Detailed financial statements for D.R. Horton, Inc. (DHI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Established in Arlington, Texas, in 1978, D.R. Horton, Inc. operates as a prominent residential construction enterprise. The company's core business involves acquiring and preparing land, then constructing and marketing homes across a substantial portion of the United States. Its operations span 31 states and 98 distinct markets, covering the East, North, Southeast, South Central, Southwest, and Northwest regions. Under several well-known brand names, including D.R.
Analysis Summary
D.R. Horton, Inc. reported revenue of $34.25B in the most recent fiscal year, growing at a 5-year CAGR of 11.0%. Net income reached $3.59B, with a 8.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 22.6%, operating margin 11.6%, net margin 9.2%. Free cash flow grew at 23.7% CAGR over 5 years.
At the current price of $133.23, DHI trades at a P/E of 12.87 and an ROE of 12.77%. Market capitalisation stands at $37.3B, placing it among large-cap names.
Balance sheet quality for DHI: current ratio of 17.4, net debt of $3.05B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $3.28B represents 92% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.16B | $14.09B | $16.07B | $17.59B | $20.31B | $27.77B | $33.48B | $35.46B | $36.80B | $34.25B |
| Cost of Revenue | $9.50B | $11.04B | $12.40B | $13.72B | $15.37B | $19.90B | $22.98B | $26.11B | $27.27B | $26.13B |
| Gross Profit | $2.65B | $3.05B | $3.67B | $3.87B | $4.94B | $7.88B | $10.50B | $9.35B | $9.54B | $8.12B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.27B | $1.38B | $1.63B | $1.82B | $1.98B | $2.48B | $2.80B | $3.11B | $3.42B | $3.69B |
| Operating Expenses | $1.27B | $1.38B | $1.63B | $1.82B | $1.98B | $2.48B | $2.80B | $3.11B | $3.42B | $3.69B |
| Operating Income | $1.38B | $1.66B | $2.04B | $2.05B | $2.95B | $5.39B | $7.71B | $6.24B | $6.11B | $4.42B |
| EBITDA | $1.41B | $1.66B | $2.12B | $2.20B | $3.06B | $5.43B | $7.71B | $6.41B | $6.37B | $4.84B |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $1.35B | $1.60B | $2.06B | $2.13B | $2.98B | $5.36B | $7.63B | $6.31B | $6.28B | $4.74B |
| Income Tax | $467.2M | $563.7M | $597.7M | $506.7M | $602.5M | $1.17B | $1.73B | $1.52B | $1.48B | $1.12B |
| Net Income | $886.3M | $1.04B | $1.46B | $1.62B | $2.37B | $4.18B | $5.86B | $4.75B | $4.76B | $3.59B |
| EPS | $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 | $11.42 | $16.51 | $13.82 | $14.34 | $11.57 |
| Shares Outstanding (Diluted) | $375.1M | $378.9M | $383.4M | $377.4M | $370.2M | $365.8M | $354.8M | $343.3M | $331.6M | $309.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $9.68B | $6.89B | $7.56B | $9.23B |
| Gross Profit | $2.10B | $1.59B | $1.70B | $2.15B |
| Operating Income | $1.13B | $729.6M | $800.0M | $1.23B |
| EBITDA | $1.23B | $857.1M | $760.7M | $1.26B |
| Net Income | $905.3M | $594.8M | $647.9M | $904.9M |
| EPS | $3.06 | $2.03 | $2.25 | $3.19 |
| EPS (Diluted) | $3.04 | $2.03 | $2.24 | $3.18 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.30B | $1.01B | $1.47B | $1.49B | $3.02B | $3.21B | $2.54B | $3.87B | $4.52B | $2.99B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $219.7M | $134.4M | $136.3M | $218.0M | $271.4M | $321.7M | $423.1M | $426.9M | $421.4M | $458.9M |
| Inventory | $8.34B | $9.24B | $10.39B | $11.28B | $12.24B | $16.48B | $21.66B | $22.37B | $24.90B | $25.29B |
| Total Current Assets | $10.65B | $11.33B | $13.32B | $14.70B | $17.80B | $23.20B | $28.80B | $31.17B | $34.75B | $34.14B |
| Property, Plant & Equipment | $252.3M | $52.0M | $39.2M | $56.9M | $104.4M | $114.6M | $144.4M | $64.6M | $70.0M | $85.9M |
| Goodwill | $80.0M | $80.0M | $109.2M | $163.5M | $163.5M | $163.5M | $163.5M | $163.5M | $163.5M | $163.5M |
| Intangible Assets | 0 | 0 | 0 | 0 | $17.1M | $4.1M | $10.6M | $11.1M | $5.9M | $27.1M |
| Total Assets | $11.56B | $12.18B | $14.11B | $15.61B | $18.91B | $24.02B | $30.35B | $32.58B | $36.10B | $35.47B |
| Accounts Payable | $577.5M | $580.4M | $624.7M | $634.0M | $900.5M | $1.18B | $1.36B | $1.25B | $1.35B | $1.22B |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $690.6M | $723.9M | $851.6M | $853.0M | $1.21B | $1.80B | $2.19B | $2.08B | $2.04B | $1.96B |
| Long-term Debt | $3.27B | $2.87B | $3.20B | $3.40B | $4.28B | $5.41B | $6.07B | $5.09B | $5.92B | $5.97B |
| Total Liabilities | $4.77B | $4.44B | $4.96B | $5.31B | $6.79B | $8.80B | $10.57B | $9.44B | $10.28B | $10.73B |
| Retained Earnings | $4.06B | $4.95B | $6.22B | $7.64B | $9.76B | $13.64B | $19.19B | $23.59B | $27.95B | $31.04B |
| Total Equity | $6.79B | $7.75B | $8.98B | $10.02B | $11.84B | $14.89B | $19.40B | $22.70B | $25.31B | $24.19B |
| Total Debt | $3.27B | $2.87B | $3.20B | $3.40B | $4.32B | $5.45B | $6.11B | $5.14B | $5.97B | $6.03B |
| Net Debt | $1.97B | $1.86B | $1.73B | $1.91B | $1.30B | $2.24B | $3.57B | $1.27B | $1.45B | $3.05B |
| Working Capital | $9.95B | $10.60B | $12.46B | $13.84B | $16.59B | $21.39B | $26.61B | $29.09B | $32.71B | $32.18B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $2.99B | $2.51B | $1.92B | $2.08B |
| Total Assets | $35.47B | $34.64B | $35.57B | $36.51B |
| Total Liabilities | $10.73B | $10.08B | $11.37B | $12.10B |
| Total Equity | $24.19B | $24.00B | $23.63B | $23.82B |
| Total Debt | $6.03B | $5.62B | $6.63B | $7.18B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $886.3M | $1.04B | $1.46B | $1.62B | $2.38B | $4.19B | $5.90B | $4.80B | $4.76B | $3.59B |
| Depreciation & Amortization | $61.0M | $54.7M | $62.4M | $72.0M | $80.4M | $73.9M | $81.4M | $91.6M | $87.1M | $101.3M |
| Stock-based Compensation | $49.0M | $59.2M | $55.8M | $73.2M | $77.8M | $91.4M | $105.1M | $111.2M | $118.1M | $131.0M |
| Change in Working Capital | -$483.1M | -$858.9M | -$1.25B | -$902.8M | -$1.10B | -$3.85B | -$5.62B | -$728.3M | -$2.92B | -$713.6M |
| Operating Cash Flow | $618.0M | $435.1M | $545.2M | $892.1M | $1.42B | $534.4M | $561.8M | $4.30B | $2.19B | $3.42B |
| Capital Expenditure | -$86.1M | -$157.3M | -$68.1M | -$224.1M | -$286.8M | -$267.4M | -$148.2M | -$148.6M | -$165.3M | -$137.4M |
| Acquisitions | -$82.2M | -$4.1M | -$141.7M | -$311.4M | -$5.4M | -$24.5M | -$271.5M | -$212.9M | -$40.4M | -$53.1M |
| Stock Repurchased | -$5.9M | -$65.7M | -$137.8M | -$499.5M | -$398.6M | -$926.9M | -$1.19B | -$1.23B | -$1.79B | -$4.28B |
| Dividends Paid | -$118.7M | -$149.6M | -$188.4M | -$223.4M | -$256.0M | -$289.3M | -$316.5M | -$341.2M | -$395.2M | -$494.8M |
| Free Cash Flow | $531.9M | $277.8M | $477.1M | $668.0M | $1.13B | $267.0M | $413.6M | $4.16B | $2.02B | $3.28B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $2.47B | $854.0M | -$412.5M | $439.3M |
| Capital Expenditure | -$43.8M | -$27.4M | -$37.2M | $64.6M |
| Free Cash Flow | $2.43B | $826.6M | -$449.7M | $503.9M |
| Dividends Paid | -$118.4M | -$131.5M | -$129.7M | -$127.1M |
| Stock-based Compensation | 0 | $41.4M | $34.6M | $31.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +15.9% | +14.0% | +9.5% | +15.5% | +36.7% | +20.5% | +5.9% | +3.8% | -6.9% | |
| Net Income Growth (YoY) | +17.2% | +40.6% | +10.8% | +46.7% | +75.9% | +40.3% | -19.0% | +0.2% | -24.6% | |
| EPS Growth (YoY) | +15.9% | +40.1% | +11.9% | +49.5% | +78.1% | +44.0% | -16.3% | +3.7% | -19.5% | |
| Shares Change (YoY) | +1.0% | +1.2% | -1.6% | -1.9% | -1.2% | -3.0% | -3.2% | -3.4% | -6.5% | |
| FCF Growth (YoY) | -47.8% | +71.7% | +40.0% | +69.9% | -76.5% | +54.9% | +904.7% | -51.3% | +62.2% | |
| Gross Margin | 21.8% | 21.6% | 22.8% | 22.0% | 24.3% | 28.4% | 31.4% | 26.4% | 25.9% | 23.7% |
| Operating Margin | 11.4% | 11.8% | 12.7% | 11.7% | 14.5% | 19.4% | 23.0% | 17.6% | 16.6% | 12.9% |
| EBITDA Margin | 11.6% | 11.8% | 13.2% | 12.5% | 15.1% | 19.6% | 23.0% | 18.1% | 17.3% | 14.1% |
| Net Margin | 7.3% | 7.4% | 9.1% | 9.2% | 11.7% | 15.0% | 17.5% | 13.4% | 12.9% | 10.5% |
| FCF Margin | 4.4% | 2.0% | 3.0% | 3.8% | 5.6% | 1.0% | 1.2% | 11.7% | 5.5% | 9.6% |
| Effective Tax Rate | 34.5% | 35.2% | 29.0% | 23.8% | 20.2% | 21.8% | 22.7% | 24.1% | 23.5% | 23.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.42 | $0.73 | $1.24 | $1.77 | $3.07 | $0.73 | $1.17 | $12.10 | $6.11 | $10.60 |
| Dividends Per Share | $0.32 | $0.39 | $0.49 | $0.59 | $0.69 | $0.79 | $0.89 | $0.99 | $1.19 | $1.60 |
| Shares Outstanding (Basic) | $371.0M | $374.3M | $376.6M | $372.6M | $365.5M | $361.1M | $351.7M | $340.7M | $329.5M | $308.5M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 12.77% |
| Return on Invested Capital | 8.54% |
| Return on Assets | 8.36% |
| Gross Margin | 22.61% |
| Operating Margin | 11.64% |
| Net Margin | 9.15% |
Financial Health
| Debt / Equity | 0.30 |
| Current Ratio | 9.84 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 6.61 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 12.64 | 14.42 | 10.88 | 12.15 | 11.65 | 7.26 | 4.05 | 7.72 | 13.21 | 14.58 |
| P/B | 1.65 | 1.93 | 1.77 | 1.96 | 2.33 | 2.04 | 1.22 | 1.61 | 2.48 | 2.16 |
| P/S | 0.92 | 1.06 | 0.99 | 1.12 | 1.36 | 1.09 | 0.71 | 1.03 | 1.71 | 1.53 |
| Gross Margin | 21.8% | 21.6% | 22.8% | 22.0% | 24.3% | 28.4% | 31.4% | 26.4% | 25.9% | 23.7% |
| Operating Margin | 11.4% | 11.8% | 12.7% | 11.7% | 14.5% | 19.4% | 23.0% | 17.6% | 16.6% | 12.9% |
| Net Margin | 7.3% | 7.4% | 9.1% | 9.2% | 11.7% | 15.0% | 17.5% | 13.4% | 12.9% | 10.5% |
Related companies: CCL · CMG · CPRT · JD · LEN · LVS · NVR
Explore sector: Consumer Cyclical · Residential Construction
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