D.R. Horton, Inc.

DHI · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991
Valuation
Market cap	$50,523	$62,160	$36,357	$23,403	$29,909	$26,938	$18,774	$15,024	$14,222	$10,757	$10,457	$6,987	$6,258	$6,585	$2,877	$3,537	$3,616	$4,110	$4,228	$7,497	$11,308	$7,704	$7,596	$2,503	$1,540	$1,164	$882	$894	$588	$307	$295	$209	$250	$127	$864
Enterprise value	$54,120	$64,126	$38,067	$27,366	$32,477	$28,521	$20,954	$16,929	$16,087	$12,725	$12,886	$9,995	$8,793	$7,696	$3,517	$4,112	$4,945	$6,502	$8,403	$13,093	$15,271	$10,852	$10,112	$5,298	$3,194	$2,441	$1,949	$1,675	$1,161	$444	$278	$306	$292	$150	$884
P/E (TTM) at period end	14.09×	13.07×	7.66×	4.00×	7.16×	11.35×	11.60×	10.29×	13.70×	12.14×	13.93×	12.70×	12.86×	6.63×	40.08×	14.43×	–	–	–	6.08×	7.69×	7.90×	12.13×	6.19×	5.99×	6.07×	5.52×	9.57×	9.04×	6.63×	14.38×	11.80×	28.09×	13.78×	149.04×
P/S (TTM) at period end	1.48×	1.69×	1.03×	0.70×	1.08×	1.33×	1.07×	0.94×	1.01×	0.88×	0.97×	0.87×	1.00×	1.51×	0.79×	0.80×	0.99×	0.62×	0.37×	0.50×	0.82×	0.71×	0.87×	0.37×	0.35×	0.32×	0.28×	0.41×	0.70×	0.56×	0.67×	0.53×	1.31×	1.02×	6.97×
P/B at period end	2.09×	2.46×	1.60×	1.21×	2.01×	2.28×	1.87×	1.67×	1.84×	1.58×	1.77×	1.37×	1.54×	1.83×	1.10×	1.35×	1.51×	1.45×	0.76×	1.16×	2.11×	1.95×	2.51×	1.10×	1.23×	1.20×	1.11×	1.63×	1.37×	1.73×	2.78×	2.47×	3.79×	2.42×	52.39×
EV / EBITDA (TTM)	11.96×	10.34×	6.01×	3.51×	5.93×	9.37×	9.85×	8.05×	9.36×	8.81×	10.74×	11.78×	13.28×	28.91×	45.61×	21.44×	–	–	–	6.43×	6.35×	6.70×	9.60×	7.56×	6.58×	7.15×	6.63×	8.84×	9.53×	4.42×	7.90×	10.45×	20.73×	13.50×	80.36×
EV / Sales (TTM)	1.58×	1.74×	1.07×	0.82×	1.17×	1.40×	1.19×	1.05×	1.14×	1.05×	1.19×	1.25×	1.40×	1.77×	0.97×	0.93×	1.35×	0.98×	0.74×	0.87×	1.10×	1.00×	1.16×	0.79×	0.72×	0.67×	0.62×	0.77×	1.39×	0.81×	0.64×	0.78×	1.54×	1.21×	7.12×
Returns
Return on equity	14.8%	18.8%	20.9%	30.2%	28.1%	20.0%	16.2%	16.3%	13.4%	13.0%	12.7%	10.8%	12.0%	27.6%	2.7%	9.4%	(23.0%)	(92.9%)	(12.8%)	19.1%	27.4%	24.6%	20.6%	17.8%	20.6%	19.8%	20.0%	17.0%	15.2%	26.1%	19.3%	20.9%	13.5%	17.6%	35.2%
Return on invested capital	12.2%	17.1%	19.4%	25.5%	24.2%	17.6%	12.8%	13.3%	11.2%	10.3%	9.2%	6.5%	6.8%	4.9%	1.6%	5.0%	(12.8%)	(48.4%)	(3.7%)	10.2%	15.6%	13.5%	11.3%	8.1%	9.7%	8.7%	8.9%	7.9%	8.2%	17.8%	23.4%	9.6%	8.0%	9.3%	19.3%
Dividend yield	1.0%	0.6%	0.9%	1.4%	1.0%	1.0%	1.2%	1.3%	1.1%	1.1%	0.9%	0.7%	1.0%	0.7%	1.7%	1.3%	1.3%	3.5%	4.5%	1.8%	0.9%	0.9%	0.5%	1.0%	0.9%	0.8%	0.8%	0.5%	0.4%	0.5%	–	–	–	9.6%	0.6%
Financial health
Current ratio	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	4.93×	1.25×	5.03×	3.61×	4.72×	5.21×	4.93×	5.24×	5.98×	6.03×	5.41×	5.51×	6.67×	10.98×	1.50×	1.58×	1.78×	1.97×	1.48×
Debt / equity	0.49×	0.47×	0.45×	0.63×	0.73×	0.72×	0.68×	0.71×	0.74×	0.96×	1.29×	1.43×	1.73×	1.39×	1.30×	1.66×	1.37×	1.32×	0.78×	0.94×	0.92×	0.88×	0.98×	1.27×	1.51×	1.39×	1.49×	1.56×	1.52×	0.96×	–	1.28×	0.94×	0.60×	2.06×
Effective tax rate	23.6%	23.5%	24.1%	22.7%	21.8%	20.2%	23.8%	29.0%	35.2%	34.5%	33.2%	34.5%	29.7%	(293.7%)	(493.4%)	(146.3%)	1.3%	(0.1%)	25.1%	37.9%	38.2%	38.4%	37.9%	37.5%	37.5%	38.0%	39.4%	41.3%	40.1%	40.8%	36.9%	38.1%	36.4%	35.2%	35.6%
Share count
Diluted shares outstanding	310	332	343	355	366	370	377	383	379	375	370	367	365	359	318	319	317	316	314	316	318	316	469	282	231	227	253	203	135	114	108	99	101	97	524

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991
Revenue and gross profit
Revenue	$33,350	$34,250	$36,801	$35,460	$33,480	$27,774	$20,311	$17,593	$16,068	$14,091	$12,157	$10,824	$8,025	$6,259	$4,354	$3,637	$4,400	$3,658	$6,646	$11,296	$15,051	$13,864	$10,841	$8,728	$6,739	$4,456	$3,654	$3,156	$2,177	$837	$547	$437	$393	$190	$124	$124
Cost of revenue	($25,809)	($26,134)	($27,266)	($26,110)	($22,976)	($19,899)	($15,373)	($13,721)	($12,398)	($11,043)	($9,503)	($8,536)	($6,269)	($4,854)	($3,492)	($3,023)	($3,628)	($3,539)	($8,282)	($10,485)	($11,418)	($10,140)	($8,197)	($6,806)	($5,364)	($3,527)	($2,917)	($2,540)	($1,756)	($681)	($446)	($358)	($325)	($155)	($100)	($100)
Gross profit	$7,541	$8,116	$9,535	$9,350	$10,504	$7,875	$4,938	$3,872	$3,670	$3,048	$2,655	$2,288	$1,756	$1,406	$862	$614	$773	$119	($1,636)	$811	$3,633	$3,723	$2,644	$1,922	$1,374	$928	$737	$616	$421	$156	$101	$80	$68	$35	$24	$24
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($3,730)	($3,692)	($3,600)	($3,249)	($2,934)	($2,556)	($2,048)	($1,832)	($1,677)	($1,472)	($1,320)	($1,186)	($965)	($766)	($614)	($556)	($600)	($601)	($892)	($1,295)	($1,659)	($1,374)	($1,080)	($915)	($715)	($479)	($396)	($322)	($232)	($90)	($54)	($44)	($39)	($21)	($13)	($13)
Total operating expenses	($3,659)	($3,692)	($3,422)	($3,109)	($2,796)	($2,484)	($1,983)	($1,817)	($1,630)	($1,384)	($1,271)	($1,143)	($946)	($766)	($614)	($556)	($599)	($601)	($892)	($1,295)	($1,659)	($1,374)	($1,080)	($915)	($715)	($479)	($420)	($343)	($241)	($42)	($6)	($46)	($40)	($21)	($13)	($13)
Total costs and expenses	($29,468)	($29,826)	($30,688)	($29,219)	($25,772)	($22,383)	($17,357)	($15,538)	($14,028)	($12,427)	($10,773)	($9,678)	($7,215)	($5,620)	($4,107)	($3,580)	($4,227)	($4,140)	($9,174)	($11,780)	($13,077)	($11,514)	($9,277)	($7,721)	($6,079)	($4,007)	($3,337)	($2,883)	($1,997)	($723)	($453)	($404)	($365)	($176)	($113)	($113)
Operating income	$3,882	$4,424	$6,114	$6,241	$7,708	$5,391	$2,954	$2,055	$2,040	$1,664	$1,384	$1,146	$810	$640	$247	$57	$173	($482)	($2,528)	($484)	$1,974	$2,349	$1,564	$1,007	$660	$449	$317	$273	$180	$114	$95	$33	$28	$14	$11	$11
Earnings
EBITDA	$3,994	$4,526	$6,201	$6,333	$7,790	$5,473	$3,045	$2,127	$2,103	$1,719	$1,445	$1,200	$848	$662	$266	$77	$192	($456)	($2,474)	($420)	$2,036	$2,406	$1,619	$1,053	$701	$485	$341	$294	$190	$122	$100	$35	$29	$14	$11	$11
Interest income	–	–	$349	$213	$59	$42	$33	$32	$45	$26	$14	$23	$18	$8	$10	$10	$10	$10	$11	$38	$7	$4	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	–	–	–	–	–	–	–	–	–	–	–	–	–	($7)	($27)	($52)	($88)	($97)	($43)	($24)	($55)	($21)	($9)	($5)	($6)	($9)	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$4,096	$4,740	$6,285	$6,315	$7,630	$5,356	$2,983	$2,125	$2,060	$1,602	$1,354	$1,123	$814	$658	$243	$12	$100	($557)	($2,632)	($951)	$1,987	$2,379	$1,583	$1,008	$648	$408	$309	$264	$159	$109	$90	$32	$29	$14	$14	$9
Income tax expense	($1,002)	($1,119)	($1,479)	($1,520)	($1,734)	($1,165)	($602)	($507)	($598)	($564)	($467)	($373)	($281)	($195)	$713	$60	$146	$7	($2)	$239	($754)	($908)	($608)	($382)	($243)	($153)	($118)	($104)	($66)	($44)	($37)	($12)	($11)	($5)	($5)	($3)
Net income	$3,053	$3,585	$4,756	$4,746	$5,858	$4,176	$2,374	$1,618	$1,460	$1,038	$886	$751	$534	$463	$956	$72	$245	($550)	($2,634)	($712)	$1,233	$1,470	$975	$626	$405	$257	$192	$160	$93	$65	$46	$20	$18	$9	$9	$6
Per share
Diluted EPS (GAAP)	$10.51	$11.57	$14.34	$13.82	$16.51	$11.41	$6.41	$4.29	$3.81	$2.74	$2.36	$2.03	$1.50	$1.33	$2.77	$0.23	$0.77	($1.73)	($8.34)	($2.27)	$3.90	$4.62	$3.09	$1.33	$1.44	$1.11	$0.84	$0.63	$0.46	$0.32	$0.24	$0.19	$0.18	$0.0883	$0.0599	$0.0111
Basic EPS (GAAP)	$10.55	$11.62	$14.44	$13.93	$16.65	$11.56	$6.49	$4.34	$3.88	$2.77	$2.39	$2.05	$1.57	$1.44	$3.01	$0.23	$0.77	($1.73)	($8.34)	($2.27)	$3.94	$4.71	$3.14	$1.35	$1.51	$1.13	$0.85	$0.64	$0.46	$0.35	$0.24	$0.19	$0.18	$0.0883	$0.0599	$0.0111
Basic shares outstanding	290	308	330	341	352	361	366	373	377	374	371	366	340	322	318	318	318	317	316	314	313	312	310	465	269	227	226	248	203	135	114	108	99	101	97	524
Margins
Gross margin	22.6%	23.7%	25.9%	26.4%	31.4%	28.4%	24.3%	22.0%	22.8%	21.6%	21.8%	21.1%	21.9%	22.5%	19.8%	16.9%	17.6%	3.3%	(24.6%)	7.2%	24.1%	26.9%	24.4%	22.0%	20.4%	20.8%	20.2%	19.5%	19.3%	18.7%	18.4%	18.2%	17.4%	18.4%	19.4%	19.4%
Operating margin	11.6%	12.9%	16.6%	17.6%	23.0%	19.4%	14.5%	11.7%	12.7%	11.8%	11.4%	10.6%	10.1%	10.2%	5.7%	1.6%	3.9%	(13.2%)	(38.0%)	(4.3%)	13.1%	16.9%	14.4%	11.5%	9.8%	10.1%	8.7%	8.7%	8.3%	13.6%	17.3%	7.6%	7.1%	7.2%	8.7%	8.7%
Net margin	9.2%	10.5%	12.9%	13.4%	17.5%	15.0%	11.7%	9.2%	9.1%	7.4%	7.3%	6.9%	6.6%	7.4%	22.0%	2.0%	5.6%	(15.0%)	(39.6%)	(6.3%)	8.2%	10.6%	9.0%	7.2%	6.0%	5.8%	5.2%	5.1%	4.3%	7.8%	8.5%	4.7%	4.5%	4.7%	7.4%	4.7%

Analyst consensus

Hold53 analysts

Bearish · 3 · Hold · 25 · Bullish · 25

Earnings history

	EPS	Estimate
Q4 2024	$3.92	$4.17	Miss
Q1 2025	$2.61	$2.37	Beat
Q2 2025	$2.58	$2.62	Miss
Q3 2025	$3.36	$2.94	Beat
Q4 2025	$3.04	$3.27	Miss
Q1 2026	$2.03	$1.93	Beat
Q2 2026	$2.24	$2.15	Beat
Q3 2026	$3.20	$3.02	Beat

Peers

Company overview

IPO dateJun 5, 1992

CEOPaul J. Romanowski

Employees14,341

SectorConsumer Cyclical

IndustryResidential Construction

CountryUS

ExchangeNew York Stock Exchange

Websitewww.drhorton.com

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. Horton, America's Builder, Express Homes, Emerald Homes, and Freedom Homes, the firm develops diverse housing types. This includes both individual detached houses and attached residences such as townhomes, duplexes, and triplexes. Beyond its primary homebuilding activities, D.R. Horton offers a range of complementary services. These encompass providing mortgage financing to its clientele, as well as furnishing title insurance, examination, and closing services. The company is also engaged in the development of residential lots. Additionally, D.R. Horton's portfolio extends to the creation, ownership, leasing, and sale of multi-family and single-family rental properties. It also holds non-residential real estate, such as ranch land and related facilities, and manages assets within the energy sector. The company primarily caters to individuals purchasing new homes.

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