D.R. Horton, Inc., America’s Builder, Reports Fiscal 2025 Third Quarter Earnings and Declares Quarterly Dividend of $0.40 Per Share
Fiscal 2025 Third Quarter Highlights
-
Net income attributable to D.R. Horton of
$1.0 billion $3.36
-
Consolidated pre-tax income of
$1.4 billion 14.7%
-
Consolidated revenues of
$9.2 billion
-
Homes sales revenues of
$8.6 billion
-
Net sales orders of 23,071 homes with an order value of
$8.4 billion
-
Repurchased 9.7 million shares of common stock for
$1.2 billion $122.4 million
Consolidated revenues in the third quarter of fiscal 2025 decreased
The Company's return on equity (ROE) was
During the nine months ended June 30, 2025, net cash provided by operations was
David Auld, Executive Chairman, said, “The D.R. Horton team delivered a strong third quarter, highlighted by earnings per diluted share of
“Our net sales orders in the third quarter were flat with the prior year quarter and increased
“New home demand continues to be impacted by ongoing affordability constraints and cautious consumer sentiment. We expect our sales incentives to remain elevated and increase further during the fourth quarter, the extent to which will depend on the strength of demand during the remainder of summer, changes in mortgage interest rates and other market conditions.
“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 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 third quarter of fiscal 2025 decreased
Homebuilding pre-tax income in the third quarter of fiscal 2025 decreased
The Company’s homebuilding return on inventory (ROI) was
During the nine months ended June 30, 2025, net cash provided by homebuilding operations was
Net sales orders for the third quarter ended June 30, 2025 totaled 23,071 homes compared to 23,001 homes in the same quarter of fiscal 2024. Net sales order value decreased
At June 30, 2025, the Company had 38,400 homes in inventory, of which 25,000 were unsold. 7,300 of the Company’s unsold homes at June 30, 2025 were completed, of which 800 had been completed for greater than six months. The Company’s homebuilding land and lot portfolio totaled 601,400 lots at the end of the quarter, of which
Rental Operations
The Company's rental operations generated
During the third quarter of fiscal 2025, the Company sold 1,065 single-family rental homes for
During the third quarter of fiscal 2025, the Company sold 328 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 third quarter ended June 30, 2025, Forestar sold 3,605 lots and generated
Financial Services
For the third quarter ended June 30, 2025, financial services revenues were
Dividends
During the third 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 nine months of fiscal 2025 and current market conditions, D.R. Horton is updating its guidance for fiscal 2025 as follows:
-
Consolidated revenues in the range of
$33.7 billion $34.2 billion
- Homes closed by homebuilding operations of 85,000 homes to 85,500 homes
-
Share repurchases in the range of
$4.2 billion $4.4 billion
The Company is reiterating its fiscal 2025 guidance as follows:
-
Income tax rate of approximately
24.0%
-
Consolidated cash flow provided by operations of greater than
$3.0 billion
-
Dividend payments of approximately
$500 million
The Company plans to also provide guidance for its fourth quarter of fiscal 2025 on its conference call today.
Conference Call and Webcast Details
The Company will host a conference call today (Tuesday, July 22) at 8:30 a.m. Eastern Time. The dial-in number is 888-506-0062 (reference entry code 586904), and the call will also be webcast from the Company’s website at investor.drhorton.com.
Fourth Quarter Conference Call
The Company plans to release financial results for its fourth quarter and fiscal year ended September 30, 2025 on Tuesday, October 28, 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 continue to respond to market conditions with discipline to drive traffic and incremental sales, while carefully balancing pace versus price to maximize returns in each of our communities; we expect our sales incentives to remain elevated and increase further during the fourth quarter, the extent to which will depend on the strength of demand during the remainder of summer, changes in mortgage interest rates and other market conditions; 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 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 CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|
|||||||
|
June 30,
|
|
September 30,
|
||||
|
(In millions) |
||||||
ASSETS |
|
|
|
||||
Cash and cash equivalents |
$ |
2,614.0 |
|
|
$ |
4,516.4 |
|
Restricted cash |
|
50.9 |
|
|
|
27.6 |
|
Total cash, cash equivalents and restricted cash |
|
2,664.9 |
|
|
|
4,544.0 |
|
Inventories: |
|
|
|
||||
Construction in progress and finished homes |
|
9,024.3 |
|
|
|
8,875.8 |
|
Residential land and lots — developed, under development, |
|||||||
held for development and held for sale |
|
14,569.4 |
|
|
|
13,121.4 |
|
Rental properties |
|
3,132.4 |
|
|
|
2,906.0 |
|
Total inventory |
|
26,726.1 |
|
|
|
24,903.2 |
|
Mortgage loans held for sale |
|
2,767.7 |
|
|
|
2,477.5 |
|
Deferred income taxes, net of valuation allowance of |
|
|
|
||||
at June 30, 2025 and September 30, 2024, respectively |
|
66.5 |
|
|
167.5 |
|
|
Property and equipment, net |
|
559.7 |
|
|
|
531.0 |
|
Other assets |
|
3,447.5 |
|
|
|
3,317.6 |
|
Goodwill |
|
163.5 |
|
|
|
163.5 |
|
Total assets |
$ |
36,395.9 |
|
|
$ |
36,104.3 |
|
LIABILITIES |
|
|
|
||||
Accounts payable |
$ |
1,388.8 |
|
|
$ |
1,345.5 |
|
Accrued expenses and other liabilities |
|
3,165.4 |
|
|
|
3,016.7 |
|
Notes payable |
|
7,248.7 |
|
|
|
5,917.7 |
|
Total liabilities |
|
11,802.9 |
|
|
|
10,279.9 |
|
EQUITY |
|
|
|
||||
Common stock, |
|
|
|
||||
403,939,994 shares issued and 298,945,018 shares outstanding at June 30, 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 |
|
3,536.7 |
|
|
|
3,490.7 |
|
Retained earnings |
|
30,254.5 |
|
|
|
27,951.0 |
|
Treasury stock, 104,994,976 shares and 78,820,982 shares at |
|||||||
June 30, 2025 and September 30, 2024, respectively, at cost |
|
(9,742.3 |
) |
|
|
(6,132.9 |
) |
Stockholders’ equity |
|
24,052.9 |
|
|
|
25,312.8 |
|
Noncontrolling interests |
|
540.1 |
|
|
|
511.6 |
|
Total equity |
|
24,593.0 |
|
|
|
25,824.4 |
|
Total liabilities and equity |
$ |
36,395.9 |
|
|
$ |
36,104.3 |
|
D.R. HORTON, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
|
|||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
(In millions, except per share data) |
||||||||||||||
Revenues |
$ |
9,225.7 |
|
|
$ |
9,965.7 |
|
|
$ |
24,572.6 |
|
|
$ |
26,798.8 |
|
Cost of sales |
|
7,016.5 |
|
|
|
7,323.7 |
|
|
|
18,553.1 |
|
|
|
19,817.7 |
|
Selling, general and administrative expense |
|
944.3 |
|
|
|
923.6 |
|
|
|
2,721.1 |
|
|
|
2,639.2 |
|
Other (income) expense |
|
(93.2 |
) |
|
|
(80.6 |
) |
|
|
(236.7 |
) |
|
|
(233.1 |
) |
Income before income taxes |
|
1,358.1 |
|
|
|
1,799.0 |
|
|
|
3,535.1 |
|
|
|
4,575.0 |
|
Income tax expense |
|
325.0 |
|
|
|
432.2 |
|
|
|
831.0 |
|
|
|
1,068.8 |
|
Net income |
|
1,033.1 |
|
|
|
1,366.8 |
|
|
|
2,704.1 |
|
|
|
3,506.2 |
|
Net income attributable to noncontrolling interests |
|
8.5 |
|
|
|
13.2 |
|
|
|
24.2 |
|
|
|
33.2 |
|
Net income attributable to D.R. Horton, Inc. |
$ |
1,024.6 |
|
|
$ |
1,353.6 |
|
|
$ |
2,679.9 |
|
|
$ |
3,473.0 |
|
|
|
|
|
|
|
|
|
||||||||
Net income per share attributable to D.R. Horton, Inc. |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
3.37 |
|
|
$ |
4.12 |
|
|
$ |
8.57 |
|
|
$ |
10.50 |
|
Diluted |
$ |
3.36 |
|
|
$ |
4.10 |
|
|
$ |
8.53 |
|
|
$ |
10.43 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
||||||||
Basic |
|
304.1 |
|
|
|
328.4 |
|
|
|
312.7 |
|
|
|
330.9 |
|
Diluted |
|
304.9 |
|
|
|
330.1 |
|
|
|
314.1 |
|
|
|
333.0 |
|
|
|
|
|
|
|
|
|
||||||||
Other Consolidated Financial Data |
|
|
|
|
|
|
|
||||||||
Interest charged to cost of sales |
$ |
38.4 |
|
|
$ |
35.3 |
|
|
$ |
100.9 |
|
|
$ |
96.1 |
|
Depreciation and amortization |
$ |
25.2 |
|
|
$ |
22.4 |
|
|
$ |
73.9 |
|
|
$ |
63.5 |
|
Interest incurred |
$ |
71.3 |
|
|
$ |
54.5 |
|
|
$ |
173.2 |
|
|
$ |
147.6 |
|
D.R. HORTON, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
|||||||
|
Nine Months Ended
|
||||||
|
|
2025 |
|
|
|
2024 |
|
|
(In millions) |
||||||
OPERATING ACTIVITIES |
|
|
|
||||
Net income |
$ |
2,704.1 |
|
|
$ |
3,506.2 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
73.9 |
|
|
|
63.5 |
|
Stock-based compensation expense |
|
101.1 |
|
|
|
92.7 |
|
Deferred income taxes |
|
101.2 |
|
|
|
29.9 |
|
Inventory and land option charges |
|
100.8 |
|
|
|
34.4 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Increase in construction in progress and finished homes |
|
(146.1 |
) |
|
|
(863.0 |
) |
Increase in residential land and lots – |
|||||||
developed, under development, held for development and held for sale |
|
(1,481.1 |
) |
|
|
(2,012.1 |
) |
Increase in rental properties |
|
(230.8 |
) |
|
|
(375.7 |
) |
Increase in other assets |
|
(136.5 |
) |
|
|
(154.4 |
) |
Increase in mortgage loans held for sale |
|
(290.2 |
) |
|
|
(58.9 |
) |
Increase (decrease) in accounts payable, accrued expenses and other liabilities |
|
152.7 |
|
|
|
(34.4 |
) |
Net cash provided by operating activities |
|
949.1 |
|
|
|
228.2 |
|
INVESTING ACTIVITIES |
|
|
|
||||
Expenditures for property and equipment |
|
(93.6 |
) |
|
|
(133.3 |
) |
Proceeds from sale of assets |
|
18.4 |
|
|
|
14.9 |
|
Payments related to business acquisitions, net of cash acquired |
|
(53.1 |
) |
|
|
(37.9 |
) |
Other investing activities |
|
4.8 |
|
|
|
(4.8 |
) |
Net cash used in investing activities |
|
(123.5 |
) |
|
|
(161.1 |
) |
FINANCING ACTIVITIES |
|
|
|
||||
Proceeds from notes payable |
|
3,012.0 |
|
|
|
1,270.0 |
|
Repayment of notes payable |
|
(1,891.1 |
) |
|
|
(640.4 |
) |
Borrowings on mortgage repurchase facilities, net |
|
170.4 |
|
|
|
21.8 |
|
Proceeds from stock associated with certain employee benefit plans |
|
8.5 |
|
|
|
12.2 |
|
Cash paid for shares withheld for taxes |
|
(64.2 |
) |
|
|
(82.9 |
) |
Cash dividends paid |
|
(376.4 |
) |
|
|
(297.5 |
) |
Repurchases of common stock |
|
(3,576.3 |
) |
|
|
(1,230.3 |
) |
Net proceeds from issuance of Forestar common stock |
|
— |
|
|
|
19.7 |
|
Net other financing activities |
|
12.4 |
|
|
|
(19.8 |
) |
Net cash used in financing activities |
|
(2,704.7 |
) |
|
|
(947.2 |
) |
Net decrease in cash, cash equivalents and restricted cash |
|
(1,879.1 |
) |
|
|
(880.1 |
) |
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 |
$ |
2,664.9 |
|
|
$ |
3,020.0 |
|
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES: |
|
|
|
||||
Notes payable issued for inventory |
$ |
5.5 |
|
|
$ |
43.4 |
|
Reduction of notes payable upon deconsolidation of variable interest entity |
$ |
— |
|
|
$ |
(127.8 |
) |
Stock issued under employee incentive plans |
$ |
147.2 |
|
|
$ |
173.2 |
|
Repurchases of common stock not settled |
$ |
23.2 |
|
|
$ |
1.5 |
|
D.R. HORTON, INC. AND SUBSIDIARIES SEGMENT INFORMATION (UNAUDITED)
|
||||||||||||||||||||||||
|
|
June 30, 2025 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial
|
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents |
|
$ |
1,962.4 |
|
$ |
160.3 |
|
|
$ |
189.2 |
|
$ |
268.0 |
|
$ |
34.1 |
|
|
$ |
2,614.0 |
||||
Restricted cash |
|
|
24.3 |
|
|
|
1.9 |
|
|
|
— |
|
|
|
24.7 |
|
|
|
— |
|
|
|
50.9 |
|
Inventories: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction in progress and finished homes |
|
|
9,142.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(118.1 |
) |
|
|
9,024.3 |
|
Residential land and lots |
|
|
11,955.8 |
|
|
|
— |
|
|
|
2,823.5 |
|
|
|
— |
|
|
|
(209.9 |
) |
|
|
14,569.4 |
|
Rental properties |
|
|
— |
|
|
|
3,141.6 |
|
|
|
— |
|
|
|
— |
|
|
|
(9.2 |
) |
|
|
3,132.4 |
|
|
|
|
21,098.2 |
|
|
|
3,141.6 |
|
|
|
2,823.5 |
|
|
|
— |
|
|
|
(337.2 |
) |
|
|
26,726.1 |
|
Mortgage loans held for sale |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,767.7 |
|
|
|
— |
|
|
|
2,767.7 |
|
Deferred income taxes, net |
|
|
121.6 |
|
|
|
(14.7 |
) |
|
|
— |
|
|
|
— |
|
|
|
(40.4 |
) |
|
|
66.5 |
|
Property and equipment, net |
|
|
525.4 |
|
|
|
1.6 |
|
|
|
7.7 |
|
|
|
4.0 |
|
|
|
21.0 |
|
|
|
559.7 |
|
Other assets |
|
|
3,176.3 |
|
|
|
43.7 |
|
|
|
100.0 |
|
|
|
227.6 |
|
|
|
(100.1 |
) |
|
|
3,447.5 |
|
Goodwill |
|
|
134.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29.2 |
|
|
|
163.5 |
|
|
|
$ |
27,042.5 |
|
|
$ |
3,334.4 |
|
|
$ |
3,120.4 |
|
|
$ |
3,292.0 |
|
|
$ |
(393.4 |
) |
|
$ |
36,395.9 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts payable |
|
$ |
1,163.7 |
|
|
$ |
347.7 |
|
|
$ |
67.2 |
|
|
$ |
0.3 |
|
|
$ |
(190.1 |
) |
|
$ |
1,388.8 |
|
Accrued expenses and other liabilities |
|
|
2,754.9 |
|
|
|
39.8 |
|
|
|
500.1 |
|
|
|
367.6 |
|
|
|
(497.0 |
) |
|
|
3,165.4 |
|
Notes payable |
|
|
3,651.7 |
|
|
|
1,020.0 |
|
|
|
872.8 |
|
|
|
1,704.2 |
|
|
|
— |
|
|
|
7,248.7 |
|
|
|
$ |
7,570.3 |
|
|
$ |
1,407.5 |
|
|
$ |
1,440.1 |
|
|
$ |
2,072.1 |
|
|
$ |
(687.1 |
) |
|
$ |
11,802.9 |
|
|
|
September 30, 2024 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial
|
|
Eliminations
|
|
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 SEGMENT INFORMATION (UNAUDITED)
|
||||||||||||||||||||||||
|
|
Three Months Ended June 30, 2025 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial
|
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
8,561.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,561.0 |
|
Land/lot sales and other |
|
|
19.8 |
|
|
|
— |
|
|
|
390.5 |
|
|
|
— |
|
|
|
(354.1 |
) |
|
|
56.2 |
|
Rental property sales |
|
|
— |
|
|
|
380.7 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
380.7 |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
227.8 |
|
|
|
— |
|
|
|
227.8 |
|
|
|
|
8,580.8 |
|
|
|
380.7 |
|
|
|
390.5 |
|
|
|
227.8 |
|
|
|
(354.1 |
) |
|
|
9,225.7 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
|
6,691.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(62.2 |
) |
|
|
6,629.4 |
|
Land/lot sales and other |
|
|
17.0 |
|
|
|
— |
|
|
|
308.9 |
|
|
|
— |
|
|
|
(288.0 |
) |
|
|
37.9 |
|
Rental property sales |
|
|
— |
|
|
|
295.6 |
|
|
|
— |
|
|
|
— |
|
|
|
(0.6 |
) |
|
|
295.0 |
|
Inventory and land option charges |
|
|
51.9 |
|
|
|
0.4 |
|
|
|
1.9 |
|
|
|
— |
|
|
|
— |
|
|
|
54.2 |
|
|
|
|
6,760.5 |
|
|
|
296.0 |
|
|
|
310.8 |
|
|
|
— |
|
|
|
(350.8 |
) |
|
|
7,016.5 |
|
Selling, general and administrative expense |
|
|
670.0 |
|
|
|
61.4 |
|
|
|
37.4 |
|
|
|
171.0 |
|
|
|
4.5 |
|
|
|
944.3 |
|
Other (income) expense |
|
|
(36.0 |
) |
|
|
(31.5 |
) |
|
|
(1.3 |
) |
|
|
(24.5 |
) |
|
|
0.1 |
|
|
|
(93.2 |
) |
Income before income taxes |
|
$ |
1,186.3 |
|
|
$ |
54.8 |
|
|
$ |
43.6 |
|
|
$ |
81.3 |
|
|
$ |
(7.9 |
) |
|
$ |
1,358.1 |
|
|
|
Nine Months Ended June 30, 2025 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial
|
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
22,887.9 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
22,887.9 |
|
Land/lot sales and other |
|
|
63.1 |
|
|
|
— |
|
|
|
991.9 |
|
|
|
— |
|
|
|
(828.3 |
) |
|
|
226.7 |
|
Rental property sales |
|
|
— |
|
|
|
835.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
835.0 |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
623.0 |
|
|
|
— |
|
|
|
623.0 |
|
|
|
|
22,951.0 |
|
|
|
835.0 |
|
|
|
991.9 |
|
|
|
623.0 |
|
|
|
(828.3 |
) |
|
|
24,572.6 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
|
17,828.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(165.3 |
) |
|
|
17,663.1 |
|
Land/lot sales and other |
|
|
33.7 |
|
|
|
— |
|
|
|
774.1 |
|
|
|
— |
|
|
|
(675.8 |
) |
|
|
132.0 |
|
Rental property sales |
|
|
— |
|
|
|
657.8 |
|
|
|
— |
|
|
|
— |
|
|
|
(0.6 |
) |
|
|
657.2 |
|
Inventory and land option charges |
|
|
93.2 |
|
|
|
4.3 |
|
|
|
3.9 |
|
|
|
— |
|
|
|
(0.6 |
) |
|
|
100.8 |
|
|
|
|
17,955.3 |
|
|
|
662.1 |
|
|
|
778.0 |
|
|
|
— |
|
|
|
(842.3 |
) |
|
|
18,553.1 |
|
Selling, general and administrative expense |
|
|
1,944.5 |
|
|
|
165.8 |
|
|
|
111.8 |
|
|
|
485.4 |
|
|
|
13.6 |
|
|
|
2,721.1 |
|
Other (income) expense |
|
|
(83.0 |
) |
|
|
(82.3 |
) |
|
|
(4.1 |
) |
|
|
(65.4 |
) |
|
|
(1.9 |
) |
|
|
(236.7 |
) |
Income before income taxes |
|
$ |
3,134.2 |
|
|
$ |
89.4 |
|
|
$ |
106.2 |
|
|
$ |
203.0 |
|
|
$ |
2.3 |
|
|
$ |
3,535.1 |
|
Summary Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash provided by (used in) operating activities |
|
$ |
1,738.6 |
|
|
$ |
(294.5 |
) |
|
$ |
(453.9 |
) |
|
$ |
(20.1 |
) |
|
$ |
(21.0 |
) |
|
$ |
949.1 |
|
_____________________ |
|
(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 SEGMENT INFORMATION (UNAUDITED)
|
||||||||||||||||||||||||
|
|
Three Months Ended June 30, 2024 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial
|
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
9,231.2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,231.2 |
|
Land/lot sales and other |
|
|
10.3 |
|
|
|
— |
|
|
|
318.4 |
|
|
|
— |
|
|
|
(250.2 |
) |
|
|
78.5 |
|
Rental property sales |
|
|
— |
|
|
|
413.7 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
413.7 |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
242.3 |
|
|
|
— |
|
|
|
242.3 |
|
|
|
|
9,241.5 |
|
|
|
413.7 |
|
|
|
318.4 |
|
|
|
242.3 |
|
|
|
(250.2 |
) |
|
|
9,965.7 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
|
7,017.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(72.5 |
) |
|
|
6,944.8 |
|
Land/lot sales and other |
|
|
5.6 |
|
|
|
— |
|
|
|
246.2 |
|
|
|
— |
|
|
|
(201.1 |
) |
|
|
50.7 |
|
Rental property sales |
|
|
— |
|
|
|
319.3 |
|
|
|
— |
|
|
|
— |
|
|
|
(5.9 |
) |
|
|
313.4 |
|
Inventory and land option charges |
|
|
12.6 |
|
|
|
1.5 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
— |
|
|
|
14.8 |
|
|
|
|
7,035.5 |
|
|
|
320.8 |
|
|
|
246.9 |
|
|
|
— |
|
|
|
(279.5 |
) |
|
|
7,323.7 |
|
Selling, general and administrative expense |
|
|
656.5 |
|
|
|
55.0 |
|
|
|
29.3 |
|
|
|
178.0 |
|
|
|
4.8 |
|
|
|
923.6 |
|
Other (income) expense |
|
|
(22.7 |
) |
|
|
(26.3 |
) |
|
|
(9.4 |
) |
|
|
(27.0 |
) |
|
|
4.8 |
|
|
|
(80.6 |
) |
Income before income taxes |
|
$ |
1,572.2 |
|
|
$ |
64.2 |
|
|
$ |
51.6 |
|
|
$ |
91.3 |
|
|
$ |
19.7 |
|
|
$ |
1,799.0 |
|
|
|
Nine Months Ended June 30, 2024 |
||||||||||||||||||||||
|
|
Homebuilding |
|
Rental |
|
Forestar |
|
Financial
|
|
Eliminations
|
|
Consolidated |
||||||||||||
|
|
(In millions) |
||||||||||||||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales |
|
$ |
24,974.2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
24,974.2 |
|
Land/lot sales and other |
|
|
37.6 |
|
|
|
— |
|
|
|
958.0 |
|
|
|
— |
|
|
|
(811.7 |
) |
|
|
183.9 |
|
Rental property sales |
|
|
— |
|
|
|
980.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
980.2 |
|
Financial services |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
660.5 |
|
|
|
— |
|
|
|
660.5 |
|
|
|
|
25,011.8 |
|
|
|
980.2 |
|
|
|
958.0 |
|
|
|
660.5 |
|
|
|
(811.7 |
) |
|
|
26,798.8 |
|
Cost of sales |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home sales (2) |
|
|
19,130.8 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(195.0 |
) |
|
|
18,935.8 |
|
Land/lot sales and other |
|
|
23.0 |
|
|
|
— |
|
|
|
729.6 |
|
|
|
— |
|
|
|
(657.8 |
) |
|
|
94.8 |
|
Rental property sales |
|
|
— |
|
|
|
763.4 |
|
|
|
— |
|
|
|
— |
|
|
|
(10.7 |
) |
|
|
752.7 |
|
Inventory and land option charges |
|
|
31.2 |
|
|
|
2.2 |
|
|
|
1.0 |
|
|
|
— |
|
|
|
— |
|
|
|
34.4 |
|
|
|
|
19,185.0 |
|
|
|
765.6 |
|
|
|
730.6 |
|
|
|
— |
|
|
|
(863.5 |
) |
|
|
19,817.7 |
|
Selling, general and administrative expense |
|
|
1,874.1 |
|
|
|
163.8 |
|
|
|
86.5 |
|
|
|
500.6 |
|
|
|
14.2 |
|
|
|
2,639.2 |
|
Other (income) expense |
|
|
(73.2 |
) |
|
|
(78.0 |
) |
|
|
(20.7 |
) |
|
|
(75.4 |
) |
|
|
14.2 |
|
|
|
(233.1 |
) |
Income before income taxes |
|
$ |
4,025.9 |
|
|
$ |
128.8 |
|
|
$ |
161.6 |
|
|
$ |
235.3 |
|
|
$ |
23.4 |
|
|
$ |
4,575.0 |
|
Summary Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash provided by (used in) operating activities |
|
$ |
971.9 |
|
|
$ |
(656.8 |
) |
|
$ |
(277.6 |
) |
|
$ |
156.9 |
|
|
$ |
33.8 |
|
|
$ |
228.2 |
|
_____________________ |
|
(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 SALES, CLOSINGS AND BACKLOG HOMEBUILDING SEGMENT (Dollars in millions)
|
||||||||||||||||||||
NET SALES ORDERS |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended June 30, |
|
Nine Months Ended June 30, |
||||||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
||||
Northwest |
|
1,294 |
|
$ |
683.6 |
|
1,458 |
|
$ |
729.5 |
|
3,703 |
|
$ |
1,980.1 |
|
4,254 |
|
$ |
2,158.4 |
Southwest |
|
2,396 |
|
|
1,129.3 |
|
2,488 |
|
|
1,215.3 |
|
6,941 |
|
|
3,322.4 |
|
7,719 |
|
|
3,762.5 |
South Central |
|
6,131 |
|
|
1,868.0 |
|
5,880 |
|
|
1,917.8 |
|
16,648 |
|
|
5,152.2 |
|
17,733 |
|
|
5,759.6 |
Southeast |
|
5,475 |
|
|
1,830.1 |
|
6,089 |
|
|
2,165.1 |
|
15,077 |
|
|
5,094.2 |
|
17,875 |
|
|
6,360.1 |
East |
|
4,887 |
|
|
1,696.5 |
|
4,546 |
|
|
1,614.6 |
|
13,228 |
|
|
4,579.8 |
|
12,825 |
|
|
4,574.9 |
North |
|
2,888 |
|
|
1,214.8 |
|
2,540 |
|
|
1,073.4 |
|
7,748 |
|
|
3,305.8 |
|
7,120 |
|
|
2,952.9 |
|
|
23,071 |
|
$ |
8,422.3 |
|
23,001 |
|
$ |
8,715.7 |
|
63,345 |
|
$ |
23,434.5 |
|
67,526 |
|
$ |
25,568.4 |
HOMES CLOSED |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended June 30, |
|
Nine Months Ended June 30, |
||||||||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
||||||||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
|
Homes |
|
Value |
||||
Northwest |
|
1,270 |
|
$ |
698.8 |
|
1,427 |
|
$ |
720.7 |
|
3,549 |
|
$ |
1,892.3 |
|
4,037 |
|
$ |
2,034.3 |
Southwest |
|
2,396 |
|
|
1,166.2 |
|
2,673 |
|
|
1,313.7 |
|
6,937 |
|
|
3,369.7 |
|
7,556 |
|
|
3,647.8 |
South Central |
|
6,239 |
|
|
1,938.2 |
|
6,104 |
|
|
2,009.0 |
|
15,943 |
|
|
4,954.7 |
|
17,323 |
|
|
5,631.4 |
Southeast |
|
5,682 |
|
|
1,923.2 |
|
6,669 |
|
|
2,415.9 |
|
15,339 |
|
|
5,255.5 |
|
18,281 |
|
|
6,591.3 |
East |
|
4,835 |
|
|
1,668.3 |
|
4,748 |
|
|
1,709.0 |
|
12,507 |
|
|
4,336.5 |
|
12,389 |
|
|
4,418.1 |
North |
|
2,738 |
|
|
1,166.3 |
|
2,534 |
|
|
1,062.9 |
|
7,220 |
|
|
3,079.2 |
|
6,457 |
|
|
2,651.3 |
|
|
23,160 |
|
$ |
8,561.0 |
|
24,155 |
|
$ |
9,231.2 |
|
61,495 |
|
$ |
22,887.9 |
|
66,043 |
|
$ |
24,974.2 |
SALES ORDER BACKLOG |
||||||||||
|
|
|
|
|
|
|
|
|
||
|
|
As of June 30, |
||||||||
|
|
2025 |
|
2024 |
||||||
|
|
Homes |
|
Value |
|
Homes |
|
Value |
||
Northwest |
|
689 |
|
$ |
372.0 |
|
764 |
|
$ |
402.2 |
Southwest |
|
1,218 |
|
|
576.3 |
|
1,570 |
|
|
795.9 |
South Central |
|
3,459 |
|
|
1,091.2 |
|
4,037 |
|
|
1,354.8 |
Southeast |
|
2,833 |
|
|
974.1 |
|
4,410 |
|
|
1,642.4 |
East |
|
3,465 |
|
|
1,255.7 |
|
3,817 |
|
|
1,409.2 |
North |
|
2,411 |
|
|
1,068.8 |
|
2,194 |
|
|
949.5 |
|
|
14,075 |
|
$ |
5,338.1 |
|
16,792 |
|
$ |
6,554.0 |
D.R. HORTON, INC. AND SUBSIDIARIES LAND AND LOT POSITION AND HOMES IN INVENTORY HOMEBUILDING SEGMENT
|
|||||||||||||||||
LAND AND LOT POSITION |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
June 30, 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 |
11,100 |
|
|
17,800 |
|
|
28,900 |
|
|
13,000 |
|
|
18,600 |
|
|
31,600 |
|
Southwest |
20,300 |
|
|
30,800 |
|
|
51,100 |
|
|
22,200 |
|
|
29,200 |
|
|
51,400 |
|
South Central |
36,400 |
|
|
116,000 |
|
|
152,400 |
|
|
39,000 |
|
|
109,600 |
|
|
148,600 |
|
Southeast |
30,400 |
|
|
114,800 |
|
|
145,200 |
|
|
29,500 |
|
|
134,300 |
|
|
163,800 |
|
East |
31,500 |
|
|
116,100 |
|
|
147,600 |
|
|
32,500 |
|
|
129,300 |
|
|
161,800 |
|
North |
16,200 |
|
|
60,000 |
|
|
76,200 |
|
|
16,300 |
|
|
59,400 |
|
|
75,700 |
|
|
145,900 |
|
|
455,500 |
|
|
601,400 |
|
|
152,500 |
|
|
480,400 |
|
|
632,900 |
|
|
24 |
% |
|
76 |
% |
|
100 |
% |
|
24 |
% |
|
76 |
% |
|
100 |
% |
_____________ |
|
(1) |
Lots controlled at June 30, 2025 included approximately 42,700 lots owned or controlled by Forestar, 24,200 of which our homebuilding divisions had under contract to purchase and 18,500 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) |
||||
|
|
|
|
|
|
|
June 30, 2025 |
|
September 30, 2024 |
Northwest |
|
2,300 |
|
2,100 |
Southwest |
|
4,000 |
|
4,200 |
South Central |
|
10,500 |
|
9,000 |
Southeast |
|
8,100 |
|
9,700 |
East |
|
8,500 |
|
7,500 |
North |
|
5,000 |
|
4,900 |
|
|
38,400 |
|
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/20250722343635/en/
D.R. Horton, Inc.
Jessica Hansen, 817-390-8200
Senior Vice President - Communications
InvestorRelations@drhorton.com
Source: D.R. Horton, Inc.
