DR Horton (DHI) financial statements
DR Horton reported revenue of $34.3B in fiscal 2025, up 12.2% a year over 9 years.
Net income was $3.6B.
Free cash flow was $3.3B, and the company returned $495M in dividends and $4.3B in net buybacks.
The diluted share count fell 17% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from DR Horton's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.2B | $14.1B | $16.1B | $17.6B | $20.3B | $27.8B | $33.5B | $35.5B | $36.8B | $34.3B |
| Cost of revenue | $9.5B | $11.0B | $12.4B | $13.7B | $15.4B | $19.9B | $23.0B | $26.1B | $27.3B | $26.1B |
| Gross profit | $2.7B | $3.0B | $3.7B | $3.9B | $4.9B | $7.9B | $10.5B | $9.4B | $9.5B | $8.1B |
| Selling, general and admin | $1.3B | $1.5B | $1.7B | $1.8B | $2.0B | $2.6B | $2.9B | $3.2B | $3.6B | $3.7B |
| Interest expense | — | — | $0 | — | — | — | — | — | — | — |
| Pre-tax income | $1.4B | $1.6B | $2.1B | $2.1B | $3.0B | $5.4B | $7.6B | $6.3B | $6.3B | $4.7B |
| Income tax | $467M | $564M | $598M | $507M | $602M | $1.2B | $1.7B | $1.5B | $1.5B | $1.1B |
| Net income | $886M | $1.0B | $1.5B | $1.6B | $2.4B | $4.2B | $5.9B | $4.7B | $4.8B | $3.6B |
| EPS (diluted) | $2.36 | $2.74 | $3.81 | $4.29 | $6.41 | $11.41 | $16.51 | $13.82 | $14.34 | $11.57 |
| Diluted shares | 375M | 379M | 383M | 377M | 370M | 366M | 355M | 343M | 332M | 310M |
| Gross margin | 21.8% | 21.6% | 22.8% | 22.0% | 24.3% | 28.4% | 31.4% | 26.4% | 25.9% | 23.7% |
| Net margin | 7.3% | 7.4% | 9.1% | 9.2% | 11.7% | 15.0% | 17.5% | 13.4% | 12.9% | 10.5% |
Balance sheet
Fiscal years, from DR Horton's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.3B | $1.0B | $1.5B | $1.5B | $3.0B | $3.2B | $2.5B | $3.9B | $4.5B | $3.0B |
| Property, plant and equipment | $195M | $325M | $401M | $499M | $684M | $393M | $472M | $445M | $531M | $579M |
| Goodwill | — | $80M | $109M | $164M | $164M | $164M | $164M | $164M | $164M | $164M |
| Total assets | $11.6B | $12.2B | $14.1B | $15.6B | $18.9B | $24.0B | $30.4B | $32.6B | $36.1B | $35.5B |
| Total liabilities | $4.8B | $4.4B | $5.0B | $5.3B | $6.8B | $8.8B | $10.6B | $9.4B | $10.3B | $10.7B |
| Shareholders' equity | $6.8B | $7.7B | $9.0B | $10.0B | $11.8B | $14.9B | $19.4B | $22.7B | $25.3B | $24.2B |
| Net debt | -$1.3B | -$1.0B | -$1.5B | -$1.5B | -$3.0B | -$3.2B | -$2.5B | -$3.9B | -$4.5B | -$3.0B |
Cash flow
Fiscal years, from DR Horton's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $624M | $440M | $545M | $892M | $1.4B | $534M | $562M | $4.3B | $2.2B | $3.4B |
| Capital spending | $78M | $103M | $68M | $127M | $96M | $94M | $148M | $149M | $165M | $137M |
| Free cash flow | $546M | $338M | $477M | $765M | $1.3B | $441M | $414M | $4.2B | $2.0B | $3.3B |
| Stock-based compensation | $49M | $59M | $56M | $73M | $78M | $91M | $105M | $111M | $118M | $131M |
| Dividends paid | $119M | $150M | $188M | $223M | $256M | $289M | $316M | $341M | $395M | $495M |
| Share buybacks (net) | $0 | -$61M | -$128M | -$480M | -$360M | -$874M | -$1.1B | -$1.2B | -$1.8B | -$4.3B |
| Free cash flow margin | 4.5% | 2.4% | 3.0% | 4.3% | 6.5% | 1.6% | 1.2% | 11.7% | 5.5% | 9.6% |
| Dividends per share | $0.32 | $0.39 | $0.49 | $0.59 | $0.69 | $0.79 | $0.89 | $0.99 | $1.19 | $1.60 |
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Open DHI in InvestinglyQuestions
What was DR Horton's revenue in 2025?
$34.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does DR Horton generate?
$3.3B in fiscal 2025 (operating cash flow minus capital spending).
From DR Horton's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.