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D.R. Horton (DHI) FY2025 results: revenue $34.3 billion, down 6.9% on the year

D.R. Horton, Inc. (DHI) reported revenue of $34.3 billion for fiscal 2025, the year ended 30 September 2025, down 6.9% on the year before. Net income was $3.6 billion, down 24.6%, and diluted earnings per share $11.57. The figures are the company's own, from the 10-K it filed with the SEC on 19 November 2025.

Revenue
$34.3 billion
-6.9% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$3.6 billion
-24.6% on the year
FY2018FY2025
Diluted EPS
$11.57
-19.3% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

From this 10-K

D.R. Horton is the largest homebuilding company in the United States measured by homes closed, building and selling through operating divisions in 126 markets across 36 states. The business began in Fort Worth, Texas in 1978, the shares have been publicly traded since 1992, and the company has closed more than 1.2 million homes in its 47-year history. It has been the largest volume homebuilder in the country every year since 2002. Alongside homebuilding it runs rental operations, a majority-owned lot developer, financial services and a small set of other activities. The financial year ends on 30 September.

D.R. Horton, Inc., the 10-K for 2025

D.R. Horton is the largest homebuilding company in the United States measured by homes closed, building and selling through operating divisions in 126 markets across 36 states. The business began in Fort Worth, Texas in 1978, the shares have been publicly traded since 1992, and the company has closed more than 1.2 million homes in its 47-year history. It has been the largest volume homebuilder in the country every year since 2002. Alongside homebuilding it runs rental operations, a majority-owned lot developer, financial services and a small set of other activities. The financial year ends on 30 September.

Building and selling homes

Homebuilding is the core, at 92% of consolidated revenues in both fiscal 2025 and 2024 and 90% in fiscal 2023, most of it from completed homes and a smaller part from land and lots. Approximately 84% of home sales revenue in fiscal 2025 came from single-family detached homes, the rest from townhomes and duplexes. The range runs from entry-level to move-up, active adult and luxury buyers, with homes generally between 1,000 and 4,000 square feet and priced from $250,000 to more than $1,000,000. In the year to 30 September 2025 the homebuilding operations closed 84,863 homes at an average closing price of $370,400. The operating divisions are aggregated into six reporting regions.

How the houses get built

Substantially all land development and home construction work is done by subcontractors, selected through competitive bidding and retained for a specific subdivision or series of house plans at an agreed price. The company's own land development and construction staff monitor the work, coordinate subcontractors and suppliers, check quality and cost, and watch compliance with zoning and building codes. Costs are held down by designing homes efficiently, repeating common house plans, bidding materials and labour competitively, and negotiating volume pricing locally, regionally and nationally. Buyers get a ten-year limited warranty on major structural elements, two years on major mechanical systems and one year on other construction components, with subcontractors warranting their own workmanship.

Renting rather than selling

The rental segment has two halves. Single-family rental builds and leases houses within a community, then markets that community for a bulk sale of the rental homes. Multi-family rental develops, constructs, leases and sells residential rental properties, mostly apartment communities. In the year to 30 September 2025 the rental operations closed 3,460 single-family rental homes and 2,947 multi-family rental units.

Lots and mortgages

At 30 September 2025 the company owned 62% of Forestar Group Inc., a publicly traded residential lot developer that works across many of the same markets and is part of the strategy of controlling land and lots through purchase contracts rather than outright ownership. Forestar sold 14,240 lots in fiscal 2025, 83% of them to D.R. Horton. DHI Mortgage provides mortgage financing mainly to the company's own homebuyers and sells substantially all of the loans it originates, together with the servicing rights, to third parties after origination; it originated or brokered 68,982 mortgage loans in fiscal 2025. Wholly owned title companies issue title insurance policies and provide examination, underwriting and closing services, mostly to the same buyers. Other activities cover insurance-related operations, water rights and other water-related assets, and non-residential real estate including ranch land.

People

The company employed 14,341 people at 30 September 2025: 9,972 in homebuilding, 2,967 in financial services, 586 at the corporate office, 330 in rental, 433 at Forestar and 53 in the other businesses. Within homebuilding, 3,626 work in construction, 2,935 in sales and marketing and 3,411 in office roles. Average tenure is 28 years on the executive team, 20 years among homebuilding region presidents and vice presidents and 15 years among division presidents and city managers.

From D.R. Horton's annual report on Form 10-K for the year ended 30 September 2025. The filing

Written from the 10-K filed 19 November 2025: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue34,25036,80135,460-6.9%
Cost of revenue26,13427,26626,110-4.2%
Gross profit8,1169,5359,350-14.9%
Gross margin23.7%25.9%26.4%
Selling, general and administrative3,6923,6003,249+2.6%
Pre-tax income4,7406,2856,315-24.6%
Income tax1,1191,4791,520-24.3%
Effective tax rate23.6%23.5%24.1%
Net income3,5854,7564,746-24.6%
Net margin10.5%12.9%13.4%
Diluted EPS$11.57$14.34$13.82-19.3%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow3,4212,1904,304+56.2%
Capital expenditure137165149-16.9%
Free cash flow3,2842,0244,156+62.2%
Free cash flow margin9.6%5.5%11.7%
Cash from investing-169-191-310
Cash from financing-4,763-1,355-2,667
Depreciation and amortisation10187.191.6+16.3%
Share-based compensation131118111+10.9%
Buybacks4,3001,8001,200+138.9%
Dividends paid495395341+25.2%
Dividend per share$1.60$1.20$1.00+33.3%
Diluted shares, weighted310m332m343m-6.5%
Shares outstanding at period end294m324m335m-9.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity24,19025,31322,696-4.4%
Non-controlling interest552512442+7.9%
Debt5,9665,9185,094+0.8%
Other liabilities4,7644,3624,350+9.2%
Total liabilities and equity35,47136,10432,582-1.8%
Fixed assets579531445+9.0%
Goodwill1641641640.0%
Cash and equivalents2,9854,5163,874-33.9%
Other assets31,74330,89328,100+2.8%
Total assets35,47136,10432,582-1.8%

10-K for the year ended 30 September 2025, filed 19 November 2025: the filing.