D.R. Horton, Inc., America’s Builder, Reports Fiscal 2025 Second Quarter Earnings and Declares Quarterly Dividend of $0.40 Per Share
Fiscal 2025 Second Quarter Highlights
-
Net income attributable to D.R. Horton of
$810.4 million $2.58 -
Consolidated pre-tax income of
$1.1 billion 13.8% -
Consolidated revenues of
$7.7 billion -
Homes sales revenues of
$7.2 billion -
Net sales orders of 22,437 homes with an order value of
$8.4 billion -
Repurchased 9.7 million shares of common stock for
$1.3 billion $125.5 million -
New share repurchase authorization of
$5.0 billion
D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today reported that net income per diluted share attributable to D.R. Horton for its second fiscal quarter ended March 31, 2025 decreased
Consolidated revenues in the second quarter of fiscal 2025 decreased
The Company's return on equity (ROE) was
During the six months ended March 31, 2025, net cash provided by operations was
David Auld, Executive Chairman, said, “For the second fiscal quarter of 2025, the D.R. Horton team delivered solid results, highlighted by earnings per diluted share of
“The 2025 spring selling season started slower than expected as potential homebuyers have been more cautious due to continued affordability constraints and declining consumer confidence. Our net sales orders and homebuilding revenues in the second quarter decreased
“Our strong liquidity, low leverage, experienced operators and national scale provide us with significant financial and operational flexibility. We are well-positioned with our affordable product offerings and flexible lot supply, and we are focused on maximizing returns in each of our communities. We are maintaining our disciplined approach to capital allocation to enhance the long-term value of D.R. Horton, including consistently returning capital to our shareholders through share repurchases and dividends.”
Homebuilding Operations
Homebuilding revenue for the second quarter of fiscal 2025 decreased
Homebuilding pre-tax income in the second quarter of fiscal 2025 decreased
The Company’s homebuilding return on inventory (ROI) was
During the six months ended March 31, 2025, net cash provided by homebuilding operations was
Net sales orders for the second quarter ended March 31, 2025 decreased
At March 31, 2025, the Company had 36,900 homes in inventory, of which 23,500 were unsold. 8,400 of the Company’s unsold homes at March 31, 2025 were completed, of which 1,200 had been completed for greater than six months. The Company’s homebuilding land and lot portfolio totaled 613,100 lots at the end of the quarter, of which
Rental Operations
The Company's rental operations generated
During the second quarter of fiscal 2025, the Company sold 519 single-family rental homes for
During the second quarter of fiscal 2025, the Company sold 300 multi-family rental units for
Forestar
Forestar Group Inc. (NYSE:FOR) (“Forestar”) is a publicly traded residential lot development company that is a majority-owned subsidiary of D.R. Horton. Forestar’s results of operations for the periods presented are fully consolidated in the Company’s financial statements with the percentage not owned by the Company reported as noncontrolling interests.
For the second quarter ended March 31, 2025, Forestar sold 3,411 lots and generated
Financial Services
For the second quarter ended March 31, 2025, financial services revenues were
Dividends
During the second quarter of fiscal 2025, the Company paid cash dividends of
Share Repurchases
The Company repurchased 9.7 million shares of common stock for
Guidance
Based on the Company’s results for the first half of the fiscal 2025 and current market conditions, D.R. Horton is updating its guidance for fiscal 2025 as follows:
-
Consolidated revenues in the range of
$33.3 billion $34.8 billion - Homes closed by homebuilding operations of 85,000 homes to 87,000 homes
-
Consolidated cash flow provided by operations of greater than
$3.0 billion -
Share repurchases of approximately
$4.0 billion
The Company is reiterating its fiscal 2025 guidance as follows:
-
Income tax rate of approximately
24.0% -
Dividend payments of approximately
$500 million
The Company plans to also provide guidance for its third quarter of fiscal 2025 on its conference call today.
Conference Call and Webcast Details
The Company will host a conference call today (Thursday, April 17) at 8:30 a.m. Eastern Time. The dial-in number is 888-506-0062 (reference entry code 445791), and the call will also be webcast from the Company’s website at investor.drhorton.com.
Third Quarter Conference Call
The Company plans to release financial results for its third quarter ended June 30, 2025 on Tuesday, July 22, 2025 before the market opens. The Company will host a conference call that morning at 8:30 a.m. Eastern Time. Details on how to access the conference call will be available at a later date.
About D.R. Horton, Inc.
D.R. Horton, Inc., America’s Builder, has been the largest homebuilder by volume in
Forward-Looking Statements
Portions of this document may constitute “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Although D.R. Horton believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. All forward-looking statements are based upon information available to D.R. Horton on the date this release was issued. D.R. Horton does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements in this release include that our tenured operators are responding appropriately to market conditions by increasing sales incentives where necessary to drive traffic and incremental sales, while carefully balancing pace versus price to maximize returns; our strong liquidity, low leverage, experienced operators and national scale provide us with significant financial and operational flexibility; we are well-positioned with our affordable product offerings and flexible lot supply, and we are focused on maximizing returns in each of our communities; and we are maintaining our disciplined approach to capital allocation to enhance the long-term value of D.R. Horton, including consistently returning capital to our shareholders through share repurchases and dividends. The forward-looking statements also include all metrics in the Guidance section.
Factors that may cause the actual results to be materially different from the future results expressed by the forward-looking statements include, but are not limited to: the cyclical nature of the homebuilding, rental and lot development industries and changes in economic, real estate or other conditions; adverse developments affecting the capital markets and financial institutions, which could limit our ability to access capital, increase our cost of capital and impact our liquidity and capital resources; reductions in the availability of mortgage financing provided by government agencies, changes in government financing programs, a decrease in our ability to sell mortgage loans on attractive terms or an increase in mortgage interest rates; the risks associated with our land, lot and rental inventory; our ability to effect our growth strategies, acquisitions, investments or other strategic initiatives successfully; the impact of an inflationary, deflationary or higher interest rate environment; risks of acquiring land, building materials and skilled labor and challenges obtaining regulatory approvals; the effects of public health issues such as a major epidemic or pandemic on the economy and our businesses; the effects of weather conditions and natural disasters on our business and financial results; home warranty and construction defect claims; the effects of health and safety incidents; reductions in the availability of performance bonds; increases in the costs of owning a home; the effects of information technology failures, data security breaches, and the failure to satisfy privacy and data protection laws and regulations; the effects of governmental regulations and environmental matters on our land development and housing operations; the effects of governmental regulations on our financial services operations; the effects of competitive conditions within the industries in which we operate; our ability to manage and service our debt and comply with related debt covenants, restrictions and limitations; the effects of negative publicity; the effects of the loss of key personnel; and the effects of actions by activist stockholders. Additional information about issues that could lead to material changes in performance is contained in D.R. Horton’s annual report on Form 10-K and its most recent quarterly report on Form 10-Q, both of which are filed with the Securities and Exchange Commission.
D.R. HORTON, INC. AND SUBSIDIARIES
|
|||||||
|
March 31, 2025 |
|
September 30, 2024 |
||||
|
(In millions) |
||||||
ASSETS |
|
|
|
||||
Cash and cash equivalents |
$ |
2,471.4 |
|
|
$ |
4,516.4 |
|
Restricted cash |
|
46.7 |
|
|
|
27.6 |
|
Total cash, cash equivalents and restricted cash |
|
2,518.1 |
|
|
|
4,544.0 |
|
Inventories: |
|
|
|
||||
Construction in progress and finished homes |
|
8,651.3 |
|
|
|
8,875.8 |
|
Residential land and lots — developed, under development, held for development and held for sale |
|
14,713.0 |
|
|
|
13,121.4 |
|
Rental properties |
|
3,118.1 |
|
|
|
2,906.0 |
|
Total inventory |
|
26,482.4 |
|
|
|
24,903.2 |
|
Mortgage loans held for sale |
|
2,455.0 |
|
|
|
2,477.5 |
|
Deferred income taxes, net of valuation allowance of |
|
||||||
at March 31, 2025 and September 30, 2024 |
|
74.6 |
|
|
167.5 |
|
|
Property and equipment, net |
|
536.5 |
|
|
|
531.0 |
|
Other assets |
|
3,459.9 |
|
|
|
3,317.6 |
|
Goodwill |
|
163.5 |
|
|
|
163.5 |
|
Total assets |
$ |
35,690.0 |
|
|
$ |
36,104.3 |
|
LIABILITIES |
|
|
|
||||
Accounts payable |
$ |
1,373.8 |
|
|
$ |
1,345.5 |
|
Accrued expenses and other liabilities |
|
2,939.1 |
|
|
|
3,016.7 |
|
Notes payable |
|
6,518.4 |
|
|
|
5,917.7 |
|
Total liabilities |
|
10,831.3 |
|
|
|
10,279.9 |
|
EQUITY |
|
|
|
||||
Common stock, |
|
||||||
403,909,383 shares issued and 308,629,060 shares outstanding at March 31, 2025 and |
|||||||
402,848,342 shares issued and 324,027,360 shares outstanding at September 30, 2024 |
|
4.0 |
|
|
4.0 |
|
|
Additional paid-in capital |
|
3,509.6 |
|
|
|
3,490.7 |
|
Retained earnings |
|
29,352.3 |
|
|
|
27,951.0 |
|
Treasury stock, 95,280,323 shares and 78,820,982 shares at |
|
||||||
March 31, 2025 and September 30, 2024, respectively, at cost |
|
(8,538.8 |
) |
|
(6,132.9 |
) |
|
Stockholders’ equity |
|
24,327.1 |
|
|
|
25,312.8 |
|
Noncontrolling interests |
|
531.6 |
|
|
|
511.6 |
|
Total equity |
|
24,858.7 |
|
|
|
25,824.4 |
|
Total liabilities and equity |
$ |
35,690.0 |
|
|
$ |
36,104.3 |
|
D.R. HORTON, INC. AND SUBSIDIARIES
|
|||||||||||||||
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
(In millions, except per share data) |
||||||||||||||
Revenues |
$ |
7,734.0 |
|
|
$ |
9,107.2 |
|
|
$ |
15,347.0 |
|
|
$ |
16,833.1 |
|
Cost of sales |
|
5,833.8 |
|
|
|
6,774.3 |
|
|
|
11,536.6 |
|
|
|
12,494.0 |
|
Selling, general and administrative expense |
|
898.7 |
|
|
|
880.6 |
|
|
|
1,776.8 |
|
|
|
1,715.6 |
|
Other (income) expense |
|
(65.6 |
) |
|
|
(76.2 |
) |
|
|
(143.4 |
) |
|
|
(152.5 |
) |
Income before income taxes |
|
1,067.1 |
|
|
|
1,528.5 |
|
|
|
2,177.0 |
|
|
|
2,776.0 |
|
Income tax expense |
|
248.0 |
|
|
|
344.8 |
|
|
|
506.0 |
|
|
|
636.6 |
|
Net income |
|
819.1 |
|
|
|
1,183.7 |
|
|
|
1,671.0 |
|
|
|
2,139.4 |
|
Net income attributable to noncontrolling interests |
|
8.7 |
|
|
|
11.6 |
|
|
|
15.7 |
|
|
|
19.9 |
|
Net income attributable to D.R. Horton, Inc. |
$ |
810.4 |
|
|
$ |
1,172.1 |
|
|
$ |
1,655.3 |
|
|
$ |
2,119.5 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per share attributable to D.R. Horton, Inc. |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
2.59 |
|
|
$ |
3.54 |
|
|
$ |
5.22 |
|
|
$ |
6.38 |
|
Diluted |
$ |
2.58 |
|
|
$ |
3.52 |
|
|
$ |
5.19 |
|
|
$ |
6.34 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
||||||||
Basic |
|
312.5 |
|
|
|
330.9 |
|
|
|
317.0 |
|
|
|
332.1 |
|
Diluted |
|
314.0 |
|
|
|
333.3 |
|
|
|
318.7 |
|
|
|
334.5 |
|
|
|
|
|
|
|
|
|
||||||||
Other Consolidated Financial Data |
|
|
|
|
|
|
|
||||||||
Interest charged to cost of sales |
$ |
32.2 |
|
|
$ |
32.8 |
|
|
$ |
62.5 |
|
|
$ |
60.8 |
|
Depreciation and amortization |
$ |
24.6 |
|
|
$ |
21.1 |
|
|
$ |
48.7 |
|
|
$ |
41.1 |
|
Interest incurred |
$ |
55.2 |
|
|
$ |
50.5 |
|
|
$ |
101.9 |
|
|
$ |
93.1 |
|
D.R. HORTON, INC. AND SUBSIDIARIES
|
|||||||
|
Six Months Ended March 31, |
||||||
|
|
2025 |
|
|
|
2024 |
|
|
(In millions) |
||||||
OPERATING ACTIVITIES |
|
|
|
||||
Net income |
$ |
1,671.0 |
|
|
$ |
2,139.4 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
||||
Depreciation and amortization |
|
48.7 |
|
|
|
41.1 |
|
Stock-based compensation expense |
|
75.2 |
|
|
|
65.9 |
|
Deferred income taxes |
|
93.1 |
|
|
|
19.9 |
|
Inventory and land option charges |
|
46.6 |
|
|
|
19.6 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Decrease (increase) in construction in progress and finished homes |
|
229.8 |
|
|
|
(709.1 |
) |
Increase in residential land and lots – |
|
||||||
developed, under development, held for development and held for sale |
|
(1,588.9 |
) |
|
(1,371.1 |
) |
|
Increase in rental properties |
|
(216.0 |
) |
|
|
(386.9 |
) |
(Increase) decrease in other assets |
|
(122.9 |
) |
|
|
27.6 |
|
Decrease (increase) in mortgage loans held for sale |
|
22.5 |
|
|
|
(152.5 |
) |
Decrease in accounts payable, accrued expenses and other liabilities |
|
(48.6 |
) |
|
|
(164.0 |
) |
Net cash provided by (used in) operating activities |
|
210.5 |
|
|
|
(470.1 |
) |
INVESTING ACTIVITIES |
|
|
|
||||
Expenditures for property and equipment |
|
(47.6 |
) |
|
|
(71.3 |
) |
Proceeds from sale of assets |
|
— |
|
|
|
9.9 |
|
Payments related to business acquisitions, net of cash acquired |
|
(53.1 |
) |
|
|
(1.0 |
) |
Other investing activities |
|
6.2 |
|
|
|
(3.6 |
) |
Net cash used in investing activities |
|
(94.5 |
) |
|
|
(66.0 |
) |
FINANCING ACTIVITIES |
|
|
|
||||
Proceeds from notes payable |
|
2,222.0 |
|
|
|
985.0 |
|
Repayment of notes payable |
|
(1,566.1 |
) |
|
|
(400.0 |
) |
(Repayment) borrowings on mortgage repurchase facilities, net |
|
(86.4 |
) |
|
|
214.4 |
|
Proceeds from stock associated with certain employee benefit plans |
|
8.5 |
|
|
|
12.2 |
|
Cash paid for shares withheld for taxes |
|
(63.4 |
) |
|
|
(81.6 |
) |
Cash dividends paid |
|
(254.0 |
) |
|
|
(199.1 |
) |
Repurchases of common stock |
|
(2,407.9 |
) |
|
|
(794.5 |
) |
Net proceeds from issuance of Forestar common stock |
|
— |
|
|
|
19.7 |
|
Net other financing activities |
|
5.4 |
|
|
|
(26.7 |
) |
Net cash used in financing activities |
|
(2,141.9 |
) |
|
|
(270.6 |
) |
Net decrease in cash, cash equivalents and restricted cash |
|
(2,025.9 |
) |
|
|
(806.7 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
4,544.0 |
|
|
|
3,900.1 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
2,518.1 |
|
|
$ |
3,093.4 |
|
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES: |
|
|
|
||||
Notes payable issued for inventory |
$ |
— |
|
|
$ |
18.9 |
|
Stock issued under employee incentive plans |
$ |
143.5 |
|
|
$ |
151.3 |
|
D.R. HORTON, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
|
|
March 31, 2025 |
||||||||||||||||||
|
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial Services |
|
Eliminations and Other (1) |
|
Consolidated |
||||||||
|
|
(In millions) |
||||||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents |
|
$ |
1,904.0 |
|
$ |
98.6 |
|
|
$ |
174.3 |
|
$ |
269.1 |
|
$ |
25.4 |
|
|
$ |
2,471.4 |
Restricted cash |
|
|
23.9 |
|
|
1.8 |
|
|
|
— |
|
|
21.0 |
|
|
— |
|
|
|
46.7 |
Inventories: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Construction in progress and finished homes |
|
|
8,762.7 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
(111.4 |
) |
|
|
8,651.3 |
Residential land and lots |
|
|
12,149.0 |
|
|
— |
|
|
|
2,759.4 |
|
|
— |
|
|
(195.4 |
) |
|
|
14,713.0 |
Rental properties |
|
|
— |
|
|
3,115.1 |
|
|
|
— |
|
|
— |
|
|
3.0 |
|
|
|
3,118.1 |
|
|
|
20,911.7 |
|
|
3,115.1 |
|
|
|
2,759.4 |
|
|
— |
|
|
(303.8 |
) |
|
|
26,482.4 |
Mortgage loans held for sale |
|
|
— |
|
|
— |
|
|
|
— |
|
|
2,455.0 |
|
|
— |
|
|
|
2,455.0 |
Deferred income taxes, net |
|
|
127.1 |
|
|
(14.7 |
) |
|
|
— |
|
|
— |
|
|
(37.8 |
) |
|
|
74.6 |
Property and equipment, net |
|
|
503.7 |
|
|
1.5 |
|
|
|
7.1 |
|
|
3.8 |
|
|
20.4 |
|
|
|
536.5 |
Other assets |
|
|
3,054.9 |
|
|
37.4 |
|
|
|
101.9 |
|
|
197.2 |
|
|
68.5 |
|
|
|
3,459.9 |
Goodwill |
|
|
134.3 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
29.2 |
|
|
|
163.5 |
|
|
$ |
26,659.6 |
|
$ |
3,239.7 |
|
|
$ |
3,042.7 |
|
$ |
2,946.1 |
|
$ |
(198.1 |
) |
|
$ |
35,690.0 |
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Accounts payable |
|
$ |
1,097.1 |
|
$ |
280.2 |
|
|
$ |
70.0 |
|
$ |
0.2 |
|
$ |
(73.7 |
) |
|
$ |
1,373.8 |
Accrued expenses and other liabilities |
|
|
2,560.1 |
|
|
29.2 |
|
|
|
454.4 |
|
|
306.1 |
|
|
(410.7 |
) |
|
|
2,939.1 |
Notes payable |
|
|
3,148.5 |
|
|
1,050.0 |
|
|
|
872.5 |
|
|
1,447.4 |
|
|
— |
|
|
|
6,518.4 |
|
|
$ |
6,805.7 |
|
$ |
1,359.4 |
|
|
$ |
1,396.9 |
|
$ |
1,753.7 |
|
$ |
(484.4 |
) |
|
$ |
10,831.3 |
|
|
September 30, 2024 |
||||||||||||||||||
|
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial Services |
|
Eliminations and Other (1) |
|
Consolidated |
||||||||
|
|
(In millions) |
||||||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents |
|
$ |
3,623.0 |
|
$ |
157.6 |
|
|
$ |
481.2 |
|
$ |
242.3 |
|
$ |
12.3 |
|
|
$ |
4,516.4 |
Restricted cash |
|
|
4.8 |
|
|
2.2 |
|
|
|
— |
|
|
20.6 |
|
|
— |
|
|
|
27.6 |
Inventories: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Construction in progress and finished homes |
|
|
8,986.1 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
(110.3 |
) |
|
|
8,875.8 |
Residential land and lots |
|
|
11,044.9 |
|
|
— |
|
|
|
2,266.2 |
|
|
— |
|
|
(189.7 |
) |
|
|
13,121.4 |
Rental properties |
|
|
— |
|
|
2,902.4 |
|
|
|
— |
|
|
— |
|
|
3.6 |
|
|
|
2,906.0 |
|
|
|
20,031.0 |
|
|
2,902.4 |
|
|
|
2,266.2 |
|
|
— |
|
|
(296.4 |
) |
|
|
24,903.2 |
Mortgage loans held for sale |
|
|
— |
|
|
— |
|
|
|
— |
|
|
2,477.5 |
|
|
— |
|
|
|
2,477.5 |
Deferred income taxes, net |
|
|
211.6 |
|
|
(14.7 |
) |
|
|
— |
|
|
— |
|
|
(29.4 |
) |
|
|
167.5 |
Property and equipment, net |
|
|
500.2 |
|
|
1.1 |
|
|
|
7.1 |
|
|
4.0 |
|
|
18.6 |
|
|
|
531.0 |
Other assets |
|
|
2,976.5 |
|
|
74.5 |
|
|
|
85.6 |
|
|
212.3 |
|
|
(31.3 |
) |
|
|
3,317.6 |
Goodwill |
|
|
134.3 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
29.2 |
|
|
|
163.5 |
|
|
$ |
27,481.4 |
|
$ |
3,123.1 |
|
|
$ |
2,840.1 |
|
$ |
2,956.7 |
|
$ |
(297.0 |
) |
|
$ |
36,104.3 |
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Accounts payable |
|
$ |
1,046.1 |
|
$ |
474.2 |
|
|
$ |
85.9 |
|
$ |
0.8 |
|
$ |
(261.5 |
) |
|
$ |
1,345.5 |
Accrued expenses and other liabilities |
|
|
2,552.0 |
|
|
67.8 |
|
|
|
452.8 |
|
|
234.6 |
|
|
(290.5 |
) |
|
|
3,016.7 |
Notes payable |
|
|
2,926.8 |
|
|
750.7 |
|
|
|
706.4 |
|
|
1,533.8 |
|
|
— |
|
|
|
5,917.7 |
|
|
$ |
6,524.9 |
|
$ |
1,292.7 |
|
|
$ |
1,245.1 |
|
$ |
1,769.2 |
|
$ |
(552.0 |
) |
|
$ |
10,279.9 |
_________________ |
|
(1) |
Amounts include the balances of the Company's other businesses and the elimination of intercompany transactions. |
D.R. HORTON, INC. AND SUBSIDIARIES
|
|||||||||||||||||||||||
|
|
Three Months Ended March 31, 2025 |
|||||||||||||||||||||
|
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial Services |
|
Eliminations and Other (1) |
|
Consolidated |
|||||||||||
|
|
(In millions) |
|||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Home sales |
|
$ |
7,180.9 |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
7,180.9 |
|
Land/lot sales and other |
|
|
22.0 |
|
|
|
— |
|
|
|
351.0 |
|
|
— |
|
|
|
(269.4 |
) |
|
|
103.6 |
|
Rental property sales |
|
|
— |
|
|
|
236.6 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
236.6 |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
212.9 |
|
|
|
— |
|
|
|
212.9 |
|
|
|
|
7,202.9 |
|
|
|
236.6 |
|
|
|
351.0 |
|
|
212.9 |
|
|
|
(269.4 |
) |
|
|
7,734.0 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Home sales (2) |
|
|
5,614.7 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
(49.8 |
) |
|
|
5,564.9 |
|
Land/lot sales and other |
|
|
3.0 |
|
|
|
— |
|
|
|
270.9 |
|
|
— |
|
|
|
(217.8 |
) |
|
|
56.1 |
|
Rental property sales |
|
|
— |
|
|
|
182.8 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
182.8 |
|
Inventory and land option charges |
|
|
29.4 |
|
|
|
0.3 |
|
|
|
0.9 |
|
|
— |
|
|
|
(0.6 |
) |
|
|
30.0 |
|
|
|
|
5,647.1 |
|
|
|
183.1 |
|
|
|
271.8 |
|
|
— |
|
|
|
(268.2 |
) |
|
|
5,833.8 |
|
Selling, general and administrative expense |
|
|
637.8 |
|
|
|
58.0 |
|
|
|
38.4 |
|
|
160.3 |
|
|
|
4.2 |
|
|
|
898.7 |
|
Other (income) expense |
|
|
(17.0 |
) |
|
|
(27.3 |
) |
|
|
0.1 |
|
|
(20.4 |
) |
|
|
(1.0 |
) |
|
|
(65.6 |
) |
Income before income taxes |
|
$ |
935.0 |
|
|
$ |
22.8 |
|
|
$ |
40.7 |
|
$ |
73.0 |
|
|
$ |
(4.4 |
) |
|
$ |
1,067.1 |
|
|
|
Six Months Ended March 31, 2025 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial Services |
|
Eliminations and Other (1) |
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
14,327.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
14,327.0 |
|
Land/lot sales and other |
|
|
43.2 |
|
|
|
— |
|
|
|
601.3 |
|
|
|
— |
|
|
|
(474.0 |
) |
|
|
170.5 |
|
Rental property sales |
|
|
— |
|
|
|
454.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
454.3 |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
395.2 |
|
|
|
— |
|
|
|
395.2 |
|
|
|
|
14,370.2 |
|
|
|
454.3 |
|
|
|
601.3 |
|
|
|
395.2 |
|
|
|
(474.0 |
) |
|
|
15,347.0 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
|
11,136.7 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(103.1 |
) |
|
|
11,033.6 |
|
Land/lot sales and other |
|
|
16.7 |
|
|
|
— |
|
|
|
465.2 |
|
|
|
— |
|
|
|
(387.7 |
) |
|
|
94.2 |
|
Rental property sales |
|
|
— |
|
|
|
362.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
362.2 |
|
Inventory and land option charges |
|
|
41.3 |
|
|
|
3.9 |
|
|
|
2.0 |
|
|
|
— |
|
|
|
(0.6 |
) |
|
|
46.6 |
|
|
|
|
11,194.7 |
|
|
|
366.1 |
|
|
|
467.2 |
|
|
|
— |
|
|
|
(491.4 |
) |
|
|
11,536.6 |
|
Selling, general and administrative expense |
|
|
1,274.5 |
|
|
|
104.3 |
|
|
|
74.3 |
|
|
|
314.5 |
|
|
|
9.2 |
|
|
|
1,776.8 |
|
Other (income) expense |
|
|
(46.9 |
) |
|
|
(50.8 |
) |
|
|
(2.8 |
) |
|
|
(40.9 |
) |
|
|
(2.0 |
) |
|
|
(143.4 |
) |
Income before income taxes |
|
$ |
1,947.9 |
|
|
$ |
34.7 |
|
|
$ |
62.6 |
|
|
$ |
121.6 |
|
|
$ |
10.2 |
|
|
$ |
2,177.0 |
|
Summary Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash provided by (used in) operating activities |
|
$ |
876.0 |
|
|
$ |
(381.6 |
) |
|
$ |
(469.8 |
) |
|
$ |
197.2 |
|
|
$ |
(11.3 |
) |
|
$ |
210.5 |
|
_________________ |
|
(1) |
Amounts include the results of the Company's other businesses and the elimination of intercompany transactions. |
(2) |
Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers. |
D.R. HORTON, INC. AND SUBSIDIARIES
|
||||||||||||||||||||||||
|
|
Three Months Ended March 31, 2024 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial Services |
|
Eliminations and Other (1) |
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
8,466.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,466.7 |
|
Land/lot sales and other |
|
|
6.9 |
|
|
|
— |
|
|
|
333.8 |
|
|
|
— |
|
|
|
(297.1 |
) |
|
|
43.6 |
|
Rental property sales |
|
|
— |
|
|
|
371.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
371.3 |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
225.6 |
|
|
|
— |
|
|
|
225.6 |
|
|
|
|
8,473.6 |
|
|
|
371.3 |
|
|
|
333.8 |
|
|
|
225.6 |
|
|
|
(297.1 |
) |
|
|
9,107.2 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
|
6,505.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(68.3 |
) |
|
|
6,437.3 |
|
Land/lot sales and other |
|
|
4.2 |
|
|
|
— |
|
|
|
250.5 |
|
|
|
— |
|
|
|
(234.1 |
) |
|
|
20.6 |
|
Rental property sales |
|
|
— |
|
|
|
302.8 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
302.8 |
|
Inventory and land option charges |
|
|
13.1 |
|
|
|
0.3 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
|
13.6 |
|
|
|
|
6,522.9 |
|
|
|
303.1 |
|
|
|
250.7 |
|
|
|
— |
|
|
|
(302.4 |
) |
|
|
6,774.3 |
|
Selling, general and administrative expense |
|
|
614.1 |
|
|
|
61.4 |
|
|
|
29.2 |
|
|
|
171.2 |
|
|
|
4.7 |
|
|
|
880.6 |
|
Other (income) expense |
|
|
(21.0 |
) |
|
|
(26.5 |
) |
|
|
(5.0 |
) |
|
|
(23.6 |
) |
|
|
(0.1 |
) |
|
|
(76.2 |
) |
Income before income taxes |
|
$ |
1,357.6 |
|
|
$ |
33.3 |
|
|
$ |
58.9 |
|
|
$ |
78.0 |
|
|
$ |
0.7 |
|
|
$ |
1,528.5 |
|
|
|
Six Months Ended March 31, 2024 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial Services |
|
Eliminations and Other (1) |
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
15,743.1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
15,743.1 |
|
Land/lot sales and other |
|
|
27.2 |
|
|
|
— |
|
|
|
639.7 |
|
|
|
— |
|
|
|
(561.6 |
) |
|
|
105.3 |
|
Rental property sales |
|
|
— |
|
|
|
566.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
566.5 |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
418.2 |
|
|
|
— |
|
|
|
418.2 |
|
|
|
|
15,770.3 |
|
|
|
566.5 |
|
|
|
639.7 |
|
|
|
418.2 |
|
|
|
(561.6 |
) |
|
|
16,833.1 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
|
12,113.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(122.5 |
) |
|
|
11,991.1 |
|
Land/lot sales and other |
|
|
17.3 |
|
|
|
— |
|
|
|
483.4 |
|
|
|
— |
|
|
|
(456.7 |
) |
|
|
44.0 |
|
Rental property sales |
|
|
— |
|
|
|
444.1 |
|
|
|
— |
|
|
|
— |
|
|
|
(4.8 |
) |
|
|
439.3 |
|
Inventory and land option charges |
|
|
18.6 |
|
|
|
0.6 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
— |
|
|
|
19.6 |
|
|
|
|
12,149.5 |
|
|
|
444.7 |
|
|
|
483.8 |
|
|
|
— |
|
|
|
(584.0 |
) |
|
|
12,494.0 |
|
Selling, general and administrative expense |
|
|
1,217.5 |
|
|
|
108.8 |
|
|
|
57.2 |
|
|
|
322.7 |
|
|
|
9.4 |
|
|
|
1,715.6 |
|
Other (income) expense |
|
|
(50.4 |
) |
|
|
(51.6 |
) |
|
|
(11.4 |
) |
|
|
(48.5 |
) |
|
|
9.4 |
|
|
|
(152.5 |
) |
Income before income taxes |
|
$ |
2,453.7 |
|
|
$ |
64.6 |
|
|
$ |
110.1 |
|
|
$ |
144.0 |
|
|
$ |
3.6 |
|
|
$ |
2,776.0 |
|
Summary Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash provided by (used in) operating activities |
|
$ |
408.3 |
|
|
$ |
(653.9 |
) |
|
$ |
(216.0 |
) |
|
$ |
(40.7 |
) |
|
$ |
32.2 |
|
|
$ |
(470.1 |
) |
_________________ |
|
(1) |
Amounts include the results of the Company's other businesses and the elimination of intercompany transactions. |
(2) |
Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers. |
D.R. HORTON, INC. AND SUBSIDIARIES
|
||||||||||||||||||||
NET SALES ORDERS |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
||||||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
||||
Northwest |
|
1,390 |
|
$ |
762.7 |
|
1,617 |
|
$ |
833.1 |
|
2,409 |
|
$ |
1,296.4 |
|
2,796 |
|
$ |
1,428.9 |
Southwest |
|
2,371 |
|
|
1,143.7 |
|
3,068 |
|
|
1,512.3 |
|
4,545 |
|
|
2,193.1 |
|
5,231 |
|
|
2,547.3 |
South Central |
|
5,958 |
|
|
1,853.5 |
|
7,021 |
|
|
2,287.2 |
|
10,517 |
|
|
3,284.2 |
|
11,853 |
|
|
3,841.8 |
Southeast |
|
5,180 |
|
|
1,762.1 |
|
6,985 |
|
|
2,489.8 |
|
9,602 |
|
|
3,264.1 |
|
11,786 |
|
|
4,194.9 |
East |
|
4,754 |
|
|
1,644.0 |
|
4,978 |
|
|
1,785.1 |
|
8,341 |
|
|
2,883.3 |
|
8,279 |
|
|
2,960.3 |
North |
|
2,784 |
|
|
1,192.6 |
|
2,787 |
|
|
1,155.7 |
|
4,860 |
|
|
2,091.0 |
|
4,580 |
|
|
1,879.5 |
|
|
22,437 |
|
$ |
8,358.6 |
|
26,456 |
|
$ |
10,063.2 |
|
40,274 |
|
$ |
15,012.1 |
|
44,525 |
|
$ |
16,852.7 |
HOMES CLOSED |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended March 31, |
|
Six Months Ended March 31, |
||||||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
||||
Northwest |
|
1,223 |
|
$ |
660.4 |
|
1,476 |
|
$ |
739.9 |
|
2,279 |
|
$ |
1,193.5 |
|
2,610 |
|
$ |
1,313.6 |
Southwest |
|
2,206 |
|
|
1,063.6 |
|
2,665 |
|
|
1,282.9 |
|
4,541 |
|
|
2,203.6 |
|
4,883 |
|
|
2,334.2 |
South Central |
|
4,968 |
|
|
1,530.0 |
|
6,098 |
|
|
1,958.4 |
|
9,704 |
|
|
3,016.5 |
|
11,219 |
|
|
3,622.4 |
Southeast |
|
4,626 |
|
|
1,593.0 |
|
6,118 |
|
|
2,185.2 |
|
9,657 |
|
|
3,332.2 |
|
11,612 |
|
|
4,175.4 |
East |
|
3,953 |
|
|
1,359.8 |
|
4,060 |
|
|
1,441.1 |
|
7,672 |
|
|
2,668.3 |
|
7,641 |
|
|
2,709.1 |
North |
|
2,300 |
|
|
974.1 |
|
2,131 |
|
|
859.2 |
|
4,482 |
|
|
1,912.9 |
|
3,923 |
|
|
1,588.4 |
|
|
19,276 |
|
$ |
7,180.9 |
|
22,548 |
|
$ |
8,466.7 |
|
38,335 |
|
$ |
14,327.0 |
|
41,888 |
|
$ |
15,743.1 |
SALES ORDER BACKLOG |
||||||||||
|
|
|
|
|
|
|
|
|
||
|
|
As of March 31, |
||||||||
|
|
2025 |
|
2024 |
||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
||
Northwest |
|
665 |
|
$ |
387.2 |
|
733 |
|
$ |
393.3 |
Southwest |
|
1,218 |
|
|
613.1 |
|
1,755 |
|
|
894.4 |
South Central |
|
3,567 |
|
|
1,161.4 |
|
4,261 |
|
|
1,446.0 |
Southeast |
|
3,040 |
|
|
1,067.3 |
|
4,990 |
|
|
1,893.1 |
East |
|
3,413 |
|
|
1,227.4 |
|
4,019 |
|
|
1,503.7 |
North |
|
2,261 |
|
|
1,020.3 |
|
2,115 |
|
|
908.8 |
|
|
14,164 |
|
$ |
5,476.7 |
|
17,873 |
|
$ |
7,039.3 |
D.R. HORTON, INC. AND SUBSIDIARIES
|
|||||||||||||||||
LAND AND LOT POSITION |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
March 31, 2025 |
|
September 30, 2024 |
||||||||||||||
|
Land/Lots Owned |
|
Lots Controlled Through Land and Lot Purchase Contracts (1) |
|
Total Land/Lots Owned and Controlled |
|
Land/Lots Owned |
|
Lots Controlled Through Land and Lot Purchase Contracts (1) |
|
Total Land/Lots Owned and Controlled |
||||||
Northwest |
11,700 |
|
|
18,500 |
|
|
30,200 |
|
|
13,000 |
|
|
18,600 |
|
|
31,600 |
|
Southwest |
21,200 |
|
|
28,700 |
|
|
49,900 |
|
|
22,200 |
|
|
29,200 |
|
|
51,400 |
|
South Central |
37,700 |
|
|
109,500 |
|
|
147,200 |
|
|
39,000 |
|
|
109,600 |
|
|
148,600 |
|
Southeast |
30,100 |
|
|
121,600 |
|
|
151,700 |
|
|
29,500 |
|
|
134,300 |
|
|
163,800 |
|
East |
32,700 |
|
|
122,300 |
|
|
155,000 |
|
|
32,500 |
|
|
129,300 |
|
|
161,800 |
|
North |
17,200 |
|
|
61,900 |
|
|
79,100 |
|
|
16,300 |
|
|
59,400 |
|
|
75,700 |
|
|
150,600 |
|
|
462,500 |
|
|
613,100 |
|
|
152,500 |
|
|
480,400 |
|
|
632,900 |
|
|
25 |
% |
|
75 |
% |
|
100 |
% |
|
24 |
% |
|
76 |
% |
|
100 |
% |
_________________ |
|
(1) |
Lots controlled at March 31, 2025 included approximately 43,900 lots owned or controlled by Forestar, 24,700 of which our homebuilding divisions had under contract to purchase and 19,200 of which our homebuilding divisions had a right of first offer to purchase. Lots controlled at September 30, 2024 included approximately 37,700 lots owned or controlled by Forestar, 20,500 of which our homebuilding divisions had under contract to purchase and 17,200 of which our homebuilding divisions had a right of first offer to purchase. |
HOMES IN INVENTORY (1) |
||||
|
|
|
|
|
|
|
March 31, 2025 |
|
September 30, 2024 |
Northwest |
|
2,400 |
|
2,100 |
Southwest |
|
3,700 |
|
4,200 |
South Central |
|
9,500 |
|
9,000 |
Southeast |
|
8,300 |
|
9,700 |
East |
|
8,200 |
|
7,500 |
North |
|
4,800 |
|
4,900 |
|
|
36,900 |
|
37,400 |
_________________ |
|
(1) |
Homes in inventory exclude model homes and homes related to our rental operations. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250417146768/en/
D.R. Horton, Inc.
Jessica Hansen, 817-390-8200
Senior Vice President - Communications
InvestorRelations@drhorton.com
Source: D.R. Horton
