D.R. Horton (DHI) FY2017 results: revenue $14.1 billion, up 15.9% on the year
D.R. Horton, Inc. (DHI) reported revenue of $14.1 billion for fiscal 2017, the year ended 30 September 2017, up 15.9% on the year before. Net income was $1.0 billion, up 17.2%, and diluted earnings per share $2.74. The figures are the company's own, from the 10-K it filed with the SEC on 15 November 2017.
Revenue
$14.1 billion
+15.9% on the year
FY2010FY2017
Operating margin
n/a
FY2010FY2017
Net income
$1.0 billion
+17.2% on the year
FY2010FY2017
Diluted EPS
$2.74
+16.1% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
14,091
12,157
10,824
+15.9%
Cost of revenue
11,043
9,503
n/a
+16.2%
Gross profit
3,048
2,655
n/a
+14.8%
Gross margin
21.6%
21.8%
n/a
Selling, general and administrative
1,472
1,320
n/a
+11.5%
Interest expense
n/a
n/a
0.0
Pre-tax income
1,602
1,354
1,123
+18.4%
Income tax
564
467
373
+20.7%
Effective tax rate
35.2%
34.5%
33.2%
Net income
1,038
886
751
+17.2%
Net margin
7.4%
7.3%
6.9%
Diluted EPS
$2.74
$2.36
$2.03
+16.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
440
624
700
-29.4%
Capital expenditure
103
78.1
56.1
+31.5%
Free cash flow
338
546
644
-38.2%
Free cash flow margin
2.4%
4.5%
6.0%
Cash from investing
-164
-113
-95.4
Cash from financing
-565
-592
117
Depreciation and amortisation
54.7
61.0
54.1
-10.3%
Share-based compensation
59.2
49.0
42.2
+20.8%
Buybacks
60.6
0.0
0.0
Dividends paid
150
119
91.6
+26.0%
Dividend per share
$0.40
$0.32
$0.25
+25.0%
Diluted shares, weighted
379m
375m
370m
+1.0%
Shares outstanding at period end
375m
373m
369m
+0.6%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
7,747
6,792
5,894
+14.1%
Non-controlling interest
0.5
0.5
1.1
0.0%
Debt
2,872
3,271
3,812
-12.2%
Other liabilities
1,565
1,495
1,444
+4.7%
Total liabilities and equity
12,185
11,559
11,151
+5.4%
Fixed assets
325
195
147
+66.3%
Goodwill
80.0
n/a
n/a
Cash and equivalents
1,008
1,303
1,384
-22.7%
Other assets
10,772
10,060
9,620
+7.1%
Total assets
12,185
11,559
11,151
+5.4%
10-K for the year ended 30 September 2017, filed 15 November 2017: the filing.