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DHI

D.R. Horton, Inc.

DHI

D.R. Horton, Inc. • NYSE
$159.01 ▲ 1.44% (+2.25)
Market Cap $46.44 B
52w High $184.55
52w Low $110.44
Dividend Yield 1.80%
P/E 13.73
Volume 2.12M
Outstanding Shares 292.06M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $9.678B ▲ $970.9M ▲ $905.3M ▼ 9.354% ▼ $3.06 ▼ $1.232B ▼
Q3-2025 $9.226B ▲ $944.3M ▲ $1.025B ▲ 11.106% ▲ $3.34 ▲ $1.383B ▲
Q2-2025 $7.734B ▲ $898.7M ▲ $810.4M ▼ 10.478% ▼ $2.59 ▼ $1.092B ▼
Q1-2025 $7.613B ▼ $878.1M ▼ $844.9M ▼ 11.098% ▼ $2.63 ▼ $1.134B ▼
Q4-2024 $10.003B $895.8M $1.283B 12.831% $3.95 $1.733B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $2.985B ▲ $35.471B ▼ $10.729B ▼ $24.19B ▲
Q3-2025 $2.614B ▲ $36.396B ▲ $11.803B ▲ $24.053B ▼
Q2-2025 $2.471B ▼ $35.69B ▲ $10.831B ▲ $24.327B ▼
Q1-2025 $3.05B ▼ $35.03B ▼ $9.567B ▼ $24.944B ▼
Q4-2024 $4.516B $36.104B $10.28B $25.313B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $905.3M ▼ $2.472B ▲ $-45.2M ▼ $-2.058B ▼ $368.4M ▲ $2.428B ▲
Q3-2025 $1.025B ▲ $738.6M ▲ $-29M ▲ $-562.8M ▼ $146.8M ▲ $692.6M ▲
Q2-2025 $819.1M ▼ $-436.2M ▼ $-37.4M ▲ $-77.3M ▲ $-550.9M ▲ $-470.5M ▼
Q1-2025 $851.9M ▼ $646.7M ▼ $-57.1M ▼ $-2.065B ▼ $-1.475B ▼ $646.7M ▼
Q4-2024 $1.283B $1.962B $-29.5M $-408.1M $1.524B $1.93B

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Eliminations and Other
Eliminations and Other
 $-200.00M ▲$-270.00M ▼$-350.00M ▼$-540.00M ▼
Financial Services
Financial Services
 $180.00M ▲$210.00M ▲$230.00M ▲$220.00M ▼
Forestar Group
Forestar Group
 $250.00M ▲$350.00M ▲$390.00M ▲$670.00M ▲
Homebuilding
Homebuilding
 $7.17Bn ▲$7.20Bn ▲$8.58Bn ▲$8.56Bn ▼
Rental
Rental
 $220.00M ▲$240.00M ▲$380.00M ▲$810.00M ▲

Five-Year Company Overview

Income Statement

Income Statement D.R. Horton’s revenue and profit are coming off peak levels but remain very healthy by historical standards. Sales grew strongly through the housing boom and have eased slightly more recently, while earnings have stepped down from prior record highs yet still sit at robust levels. Profit margins are lower than they were at the very top of the cycle but remain solid for a homebuilder, suggesting the company has been able to manage costs reasonably well despite higher rates and construction inflation. Overall, the income statement shows a mature, profitable leader in a cyclical industry moving from a “boom” phase into a more normal, but still strong, environment.

Balance Sheet

Balance Sheet The balance sheet looks sturdy and conservative. Total assets and shareholder equity have climbed steadily over the past few years, showing that the business has been building up its underlying value base. Debt has stayed relatively stable and is comfortably supported by the company’s equity, indicating moderate leverage rather than an aggressive borrowing profile. Cash levels are healthy, giving the company flexibility to handle swings in the housing market, fund land options, and support ongoing operations without stretching its finances too far.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been positive every year and has improved meaningfully after a period of working capital swings that are typical for homebuilders. Free cash flow has stayed positive as well, helped by relatively low spending on equipment and facilities, since this business is more about land and construction contracts than heavy machinery. The pattern suggests that D.R. Horton is generally able to turn its accounting profits into actual cash, which supports balance sheet strength, buybacks or dividends, and the ability to invest through the cycle.

Competitive Edge

Competitive Edge D.R. Horton sits in a dominant position as the largest U.S. homebuilder, and its moat is built around scale, breadth, and integration. Its size allows it to negotiate better terms with suppliers and subcontractors, which can help on pricing and availability when the market is tight. The company is spread across many regions and customer types, which reduces dependence on any one local economy. Its “asset-light” land strategy gives it flexibility to walk away from projects if conditions shift, rather than being stuck with too much owned land. On top of that, in-house mortgage and title operations make the buying process smoother and keep more of the economics within the group. A portfolio of brands aimed at entry-level, move-up, luxury, and active adult buyers helps D.R. Horton capture demand across a wide spectrum, especially the more resilient affordable segment. The main risk is the inherent cyclicality of housing and sensitivity to interest rates and employment trends, but within that space, D.R. Horton occupies a very strong competitive spot.

Innovation and R&D

Innovation and R&D Innovation at D.R. Horton is focused less on flashy construction methods and more on technology, process, and product features that matter to buyers. The standard smart home package – with connected security, climate control, and home automation – helps differentiate its homes and aligns with rising expectations around connectivity and convenience. Behind the scenes, the company is using data and artificial intelligence tools to sharpen its land acquisition choices and to streamline mortgage processing, which can improve both margins and customer experience. It is also expanding into rental communities, which can balance out the ups and downs of for-sale housing. Looking forward, the likely areas of progress are deeper use of data analytics across operations, incremental improvements to smart home offerings, and gradual adoption of more energy-efficient and sustainable building practices as regulations and consumer preferences evolve.

Summary

D.R. Horton’s recent financial profile reflects a strong homebuilder coming down from exceptional conditions to a still very solid base. Revenue and earnings have eased from peak levels but remain high, supported by efficient operations and disciplined land and cost management. The balance sheet appears resilient, with ample equity, controlled debt, and good liquidity. Cash flow generation is a notable positive, giving the company room to navigate a cyclical and interest-rate-sensitive industry. Competitively, D.R. Horton benefits from its scale, nationwide footprint, focus on entry-level buyers, and integrated mortgage and title services. Its innovation efforts center on smart homes, use of AI and data in key decisions, and expansion into rentals, which could support future growth and resilience. The key uncertainties remain tied to the broader housing cycle, mortgage rates, and land and labor costs, but within that context, D.R. Horton’s setup looks structurally strong and operationally well tuned.

NEWS

October 28, 2025 · 6:30 AM UTC

D.R. Horton, Inc., America's Builder, Reports Fourth Quarter and Fiscal 2025 Earnings and Increases Quarterly Dividend to $0.45 Per Share

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October 16, 2025 · 10:00 AM UTC

D.R. Horton, Inc. Announces Fiscal 2026 Earnings Release Dates

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September 8, 2025 · 9:00 AM UTC

D.R. Horton, Inc. to Release 2025 Fourth Quarter and Fiscal Year-End Earnings on October 28, 2025

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