HORTON D R INC /DE/ DHI
D.R. Horton, Inc. is the largest homebuilding company in the United States as measured by number of homes closed. We construct and sell homes through our operating divisions in 126 markets across 36 states. Our common stock is included in the S&P 500 Index and listed on the New York Stock Exchange (NYSE) and NYSE Texas under the ticker symbol "DHI." Our listing on NYSE Texas became effective in June 2025. Unless the context otherwise requires, the terms "D.R. Horton," the "Company," "we" and "our" used herein refer to D.R. Horton, Inc., a Delaware corporation, and its predecessors and subsidiaries.
Our homebuilding business began in 1978 in Fort Worth, Texas, and our common stock has been publicly traded since 1992. We have expanded and diversified our homebuilding operations geographically over the years by investing capital and building teams of people in our existing markets, starting new operations in additional markets and acquiring other homebuilding companies. We have closed more than 1.2 million homes during our 47-year history, and we have been the largest volume homebuilder in the United States every year since 2002.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34.25B | $36.80B | $35.46B | $33.48B | $27.77B | $20.31B | $17.59B | $16.07B | $14.09B | $12.16B |
| Cost of revenue | $26.13B | $27.27B | $26.11B | $22.98B | $19.90B | $15.37B | $13.72B | $12.40B | $11.04B | $9.50B |
| Gross profit | $8.12B | $9.54B | $9.35B | $10.50B | $7.88B | $4.94B | $3.87B | $3.67B | $3.05B | $2.65B |
| SG&A | $3.69B | $3.60B | $3.25B | $2.93B | $2.56B | $2.05B | $1.83B | $1.68B | $1.47B | $1.32B |
| Interest expense | — | — | — | — | — | — | — | $0 | — | — |
| Pre-tax income | $4.74B | $6.28B | $6.31B | $7.63B | $5.36B | $2.98B | $2.13B | $2.06B | $1.60B | $1.35B |
| Income tax | $1.12B | $1.48B | $1.52B | $1.73B | $1.17B | $602.5M | $506.7M | $597.7M | $563.7M | $467.2M |
| Net income | $3.59B | $4.76B | $4.75B | $5.86B | $4.18B | $2.37B | $1.62B | $1.46B | $1.04B | $886.3M |
| EPS, basic | 11.62 | 14.44 | 13.93 | 16.65 | 11.56 | 6.49 | 4.34 | 3.88 | 2.77 | 2.39 |
| EPS, diluted | 11.57 | 14.34 | 13.82 | 16.51 | 11.41 | 6.41 | 4.29 | 3.81 | 2.74 | 2.36 |
| Shares, diluted (wtd. avg.) | $309.9M | $331.6M | $343.3M | $354.8M | $365.8M | $370.2M | $377.4M | $383.4M | $378.9M | $375.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.99B | $4.52B | $3.90B | $2.57B | $3.24B | $3.04B | $1.51B | $1.51B | $1.02B | $1.31B |
| Property, plant and equipment | $578.9M | $531.0M | $445.4M | $471.6M | $392.9M | $683.7M | $499.2M | $401.1M | $325.0M | $195.4M |
| Goodwill | $163.5M | $163.5M | $163.5M | $163.5M | $163.5M | $163.5M | $163.5M | $109.2M | $80.0M | — |
| Total assets | $35.47B | $36.10B | $32.58B | $30.35B | $24.02B | $18.91B | $15.61B | $14.11B | $12.18B | $11.56B |
| Total liabilities | $10.73B | $10.28B | $9.44B | $10.57B | $8.80B | $6.79B | $5.31B | $4.96B | $4.44B | $4.77B |
| Retained earnings | $31.04B | $27.95B | $23.59B | $19.19B | $13.64B | $9.76B | $7.64B | $6.22B | $4.95B | $4.06B |
| Total equity | $24.19B | $25.31B | $23.14B | $19.79B | $15.22B | $12.12B | $10.30B | $9.16B | $7.75B | $6.79B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.42B | $2.19B | $4.30B | $561.8M | $534.4M | $1.42B | $892.1M | $545.2M | $440.2M | $623.9M |
| Depreciation and amortisation | $101.3M | $87.1M | $91.6M | $81.4M | $82.1M | $90.6M | $72.0M | $62.4M | $54.7M | $61.0M |
| Stock-based compensation | $131.0M | $118.1M | $111.2M | $105.1M | $91.4M | $77.8M | $73.2M | $55.8M | $59.2M | $49.0M |
| Capital expenditure | $137.4M | $165.3M | $148.6M | $148.2M | $93.5M | $96.5M | $127.2M | $68.1M | $102.7M | $78.1M |
| Investing cash flow | -$168.7M | -$190.6M | -$310.2M | -$414.9M | -$252.2M | -$166.1M | -$394.0M | $19.0M | -$164.0M | -$112.6M |
| Financing cash flow | -$4.76B | -$1.36B | -$2.67B | -$811.2M | -$85.1M | $270.6M | -$490.1M | -$82.5M | -$564.6M | -$591.9M |
| Dividends paid | $494.8M | $395.2M | $341.2M | $316.5M | $289.3M | $256.0M | $223.4M | $188.4M | $149.6M | $118.7M |
| Buybacks | $4.30B | $1.80B | $1.20B | $1.10B | $874.0M | $360.4M | $479.8M | $127.5M | $60.6M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000882184-25-000081.
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