D.R. Horton (DHI) Financials

$143.04 -1.92 (-1.33%)

As of 12:01 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	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

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

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

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

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

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

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%

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

Here is a concise four-year trend view of Horton D.R. (DHI) based on the latest quarterly cash flow, income statement, and balance sheet data. The focus is on profitability, cash generation, liquidity, leverage, and capital allocation, with attention to how results have evolved from 2022 through the first quarter of 2026.

Profitable across recent quarters: Net income remains positive in the four most recent quarters (Q1 2026 Consolidated Net Income 601.4M; Q4 2025 916.8M; Q3 2025 1.031B; Q2 2025 810.4M).
Strong operating cash flow in key periods: Net cash from continuing operating activities is robust in late 2025 and early 2026 (Q4 2025: 2.4718B; Q1 2026: 854.0M).
Solid liquidity and a large equity base: Cash & equivalents around $2.5B in recent quarters (Q1 2026: 2.506B); Total equity near $24.5B–$25.0B, with Retained Earnings around $30.25B (Q4 2025).
Dividend per share rising modestly: Cash dividends per share increased to $0.45 in Q1 2026, signaling ongoing cash return to shareholders (KZ5Nyr: 0.45).
Margin range remains steady but episodic: Gross margin typically in the mid-20% range (e.g., Q1 2026 gross margin ~23%), but quarterly margins fluctuate with pace of housing demand and costs.
Debt load appears manageable: Long-term debt generally in the $5.0–$5.7B band (e.g., Q1 2026 ~5.55B), with a solid equity cushion (Total liabilities around $10.0B vs. Total equity around $24.6B).
Retained earnings trend supports equity base: Retained earnings remain substantial (e.g., Q4 2025 around $30.3B), contributing to a strong equity foundation.
Capital allocation patterns show recurring stock buybacks and debt actions: Periodic large share repurchases and debt activity reflect an active capital allocation strategy, which can influence cash flows but may support per-share metrics.
Inventory levels are high and characteristic of the business: Inventories/net and related working capital remain sizable across years, reflecting the cyclical, large-scale homebuilding cycle.
Cash position supports flexibility: Consistent liquidity and positive operating cash flow provide flexibility to fund operations, capex, and ongoing capital returns over the cycle.
Quarterly op cash flow can be volatile: Notable swings exist (e.g., Q2 2025 and some other quarters show negative net cash from continuing operating activities), highlighting sensitivity to housing demand and working capital shifts.
Financing activities have been a cash outflow in many periods: Net cash from financing activities is frequently negative due to buybacks, debt repayments, and dividends, which reduces cash on hand in the near term.
Treasury stock levels reduce book value modestly: Treasury stock sits as a sizable contra-equity item (often in the billions), reducing reported equity and potentially complicating per-share metrics during heavy buybacks.

05/12/26 12:01 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. Find out what analysts predict for D.R. Horton in the coming months.

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%.

Related Companies

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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D.R. Horton (DHI) Financials

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