D.R. Horton, Inc. (DHI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$2.99	$3.2	+7.0%	—	—	—
Q3 26	$2.12	$2.24	+5.7%	—	—	—
Q2 26	$1.92	$2.03	+5.7%	—	—	—
Q1 26	$3.27	$3.04	-7.0%	—	—	—
Q4 25	$2.9	$3.36	+15.9%	—	—	—
Q3 25	$2.7	$2.58	-4.4%	—	—	—
Q2 25	$2.36	$2.61	+10.6%	—	—	—
Q1 25	$4.16	$3.92	-5.8%	—	—	—
Q4 24	$3.78	$4.1	+8.5%	—	—	—
Q3 24	$3.07	$3.52	+14.7%	—	—	—
Q2 24	$2.89	$2.82	-2.4%	—	—	—
Q1 24	$3.93	$4.45	+13.2%	—	—	—
Q4 23	$2.83	$3.9	+37.8%	—	—	—
Q3 23	$1.91	$2.73	+42.9%	—	—	—
Q2 23	$2.24	$2.76	+23.2%	—	—	—
Q1 23	$5.13	$4.67	-9.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$11.6	—	—	$34.3B	—
FY24	—	$14.4	—	—	$36.8B	—
FY23	—	$13.9	—	—	$35.5B	—
FY22	—	$16.6	—	—	$33.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$12.2B	$14.1B	$16.1B	$17.6B	$20.3B	$27.8B	$33.5B	$35.5B	$36.8B	$34.3B
YoY change	+12.3%	+15.9%	+14%	+9.49%	+15.5%	+36.7%	+20.5%	+5.92%	+3.78%	-6.93%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	12.2B	14.1B	16.1B	17.6B	20.3B	27.8B	33.5B	35.5B	36.8B	34.3B
Cost of revenue	9.5B	11B	12.4B	13.7B	15.4B	19.9B	23B	26.1B	27.3B	26.1B
Gross profit	2.7B	3B	3.7B	3.9B	4.9B	7.9B	10.5B	9.4B	9.5B	8.1B
Gross margin	21.8%	21.6%	22.8%	22%	24.3%	28.4%	31.4%	26.4%	25.9%	23.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1.3B	1.5B	1.7B	1.8B	2B	2.6B	2.9B	3.2B	3.6B	3.7B
Operating expenses	1.3B	1.4B	1.6B	1.8B	2B	2.6B	2.9B	3.2B	3.6B	3.7B
Operating income	1.3B	1.6B	2B	2B	2.9B	5.3B	7.6B	6.1B	5.9B	4.4B
Operating margin	11%	11.2%	12.4%	11.6%	14.2%	19.2%	22.6%	17.2%	16.1%	12.9%
Non-operating income, net	19M	25.5M	66.9M	85.8M	92.9M	37.5M	59.3M	213.1M	348.8M	315.7M
Pretax income	1.4B	1.6B	2.1B	2.1B	3B	5.4B	7.6B	6.3B	6.3B	4.7B
Income tax	467.2M	563.7M	597.7M	506.7M	602.5M	1.2B	1.7B	1.5B	1.5B	1.1B
Net income	886.3M	1B	1.5B	1.6B	2.4B	4.2B	5.9B	4.8B	4.8B	3.6B
Net margin	7.29%	7.37%	9.1%	9.2%	11.7%	15.1%	17.6%	13.5%	13.1%	10.6%
EBITDA	1.4B	1.6B	2B	2.1B	2.9B	5.4B	7.7B	6.2B	6B	4.5B
EPS	2.39	2.77	3.88	4.34	6.49	11.6	16.6	13.9	14.4	11.6
Diluted EPS	2.36	2.74	3.81	4.29	6.41	11.4	16.5	13.8	14.3	11.6

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	10.5B	7.7B	9.1B	10B	10B	7.6B	7.7B	9.2B	9.7B	6.9B	7.6B	9.2B
Cost of revenue	7.7B	5.7B	6.8B	7.3B	7.4B	5.7B	5.8B	7B	7.6B	5.3B	5.9B	7.1B
Gross profit	2.8B	2B	2.3B	2.6B	2.6B	1.9B	1.9B	2.2B	2.1B	1.6B	1.7B	2.1B
Gross margin	26.9%	26%	25.6%	26.5%	25.5%	25.1%	24.6%	23.9%	21.7%	23.2%	22.5%	23.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	886.2M	835M	880.6M	923.6M	960.3M	878.1M	898.7M	944.3M	970.9M	865.1M	903.3M	991.2M
Operating expenses	886.2M	835M	880.6M	923.6M	960.3M	878.1M	898.7M	944.3M	970.9M	865.1M	903.3M	991.2M
Operating income	1.9B	1.2B	1.5B	1.7B	1.6B	1B	1B	1.3B	1.1B	729.6M	800M	1.2B
Operating margin	18.4%	15.2%	15.9%	17.2%	15.9%	13.6%	12.9%	13.7%	11.6%	10.6%	10.6%	12.5%
Non-operating income, net	81.2M	76.3M	76.2M	80.6M	115.7M	77.8M	65.6M	93.2M	79M	68.5M	67.4M	71.2M
Pretax income	2B	1.2B	1.5B	1.8B	1.7B	1.1B	1.1B	1.4B	1.2B	798.1M	867.4M	1.2B
Income tax	492.8M	291.8M	344.8M	432.2M	409.9M	258M	248M	325M	288M	196.7M	209.4M	307.5M
Net income	1.5B	955.7M	1.2B	1.4B	1.3B	851.9M	819.1M	1B	916.8M	601.4M	658M	918.7M
Net margin	14.5%	12.4%	13%	13.7%	13%	11.2%	10.6%	11.2%	9.47%	8.73%	8.71%	9.96%
EBITDA	2B	1.2B	1.5B	1.7B	1.6B	1.1B	1B	1.3B	1.2B	757.3M	828.1M	1.2B
EPS	4.49	2.84	3.54	4.12	3.95	2.63	2.59	3.37	3.06	2.03	2.25	3.21
Diluted EPS	4.45	2.82	3.52	4.1	3.92	2.61	2.58	3.36	3.04	2.03	2.24	3.2

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	11.2B	14.9B	15.9B	19.6B	27.6B	30.3B	23.7B	36.6B	62.9B	52.3B	39B
Enterprise value	13.2B	16.8B	17.6B	21.5B	28.9B	32.6B	27.3B	37.9B	64.3B	55.3B	45.3B
Shares outstanding	371M	374.3M	376.6M	372.6M	365.5M	361.1M	351.7M	340.7M	329.5M	308.5M	308.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	12.6	14.4	10.9	12.1	11.6	7.23	4.02	7.64	13.1	14.4	13.5
P/S	0.92	1.06	0.99	1.12	1.36	1.09	0.71	1.03	1.71	1.53	1.19
P/B	1.65	1.93	1.73	1.91	2.28	1.99	1.2	1.58	2.43	2.11	1.67
EV/EBITDA	9.42	10.3	8.65	10.5	9.91	6.02	3.56	6.12	10.7	12.2	11
EV/Sales	1.08	1.19	1.1	1.22	1.43	1.17	0.81	1.07	1.75	1.62	1.36
Earnings yield	7.91%	6.95%	9.21%	8.24%	8.61%	13.8%	24.9%	13.1%	7.65%	6.93%	7.41%
FCF yield	4.87%	1.89%	2.56%	3.4%	4.11%	0.88%	1.75%	11.3%	3.22%	6.28%	6.19%
PEG	—	—	—	—	—	—	—	—	—	—	-2.84

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	21.8%	21.6%	22.8%	22%	24.3%	28.4%	31.4%	26.4%	25.9%	23.7%	23.3%
Operating margin	11%	11.2%	12.4%	11.6%	14.2%	19.2%	22.6%	17.2%	16.1%	12.9%	13%
Net margin	7.29%	7.37%	9.1%	9.2%	11.7%	15.1%	17.6%	13.5%	13.1%	10.6%	9.15%
ROE	13%	13.4%	16%	15.7%	19.6%	27.5%	29.8%	20.7%	18.6%	14.6%	12.6%
ROA	7.67%	8.52%	10.4%	10.4%	12.6%	17.5%	19.4%	14.7%	13.3%	10.2%	6.88%
ROIC	9.97%	10.6%	13%	12.7%	17.2%	23.8%	25%	19%	16.6%	12.2%	9.75%
Return on tangible assets	7.78%	8.64%	10.5%	10.6%	12.8%	17.7%	19.7%	14.9%	13.4%	10.3%	8.57%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	15.4	15.6	15.6	17.2	14.7	12.9	13.1	15	17.1	17.4	6.01
Quick ratio	3.34	2.89	3.43	4	4.6	3.73	3.26	4.22	4.83	4.51	2.37
Debt / equity	0.48	0.37	0.35	0.33	0.36	0.36	0.31	0.22	0.23	0.24	0.29
Debt / assets	0.28	0.24	0.23	0.22	0.23	0.23	0.2	0.16	0.17	0.17	0.2
Net debt / EBITDA	1.41	1.14	0.85	0.93	0.45	0.41	0.47	0.2	0.24	0.67	1.3
Effective tax rate	34.5%	35.2%	29%	23.8%	20.2%	21.8%	22.7%	24.1%	23.5%	23.6%	24.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	32.8	37.6	42.7	47.2	55.6	76.9	95.2	104.1	111.7	111	115.2
EPS (basic)	2.39	2.77	3.88	4.34	6.49	11.6	16.6	13.9	14.4	11.6	11.6
EPS (diluted)	2.36	2.74	3.81	4.29	6.41	11.4	16.5	13.8	14.3	11.6	10.5
Book value per share	18.3	20.7	24.3	27.6	33.2	42.1	56.3	67.9	78.4	80.2	84.8
FCF per share	1.47	0.76	1.08	1.79	3.1	0.74	1.18	12.2	6.14	10.6	11.3
Cash per share	3.51	2.69	3.91	4.01	8.26	8.89	7.22	11.4	13.7	9.68	7.43
Capex per share	0.21	0.27	0.18	0.34	0.26	—	—	—	—	0.45	0.53

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.64%	0.73%	0.42%	0.72%	0.48%	—	—	—	—	0.4%	0.45%
Capex / operating cash flow	13.7%	24.6%	34.9%	28%	11.2%	—	—	—	—	4.02%	4.49%
Payout ratio	13.4%	14.4%	12.9%	13.8%	10.8%	6.9%	5.37%	7.12%	8.22%	13.7%	16.7%
Dividend yield	1.06%	1%	1.19%	1.14%	0.93%	0.95%	1.34%	0.93%	0.63%	0.95%	1.29%

Yield

1.29%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.45

ex-dividend Aug 6, 2026

Payout ratio

17%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 6, 2026	$0.45
May 7, 2026	$0.45
Feb 5, 2026	$0.45

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$10.5B	$7.7B	$9.1B	$10B	$10B	$7.6B	$7.7B	$9.2B	$9.7B	$6.9B	$7.6B	$9.2B
YoY change	+8.97%	+6.45%	+14.2%	+2.47%	-4.77%	-1.46%	-15.1%	-7.43%	-3.25%	-9.54%	-2.27%	+0.02%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.3B	1B	1.5B	1.5B	3B	3.2B	2.5B	3.9B	4.5B	3B
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	8.3B	9.2B	10.4B	11.3B	12.2B	16.5B	21.7B	22.4B	24.9B	25.3B
Total current assets	10.6B	11.3B	13.3B	14.7B	17.8B	23.2B	28.8B	31.2B	34.7B	34.1B
Property, plant & equipment	252.3M	377M	549.1M	253.4M	449M	114.6M	144.4M	64.6M	70M	85.9M
Goodwill & intangibles	160M	160M	218.4M	327M	361.2M	335.2M	348.2M	349.2M	338.8M	381.2M
Total assets	11.6B	12.2B	14.1B	15.6B	18.9B	24B	30.4B	32.6B	36.1B	35.5B
Accounts payable	577.5M	580.4M	624.7M	634M	900.5M	1.2B	1.4B	1.2B	1.3B	1.2B
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	690.6M	723.9M	851.6M	853M	1.2B	1.8B	2.2B	2.1B	2B	2B
Long-term debt	3.3B	2.9B	3.2B	3.4B	4.3B	5.4B	6.1B	5.1B	6B	6B
Total liabilities	4.8B	4.4B	5B	5.3B	6.8B	8.8B	10.6B	9.4B	10.3B	10.7B
Shareholders' equity	6.8B	7.7B	9.2B	10.3B	12.1B	15.2B	19.8B	23.1B	25.8B	24.7B
Total debt	3.3B	2.9B	3.2B	3.4B	4.3B	5.4B	6.1B	5.1B	6B	6B
Net debt	2B	1.9B	1.7B	1.9B	1.3B	2.2B	3.6B	1.3B	1.5B	3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	3.9B	3.3B	3.1B	3B	4.5B	3.1B	2.5B	2.6B	3B	2.5B	1.9B	2.1B
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	22.4B	24.1B	24.8B	25.5B	24.9B	26.1B	26.5B	26.7B	25.3B	25.6B	26.3B	26.7B
Total current assets	31.2B	32.1B	33.1B	33.8B	34.7B	33.7B	34.4B	35.1B	34.1B	33.3B	34.3B	35.1B
Property, plant & equipment	64.6M	43.3M	526.4M	571.3M	70M	50.1M	48.8M	50.4M	85.9M	66.2M	67.1M	67.2M
Goodwill & intangibles	349.2M	984.2M	978.6M	978.8M	338.8M	347.8M	337.6M	366.6M	381.2M	423.4M	367.2M	398.6M
Total assets	32.6B	33.4B	34.4B	35.2B	36.1B	35B	35.7B	36.4B	35.5B	34.6B	35.6B	36.5B
Accounts payable	1.2B	1.3B	1.4B	1.4B	1.3B	1.4B	1.4B	1.4B	1.2B	1B	1.3B	1.4B
Short-term debt	—	—	—	—	—	—	1.1B	1B	—	760M	865M	1.3B
Total current liabilities	2.1B	2.3B	2.1B	2.1B	2B	2.2B	3.1B	3.2B	2B	2.6B	2.9B	3.6B
Long-term debt	5.1B	5.3B	6B	5.7B	6B	5.2B	5.5B	6.3B	6B	4.9B	5.8B	5.9B
Total liabilities	9.4B	9.8B	10.1B	10B	10.3B	9.6B	10.8B	11.8B	10.7B	10.1B	11.4B	12.1B
Shareholders' equity	23.1B	23.6B	24.3B	25.2B	25.8B	25.5B	24.9B	24.6B	24.7B	24.6B	24.2B	24.4B
Total debt	5.1B	5.3B	6B	5.7B	6B	5.2B	6.6B	7.3B	6B	5.6B	6.6B	7.2B
Net debt	1.3B	2B	2.9B	2.7B	1.5B	2.1B	4.1B	4.7B	3B	3.1B	4.7B	5.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	886.3M	1B	1.5B	1.6B	2.4B	4.2B	5.9B	4.8B	4.8B	3.6B
Depreciation & amortization	61M	54.7M	62.4M	72M	90.6M	82.1M	81.4M	91.6M	87.1M	101.3M
Stock-based compensation	49M	59.2M	55.8M	73.2M	77.8M	91.4M	105.1M	111.2M	118.1M	131M
Change in working capital	-505.9M	-849.9M	-1.6B	-1.3B	-1.7B	-3.9B	-5.6B	-728.3M	-2.9B	-713.6M
Operating cash flow	571.1M	418.2M	195M	454.8M	859.8M	509.9M	491.4M	4.2B	2.1B	3.4B
Capital expenditure	-78.1M	-102.7M	-68.1M	-127.2M	-96.5M	—	—	—	—	-137.4M
Investing cash flow	-104.6M	-109.4M	89.2M	-297.1M	24.2M	15.2M	-266.7M	-161.6M	-25.3M	-168.7M
Dividends paid	-118.7M	-149.6M	-188.4M	-223.4M	-256M	-289.3M	-316.5M	-341.2M	-395.2M	-494.8M
Share repurchases	-5.9M	-65.7M	-137.8M	-499.5M	-398.6M	-926.9M	-1.2B	-1.2B	-1.9B	-4.3B
Financing cash flow	-664.3M	-611.3M	-129.9M	-532.8M	247.2M	-107.8M	-844.4M	-2.7B	-1.4B	-4.8B
Net change in cash	-197.8M	-302.5M	154.3M	-375.1M	1.1B	417.3M	-619.7M	1.4B	709.8M	-1.5B
Free cash flow	545.8M	282.9M	406.9M	668M	1.1B	267M	413.6M	4.2B	2B	3.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	1.5B	955.7M	1.2B	1.4B	1.3B	851.9M	819.1M	1B	916.8M	601.4M	658M	918.7M
Depreciation & amortization	21.4M	20M	21.1M	22.4M	23.6M	24.1M	24.6M	25.2M	27.4M	27.7M	28.1M	29M
Stock-based compensation	30.6M	40.9M	25M	26.8M	25.4M	43M	32.2M	25.9M	29.9M	41.4M	34.6M	31.5M
Change in working capital	275.9M	-1.2B	-1.6B	-742.5M	579.3M	-329M	-1.4B	-407.9M	1.4B	152.8M	-1.2B	-596.6M
Operating cash flow	1.8B	-159.5M	-330.2M	683.5M	1.9B	630.1M	-466.2M	684.4M	2.5B	854M	-412.5M	439.3M
Capital expenditure	—	—	—	—	—	—	—	—	-43.8M	-27.4M	-37.2M	-42M
Investing cash flow	38.6M	8.3M	-3M	-33.1M	2.5M	-43.8M	-3.1M	17M	-45.2M	-116.2M	-44.2M	-53.1M
Dividends paid	-84.3M	-99.9M	-99.2M	-98.4M	-97.7M	-128.5M	-125.5M	-122.4M	-118.4M	-131.5M	-129.7M	-127.1M
Share repurchases	-419.1M	-414.4M	-461.7M	-437.1M	-558.2M	-1.1B	-1.4B	-1.2B	-705.3M	-678.9M	-975.3M	-610.4M
Financing cash flow	-1.6B	-754.3M	61.9M	-676.6M	-416.5M	-2.8B	-85.8M	-562.8M	-2.1B	-1.8B	-131M	-225.5M
Net change in cash	270.8M	-905.5M	-271.3M	-26.2M	1.5B	-2.2B	-555.1M	138.6M	358.4M	-1.1B	-587.7M	160.7M
Free cash flow	2B	-201M	-340.4M	636.3M	1.9B	633.4M	-470.5M	692.6M	2.4B	826.6M	-449.7M	397.3M

Date	Ratio
Mar 17, 2005	4:3
Jan 13, 2004	3:2
Apr 10, 2002	3:2
Mar 7, 2001	111:100
Sep 14, 2000	109:100
May 6, 1996	108:100
Sep 18, 1995	7:5
May 24, 1995	109:100
May 24, 1994	106:100
Aug 25, 1993	105:100

D.R. Horton, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history