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NYSE · OPERATIVE BUILDERS · LARGE CAP

Horton D R Inc. DHI

18 fiscal years on record · USD · FY2025 reported · SEC filings only
11 YEARS OF DIVIDEND GROWTH
$34.3B
▼ 6.9% YoY
$3.6B
▼ 24.6% YoY
$3.3B
▲ 62.2% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

D.R. Horton constructs and sells homes through its operating divisions in 126 markets across 36 states. In fiscal 2025 its homebuilding operations closed 84,863 homes at an average closing price of $370,400. Its business operations consist of homebuilding, rental, a majority-owned residential lot development company, financial services and other activities. Homebuilding generates 92% of consolidated revenues, most of it from the sale of completed homes and, to a lesser extent, from the sale of land and lots. The rental segment consists of single-family and multi-family rental operations, the single-family operations constructing and leasing homes within a community and marketing each community for a bulk sale of rental homes. It owns approximately 62% of the outstanding shares of Forestar, a publicly traded residential lot development company with operations in 64 markets across 23 states. Mortgage financing and title agency services are provided to homebuyers in many of its homebuilding markets, and the wholly owned subsidiary DHI Mortgage sells substantially all of the mortgages it originates, together with the related servicing rights, to third-party purchasers. The homebuilding business began in 1978 in Fort Worth, Texas, and the common stock has been publicly traded since 1992.

Written from the business description in HORTON D R INC /DE/'s annual report to the U.S. Securities and Exchange Commission, filed 19 November 2025. Every sentence was checked against that document before publication.

Growth

USD 34.3B
Revenue, FY2025 · full 18-year series below
Revenue $B Net income $B
FY2025 · Revenue 34.3 · Net income 3.6
15B30B
2008201120142017202020232025
Compound annual growth
+0.8%
+11.0%
+12.2%
+14.7%
−15.1%
+8.6%
−11.2%
+12.5%
+19.0%
+19.8%
+21.1%
+18.0%
+20.4%
+17.1%
+50.2%
+50.7%
+48.6%
+36.0%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +11.0% a year over the five years to FY2025 — but profit grew slower: net income at +8.6%, earnings per share at +12.5%.

The share count fell from 0.36B to 0.29B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

11 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 13.8% · Net 10.6%
10%20%-5%-10%-15%
200820162025
ROE
FY2025 · ROE 14.5%
10%20%30%-50%
200820162025
Three returns, three denominators.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.

Each USD of equity produced 14 cents of profit this year.

Cash & shareholders

USD 4.8B
returned in FY2025 · dividends + net buybacks
Free cash flow $B
FY2025 · FCF 3.3
1.5B3.0B-0.5B-1.0B
200820162025
Net buybacks $B Dividends $B
FY2025 · Dividends 0.5 · Net buybacks 4.3
2B4BDividendsNet buybacks
2008201120142017202020232025

USD 494.8M in dividends and USD 4.3B in buybacks — 134% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 35.5B
EquityUSD 24.2B
CashUSD 3.0B
Gross debtUSD 6.0B
Net debtUSD 3.0B

Net debt stands at 12% of equity.

The 18-year record

18 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
DHI, 18-year financial record
Metric 202520242023202220212020201920182017201620152014201320122011201020092008
Revenue $B34.336.835.533.527.820.317.616.114.112.210.88.06.34.43.64.43.7◌
Operating income $B4.76.36.37.65.43.02.12.11.61.41.10.80.70.20.00.1◌◌
EBITDA $B4.86.46.47.75.43.12.22.11.71.41.20.90.70.30.00.1◌◌
Income tax $B1.11.51.51.71.20.60.50.60.60.50.40.30.2−0.7−0.1−0.1−0.00.0
Net income $B3.64.84.75.94.22.41.61.51.00.90.80.50.51.00.10.2−0.5−2.6
Free cash flow $B3.32.04.20.40.41.30.80.50.30.50.6−0.8−1.3−0.30.00.71.11.9
EPS, diluted $11.5714.3413.8216.5111.416.414.293.812.742.362.031.501.332.770.230.77−1.73−8.34
Dividend / sh $1.601.201.000.900.800.700.600.500.400.320.250.140.190.150.150.150.150.45
Payout %14875711141314131291356719−9−5
ROE %14.519.822.534.231.221.717.017.514.314.013.611.612.130.82.79.8−20.9−91.9
Shares out B0.290.320.330.340.360.360.370.380.370.370.370.360.320.320.320.320.320.32

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 0 failures in 52 reconciliationsAUDITED

Reconciled in 18 of the 18 fiscal years we could check. Nine checks were skipped: cost of revenue is not tagged before 2016. Two checks were skipped: the share count is not tagged before 2009. Two checks were skipped: the balance sheet is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityOperative Builders
Listed onNYSE
Incorporated inDelaware
Fiscal year endsSeptember 30
Data on record since2008

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