# HORTON D R INC /DE/ (DHI)

Informational only - not investment advice.

CIK: 0000882184
SIC: 1531 Operative Builders
SIC breadcrumb: [Construction](/division/C/) > [Building Construction General Contractors And Operative Builders](/major-group/15/) > [SIC 1531 Operative Builders](/industry/1531/)
Latest 10-K filed: 2025-11-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=882184
Filing source: https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/dhi-20250930.htm

## At a glance

FY2025 · period end 2025-09-30 · filed 2025-11-19 · accession 0000882184-25-000081 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000882184.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 34,250,400,000 USD | 2025 | verified |
| Net income | 3,585,200,000 USD | 2025 | verified |
| Assets | 35,471,200,000 USD | 2025 | verified |
| Free cash flow | 3,283,500,000 USD | 2025 | computed |
| Net margin | 10.47% | 2025 | computed |
| Revenue YoY | -6.93% | 2025 | computed |
| ROE | 14.82% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Homebuilders](/compare/homebuilders/) · SIC 1531 Operative Builders

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including DHI

- Homebuilders: [peer review](/compare/homebuilders/) · [market-risk page](/compare/homebuilders/risk/)

### Peer percentile fingerprint

| Ratio | DHI | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 10.5% | 8.0% | 69 | 14 |
| Revenue growth | -6.9% | -1.9% | 15 | 14 |
| FCF margin | 9.6% | 5.1% | 77 | 14 |
| ROE | 14.8% | 12.7% | 57 | 15 |
| ROA | 10.1% | 8.0% | 71 | 15 |
| Liabilities / equity | 0.44 | 0.71 | 14 | 15 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 1531 Operative Builders, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 34250400000 | USD | 2025 | 2025-11-19 |
| Net income | 3585200000 | USD | 2025 | 2025-11-19 |
| Assets | 35471200000 | USD | 2025 | 2025-11-19 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-11-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000882184.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Assets | 11,558,900,000 | 12,184,600,000 | 14,114,600,000 | 15,606,600,000 | 18,912,300,000 | 24,015,900,000 | 30,351,100,000 | 32,582,400,000 | 36,104,300,000 | 35,471,200,000 |
| Capital expenditures | 78,100,000 | 102,700,000 | 68,100,000 | 127,200,000 | 96,500,000 | 93,500,000 | 148,200,000 | 148,600,000 | 165,300,000 | 137,400,000 |
| Cash and cash equivalents | 1,303,200,000 | 1,007,800,000 | 1,473,100,000 | 1,494,300,000 | 3,018,500,000 | 3,210,400,000 | 2,540,500,000 | 3,873,600,000 | 4,516,400,000 | 2,985,400,000 |
| Cost of revenue |  |  |  |  |  |  |  |  |  | 26,134,200,000 |
| Dividends paid | 118,700,000 | 149,600,000 | 188,400,000 | 223,400,000 | 256,000,000 | 289,300,000 | 316,500,000 | 341,200,000 | 395,200,000 | 494,800,000 |
| Diluted EPS | 2.36 | 2.74 | 3.81 | 4.29 | 6.41 | 11.41 | 16.51 | 13.82 | 14.34 | 11.57 |
| Stockholders' equity | 6,792,500,000 | 7,747,100,000 | 8,984,400,000 | 10,020,900,000 | 11,840,000,000 | 14,886,500,000 | 19,396,300,000 | 22,696,200,000 | 25,312,800,000 | 24,190,400,000 |
| Free cash flow | 545,800,000 | 337,500,000 | 477,100,000 | 764,900,000 | 1,325,100,000 | 440,900,000 | 413,600,000 | 4,155,500,000 | 2,024,500,000 | 3,283,500,000 |
| Gross margin |  |  |  |  |  |  |  |  |  | 23.70% |
| Gross profit |  |  |  |  |  |  |  |  |  | 8,116,200,000 |
| Liabilities | 4,765,900,000 | 4,437,000,000 | 4,955,700,000 | 5,311,500,000 | 6,790,800,000 | 8,799,700,000 | 10,565,500,000 | 9,444,500,000 | 10,279,900,000 | 10,729,000,000 |
| Net income | 886,300,000 | 1,038,400,000 | 1,460,300,000 | 1,618,500,000 | 2,373,700,000 | 4,175,800,000 | 5,857,500,000 | 4,745,700,000 | 4,756,400,000 | 3,585,200,000 |
| Operating cash flow | 623,900,000 | 440,200,000 | 545,200,000 | 892,100,000 | 1,421,600,000 | 534,400,000 | 561,800,000 | 4,304,100,000 | 2,189,800,000 | 3,420,900,000 |
| Revenue | 12,157,400,000 | 14,091,000,000 | 16,068,000,000 | 17,592,900,000 | 20,311,100,000 | 27,774,200,000 | 33,480,000,000 | 35,460,400,000 | 36,801,400,000 | 34,250,400,000 |
| Share buybacks | 0.00 | 60,600,000 | 127,500,000 | 479,800,000 | 360,400,000 | 874,000,000 | 1,100,000,000 | 1,200,000,000 | 1,800,000,000 | 4,300,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Liabilities / equity | 0.70 | 0.57 | 0.55 | 0.53 | 0.57 | 0.59 | 0.54 | 0.42 | 0.41 | 0.44 |
| Net margin | 7.29% | 7.37% | 9.09% | 9.20% | 11.69% | 15.03% | 17.50% | 13.38% | 12.92% | 10.47% |
| Return on assets | 7.67% | 8.52% | 10.35% | 10.37% | 12.55% | 17.39% | 19.30% | 14.57% | 13.17% | 10.11% |
| Return on equity | 13.05% | 13.40% | 16.25% | 16.15% | 20.05% | 28.05% | 30.20% | 20.91% | 18.79% | 14.82% |

## As-reported value updates

3 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/DHI/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000882184.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q1 | 2022-12-31 |  |  | 2.76 | reported discrete quarter |
| 2023-Q2 | 2023-03-31 |  |  | 2.73 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  |  | 3.90 | reported discrete quarter |
| 2023-Q4 | 2023-09-30 | 10,504,000,000 | 1,509,700,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2023-12-31 | 7,726,000,000 | 947,400,000 | 2.82 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 | 9,107,200,000 | 1,172,100,000 | 3.52 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 | 9,965,700,000 | 1,353,600,000 | 4.10 | reported discrete quarter |
| 2024-Q4 | 2024-09-30 | 10,002,600,000 | 1,283,400,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-12-31 | 7,613,000,000 | 844,900,000 | 2.61 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 | 7,734,000,000 | 810,400,000 | 2.58 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 | 9,225,700,000 | 1,024,600,000 | 3.36 | reported discrete quarter |
| 2025-Q4 | 2025-09-30 | 9,677,800,000 | 905,300,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-12-31 | 6,886,900,000 | 594,800,000 | 2.03 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 | 7,558,100,000 | 647,900,000 | 2.24 | reported discrete quarter |
| 2026-Q3 | 2026-06-30 | 9,227,100,000 | 904,900,000 | 3.20 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from DHI's latest 10-K: [/company/DHI/business/](/company/DHI/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from DHI's latest 10-K: [/company/DHI/risk-factors/](/company/DHI/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/882184/000088218426000096/dhi-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-23
Report date: 2026-06-30

ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included in this quarterly report and with our annual report on Form 10-K for the fiscal year ended September 30, 2025. Some of the information contained in this discussion and analysis constitutes forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those described in the “Forward-Looking Statements” section following this discussion.

BUSINESS

D.R. Horton, Inc. is the largest homebuilding company in the United States as measured by number of homes closed. We construct and sell homes through our operating divisions in 126 markets across 36 states. Our common stock is included in the S&P 500 Index and listed on the New York Stock Exchange and NYSE Texas under the ticker symbol “DHI.” Unless the context otherwise requires, the terms “D.R. Horton,” the “Company,” “we” and “our” used herein refer to D.R. Horton, Inc., a Delaware corporation, and its predecessors and subsidiaries.

Our business operations consist of homebuilding, rental, a majority-owned residential lot development company, financial services and other activities. Homebuilding is our core business and primarily includes the construction and sale of single-family homes with sales prices generally ranging from $200,000 to more than $1,000,000, with an average closing price of $362,900 during the nine months ended June 30, 2026. Approximately 85% of our home sales revenue in the nine months ended June 30, 2026 was generated from the sale of single-family detached homes, with the remainder from the sale of attached homes, such as townhomes and duplexes.

We have closed 1.3 million homes during our 47-year history, and we have been the largest volume homebuilder in the United States every year since 2002. Our product offerings include a broad range of homes for entry-level, move-up, active adult and luxury buyers.

Our rental segment consists of single-family and multi-family rental operations. Single-family rental operations construct homes within single-family rental (build-to-rent) communities and then either sell homes to an investor as they are completed or lease the homes and market the entire community for a bulk sale. Multi-family rental operations develop, construct, lease and sell residential rental properties, the substantial majority of which are apartment communities.

At June 30, 2026, we owned 62% of the outstanding shares of Forestar Group Inc. (Forestar), a publicly traded residential lot development company listed on the New York Stock Exchange and NYSE Texas under the ticker symbol “FOR.” Forestar operates across many of our homebuilding operating markets and is a key part of our homebuilding strategy to maintain relationships with land developers and control a large portion of our land and lot position through land purchase contracts.

Our financial services operations provide mortgage financing and title agency services to homebuyers in many of our homebuilding markets. DHI Mortgage, our wholly owned subsidiary, provides mortgage financing services primarily to our homebuyers and sells substantially all of the mortgages it originates and the related servicing rights to third-party purchasers after origination. Our wholly owned subsidiary title companies issue title insurance policies and provide examination, underwriting and closing services primarily to our homebuilding customers.

In addition to our homebuilding, rental, Forestar and financial services operations, we engage in other business activities through our subsidiaries. We conduct insurance-related operations, own water rights and other water-related assets and own non-residential real estate including ranch land and improvements. The results of these operations are immaterial for separate reporting and therefore are grouped together and presented as other.

28

Table of Contents

OVERVIEW

During the nine months ended June 30, 2026, we closed 61,287 homes compared to 61,495 homes in the prior year period. Our home sales revenues decreased 3% and our consolidated revenues decreased 4% to $23.7 billion in the nine months ended June 30, 2026 compared to $24.6 billion in the prior year period. Our pre-tax income was $2.9 billion in the nine months ended June 30, 2026 compared to $3.5 billion in the prior year period, and pre-tax operating margin was 12.2% compared to 14.4%. Net income was $2.2 billion in the nine months ended June 30, 2026 compared to $2.7 billion in the prior year period, and diluted earnings per share were $7.45 compared to $8.53.

In the trailing twelve months ended June 30, 2026, our return on equity (ROE) was 12.8% compared to 16.1% in the prior year period, and return on assets (ROA) was 8.5% compared to 11.1%. ROE is calculated as net income attributable to D.R. Horton for the trailing twelve months divided by average stockholders’ equity, where average stockholders’ equity is the sum of ending stockholders’ equity balances for the trailing five quarters divided by five. ROA is calculated as net income attributable to D.R. Horton for the trailing twelve months divided by average consolidated assets, where average consolidated assets is the sum of total asset balances for the trailing five quarters divided by five.

During the third quarter, new home demand continued to be impacted by affordability constraints and cautious consumer sentiment. Our net sales orders and the value of those orders increased slightly compared to the prior year quarter. Home sales revenues increased 1% compared to the prior year quarter. Home sales gross margin was 20.7% for the third quarter, compared to 21.8% in the prior year quarter, reflecting the decline in our average sales price and higher sales incentives, including mortgage interest rate buydowns offered to support affordability for our homebuyers. We remain well positioned with our affordable product offerings and controlled lot supply, and we continue to manage home pricing, sales incentives and inventory levels based on demand within our local markets. We currently expect sales incentives to remain elevated during the remainder of fiscal 2026 and into fiscal 2027, and we will continue to adjust incentive levels based on changes in market conditions and mortgage interest rates.

We remain focused on our relationships with land developers across the country to maximize returns and capital efficiency. Within our homebuilding land and lot portfolio, lots controlled through purchase contracts represented 78% of the lots owned and controlled at June 30, 2026 compared to 75% at September 30, 2025 and 76% at June 30, 2025. We continue to prioritize the purchase of finished lots from Forestar and other land developers when possible. During the nine months ended June 30, 2026, 67% of the homes we closed were on lots developed by either Forestar or a third party compared to 65% in the prior year period.

Our strong balance sheet and liquidity provide us with flexibility to operate effectively through changing economic conditions. We plan to continue to generate strong cash flows from our operations and manage our product offerings, incentives, home pricing, sales pace and inventory levels to optimize the return on our inventory investments in each of our communities based on local housing market conditions.

29

Table of Contents

STRATEGY

Our operating strategy focuses on consistently enhancing long-term value to our shareholders by leveraging our financial and competitive positions to maximize the returns on our inventory investments and generate strong profits and cash flows from operations, while managing risk and maintaining financial flexibility to navigate changing economic conditions. Our strategy includes the following initiatives:

•Developing and retaining highly experienced and productive teams of personnel that are aligned and focused on continuous improvement in our operational execution and financial performance.

•Maintaining a significant cash balance and strong overall liquidity position while controlling our level of debt.

•Allocating and actively managing our inventory investments across our operating markets to diversify our geographic risk.

•Offering new home communities that appeal to a broad range of entry-level, move-up, active adult and luxury homebuyers based on consumer demand in each market.

•Executing sales and marketing strategies to drive traffic, generate demand and optimize sales pace across our communities.

•Modifying product offerings, sales pace, home prices and incentives as necessary in each of our markets to meet consumer demand and maintain affordability.

•Delivering high quality homes and a positive experience to our customers both during and after the sale.

•Managing our inventory of homes under construction relative to demand in each of our markets, including starting construction on unsold homes to capture new home demand and actively controlling the number of unsold completed homes in inventory.

•Investing in lots, land and land development in desirable markets, while controlling the level of land and lots we own in each market relative to the local new home demand.

•Controlling a significant portion of our land and finished lot position through purchase contracts and prioritizing the purchase of finished lots from Forestar and other land developers when possible.

•Controlling the cost of labor and goods provided by subcontractors and vendors.

•Improving the efficiency of our land development, construction and other key operational activities.

•Controlling our selling, general and administrative (SG&A) expense infrastructure to match production levels.

•Ensuring that our financial services business provides high quality mortgage and title services to homebuyers efficiently and effectively.

•Investing in our rental operations to meet rental demand in high growth suburban markets and selling properties profitably.

•Opportunistically evaluating potential acquisitions to enhance our operating platform.

We believe our operating strategy, which has produced positive results in recent years, will allow us to successfully operate through changing economic conditions and maintain our strong financial performance and competitive position. However, we cannot provide any assurance that the initiatives listed above will continue to be successful, and we may need to adjust parts of our strategy to meet future market conditions.

30

Table of Contents

KEY RESULTS

Key financial results as of and for the three months ended June 30, 2026, as compared to the same period of 2025 unless otherwise indicated, were as follows:

Consolidated Results:

•Consolidated revenues were essentially unchanged at $9.2 billion.

•Consolidated pre-tax income decreased 10% to $1.2 billion compared to $1.4 billion.

•Consolidated pre-tax income was 13.3% of consolidated revenues compared to 14.7%.

•Income tax expense was $307.5 million compared to $325.0 million, and our effective tax rate was 25.1% compared to 23.9%.

•Net income attributable to D.R. Horton decreased 12% to $904.9 million compared to $1.0 billion.

•Net income per diluted share attributable to D.R. Horton decreased 5% to $3.20 compared to $3.36.

•Stockholders’ equity was $23.8 billion compared to $24.2 billion and $24.1 billion at September 30, 2025 and June 30, 2025, respectively.

•Book value per share increased to $84.85 compared to $82.15 and $80.46 at September 30, 2025 and June 30, 2025, respectively.

•Debt to total capital was 23.0% compared to 19.8% and 23.2% at September 30, 2025 and June 30, 2025, respectiv

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/dhi-20250930.htm
Complete FY 2025 MD&A: /company/DHI/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2025-11-19
Report date: 2025-09-30

ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to promote an understanding of our financial condition, results of operations, liquidity and certain other factors that may affect future results. MD&A is provided as a supplement to, and should be read in conjunction with our consolidated financial statements and notes to those statements that appear elsewhere in this Form 10-K. This section discusses the results of operations for fiscal 2025 compared to 2024. For similar operating and financial data and discussion of our fiscal 2024 results compared to our fiscal 2023 results, refer to Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” under Part II of our annual report on Form 10-K for the fiscal year ended September 30, 2024, which was filed with the SEC on November 19, 2024.

The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to any differences include, but are not limited to, those discussed under the caption “Forward-Looking Statements” and under Item 1A, “Risk Factors.”

Results of Operations — Overview

Fiscal 2025 Operating Results

In fiscal 2025, our number of homes closed and our home sales revenues decreased 5% and 7%, respectively, compared to the prior year, and our consolidated revenues decreased 7% to $34.3 billion compared to $36.8 billion. Our pre-tax income was $4.7 billion in fiscal 2025 compared to $6.3 billion in fiscal 2024, and our pre-tax operating margin was 13.8% compared to 17.1%. Net income was $3.6 billion in fiscal 2025 compared to $4.8 billion in fiscal 2024, and our diluted earnings per share were $11.57 compared to $14.34.

Consolidated net cash provided by operating activities was $3.4 billion in fiscal 2025 and $2.2 billion in fiscal 2024, and cash provided by our homebuilding operations was $3.4 billion in fiscal 2025 compared to $2.2 billion in fiscal 2024. In fiscal 2025, our return on equity (ROE) was 14.6% compared to 19.9% in fiscal 2024, and our return on assets (ROA) was 10.0% compared to 13.9%. ROE is calculated as net income attributable to D.R. Horton for the year divided by average stockholders’ equity, where average stockholders’ equity is the sum of ending stockholders’ equity balances for the trailing five quarters divided by five. ROA is calculated as net income attributable to D.R. Horton for the year divided by average consolidated assets, where average consolidated assets is the sum of total asset balances for the trailing five quarters divided by five.

During fiscal 2025, new home demand continued to be impacted by ongoing affordability constraints and cautious consumer sentiment. As a result, the value of our net sales orders and homebuilding revenues in fiscal 2025 decreased 6% and 7%, respectively, compared to fiscal 2024, and our home sales gross margin decreased to 21.5% as we increased sales incentives, such as buydowns of mortgage rates for our homebuyers. We strive to remain well positioned with affordable product offerings and a flexible lot supply and will continue to manage our home pricing, sales incentives and number of homes in inventory based on the level of demand in each of our local markets. We expect to maintain an elevated level of sales incentives to support demand and may increase them further, depending on market conditions and changes in mortgage interest rates.

We remain focused on our relationships with land developers across the country to maximize returns and capital efficiency. Within our homebuilding land and lot portfolio, lots controlled through purchase contracts represented 75% of the lots owned and controlled at September 30, 2025 compared to 76% at September 30, 2024. We continue to prioritize the purchase of finished lots from Forestar and other land developers when possible. During fiscal 2025, 65% of the homes we closed were on lots developed by either Forestar or a third party compared to 63% in fiscal 2024.

We believe our strong balance sheet and liquidity provide us with flexibility to operate effectively through changing economic conditions. We plan to generate strong cash flows from our operations and manage our product offerings, incentives, home pricing, sales pace and inventory levels to optimize the return on our inventory investments in each of our communities based on local housing market conditions.

31

Table of Contents

Strategy

Our operating strategy focuses on consistently enhancing long-term value to our shareholders by leveraging our financial and competitive positions to maximize the returns on our inventory investments and generate strong profits and cash flows from operations, while managing risk and maintaining financial flexibility to navigate changing economic conditions. Our strategy includes the following initiatives:

•Developing and retaining highly experienced and productive teams of personnel throughout our company that are aligned and focused on continuous improvement in our operational execution and financial performance.

•Maintaining a significant cash balance and strong overall liquidity position while controlling our level of debt.

•Allocating and actively managing our inventory investments across our operating markets to diversify our geographic risk.

•Offering new home communities that appeal to a broad range of entry-level, move-up, active adult and luxury homebuyers based on consumer demand in each market.

•Modifying product offerings, sales pace, home prices and incentives as necessary in each of our markets to meet consumer demand and maintain affordability.

•Delivering high quality homes and a positive experience to our customers both during and after the sale.

•Managing our inventory of homes under construction relative to demand in each of our markets, including starting construction on unsold homes to capture new home demand and actively controlling the number of unsold, completed homes in inventory.

•Investing in lots, land and land development in desirable markets, while controlling the level of land and lots we own in each market relative to the local new home demand.

•Controlling a significant portion of our land and finished lot position through purchase contracts and prioritizing the purchase of finished lots from Forestar and other land developers when possible.

•Controlling the cost of labor and goods provided by subcontractors and vendors.

•Improving the efficiency of our land development, construction, sales and other key operational activities.

•Controlling our selling, general and administrative (SG&A) expense infrastructure to match production levels.

•Ensuring that our financial services business provides high quality mortgage and title services to homebuyers efficiently and effectively.

•Investing in our rental operations to meet rental demand in high growth suburban markets and selling these properties profitably.

•Opportunistically evaluating potential acquisitions to enhance our operating platform.

We believe our operating strategy, which has produced positive results in recent years, will allow us to successfully operate through changing economic conditions and maintain our strong financial performance and competitive position. However, we cannot provide any assurance that the initiatives listed above will continue to be successful, and we may need to adjust parts of our strategy to meet future market conditions.

32

Table of Contents

Key Results

Key financial results as of and for our fiscal year ended September 30, 2025, as compared to fiscal 2024, were as follows:

Consolidated Results:

•Consolidated revenues decreased 7% to $34.3 billion compared to $36.8 billion.

•Consolidated pre-tax income decreased 25% to $4.7 billion compared to $6.3 billion.

•Consolidated pre-tax income was 13.8% of consolidated revenues compared to 17.1%.

•Income tax expense was $1.1 billion compared to $1.5 billion, and our effective tax rate was 23.6% compared to 23.5%.

•Net income attributable to D.R. Horton was $3.6 billion compared to $4.8 billion.

•Net income attributable to D.R. Horton per diluted share decreased 19% to $11.57 compared to $14.34.

•Net cash provided by operations was $3.4 billion compared to $2.2 billion.

•Stockholders’ equity was $24.2 billion compared to $25.3 billion.

•Book value per share increased to $82.15 compared to $78.12.

•Debt to total capital was 19.8% compared to 18.9%, and net debt to total capital was 11.0% compared to 5.2%.

Homebuilding:

•Homebuilding revenues decreased 7% to $31.5 billion compared to $34.0 billion.

•Homes closed decreased 5% to 84,863 homes, and the average closing price of those homes decreased 2% to $370,400.

•Net sales orders decreased 4% to 83,423 homes, and the value of net sales orders decreased 6% to $30.8 billion.

•Sales order backlog decreased 11% to 10,785 homes, and the value of sales order backlog decreased 14% to $4.1 billion.

•Home sales gross margin was 21.5% compared to 23.5%.

•Homebuilding SG&A expense was 8.3% of homebuilding revenues compared to 7.5%.

•Homebuilding pre-tax income was $4.1 billion compared to $5.5 billion.

•Homebuilding pre-tax income was 13.1% of homebuilding revenues compared to 16.1%.

•Net cash provided by homebuilding operations was $3.4 billion compared to $2.2 billion.

•Homebuilding cash and cash equivalents totaled $2.2 billion compared to $3.6 billion.

•Homebuilding inventories totaled $20.3 billion compared to $20.0 billion.

•Homes in inventory totaled 29,600 compared to 37,400.

•Owned lots totaled 147,000 compared to 152,500, and lots controlled through purchase contracts totaled 444,900 compared to 480,400.

•Homebuilding debt was $3.2 billion compared to $2.9 billion.

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Rental:

•Rental revenues were $1.6 billion compared to $1.7 billion.

•Rental pre-tax income was $170.0 million compared to $228.7 million.

•Rental inventory totaled $2.7 billion compared to $2.9 billion.

•Single-family rental homes closed totaled 3,460 compared to 3,970.

•Multi-family rental units closed totaled 2,947 compared to 2,202.

Forestar:

•Forestar’s revenues increased 10% to $1.7 billion compared to $1.5 billion. Revenues in fiscal 2025 and 2024 included $1.4 billion and $1.3 billion, respectively, of revenue from land and lot sales to our homebuilding segment.

•Forestar’s lots sold decreased 5% to 14,240 compared to 15,068. Lots sold to D.R. Horton totaled 11,751 compared to 13,267.

•Forestar’s revenue from tract acres sold increased to $103.5 million compared to $27.0 million, of which $91.2 million and $15.2 million, respectively, related to acreage sold to D.R. Horton.

•Forestar’s pre-tax income was $219.3 million compared to $270.1 million.

•Forestar’s pre-tax income was 13.2% of revenues compared to 17.9%.

•Forestar’s cash and cash equivalents totaled $379.2 million compared to $481.2 million.

•Forestar’s inventories totaled $2.6 billion compared to $2.3 billion.

•Forestar’s owned and controlled lots totaled 99,800 compared to 95,100. Of these lots, 40,400 were under contract to sell to or subject to a right of first offer with D.R. Horton compared to 37,700.

•Forestar’s debt was $802.8 million compared to $706.4 million.

•Forestar’s debt to total capital was 31.2% compared to 30.7%, and Forestar’s net debt to total capital was 19.3% compared to 12.4%.

Financial Services:

•Financial services revenues decreased 5% to $841.2 million compared to $882.5 million.

•Financial services pre-tax income was $278.7 million compared to $311.2 million.

•Financial services pre-tax income was 33.1% of financial services revenues compared to 35.3%.

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Results of Operations — Homeb

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/DHI/mda/fy2025/
All MD&A years: /company/DHI/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/DHI/mda/fy2024/): filed 2024-11-19; accession 0000882184-24-000057 (https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/dhi-20240930.htm)
- [FY 2023 MD&A](/company/DHI/mda/fy2023/): filed 2023-11-17; accession 0000882184-23-000115 (https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/dhi-20230930.htm)
- [FY 2022 MD&A](/company/DHI/mda/fy2022/): filed 2022-11-18; accession 0000882184-22-000184 (https://www.sec.gov/Archives/edgar/data/882184/000088218422000184/dhi-20220930.htm)
- [FY 2021 MD&A](/company/DHI/mda/fy2021/): filed 2021-11-18; accession 0000882184-21-000190 (https://www.sec.gov/Archives/edgar/data/882184/000088218421000190/dhi-20210930.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 1531 Operative Builders) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Growth & output](/thread/growth-output/), [Housing & construction](/thread/housing-construction/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/DHI.md · JSON record: /company/DHI.json · verified financials: /company/DHI/financials.json / /company/DHI/financials.csv · machine TOC for the whole site: /llms.txt