D.R. Horton (DHI) FY2020 results: revenue $20.3 billion, up 15.5% on the year
D.R. Horton, Inc. (DHI) reported revenue of $20.3 billion for fiscal 2020, the year ended 30 September 2020, up 15.5% on the year before. Net income was $2.4 billion, up 46.7%, and diluted earnings per share $6.41. The figures are the company's own, from the 10-K it filed with the SEC on 20 November 2020.
Revenue
$20.3 billion
+15.5% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
$2.4 billion
+46.7% on the year
FY2013FY2020
Diluted EPS
$6.41
+49.4% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
20,311
17,593
16,068
+15.5%
Cost of revenue
15,373
13,721
12,398
+12.0%
Gross profit
4,938
3,872
3,670
+27.5%
Gross margin
24.3%
22.0%
22.8%
Selling, general and administrative
2,048
1,832
1,677
+11.7%
Interest expense
n/a
n/a
0.0
Pre-tax income
2,983
2,125
2,060
+40.4%
Income tax
602
507
598
+18.9%
Effective tax rate
20.2%
23.8%
29.0%
Net income
2,374
1,618
1,460
+46.7%
Net margin
11.7%
9.2%
9.1%
Diluted EPS
$6.41
$4.29
$3.81
+49.4%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,422
892
545
+59.4%
Capital expenditure
96.5
127
68.1
-24.1%
Free cash flow
1,325
765
477
+73.2%
Free cash flow margin
6.5%
4.3%
3.0%
Cash from investing
-166
-394
19.0
Cash from financing
271
-490
-82.5
Depreciation and amortisation
90.6
72.0
62.4
+25.8%
Share-based compensation
77.8
73.2
55.8
+6.3%
Buybacks
360
480
128
-24.9%
Dividends paid
256
223
188
+14.6%
Dividend per share
$0.70
$0.60
$0.50
+16.7%
Diluted shares, weighted
370m
377m
383m
-1.9%
Shares outstanding at period end
364m
368m
376m
-1.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
11,840
10,021
8,984
+18.2%
Non-controlling interest
282
274
174
+2.7%
Debt
4,283
3,399
3,204
+26.0%
Other liabilities
2,508
1,912
1,752
+31.1%
Total liabilities and equity
18,912
15,607
14,115
+21.2%
Fixed assets
684
499
401
+37.0%
Goodwill
164
164
109
0.0%
Cash and equivalents
3,018
1,494
1,473
+102.0%
Other assets
15,047
13,450
12,131
+11.9%
Total assets
18,912
15,607
14,115
+21.2%
10-K for the year ended 30 September 2020, filed 20 November 2020: the filing.