D.R. Horton (DHI) FY2018 results: revenue $16.1 billion, up 14.0% on the year
D.R. Horton, Inc. (DHI) reported revenue of $16.1 billion for fiscal 2018, the year ended 30 September 2018, up 14.0% on the year before. Net income was $1.5 billion, up 40.6%, and diluted earnings per share $3.81. The figures are the company's own, from the 10-K it filed with the SEC on 16 November 2018.
Revenue
$16.1 billion
+14.0% on the year
FY2011FY2018
Operating margin
n/a
FY2011FY2018
Net income
$1.5 billion
+40.6% on the year
FY2011FY2018
Diluted EPS
$3.81
+39.1% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
16,068
14,091
12,157
+14.0%
Cost of revenue
12,398
11,043
9,503
+12.3%
Gross profit
3,670
3,048
2,655
+20.4%
Gross margin
22.8%
21.6%
21.8%
Selling, general and administrative
1,677
1,472
1,320
+13.9%
Interest expense
0.0
n/a
n/a
Pre-tax income
2,060
1,602
1,354
+28.6%
Income tax
598
564
467
+6.0%
Effective tax rate
29.0%
35.2%
34.5%
Net income
1,460
1,038
886
+40.6%
Net margin
9.1%
7.4%
7.3%
Diluted EPS
$3.81
$2.74
$2.36
+39.1%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
545
440
624
+23.9%
Capital expenditure
68.1
103
78.1
-33.7%
Free cash flow
477
338
546
+41.4%
Free cash flow margin
3.0%
2.4%
4.5%
Cash from investing
19.0
-164
-113
Cash from financing
-82.5
-565
-592
Depreciation and amortisation
62.4
54.7
61.0
+14.1%
Share-based compensation
55.8
59.2
49.0
-5.7%
Buybacks
128
60.6
0.0
+110.4%
Dividends paid
188
150
119
+25.9%
Dividend per share
$0.50
$0.40
$0.32
+25.0%
Diluted shares, weighted
383m
379m
375m
+1.2%
Shares outstanding at period end
376m
375m
373m
+0.3%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
8,984
7,747
6,792
+16.0%
Non-controlling interest
174
0.5
0.5
+34,800.0%
Debt
3,204
2,872
3,271
+11.6%
Other liabilities
1,752
1,565
1,495
+11.9%
Total liabilities and equity
14,115
12,185
11,559
+15.8%
Fixed assets
401
325
195
+23.4%
Goodwill
109
80.0
n/a
+36.5%
Cash and equivalents
1,473
1,008
1,303
+46.2%
Other assets
12,131
10,772
10,060
+12.6%
Total assets
14,115
12,185
11,559
+15.8%
10-K for the year ended 30 September 2018, filed 16 November 2018: the filing.