What is D R Horton Inc's earnings per share (EPS)?

D R Horton Inc (DHI) reported diluted earnings per share of $11.57 for fiscal year 2025. This represents a -19.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

D R Horton Inc Financials

DHI

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE September

This page shows D R Horton Inc (DHI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI DHI FY2025 2026-04-23

Margin compression, not balance-sheet strain, is the main operating change as D.R. Horton still turns profit into cash.

In FY2025, revenue was still $34.3B, above FY2022's $33.5B, but net income had fallen to $3.6B from $5.9B. The hidden driver is margin compression: gross margin slid from 31.4% to 23.7% while SG&A consumed more of each sales dollar.

In FY2025, operating cash flow recovered to $3.4B even as net income fell to $3.6B, so cash conversion improved rather than weakening with earnings. Because capex was only $137M, free cash flow is being shaped mainly by working-capital swings, not by heavy fixed-asset spending.

Retained earnings climbed from $13.6B in FY2021 to $31.0B in FY2025 even as shares outstanding shrank, showing profits were used both to build book value and retire stock. With $10.7B of liabilities against $24.2B of equity, those shareholder returns were carried by a still equity-heavy balance sheet, not by a sharp liability buildup.

Financial Health Signals

Financial Profile 37/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of D R Horton Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

D R Horton Inc's revenue declined 6.9% year-over-year, from $36.8B to $34.3B. This contraction results in a growth score of 30/100.

Leverage

D R Horton Inc carries a low D/E ratio of 0.44, meaning only $0.44 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

D R Horton Inc has a free cash flow margin of 9.6%, earning a moderate score of 47/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

D R Horton Inc's ROE of 14.8% shows moderate profitability relative to equity, earning a score of 49/100. This is down from 18.8% the prior year.

Piotroski F-Score Weak

3/9

D R Horton Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

0.95x

For every $1 of reported earnings, D R Horton Inc generates $0.95 in operating cash flow ($3.4B OCF vs $3.6B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$34.3B

YoY-6.9%

5Y CAGR+11.0%

10Y CAGR+12.2%

D R Horton Inc generated $34.3B in revenue in fiscal year 2025. This represents a decrease of 6.9% from the prior year.

EBITDA

N/A

Net Income

$3.6B

YoY-24.6%

5Y CAGR+8.6%

10Y CAGR+16.9%

D R Horton Inc reported $3.6B in net income in fiscal year 2025. This represents a decrease of 24.6% from the prior year.

EPS (Diluted)

$11.57

YoY-19.3%

5Y CAGR+12.5%

10Y CAGR+19.0%

D R Horton Inc earned $11.57 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 19.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$3.3B

YoY+62.2%

5Y CAGR+19.9%

10Y CAGR+17.7%

D R Horton Inc generated $3.3B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 62.2% from the prior year.

Cash & Debt

$3.0B

YoY-33.9%

5Y CAGR-0.2%

10Y CAGR+8.0%

D R Horton Inc held $3.0B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.60

YoY+33.3%

5Y CAGR+18.0%

10Y CAGR+20.4%

D R Horton Inc paid $1.60 per share in dividends in fiscal year 2025. This represents an increase of 33.3% from the prior year.

Shares Outstanding

292M

YoY-9.1%

5Y CAGR-4.3%

10Y CAGR-2.3%

D R Horton Inc had 292M shares outstanding in fiscal year 2025. This represents a decrease of 9.1% from the prior year.

Margins & Returns

Gross Margin

23.7%

YoY-2.2pp

5Y CAGR-0.6pp

D R Horton Inc's gross margin was 23.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.2 percentage points from the prior year.

Operating Margin

N/A

Net Margin

10.5%

YoY-2.5pp

5Y CAGR-1.2pp

10Y CAGR+3.5pp

D R Horton Inc's net profit margin was 10.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.5 percentage points from the prior year.

Return on Equity

14.8%

YoY-4.0pp

5Y CAGR-5.2pp

10Y CAGR+2.1pp

D R Horton Inc's ROE was 14.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$4.3B

YoY+138.9%

5Y CAGR+64.2%

D R Horton Inc spent $4.3B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 138.9% from the prior year.

Capital Expenditures

$137.4M

YoY-16.9%

5Y CAGR+7.3%

10Y CAGR+9.4%

D R Horton Inc invested $137.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 16.9% from the prior year.

DHI Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$34.3B-6.9%	$36.8B+3.8%	$35.5B+5.9%	$33.5B+20.5%	$27.8B+36.7%	$20.3B
Cost of Revenue	$26.1B-4.2%	$27.3B+4.4%	$26.1B+13.6%	$23.0B+15.5%	$19.9B+29.4%	$15.4B
Gross Profit	$8.1B-14.9%	$9.5B+2.0%	$9.4B-11.0%	$10.5B+33.4%	$7.9B+59.5%	$4.9B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$3.7B+2.6%	$3.6B+10.8%	$3.2B+10.7%	$2.9B+14.8%	$2.6B+24.8%	$2.0B
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$1.1B-24.3%	$1.5B-2.7%	$1.5B-12.4%	$1.7B+48.8%	$1.2B+93.4%	$602.5M
Net Income	$3.6B-24.6%	$4.8B+0.2%	$4.7B-19.0%	$5.9B+40.3%	$4.2B+75.9%	$2.4B
EPS (Diluted)	$11.57-19.3%	$14.34+3.8%	$13.82-16.3%	$16.51+44.7%	$11.41+78.0%	$6.41

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$7.6B+9.7%	$6.9B-28.8%	$9.7B+4.9%	$9.2B+19.3%	$7.7B+1.6%	$7.6B-23.9%	$10.0B+0.4%	$10.0B
Cost of Revenue	$5.9B+10.6%	$5.3B-30.2%	$7.6B+8.0%	$7.0B+20.3%	$5.8B+2.3%	$5.7B-23.4%	$7.4B+1.7%	$7.3B
Gross Profit	$1.7B+6.8%	$1.6B-23.9%	$2.1B-5.1%	$2.2B+16.3%	$1.9B-0.5%	$1.9B-25.2%	$2.6B-3.3%	$2.6B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$903.3M+4.4%	$865.1M-10.9%	$970.9M+2.8%	$944.3M+5.1%	$898.7M+2.3%	$878.1M-8.6%	$960.3M+4.0%	$923.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$209.4M+6.5%	$196.7M-31.7%	$288.0M-11.4%	$325.0M+31.0%	$248.0M-3.9%	$258.0M-37.1%	$409.9M-5.2%	$432.2M
Net Income	$647.9M+8.9%	$594.8M-34.3%	$905.3M-11.6%	$1.0B+26.4%	$810.4M-4.1%	$844.9M-34.2%	$1.3B-5.2%	$1.4B
EPS (Diluted)	$2.24+10.3%	$2.03	N/A	$3.36+30.2%	$2.58-1.1%	$2.61	N/A	$4.10

DHI Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$35.5B-1.8%	$36.1B+10.8%	$32.6B+7.4%	$30.4B+26.4%	$24.0B+27.0%	$18.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$3.0B-33.9%	$4.5B+16.6%	$3.9B+52.5%	$2.5B-20.9%	$3.2B+6.4%	$3.0B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$163.5M0.0%	$163.5M0.0%	$163.5M0.0%	$163.5M0.0%	$163.5M0.0%	$163.5M
Total Liabilities	$10.7B+4.4%	$10.3B+8.8%	$9.4B-10.6%	$10.6B+20.1%	$8.8B+29.6%	$6.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$24.2B-4.4%	$25.3B+11.5%	$22.7B+17.0%	$19.4B+30.3%	$14.9B+25.7%	$11.8B
Retained Earnings	$31.0B+11.1%	$28.0B+18.5%	$23.6B+23.0%	$19.2B+40.6%	$13.6B+39.8%	$9.8B

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$35.6B+2.7%	$34.6B-2.3%	$35.5B-2.5%	$36.4B+2.0%	$35.7B+1.9%	$35.0B-3.0%	$36.1B+2.7%	$35.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$1.9B-23.5%	$2.5B-16.0%	$3.0B+14.2%	$2.6B+5.8%	$2.5B-19.0%	$3.1B-32.5%	$4.5B+50.9%	$3.0B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$163.5M0.0%	$163.5M0.0%	$163.5M0.0%	$163.5M0.0%	$163.5M0.0%	$163.5M0.0%	$163.5M0.0%	$163.5M
Total Liabilities	$11.4B+12.7%	$10.1B-6.0%	$10.7B-9.1%	$11.8B+9.0%	$10.8B+13.2%	$9.6B-6.9%	$10.3B+2.8%	$10.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$23.6B-1.5%	$24.0B-0.8%	$24.2B+0.6%	$24.1B-1.1%	$24.3B-2.5%	$24.9B-1.5%	$25.3B+2.7%	$24.7B
Retained Earnings	$32.0B+1.6%	$31.5B+1.5%	$31.0B+2.6%	$30.3B+3.1%	$29.4B+2.4%	$28.7B+2.6%	$28.0B+4.4%	$26.8B

DHI Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$3.4B+56.2%	$2.2B-49.1%	$4.3B+666.1%	$561.8M+5.1%	$534.4M-62.4%	$1.4B
Capital Expenditures	$137.4M-16.9%	$165.3M+11.2%	$148.6M+0.3%	$148.2M+58.5%	$93.5M-3.1%	$96.5M
Free Cash Flow	$3.3B+62.2%	$2.0B-51.3%	$4.2B+904.7%	$413.6M-6.2%	$440.9M-66.7%	$1.3B
Investing Cash Flow	-$168.7M+11.5%	-$190.6M+38.6%	-$310.2M+25.2%	-$414.9M-64.5%	-$252.2M-51.8%	-$166.1M
Financing Cash Flow	-$4.8B-251.4%	-$1.4B+49.2%	-$2.7B-228.7%	-$811.2M-853.2%	-$85.1M-131.4%	$270.6M
Dividends Paid	$494.8M+25.2%	$395.2M+15.8%	$341.2M+7.8%	$316.5M+9.4%	$289.3M+13.0%	$256.0M
Share Buybacks	$4.3B+138.9%	$1.8B+50.0%	$1.2B+9.1%	$1.1B+25.9%	$874.0M+142.5%	$360.4M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$412.5M-148.3%	$854.0M-65.5%	$2.5B+234.7%	$738.6M+269.3%	-$436.2M-167.5%	$646.7M-67.0%	$2.0B+180.9%	$698.3M
Capital Expenditures	$37.2M+35.8%	$27.4M-37.4%	$43.8M-4.8%	$46.0M+34.1%	$34.3M+157.9%	$13.3M-58.4%	$32.0M-48.4%	$62.0M
Free Cash Flow	-$449.7M-154.4%	$826.6M-66.0%	$2.4B+250.6%	$692.6M+247.2%	-$470.5M-174.3%	$633.4M-67.2%	$1.9B+203.3%	$636.3M
Investing Cash Flow	-$44.2M+62.0%	-$116.2M-157.1%	-$45.2M-55.9%	-$29.0M+22.5%	-$37.4M+34.5%	-$57.1M-93.6%	-$29.5M+69.0%	-$95.1M
Financing Cash Flow	-$122.1M+90.0%	-$1.2B+40.8%	-$2.1B-265.7%	-$562.8M-628.1%	-$77.3M+96.3%	-$2.1B-405.9%	-$408.1M+39.7%	-$676.6M
Dividends Paid	$129.7M-1.4%	$131.5M+11.1%	$118.4M-3.3%	$122.4M-2.5%	$125.5M-2.3%	$128.5M+31.5%	$97.7M-0.7%	$98.4M
Share Buybacks	$930.3M+38.9%	$669.7M-4.3%	$700.0M-41.3%	$1.2B-8.9%	$1.3B+18.9%	$1.1B+93.1%	$569.7M+30.7%	$435.8M

DHI Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	23.7%-2.2pp	25.9%-0.5pp	26.4%-5.0pp	31.4%+3.0pp	28.3%+4.0pp	24.3%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	10.5%-2.5pp	12.9%-0.5pp	13.4%-4.1pp	17.5%+2.5pp	15.0%+3.3pp	11.7%
Return on Equity	14.8%-4.0pp	18.8%-2.1pp	20.9%-9.3pp	30.2%+2.1pp	28.1%+8.0pp	20.1%
Return on Assets	10.1%-3.1pp	13.2%-1.4pp	14.6%-4.7pp	19.3%+1.9pp	17.4%+4.8pp	12.6%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.44+0.0	0.41-0.0	0.42-0.1	0.54-0.0	0.59+0.0	0.57
FCF Margin	9.6%+4.1pp	5.5%-6.2pp	11.7%+10.5pp	1.2%-0.4pp	1.6%-4.9pp	6.5%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	22.5%-0.6pp	23.2%+1.5pp	21.7%-2.3pp	23.9%-0.6pp	24.6%-0.5pp	25.1%-0.5pp	25.5%-1.0pp	26.5%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	8.6%-0.1pp	8.6%-0.7pp	9.3%-1.8pp	11.1%+0.6pp	10.5%-0.6pp	11.1%-1.7pp	12.8%-0.8pp	13.6%
Return on Equity	2.7%+0.3pp	2.5%-1.3pp	3.7%-0.5pp	4.3%+0.9pp	3.3%-0.1pp	3.4%-1.7pp	5.1%-0.4pp	5.5%
Return on Assets	1.8%+0.1pp	1.7%-0.8pp	2.5%-0.3pp	2.8%+0.5pp	2.3%-0.1pp	2.4%-1.1pp	3.5%-0.3pp	3.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.48+0.1	0.42-0.0	0.44-0.0	0.49+0.0	0.45+0.1	0.38-0.0	0.410.0	0.41
FCF Margin	-5.9%-17.9pp	12.0%-13.1pp	25.1%+17.6pp	7.5%+13.6pp	-6.1%-14.4pp	8.3%-11.0pp	19.3%+12.9pp	6.4%

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Frequently Asked Questions

What is D R Horton Inc's annual revenue?

D R Horton Inc (DHI) reported $34.3B in total revenue for fiscal year 2025. This represents a -6.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is D R Horton Inc's revenue growing?

D R Horton Inc (DHI) revenue declined by 6.9% year-over-year, from $36.8B to $34.3B in fiscal year 2025.

Is D R Horton Inc profitable?

Yes, D R Horton Inc (DHI) reported a net income of $3.6B in fiscal year 2025, with a net profit margin of 10.5%.

What is D R Horton Inc's gross margin?

D R Horton Inc (DHI) had a gross margin of 23.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is D R Horton Inc's net profit margin?

D R Horton Inc (DHI) had a net profit margin of 10.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does D R Horton Inc pay dividends?

Yes, D R Horton Inc (DHI) paid $1.60 per share in dividends during fiscal year 2025.

What is D R Horton Inc's return on equity (ROE)?

D R Horton Inc (DHI) has a return on equity of 14.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is D R Horton Inc's free cash flow?

D R Horton Inc (DHI) generated $3.3B in free cash flow during fiscal year 2025. This represents a 62.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is D R Horton Inc's operating cash flow?

D R Horton Inc (DHI) generated $3.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are D R Horton Inc's total assets?

D R Horton Inc (DHI) had $35.5B in total assets as of fiscal year 2025, including both current and long-term assets.

What are D R Horton Inc's capital expenditures?

D R Horton Inc (DHI) invested $137.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does D R Horton Inc buy back shares?

Yes, D R Horton Inc (DHI) spent $4.3B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does D R Horton Inc have outstanding?

D R Horton Inc (DHI) had 292M shares outstanding as of fiscal year 2025.

What is D R Horton Inc's debt-to-equity ratio?

D R Horton Inc (DHI) had a debt-to-equity ratio of 0.44 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is D R Horton Inc's return on assets (ROA)?

D R Horton Inc (DHI) had a return on assets of 10.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is D R Horton Inc's Piotroski F-Score?

D R Horton Inc (DHI) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are D R Horton Inc's earnings high quality?

D R Horton Inc (DHI) has an earnings quality ratio of 0.95x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is D R Horton Inc?

D R Horton Inc (DHI) scores 37 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.