D.R. Horton (DHI) FY2019 results: revenue $17.6 billion, up 9.5% on the year
D.R. Horton, Inc. (DHI) reported revenue of $17.6 billion for fiscal 2019, the year ended 30 September 2019, up 9.5% on the year before. Net income was $1.6 billion, up 10.8%, and diluted earnings per share $4.29. The figures are the company's own, from the 10-K it filed with the SEC on 25 November 2019.
Revenue
$17.6 billion
+9.5% on the year
FY2012FY2019
Operating margin
n/a
FY2012FY2019
Net income
$1.6 billion
+10.8% on the year
FY2012FY2019
Diluted EPS
$4.29
+12.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
17,593
16,068
14,091
+9.5%
Cost of revenue
13,721
12,398
11,043
+10.7%
Gross profit
3,872
3,670
3,048
+5.5%
Gross margin
22.0%
22.8%
21.6%
Selling, general and administrative
1,832
1,677
1,472
+9.3%
Interest expense
n/a
0.0
n/a
Pre-tax income
2,125
2,060
1,602
+3.2%
Income tax
507
598
564
-15.2%
Effective tax rate
23.8%
29.0%
35.2%
Net income
1,618
1,460
1,038
+10.8%
Net margin
9.2%
9.1%
7.4%
Diluted EPS
$4.29
$3.81
$2.74
+12.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
892
545
440
+63.6%
Capital expenditure
127
68.1
103
+86.8%
Free cash flow
765
477
338
+60.3%
Free cash flow margin
4.3%
3.0%
2.4%
Cash from investing
-394
19.0
-164
Cash from financing
-490
-82.5
-565
Depreciation and amortisation
72.0
62.4
54.7
+15.4%
Share-based compensation
73.2
55.8
59.2
+31.2%
Buybacks
480
128
60.6
+276.3%
Dividends paid
223
188
150
+18.6%
Dividend per share
$0.60
$0.50
$0.40
+20.0%
Diluted shares, weighted
377m
383m
379m
-1.6%
Shares outstanding at period end
368m
376m
375m
-2.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
10,021
8,984
7,747
+11.5%
Non-controlling interest
274
174
0.5
+57.1%
Debt
3,399
3,204
2,872
+6.1%
Other liabilities
1,912
1,752
1,565
+9.1%
Total liabilities and equity
15,607
14,115
12,185
+10.6%
Fixed assets
499
401
325
+24.5%
Goodwill
164
109
80.0
+49.7%
Cash and equivalents
1,494
1,473
1,008
+1.4%
Other assets
13,450
12,131
10,772
+10.9%
Total assets
15,607
14,115
12,185
+10.6%
10-K for the year ended 30 September 2019, filed 25 November 2019: the filing.