Horton D R
DHI · NYSEOperative Builders · Fiscal year ends Sep 30
Horton D R reported revenue of $34.3B in the fiscal year ended Sep 2025, down 6.9% from the year before. Net income was $3.6B. Operating cash flow of $3.4B less capital expenditure of $137M left free cash flow of $3.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | $27.8B | $33.5B | $35.5B | $36.8B | $34.3B |
| Cost of revenue | $19.9B | $23B | $26.1B | $27.3B | $26.1B |
| Gross profit | $7.9B | $10.5B | $9.4B | $9.5B | $8.1B |
| Selling, general & admin | $2.6B | $2.9B | $3.2B | $3.6B | $3.7B |
| Pre-tax income | $5.4B | $7.6B | $6.3B | $6.3B | $4.7B |
| Income tax | $1.2B | $1.7B | $1.5B | $1.5B | $1.1B |
| Net income | $4.2B | $5.9B | $4.7B | $4.8B | $3.6B |
| Diluted EPS | 11.41 | 16.51 | 13.82 | 14.34 | 11.57 |
| Diluted shares | 366M | 355M | 343M | 332M | 310M |
Balance sheet
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $3.2B | $2.5B | $3.9B | $4.5B | $3B |
| Net PP&E | $393M | $472M | $445M | $531M | $579M |
| Goodwill | $164M | $164M | $164M | $164M | $164M |
| Total assets | $24B | $30.4B | $32.6B | $36.1B | $35.5B |
| Deferred revenue | $193M | $224M | $147M | $100M | $82M |
| Total liabilities | $8.8B | $10.6B | $9.4B | $10.3B | $10.7B |
| Shareholders' equity | $14.9B | $19.4B | $22.7B | $25.3B | $24.2B |
Cash flow
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $534M | $562M | $4.3B | $2.2B | $3.4B |
| Capital expenditure | $94M | $148M | $149M | $165M | $137M |
| Free cash flow | $441M | $414M | $4.2B | $2B | $3.3B |
| Depreciation & amortisation | $82M | $81M | $92M | $87M | $101M |
| Stock-based compensation | $91M | $105M | $111M | $118M | $131M |
| Acquisitions | $25M | $272M | $213M | $40M | $53M |
| Share buybacks | $874M | $1.1B | $1.2B | $1.8B | $4.3B |
| Dividends paid | $289M | $317M | $341M | $395M | $495M |
| Dividend per share | 0.80 | 0.90 | 1.00 | 1.20 | 1.60 |
Key ratios
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.5% | 5.9% | 3.8% | −6.9% |
| EPS growth (YoY) | – | 44.7% | −16.3% | 3.8% | −19.3% |
| Gross margin | 28.4% | 31.4% | 26.4% | 25.9% | 23.7% |
| Net margin | 15.0% | 17.5% | 13.4% | 12.9% | 10.5% |
| Return on equityBlank when equity is negative | 28.1% | 30.2% | 20.9% | 18.8% | 14.8% |
| Free cash flow margin | 1.6% | 1.2% | 11.7% | 5.5% | 9.6% |
| Cash conversion (CFO ÷ net income) | 0.13x | 0.10x | 0.91x | 0.46x | 0.95x |
Recent filings
More in Operative Builders
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.