17.04% 28.14% 3.70% 39.19% 77.53% 41.32% -16.92% -0.54% -24.02%
EBIT Growth		 37.98% 20.48% 18.37% 28.41% 3.31% 40.36% 80.17% 41.96% -17.24% -0.48% -24.58%
NOPAT Growth		 40.69% 16.98% 17.18% 39.76% 11.63% 47.64% 77.28% 40.19% -20.79% -2.03% -25.54%
Net Income Growth		 40.71% 18.06% 17.16% 40.82% 10.69% 47.07% 76.06% 40.67% -18.66% 0.23% -24.66%
EPS Growth		 35.33% 16.26% 16.10% 39.05% 0.00% 0.00% 78.00% 44.70% -16.29% 3.76% -19.32%
Operating Cash Flow Growth		 205.90% -10.92% -29.44% 23.85% 63.63% 59.35% -62.41% 5.13% 666.13% -49.12% 56.22%
Free Cash Flow Firm Growth		 -215.42% 126.97% 207.48% -188.32% 236.50% -161.14% 106.50% -126.30% 9,419.31% -53.26% 73.50%
Invested Capital Growth		 99.45% -1.35% -23.18% 61.31% -19.21% 52.52% 30.13% 33.86% 4.52% 11.78% 1.75%
Revenue Q/Q Growth		 6.92% 4.91% 3.06% 2.20% 3.13% 36.05% -7.68% 4.79% 2.50% -1.34% -0.94%
EBITDA Q/Q Growth		 8.24% 7.52% 2.91% 6.15% 2.70% 328.35% -38.14% 4.64% -0.73% -4.59% -9.38%
EBIT Q/Q Growth		 8.50% 7.49% 3.39% 6.16% 2.66% 308.08% -38.40% 4.65% -0.75% -4.68% -9.63%
NOPAT Q/Q Growth		 11.05% 4.06% 3.27% 11.69% 5.28% 337.74% -45.68% 5.36% -3.49% -5.28% -9.51%
Net Income Q/Q Growth		 10.72% 5.32% 2.93% 11.92% 2.20% 15.94% 13.99% 5.41% -2.49% -4.49% -9.57%
EPS Q/Q Growth		 10.93% 5.36% 2.62% 11.73% 0.00% 0.00% 0.00% 6.17% -1.50% -3.56% -7.07%
Operating Cash Flow Q/Q Growth		 594.15% 3.91% 25.92% -41.53% 179.30% 1.52% -33.05% 9,109.84% 27.13% -3.58% 17.53%
Free Cash Flow Firm Q/Q Growth		 -625.58% 120.76% 193.67% -174.46% 209.29% -19.54% -96.67% 93.62% 30.33% -4.37% 22.00%
Invested Capital Q/Q Growth		 38,671.74% 56.44% -31.67% 44.59% -29.22% 0.71% 4.94% 2.43% -1.81% -2.24% -5.15%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 21.14% 21.84% 21.63% 22.84% 22.01% 24.31% 28.35% 31.37% 26.37% 25.91% 23.70%
EBITDA Margin		 10.93% 11.68% 11.79% 13.25% 12.55% 15.13% 19.65% 23.03% 18.07% 17.31% 14.13%
Operating Margin		 10.31% 10.95% 11.19% 12.52% 11.90% 14.52% 19.20% 22.61% 17.21% 16.13% 12.92%
EBIT Margin		 10.38% 11.13% 11.37% 12.80% 12.08% 14.69% 19.35% 22.79% 17.81% 17.08% 13.84%
Profit (Net Income) Margin		 6.94% 7.29% 7.37% 9.10% 9.20% 11.72% 15.09% 17.61% 13.52% 13.06% 10.57%
Tax Burden Percent		 66.82% 65.48% 64.81% 70.99% 76.16% 79.80% 78.25% 77.27% 75.94% 76.47% 76.39%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.14% 100.00% 100.00% 99.66% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 33.18% 34.52% 35.19% 29.01% 23.84% 20.20% 21.75% 22.73% 24.06% 23.53% 23.61%
Return on Invested Capital (ROIC)		 11.19% 9.90% 13.21% 16.26% 16.26% 21.28% 27.13% 28.77% 19.46% 17.62% 12.32%
ROIC Less NNEP Spread (ROIC-NNEP)		 11.65% 10.47% 16.74% 26.57% 47.85% 2.86% 28.21% 30.38% 26.37% 38.39% 23.52%
Return on Net Nonoperating Assets (RNNOA)		 2.44% 4.07% 1.08% 1.04% 0.38% -0.04% 3.53% 4.92% 2.88% 2.01% 2.00%
Return on Equity (ROE)		 13.63% 13.97% 14.28% 17.30% 16.64% 21.24% 30.66% 33.69% 22.34% 19.63% 14.32%
Cash Return on Invested Capital (CROIC)		 -55.23% 11.26% 39.42% -30.67% 37.51% -20.32% 0.95% -0.19% 15.04% 6.50% 10.58%
Operating Return on Assets (OROA)		 10.53% 11.92% 13.50% 15.64% 14.30% 17.28% 25.04% 28.07% 20.07% 18.30% 13.24%
Return on Assets (ROA)		 7.04% 7.81% 8.75% 11.12% 10.89% 13.79% 19.53% 21.69% 15.24% 13.99% 10.12%
Return on Common Equity (ROCE)		 13.62% 13.97% 14.28% 17.12% 16.26% 20.71% 29.98% 33.00% 21.91% 19.25% 14.02%
Return on Equity Simple (ROE_SIMPLE)		 12.74% 13.05% 13.40% 16.28% 16.15% 20.11% 28.15% 30.40% 21.13% 18.99% 0.00%
Net Operating Profit after Tax (NOPAT)		 745 872 1,022 1,428 1,594 2,354 4,173 5,850 4,633 4,539 3,380
NOPAT Margin		 6.89% 7.17% 7.25% 8.89% 9.06% 11.59% 15.02% 17.47% 13.07% 12.33% 9.87%
Net Nonoperating Expense Percent (NNEP)		 -0.45% -0.58% -3.54% -10.31% -31.59% 18.41% -1.08% -1.62% -6.90% -20.77% -11.20%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - - 11.01%
Cost of Revenue to Revenue		 78.86% 78.16% 78.37% 77.16% 77.99% 75.69% 71.65% 68.63% 73.63% 74.09% 76.30%
SG&A Expenses to Revenue		 10.96% 10.86% 10.44% 10.44% 10.42% 10.08% 9.20% 8.76% 9.16% 9.78% 10.78%
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		 10.83% 10.88% 10.44% 10.32% 10.11% 9.79% 9.15% 8.76% 9.16% 9.78% 10.78%
Earnings before Interest and Taxes (EBIT)		 1,123 1,354 1,602 2,057 2,125 2,983 5,374 7,630 6,315 6,285 4,740
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,183 1,420 1,662 2,130 2,208 3,074 5,457 7,711 6,406 6,372 4,841
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.65 1.51 1.79 1.66 1.85 2.24 1.96 1.18 1.59 2.45 2.08
Price to Tangible Book Value (P/TBV)		 1.68 1.53 1.81 1.68 1.88 2.27 1.98 1.19 1.60 2.47 2.10
Price to Revenue (P/Rev)		 0.90 0.85 0.98 0.93 1.05 1.30 1.05 0.68 1.01 1.69 1.47
Price to Earnings (P/E)		 12.98 11.60 13.33 10.20 11.45 11.15 7.00 3.92 7.58 13.05 14.05
Dividend Yield		 0.94% 1.16% 1.08% 1.27% 1.20% 0.96% 0.98% 1.36% 0.94% 0.63% 0.95%
Earnings Yield		 7.70% 8.62% 7.50% 9.80% 8.73% 8.97% 14.29% 25.54% 13.19% 7.67% 7.12%
Enterprise Value to Invested Capital (EV/IC)		 1.37 1.40 1.91 1.55 1.97 2.09 1.82 1.15 1.55 2.35 1.95
Enterprise Value to Revenue (EV/Rev)		 1.12 1.01 0.91 1.04 0.98 1.38 1.14 0.80 1.06 1.74 1.57
Enterprise Value to EBITDA (EV/EBITDA)		 10.28 8.62 7.72 7.87 7.83 9.11 5.81 3.48 5.87 10.03 11.12
Enterprise Value to EBIT (EV/EBIT)		 10.83 9.05 8.00 8.15 8.14 9.38 5.90 3.51 5.96 10.17 11.36
Enterprise Value to NOPAT (EV/NOPAT)		 16.32 14.04 12.55 11.73 10.84 11.89 7.60 4.58 8.12 14.09 15.93
Enterprise Value to Operating Cash Flow (EV/OCF)		 17.37 19.62 29.13 30.74 19.38 19.69 59.36 47.73 8.74 29.20 15.74
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 12.34 4.20 0.00 4.70 0.00 217.11 0.00 10.50 38.21 18.55
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.65 0.48 0.00 0.35 0.00 0.35 0.36 0.31 0.22 0.23 0.24
Long-Term Debt to Equity		 0.65 0.48 0.00 0.35 0.00 0.35 0.36 0.31 0.22 0.23 0.24
Financial Leverage		 0.21 0.39 0.06 0.04 0.01 -0.01 0.13 0.16 0.11 0.05 0.09
Leverage Ratio		 1.94 1.79 1.63 1.56 1.53 1.54 1.57 1.55 1.47 1.40 1.42
Compound Leverage Factor		 1.94 1.79 1.63 1.56 1.53 1.54 1.57 1.55 1.47 1.40 1.42
Debt to Total Capital		 39.27% 32.50% 0.00% 25.91% 0.00% 26.11% 26.24% 23.47% 18.04% 18.64% 19.43%
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		 39.27% 32.50% 0.00% 25.91% 0.00% 26.11% 26.24% 23.47% 18.04% 18.64% 19.43%
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		 0.01% 0.01% 0.01% 1.41% 2.66% 1.72% 1.60% 1.51% 1.56% 1.61% 1.80%
Common Equity to Total Capital		 60.72% 67.49% 99.99% 72.68% 97.34% 72.17% 72.16% 75.03% 80.39% 79.75% 78.78%
Debt to EBITDA		 3.22 2.30 0.00 1.50 0.00 1.39 0.99 0.79 0.80 0.93 1.23
Net Debt to EBITDA		 2.04 1.38 0.00 0.79 0.00 0.40 0.40 0.45 0.19 0.22 0.61
Long-Term Debt to EBITDA		 3.22 2.30 0.00 1.50 0.00 1.39 0.99 0.79 0.80 0.93 1.23
Debt to NOPAT		 5.11 3.75 0.00 2.24 0.00 1.82 1.30 1.04 1.10 1.30 1.77
Net Debt to NOPAT		 3.24 2.25 0.00 1.18 0.00 0.53 0.52 0.60 0.26 0.30 0.87
Long-Term Debt to NOPAT		 5.11 3.75 0.00 2.24 0.00 1.82 1.30 1.04 1.10 1.30 1.77
Altman Z-Score		 3.66 4.07 4.89 4.90 5.19 4.69 5.50 4.90 5.83 7.13 6.25
Noncontrolling Interest Sharing Ratio		 0.05% 0.01% 0.01% 1.04% 2.31% 2.48% 2.24% 2.05% 1.94% 1.95% 2.10%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 6.37 6.46 6.56 6.79 6.69 1.21 5.82 5.39 6.04 6.75 5.95
Quick Ratio		 0.96 0.87 0.64 0.84 0.78 1.20 0.95 0.56 0.89 1.04 0.63
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -3,678 992 3,050 -2,694 3,677 -2,248 146 -38 3,581 1,673 2,903
Operating Cash Flow to CapEx		 700,400.00% 724.62% 279.85% 0.00% 1,110.96% 905.48% 232.55% 379.08% 4,455.59% 1,500.89% 2,987.69%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 8.07 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 29.52 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 16.83 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.01 1.07 1.19 1.22 1.18 1.18 1.29 1.23 1.13 1.07 0.96
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		 1.10 1.18 1.26 1.26 1.27 0.00 0.00 1.21 1.19 1.15 1.04
Fixed Asset Turnover		 64.10 71.03 54.15 44.26 39.08 34.34 51.60 77.46 77.34 75.38 61.72
Accounts Payable Turnover		 16.39 17.37 19.07 20.58 21.80 20.04 19.16 18.11 20.03 21.04 20.36
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)		 331.56 310.12 290.50 288.98 288.32 0.00 0.00 302.91 307.75 316.44 350.49
Days Payable Outstanding (DPO)		 22.27 21.01 19.14 17.74 16.74 18.22 19.05 20.15 18.22 17.35 17.93
Cash Conversion Cycle (CCC)		 309.29 289.11 271.37 271.25 271.58 -18.22 -19.05 282.75 289.53 299.09 332.56
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 8,872 8,752 6,723 10,845 8,762 13,365 17,391 23,280 24,332 27,198 27,674
Invested Capital Turnover		 1.63 1.38 1.82 1.83 1.79 1.84 1.81 1.65 1.49 1.43 1.25
Increase / (Decrease) in Invested Capital		 4,424 -120 -2,028 4,122 -2,083 4,602 4,027 5,888 1,053 2,866 476
Enterprise Value (EV)		 12,165 12,244 12,822 16,759 17,289 27,995 31,722 26,815 37,611 63,935 53,851
Market Capitalization		 9,746 10,285 13,846 14,898 18,529 26,471 29,217 22,932 35,975 62,050 50,367
Book Value per Share		 $16.07 $18.25 $20.70 $23.83 $27.10 $32.55 $41.56 $55.82 $67.09 $77.64 $81.14
Tangible Book Value per Share		 $15.83 $18.03 $20.48 $23.54 $26.65 $32.10 $41.10 $55.35 $66.61 $77.14 $80.59
Total Capital		 9,707 10,064 7,748 12,362 10,295 16,405 20,629 25,853 28,232 31,742 30,708
Total Debt		 3,812 3,271 0.00 3,204 0.00 4,283 5,412 6,067 5,095 5,918 5,966
Total Long-Term Debt		 3,812 3,271 0.00 3,204 0.00 4,283 5,412 6,067 5,095 5,918 5,966
Net Debt		 2,418 1,959 -1,024 1,687 -1,514 1,243 2,175 3,494 1,194 1,374 2,932
Capital Expenditures (CapEx)		 0.10 86 157 -155 80 157 230 148 97 146 115
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 6,363 6,846 7,672 8,643 9,370 -2,508 13,092 17,157 18,023 20,541 20,524
Debt-free Net Working Capital (DFNWC)		 7,756 8,159 8,696 10,149 10,884 533 16,329 19,730 21,923 25,085 23,557
Net Working Capital (NWC)		 7,756 8,159 8,696 10,149 10,884 533 16,329 19,730 21,923 25,085 23,557
Net Nonoperating Expense (NNE)		 -5.21 -14 -17 -34 -24 -27 -18 -46 -162 -267 -241
Net Nonoperating Obligations (NNO)		 2,976 1,959 -1,024 1,687 -1,533 1,243 2,175 3,494 1,194 1,374 2,932
Total Depreciation and Amortization (D&A)		 60 66 60 72 83 91 82 81 92 87 101
Debt-free, Cash-free Net Working Capital to Revenue		 58.79% 56.31% 54.44% 53.79% 53.26% -12.35% 47.14% 51.25% 50.83% 55.82% 59.92%
Debt-free Net Working Capital to Revenue		 71.66% 67.11% 61.71% 63.16% 61.87% 2.62% 58.79% 58.93% 61.83% 68.16% 68.78%
Net Working Capital to Revenue		 71.66% 67.11% 61.71% 63.16% 61.87% 2.62% 58.79% 58.93% 61.83% 68.16% 68.78%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.05 $2.39 $2.77 $0.00 $4.34 $6.49 $11.56 $16.65 $13.93 $14.44 $11.62
Adjusted Weighted Average Basic Shares Outstanding		 368.70M 372.93M 375.04M 0.00 372.60M 365.50M 361.10M 351.70M 340.70M 329.50M 308.50M
Adjusted Diluted Earnings per Share		 $2.03 $2.36 $2.74 $0.00 $4.29 $6.41 $11.41 $16.51 $13.82 $14.34 $11.57
Adjusted Weighted Average Diluted Shares Outstanding		 368.70M 372.93M 375.04M 0.00 377.40M 370.20M 365.80M 354.80M 343.30M 331.60M 309.90M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $4.34 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 368.70M 372.93M 375.04M 0.00 368.49M 364.39M 356.53M 344.34M 333.18M 321.17M 292.06M
Normalized Net Operating Profit after Tax (NOPAT)		 752 874 1,022 1,415 1,553 2,306 4,162 5,850 4,633 4,539 3,380
Normalized NOPAT Margin		 6.95% 7.19% 7.25% 8.81% 8.83% 11.36% 14.98% 17.47% 13.07% 12.33% 9.87%
Pre Tax Income Margin		 10.38% 11.13% 11.37% 12.82% 12.08% 14.69% 19.29% 22.79% 17.81% 17.08% 13.84%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 296.93 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 230.54 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 284.23 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 217.85 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 12.20% 13.39% 14.41% 13.10% 14.04% 10.75% 6.90% 5.37% 7.12% 8.22% 13.67%
Augmented Payout Ratio		 12.20% 13.39% 20.24% 21.82% 43.69% 25.89% 27.15% 24.56% 31.69% 45.42% 131.91%

Quarterly Metrics And Ratios for D.R. Horton

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 289,703,395.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 289,703,395.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 2.24
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 8.97% 6.45% 14.23% 2.47% -4.78% -1.46% -15.08% -7.43% -3.25% -9.54% -2.27%
EBITDA Growth		 -2.27% -1.52% 21.82% 0.76% -15.02% -10.53% -29.55% -24.05% -28.91% -27.18% -17.97%
EBIT Growth		 -2.30% -1.55% 22.74% 0.85% -15.29% -11.03% -30.19% -24.51% -29.53% -28.09% -18.71%
NOPAT Growth		 -10.31% -4.50% 22.59% -0.50% -17.25% -11.71% -31.65% -26.30% -29.31% -30.60% -21.06%
Net Income Growth		 -7.44% -1.30% 24.65% 1.12% -14.80% -10.86% -30.80% -24.41% -29.47% -29.40% -19.67%
EPS Growth		 -4.53% 2.17% 28.94% 5.13% -11.96% -7.45% -26.70% -18.05% -22.56% -22.22% -13.18%
Operating Cash Flow Growth		 81.66% -118.50% -149.14% -11.33% -3.98% 521.58% -37.73% 5.77% 26.01% 32.06% 5.43%
Free Cash Flow Firm Growth		 109.67% 73.71% -305.98% -134.33% -501.77% -12.55% 88.09% 77.37% 122.99% 142.75% 171.34%
Invested Capital Growth		 4.52% 8.12% 50.39% 12.28% 11.78% 7.60% 6.33% 4.87% 1.75% 0.21% -0.24%
Revenue Q/Q Growth		 8.00% -26.45% 17.88% 9.43% 0.37% -23.89% 1.59% 19.29% 4.90% -28.84% 9.75%
EBITDA Q/Q Growth		 12.84% -37.86% 22.26% 17.54% -4.84% -34.58% -3.73% 26.71% -10.92% -32.98% 8.44%
EBIT Q/Q Growth		 13.14% -38.19% 22.53% 17.70% -4.96% -35.08% -3.86% 27.27% -11.29% -33.76% 8.68%
NOPAT Q/Q Growth		 11.60% -38.73% 25.35% 16.08% -7.18% -34.63% -2.96% 25.17% -10.97% -35.82% 10.38%
Net Income Q/Q Growth		 12.87% -37.36% 23.86% 15.47% -4.90% -34.46% -3.85% 26.13% -11.26% -34.40% 9.41%
EPS Q/Q Growth		 13.59% -36.34% 24.82% 16.48% -4.88% -33.08% -1.15% 30.23% -10.12% -32.78% 10.34%
Operating Cash Flow Q/Q Growth		 159.43% -107.51% -106.45% 320.49% 180.91% -67.03% -167.45% 269.33% 234.66% -65.45% -148.30%
Free Cash Flow Firm Q/Q Growth		 155.55% -348.22% -679.86% 78.21% 4.76% 30.46% 17.46% 58.61% 196.80% 29.29% 37.75%
Invested Capital Q/Q Growth		 -1.81% 5.00% 6.23% 2.51% -2.24% 1.08% 4.97% 1.10% -5.15% -0.45% 4.50%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 26.88% 25.97% 25.62% 26.51% 25.54% 25.09% 24.57% 23.95% 21.66% 23.16% 22.54%
EBITDA Margin		 19.42% 16.41% 17.02% 18.28% 17.33% 14.90% 14.12% 14.99% 12.73% 11.99% 11.85%
Operating Margin		 18.44% 15.16% 15.95% 17.24% 15.94% 13.56% 12.95% 13.71% 11.63% 10.59% 10.58%
EBIT Margin		 19.21% 16.15% 16.78% 18.05% 17.09% 14.58% 13.80% 14.72% 12.45% 11.59% 11.48%
Profit (Net Income) Margin		 14.52% 12.37% 13.00% 13.72% 12.99% 11.19% 10.59% 11.20% 9.47% 8.73% 8.71%
Tax Burden Percent		 75.59% 76.61% 77.44% 75.98% 76.03% 76.75% 76.76% 76.07% 76.10% 75.35% 75.86%
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		 24.41% 23.39% 22.56% 24.02% 23.98% 23.25% 23.24% 23.93% 23.90% 24.65% 24.14%
Return on Invested Capital (ROIC)		 20.77% 16.97% 20.26% 18.58% 17.30% 14.40% 12.54% 12.65% 11.05% 9.72% 9.29%
ROIC Less NNEP Spread (ROIC-NNEP)		 23.38% 19.30% -31.03% 20.86% 24.16% 17.40% 14.01% 14.61% 13.85% 11.78% 10.48%
Return on Net Nonoperating Assets (RNNOA)		 2.55% 2.20% 0.16% 2.37% 1.27% 1.41% 1.95% 2.13% 1.18% 1.18% 1.84%
Return on Equity (ROE)		 23.32% 19.16% 20.42% 20.95% 18.57% 15.80% 14.49% 14.78% 12.23% 10.91% 11.12%
Cash Return on Invested Capital (CROIC)		 15.04% 10.87% -19.01% 6.65% 6.50% 9.40% 8.43% 8.35% 10.58% 11.19% 10.57%
Operating Return on Assets (OROA)		 21.65% 18.23% 18.97% 19.96% 18.32% 15.64% 13.90% 14.23% 11.91% 11.15% 10.74%
Return on Assets (ROA)		 16.37% 13.97% 14.69% 15.16% 13.92% 12.00% 10.67% 10.82% 9.07% 8.40% 8.15%
Return on Common Equity (ROCE)		 22.87% 18.80% 20.02% 20.54% 18.21% 15.49% 14.19% 14.48% 11.97% 10.67% 10.87%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 20.66% 21.06% 20.41% 0.00% 18.85% 17.83% 16.65% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 1,464 897 1,125 1,306 1,212 792 769 962 857 550 607
NOPAT Margin		 13.94% 11.61% 12.35% 13.10% 12.12% 10.41% 9.94% 10.43% 8.85% 7.98% 8.03%
Net Nonoperating Expense Percent (NNEP)		 -2.61% -2.33% 51.29% -2.28% -6.85% -3.00% -1.47% -1.95% -2.80% -2.06% -1.19%
Return On Investment Capital (ROIC_SIMPLE)		 - 3.11% - - - 2.59% 2.45% 3.02% 2.79% 1.83% 1.97%
Cost of Revenue to Revenue		 73.12% 74.03% 74.38% 73.49% 74.46% 74.91% 75.43% 76.05% 78.34% 76.84% 77.46%
SG&A Expenses to Revenue		 8.44% 10.81% 9.67% 9.27% 9.60% 11.53% 11.62% 10.24% 10.03% 12.56% 11.95%
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		 8.44% 10.81% 9.67% 9.27% 9.60% 11.53% 11.62% 10.24% 10.03% 12.56% 11.95%
Earnings before Interest and Taxes (EBIT)		 2,018 1,248 1,529 1,799 1,710 1,110 1,067 1,358 1,205 798 867
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 2,040 1,268 1,550 1,821 1,733 1,134 1,092 1,383 1,232 826 896
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.59 2.20 2.28 1.88 2.45 1.80 1.65 1.65 2.08 1.75 1.68
Price to Tangible Book Value (P/TBV)		 1.60 2.22 2.30 1.89 2.47 1.81 1.66 1.66 2.10 1.77 1.69
Price to Revenue (P/Rev)		 1.01 1.42 1.47 1.24 1.69 1.22 1.13 1.15 1.47 1.25 1.19
Price to Earnings (P/E)		 7.58 10.77 10.96 9.30 13.05 9.65 9.33 9.99 14.05 12.61 12.53
Dividend Yield		 0.94% 0.86% 0.67% 0.82% 0.63% 0.93% 1.10% 1.16% 0.95% 1.15% 1.24%
Earnings Yield		 13.19% 9.28% 9.13% 10.75% 7.67% 10.36% 10.71% 10.01% 7.12% 7.93% 7.98%
Enterprise Value to Invested Capital (EV/IC)		 1.55 2.09 2.13 1.78 2.35 1.73 1.55 1.53 1.95 1.66 1.56
Enterprise Value to Revenue (EV/Rev)		 1.06 1.49 1.56 1.33 1.74 1.29 1.26 1.29 1.57 1.36 1.35
Enterprise Value to EBITDA (EV/EBITDA)		 5.87 8.36 8.66 7.41 10.03 7.61 7.71 8.37 11.12 10.06 10.36
Enterprise Value to EBIT (EV/EBIT)		 5.96 8.48 8.77 7.51 10.17 7.72 7.84 8.53 11.36 10.30 10.62
Enterprise Value to NOPAT (EV/NOPAT)		 8.12 11.63 12.03 10.33 14.09 10.70 10.93 11.97 15.93 14.54 15.10
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.74 16.07 24.45 21.79 29.20 15.87 15.54 15.37 15.74 12.57 12.30
Enterprise Value to Free Cash Flow (EV/FCFF)		 10.50 19.98 0.00 28.28 38.21 19.04 18.89 18.79 18.55 14.82 14.75
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.22 0.22 0.24 0.23 0.23 0.20 0.26 0.29 0.24 0.23 0.27
Long-Term Debt to Equity		 0.22 0.22 0.24 0.23 0.23 0.20 0.26 0.29 0.24 0.23 0.27
Financial Leverage		 0.11 0.11 -0.01 0.11 0.05 0.08 0.14 0.15 0.09 0.10 0.18
Leverage Ratio		 1.47 1.44 1.44 1.43 1.40 1.39 1.43 1.44 1.42 1.39 1.45
Compound Leverage Factor		 1.47 1.44 1.44 1.43 1.40 1.39 1.43 1.44 1.42 1.39 1.45
Debt to Total Capital		 18.04% 18.31% 19.64% 18.45% 18.64% 16.68% 20.77% 22.76% 19.43% 18.43% 21.34%
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		 18.04% 18.31% 19.64% 18.45% 18.64% 16.68% 20.77% 22.76% 19.43% 18.43% 21.34%
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		 1.56% 1.56% 1.59% 1.60% 1.61% 1.70% 1.69% 1.70% 1.80% 1.86% 1.86%
Common Equity to Total Capital		 80.39% 80.13% 78.77% 79.95% 79.75% 81.62% 77.53% 75.54% 78.78% 79.71% 76.80%
Debt to EBITDA		 0.80 0.83 0.89 0.85 0.93 0.82 1.13 1.36 1.23 1.22 1.51
Net Debt to EBITDA		 0.19 0.30 0.43 0.40 0.22 0.33 0.69 0.86 0.61 0.66 1.06
Long-Term Debt to EBITDA		 0.80 0.83 0.89 0.85 0.93 0.82 1.13 1.36 1.23 1.22 1.51
Debt to NOPAT		 1.10 1.15 1.24 1.19 1.30 1.15 1.60 1.94 1.77 1.77 2.21
Net Debt to NOPAT		 0.26 0.42 0.59 0.56 0.30 0.46 0.98 1.23 0.87 0.95 1.54
Long-Term Debt to NOPAT		 1.10 1.15 1.24 1.19 1.30 1.15 1.60 1.94 1.77 1.77 2.21
Altman Z-Score		 5.40 6.18 6.32 5.90 6.71 5.96 5.29 5.07 5.92 5.64 5.17
Noncontrolling Interest Sharing Ratio		 1.94% 1.92% 1.96% 1.95% 1.95% 1.98% 2.06% 2.08% 2.10% 2.16% 2.25%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 6.04 6.10 6.71 6.63 6.75 6.52 6.72 6.45 5.95 6.21 5.90
Quick Ratio		 0.89 0.74 0.74 0.69 1.04 0.68 0.57 0.57 0.63 0.55 0.40
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 412 -1,022 -7,969 -1,737 -1,654 -1,150 -949 -393 380 492 677
Operating Cash Flow to CapEx		 0.00% -406.90% -1,336.29% 1,225.09% 7,133.09% 4,862.41% -1,271.72% 2,676.09% 6,289.57% 3,116.79% -1,108.87%
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		 1.13 1.13 1.13 1.11 1.07 1.07 1.01 0.97 0.96 0.96 0.94
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		 1.19 1.14 1.15 1.13 1.15 1.09 1.03 1.00 1.04 1.00 0.98
Fixed Asset Turnover		 77.34 73.53 74.91 78.85 75.38 73.40 69.49 63.99 61.72 60.61 59.04
Accounts Payable Turnover		 20.03 21.53 20.71 19.77 21.04 20.70 19.06 18.56 20.36 21.45 19.09
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)		 307.75 319.74 316.75 322.01 316.44 335.75 356.02 366.82 350.49 366.70 374.19
Days Payable Outstanding (DPO)		 18.22 16.95 17.62 18.46 17.35 17.63 19.15 19.66 17.93 17.02 19.12
Cash Conversion Cycle (CCC)		 289.53 302.79 299.13 303.55 299.09 318.12 336.87 347.16 332.56 349.68 355.07
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 24,332 25,549 27,141 27,822 27,198 27,492 28,859 29,177 27,674 27,550 28,789
Invested Capital Turnover		 1.49 1.46 1.64 1.42 1.43 1.38 1.26 1.21 1.25 1.22 1.16
Increase / (Decrease) in Invested Capital		 1,053 1,919 9,094 3,042 2,866 1,942 1,718 1,355 476 58 -70
Enterprise Value (EV)		 37,611 53,390 57,720 49,498 63,935 47,454 44,593 44,726 53,851 45,620 44,916
Market Capitalization		 35,975 50,994 54,395 46,333 62,050 44,906 40,062 39,602 50,367 42,065 39,753
Book Value per Share		 $67.09 $69.47 $71.77 $74.87 $77.64 $77.67 $77.20 $78.30 $81.14 $82.16 $81.55
Tangible Book Value per Share		 $66.61 $68.98 $71.28 $74.38 $77.14 $77.16 $76.68 $77.77 $80.59 $81.60 $80.99
Total Capital		 28,232 28,894 30,234 30,842 31,742 30,561 31,377 31,842 30,708 30,103 30,763
Total Debt		 5,095 5,290 5,938 5,691 5,918 5,098 6,518 7,249 5,966 5,547 6,564
Total Long-Term Debt		 5,095 5,290 5,938 5,691 5,918 5,098 6,518 7,249 5,966 5,547 6,564
Net Debt		 1,194 1,946 2,845 2,671 1,374 2,029 4,000 4,584 2,932 2,994 4,590
Capital Expenditures (CapEx)		 -12 38 24 57 28 13 34 28 39 27 37
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 18,023 19,563 20,676 21,226 20,541 21,611 22,170 22,172 20,524 21,069 21,508
Debt-free Net Working Capital (DFNWC)		 21,923 22,907 23,770 24,246 25,085 24,680 24,688 24,837 23,557 23,622 23,482
Net Working Capital (NWC)		 21,923 22,907 23,770 24,246 25,085 24,680 24,688 24,837 23,557 23,622 23,482
Net Nonoperating Expense (NNE)		 -61 -58 -59 -61 -88 -60 -50 -71 -60 -52 -51
Net Nonoperating Obligations (NNO)		 1,194 1,946 2,845 2,671 1,374 2,029 4,000 4,584 2,932 2,994 4,590
Total Depreciation and Amortization (D&A)		 21 20 21 22 24 24 25 25 27 28 28
Debt-free, Cash-free Net Working Capital to Revenue		 50.83% 54.45% 55.79% 56.90% 55.82% 58.91% 62.78% 64.13% 59.92% 62.85% 64.50%
Debt-free Net Working Capital to Revenue		 61.83% 63.76% 64.13% 65.00% 68.16% 67.27% 69.91% 71.83% 68.78% 70.46% 70.42%
Net Working Capital to Revenue		 61.83% 63.76% 64.13% 65.00% 68.16% 67.27% 69.91% 71.83% 68.78% 70.46% 70.42%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $4.46 $2.84 $3.54 $4.12 $3.94 $2.63 $2.59 $3.37 $3.03 $2.03 $2.25
Adjusted Weighted Average Basic Shares Outstanding		 340.70M 333.30M 330.90M 328.40M 329.50M 321.50M 312.50M 304.10M 308.50M 292.30M 287.90M
Adjusted Diluted Earnings per Share		 $4.43 $2.82 $3.52 $4.10 $3.90 $2.61 $2.58 $3.36 $3.02 $2.03 $2.24
Adjusted Weighted Average Diluted Shares Outstanding		 343.30M 335.70M 333.30M 330.10M 331.60M 323.30M 314M 304.90M 309.90M 293.30M 289M
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		 333.18M 331.82M 329.31M 326.04M 321.17M 315.12M 307.18M 298.12M 292.06M 289.70M 283.58M
Normalized Net Operating Profit after Tax (NOPAT)		 1,464 897 1,125 1,306 1,212 792 769 962 857 550 607
Normalized NOPAT Margin		 13.94% 11.61% 12.35% 13.10% 12.12% 10.41% 9.94% 10.43% 8.85% 7.98% 8.03%
Pre Tax Income Margin		 19.21% 16.15% 16.78% 18.05% 17.09% 14.58% 13.80% 14.72% 12.45% 11.59% 11.48%
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		 7.12% 7.42% 7.35% 7.59% 8.22% 9.01% 10.38% 11.84% 13.67% 14.77% 15.64%
Augmented Payout Ratio		 31.69% 37.48% 38.31% 40.36% 45.42% 61.46% 88.78% 115.08% 131.91% 129.74% 123.87%

Financials Breakdown Chart

Key Financial Trends

D.R. Horton’s latest quarter shows a business that is still highly profitable, but operating cash flow has weakened sharply and the company is leaning more on debt and buybacks. Revenue and earnings remain solid on an absolute basis, but the cash flow statement suggests the housing cycle is becoming less forgiving. Compared with the same period a year ago, sales and profits have softened, inventories remain very large, and cash on hand fell meaningfully.

  • Profitability remains strong: Q2 2026 revenue was $7.56 billion and net income attributable to common shareholders was $647.9 million, with diluted EPS of $2.24.
  • Gross margin is still healthy: Q2 2026 gross profit was $1.70 billion, showing the company is still generating substantial spread between home sales and construction costs.
  • Equity base remains large: Common equity was $23.6 billion in Q2 2026, providing a sizable balance sheet cushion.
  • Inventory-heavy model continues to support future sales: Inventories, net were $26.3 billion in Q2 2026, reflecting a large land and home construction pipeline.
  • Debt has come down from recent peaks earlier in the year: Long-term debt fell to $6.56 billion in Q2 2026 from $7.25 billion in Q3 2025.
  • Revenue has pulled back from prior-year levels: Q2 2026 revenue of $7.56 billion was below Q2 2025’s $7.73 billion and well below last year’s stronger quarters.
  • Earnings are also below last year’s pace: Q2 2026 diluted EPS of $2.24 compares with $2.58 in Q2 2025 and $3.36 in Q3 2025.
  • Share repurchases remain aggressive: The company repurchased $950.6 million of stock in Q2 2026, continuing a large capital-return program.
  • Dividends remain modest relative to earnings: D.R. Horton paid $0.45 per share in quarterly dividends in Q2 2026, which is manageable given profitability.
  • Operating cash flow turned negative: Q2 2026 net cash from operating activities was negative $412.5 million, a big deterioration from positive $854.0 million in Q1 2026 and $738.6 million in Q3 2025.
  • Working capital is pressuring cash generation: Changes in operating assets and liabilities reduced cash by $1.05 billion in Q2 2026, suggesting inventory and construction-related cash needs remain heavy.
  • Cash balances fell sharply: Cash and equivalents dropped to $1.92 billion in Q2 2026 from $2.51 billion in Q1 2026 and $3.05 billion in Q1 2025.
  • Debt-funded capital returns are a concern: The company issued $1.09 billion of debt in Q2 2026 while still repurchasing nearly $1.0 billion of stock and paying dividends.
  • Leverage has risen versus a year ago: Long-term debt was $6.56 billion in Q2 2026 versus $5.92 billion in Q4 2024 and $5.10 billion in Q1 2025.
  • Inventory remains extremely large versus cash: With $26.3 billion in inventories and only $1.9 billion in cash, the balance sheet is asset-heavy and sensitive to housing-market demand and pricing.

Bottom line: D.R. Horton still looks profitable and financially durable, but the latest quarter shows a clear slowdown in cash generation. For retail investors, the key issue is whether homebuilding demand holds up enough to support earnings while the company continues buybacks, dividends, and debt management. The stock’s long-term story remains tied to housing demand, but near-term cash flow trends deserve close attention.

06/01/26 08:55 PM ETAI Generated. May Contain Errors.

D.R. Horton Financials - Frequently Asked Questions

According to the most recent income statement we have on file, D.R. Horton's fiscal year ends in September. Their fiscal year 2025 ended on September 30, 2025.

D.R. Horton's net income appears to be on an upward trend, with a most recent value of $3.62 billion in 2025, rising from $750.70 million in 2015. The previous period was $4.81 billion in 2024. See where experts think D.R. Horton is headed by visiting D.R. Horton's forecast page.

D.R. Horton's total operating income in 2025 was $4.42 billion, based on the following breakdown:
  • Total Gross Profit: $8.12 billion
  • Total Operating Expenses: $3.69 billion

Over the last 10 years, D.R. Horton's total revenue changed from $10.82 billion in 2015 to $34.25 billion in 2025, a change of 216.4%.

D.R. Horton's total liabilities were at $10.73 billion at the end of 2025, a 4.4% increase from 2024, and a 104.1% increase since 2015.

In the past 10 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 $2.99 billion as of their latest financial filing in 2025.

Over the last 10 years, D.R. Horton's book value per share changed from 16.07 in 2015 to 81.14 in 2025, a change of 404.9%.


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Financial statements for NYSE:DHI last updated on 4/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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