Stocks DHI Financial statements
Financial statementsHORTON D R INC /DE/ financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HORTON D R INC /DE/ files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 12,157 | 14,091 | 16,068 | 17,593 | 20,311 | 27,774 | 33,480 | 35,460 | 36,801 | 34,250 |
| Cost of revenue | 9,503 | 11,043 | 12,398 | 13,721 | 15,373 | 19,899 | 22,976 | 26,110 | 27,266 | 26,134 |
| Gross profit | 2,655 | 3,048 | 3,670 | 3,872 | 4,938 | 7,875 | 10,504 | 9,350 | 9,535 | 8,116 |
| Selling, general and administrative | 1,320 | 1,472 | 1,677 | 1,833 | 2,048 | 2,556 | 2,934 | 3,249 | 3,600 | 3,692 |
| Interest expense | 0 | |||||||||
| Other non-operating income | 21.7 | 25.5 | 45.3 | 31.9 | 33.4 | 41.6 | 59.3 | 213 | 349 | 316 |
| Pre-tax income | 1,354 | 1,602 | 2,060 | 2,125 | 2,983 | 5,356 | 7,630 | 6,315 | 6,285 | 4,740 |
| Income tax | 467 | 564 | 598 | 507 | 603 | 1,165 | 1,734 | 1,520 | 1,479 | 1,119 |
| Net income to minority interests | 0 | 0 | 2 | 0.1 | 6.8 | 15.4 | 38.1 | 49.5 | 49.6 | 35.7 |
| Net income | 886 | 1,038 | 1,460 | 1,619 | 2,374 | 4,176 | 5,858 | 4,746 | 4,756 | 3,585 |
| EPS, basic | 2.39 | 2.77 | 3.88 | 4.34 | 6.49 | 11.56 | 16.65 | 13.93 | 14.44 | 11.62 |
| EPS, diluted | 2.36 | 2.74 | 3.81 | 4.29 | 6.41 | 11.41 | 16.51 | 13.82 | 14.34 | 11.57 |
| Shares, basic (weighted) | 371 | 374 | 377 | 373 | 366 | 361 | 352 | 341 | 330 | 309 |
| Shares, diluted (weighted) | 375 | 379 | 383 | 377 | 370 | 366 | 355 | 343 | 332 | 310 |
| Dividend per share | 0.32 | 0.40 | 0.50 | 0.60 | 0.70 | 0.80 | 0.90 | 1.00 | 1.20 | 1.60 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 1,303 | 1,008 | 1,473 | 1,494 | 3,019 | 3,210 | 2,541 | 3,874 | 4,516 | 2,985 |
| Property, plant and equipment | 195 | 325 | 401 | 499 | 684 | 393 | 472 | 445 | 531 | 579 |
| Lease right-of-use assets | 0 | 34.7 | 35.6 | 46.6 | 46.6 | 51.4 | 63 | |||
| Goodwill | 80 | 109 | 164 | 164 | 164 | 164 | 164 | 164 | 164 | |
| Total assets | 11,559 | 12,185 | 14,115 | 15,607 | 18,912 | 24,016 | 30,351 | 32,582 | 36,104 | 35,471 |
| Total liabilities | 4,766 | 4,437 | 4,956 | 5,312 | 6,791 | 8,800 | 10,566 | 9,445 | 10,280 | 10,729 |
| Paid-in capital | 2,866 | 2,992 | 3,085 | 3,179 | 3,241 | 3,275 | 3,350 | 3,432 | 3,491 | 3,576 |
| Retained earnings | 4,057 | 4,946 | 6,218 | 7,640 | 9,758 | 13,644 | 19,185 | 23,590 | 27,951 | 31,041 |
| Treasury stock | -134 | -195 | -322 | -802 | -1,163 | -2,037 | -3,143 | -4,330 | -6,133 | -10,431 |
| Other comprehensive income | 0 | |||||||||
| Shareholders' equity | 6,793 | 7,747 | 8,984 | 10,021 | 11,840 | 14,887 | 19,396 | 22,696 | 25,313 | 24,190 |
| Minority interests | 0.5 | 0.5 | 175 | 274 | 282 | 330 | 389 | 442 | 512 | 552 |
| Total equity | 6,793 | 7,748 | 9,159 | 10,295 | 12,122 | 15,216 | 19,786 | 23,138 | 25,824 | 24,742 |
| Total liabilities and equity | 11,559 | 12,185 | 14,115 | 15,607 | 18,912 | 24,016 | 30,351 | 32,582 | 36,104 | 35,471 |
| Shares outstanding | 373 | 375 | 376 | 368 | 364 | 356 | 344 | 335 | 324 | 294 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 886 | 1,038 | 1,462 | 1,619 | 2,381 | 4,191 | 5,896 | 4,795 | 4,806 | 3,621 |
| Depreciation and amortization | 61 | 54.7 | 62.4 | 72 | 90.6 | 82.1 | 81.4 | 91.6 | 87.1 | 101 |
| Stock-based compensation | 49 | 59.2 | 55.8 | 73.2 | 77.8 | 91.4 | 105 | 111 | 118 | 131 |
| Deferred income tax | 75.3 | 111 | 171 | 20.1 | 14.1 | -10 | 29.1 | -45.9 | 19 | 123 |
| Change in payables | 58 | 89 | 129 | 126 | 566 | 845 | 1,036 | -102 | 19.6 | 83.7 |
| Cash from operations | 624 | 440 | 545 | 892 | 1,422 | 534 | 562 | 4,304 | 2,190 | 3,421 |
| Capital expenditures | -78.1 | -103 | -68.1 | -127 | -96.5 | -93.5 | -148 | -149 | -165 | -137 |
| Acquisitions | -82.2 | -4.1 | -159 | -316 | -9.7 | -24.5 | -272 | -213 | -40.4 | -53.1 |
| Cash from investing | -113 | -164 | 19 | -394 | -166 | -252 | -415 | -310 | -191 | -169 |
| Stock issued | 0 | 0 | 101 | 0 | 33.5 | 1.7 | 0 | 19.7 | 0 | |
| Share buybacks | 0 | -60.6 | -128 | -480 | -360 | -874 | -1,100 | -1,200 | -1,800 | -4,300 |
| Dividends paid | -119 | -150 | -188 | -223 | -256 | -289 | -317 | -341 | -395 | -495 |
| Cash from financing | -592 | -565 | -82.5 | -490 | 271 | -85.1 | -811 | -2,667 | -1,355 | -4,763 |
| Net change in cash | -80.6 | -288 | 482 | 8 | 1,526 | 197 | -664 | 1,327 | 644 | -1,511 |
| Free cash flow | 546 | 338 | 477 | 765 | 1,325 | 441 | 414 | 4,156 | 2,025 | 3,284 |
| Income taxes paid | 390 | 446 | 387 | 488 | 581 | 1,138 | 1,701 | 1,442 | 1,670 | 1,021 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 22.6% | Gross profit / revenue. |
| Pre-tax margin | 12.3% | Pre-tax income / revenue. |
| Net margin | 9.2% | Net income / revenue. |
| FCF margin | 9.6% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 10.1% | Cash from operations / revenue. |
| Effective tax rate | 24.5% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 12.8% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 8.4% | Net income / average total assets. |
| SG&A / revenue | 11.2% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 0.4% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 0.5% | Capital expenditures / revenue. |
| D&A / revenue | 0.3% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -6.9% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 0.8% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 11.0% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | -14.9% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | -8.2% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 10.4% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -24.6% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | -15.1% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 8.6% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | -19.3% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | -11.2% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 12.5% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 56.2% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 82.6% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 19.2% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 62.2% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 99.5% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | 19.9% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 33.3% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 21.1% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | 18.0% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | -4.4% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 7.6% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 15.4% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | -1.8% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 5.3% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 13.4% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -6.5% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -4.4% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | -3.5% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Liabilities / assets | 33.2% | Total liabilities / total assets. |
| Goodwill and intangibles / assets | 0.4% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $23.66B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.91x | Revenue / average total assets. |
| Fixed asset turnover | 54.9x | Revenue / average property, plant and equipment. |
| FCF conversion | 104.9% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 4.5% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $10.79 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $117.84 | Revenue / diluted weighted shares. |
| FCF per share | $11.32 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $11.85 | Cash from operations / diluted weighted shares. |
| Book value per share | $84.85 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $84.27 | Tangible book value / shares outstanding. |
| Cash per share | $7.40 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 16.6% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 15.8% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 90.6% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $39.58B | Share price x shares outstanding. |
| Enterprise value | $37.50B | Market cap + total debt - cash - short-term investments. |
| P/E | 13.0x | Market cap / net income. Only when net income is positive. |
| P/S | 1.19x | Market cap / revenue. |
| P/B | 1.66x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 1.67x | Market cap / tangible book value, when positive. |
| P/FCF | 12.4x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 11.8x | Market cap / cash from operations, when positive. |
| EV/Sales | 1.12x | Enterprise value / revenue. |
| EV/FCF | 11.7x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 8.1% | Free cash flow / market cap. |
| Earnings yield | 7.7% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 1.3% | Dividends paid over the period / market cap. |
| Shareholder yield | 8.6% | (Dividends paid + share buybacks) / market cap. |
What was HORTON D R INC /DE/'s revenue in fiscal 2025?
HORTON D R INC /DE/ reported revenue of $34.25B for fiscal 2025, 6.9% lower than the year before.
Was HORTON D R INC /DE/ profitable in fiscal 2025?
Yes. Net income was $3.59B, a net margin of 10.5%.
How much free cash flow did HORTON D R INC /DE/ generate in fiscal 2025?
Cash from operations of $3.42B minus capital expenditures of $137.4M left free cash flow of $3.28B.