NYSE · Financial Statements

D.R. Horton, Inc. (DHI) Financial Statements

$147.48 NYSE: DHI Market Cap $41.25B

D.R. Horton, Inc. most recently reported annual revenue of $34.3B, net profit of $3.6B. Revenue grew at an average annual rate of 11.0% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

D.R. Horton, Inc.: Revenue rose from $12.2B in 2016 to $34.3B in 2025, a change of +181.7% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 11.4% to 12.9%, a shift of +1.5 percentage points; the most recent year shows net profit of $3.6B.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$12.2B$14.1B$16.1B$17.6B$20.3B$27.8B$33.5B$35.5B$36.8B$34.3B
Operating Expenses$10.8B$12.4B$14.0B$15.5B$17.4B$22.4B$25.8B$29.2B$30.7B$29.8B
Operating Profit$1.4B$1.7B$2.0B$2.1B$3.0B$5.4B$7.7B$6.2B$6.1B$4.4B
Operating Margin11.4%11.8%12.7%11.7%14.6%19.4%23.0%17.6%16.6%12.9%
Other Income$-31.0M$-62.0M$20.0M$71.0M$29.0M$-35.0M$-79.0M$73.0M$171.0M$316.0M
Interest$0$0$0$0$0$0$0$0$0$0
Depreciation$61.0M$55.0M$62.0M$72.0M$80.0M$74.0M$81.0M$92.0M$87.0M$101.0M
Profit Before Tax$1.4B$1.6B$2.1B$2.1B$3.0B$5.4B$7.6B$6.3B$6.3B$4.7B
Tax$34.5M$35.2M$29.0M$23.8M$20.2M$21.8M$22.7M$24.1M$23.5M$23.6M
Net Profit$886.0M$1.0B$1.5B$1.6B$2.4B$4.2B$5.9B$4.7B$4.8B$3.6B
EPS$2.36$2.74$3.81$4.29$6.41$11.42$16.51$13.82$14.34$11.57
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$10.5B$7.7B$9.1B$10.0B$10.0B$7.6B$7.7B$9.2B$9.7B$6.9B$7.6B$9.2B
Operating Expenses$8.5B$6.5B$7.6B$8.2B$8.3B$6.6B$6.7B$8.0B$8.6B$6.2B$6.8B$8.0B
Operating Profit$2.0B$1.2B$1.5B$1.8B$1.7B$1.0B$1.0B$1.3B$1.1B$730.0M$800.0M$1.2B
Operating Margin18.9%15.5%16.4%17.7%16.6%13.6%12.9%13.7%11.6%10.6%10.6%13.3%
Interest$0$0$0$0$0$0$0$0$0$31.0M$60.0M$0
Profit Before Tax$2.0B$1.2B$1.5B$1.8B$1.7B$1.1B$1.1B$1.4B$1.2B$798.0M$867.0M$1.2B
Tax$24.4M$23.4M$22.6M$24.0M$24.0M$23.3M$23.2M$23.9M$23.9M$25.5M$24.1M$25.1M
Net Profit$1.5B$947.0M$1.2B$1.4B$1.3B$845.0M$810.0M$1.0B$905.0M$595.0M$648.0M$905.0M
EPS$4.45$2.82$3.52$4.10$3.92$2.61$2.58$3.36$3.04$2.03$2.24$3.18

Over the 10 years reported for D.R. Horton, Inc., borrowings increased from $3.3B in 2016 to $6.0B in 2025, cash stood at $3.0B in the latest year, shareholders' equity was $4.0M, current assets covered current liabilities 17.39 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$11.6B$12.2B$14.1B$15.6B$18.9B$24.0B$30.4B$32.6B$36.1B$35.5B
Current Assets$10.6B$11.3B$13.3B$14.7B$17.8B$23.2B$28.8B$31.2B$34.7B$34.1B
Cash$1.3B$1.0B$1.5B$1.5B$3.0B$3.2B$2.5B$3.9B$4.5B$3.0B
Inventory$8.3B$9.2B$10.4B$11.3B$12.2B$16.5B$21.7B$22.4B$24.9B$25.3B
Receivables$220.0M$134.0M$136.0M$218.0M$271.0M$322.0M$423.0M$427.0M$421.0M$459.0M
Fixed Assets$252.0M$52.0M$39.0M$57.0M$104.0M$115.0M$144.0M$65.0M$70.0M$86.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$654.0M$650.0M$11.0M$7.0M$1.8B$2.0B$2.8B$2.7B$2.6B$2.7B
Other Assets$80.0M$80.0M$109.0M$164.0M$164.0M$164.0M$164.0M$164.0M$164.0M$164.0M
Total Liabilities$4.8B$4.4B$5.0B$5.3B$6.8B$8.8B$10.6B$9.4B$10.3B$10.7B
Current Liabilities$691.0M$724.0M$852.0M$853.0M$1.2B$1.8B$2.2B$2.1B$2.0B$2.0B
Borrowings$3.3B$2.9B$3.2B$3.4B$4.3B$5.4B$6.1B$5.1B$6.0B$6.0B
Other Liabilities$1.5B$1.6B$1.8B$1.9B$2.5B$3.4B$4.5B$4.3B$4.3B$4.7B
Equity$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M$4.0M
Reserves$6.8B$7.7B$9.0B$10.0B$11.8B$14.9B$19.4B$22.7B$25.3B$24.2B

For D.R. Horton, Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $3.3B; free cash flow was positive in 10 of 10 years; financing activities used $5.0B in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$618.0M$435.0M$545.0M$892.0M$1.4B$534.0M$562.0M$4.3B$2.2B$3.4B
Investing Cash Flow$-199.0M$-328.0M$-65.0M$-618.0M$-453.0M$-520.0M$-563.0M$-459.0M$-356.0M$-306.0M
Financing Cash Flow$82.0M$0$-94.0M$-360.0M$-380.0M$-873.0M$-1.1B$-1.3B$-1.8B$-5.0B
Net Cash Flow$-81.0M$-295.0M$465.0M$8.0M$1.5B$197.0M$-664.0M$1.3B$644.0M$-1.5B
Free Cash Flow$532.0M$278.0M$477.0M$668.0M$1.1B$267.0M$414.0M$4.2B$2.0B$3.3B

Valuation & Return Ratios

MetricValue
PEG Ratio-0.83
EV / EBITDA10.74
FCF Yield8.49%
Quick Ratio2.37
Interest Coverage42.51
Return 1Y-5.95%
Return 3Y49.39%
Return 5Y59.23%

D.R. Horton, Inc. (DHI) financials — frequently asked questions

What is D.R. Horton, Inc.'s annual revenue?

D.R. Horton, Inc. (DHI) reported annual revenue of $34.3B in its most recent fiscal year.

What is D.R. Horton, Inc.'s net profit?

D.R. Horton, Inc. (DHI) reported net profit of $3.6B in its most recent fiscal year.

What is DHI EV/EBITDA?

D.R. Horton, Inc.'s enterprise value to EBITDA (EV/EBITDA) ratio is 10.74.

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