D.R. Horton Inc. (DHI) financial statements: income statement, balance sheet and cash flow

D.R. Horton Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Sep 30, 2025 · FY), D.R. Horton Inc. reported revenue of $34.3B (-6.9% year on year) and net income of $3.6B (-24.7% year on year).

Income statement

D.R. Horton Inc. income statement, fiscal years

Line item	Sep 30, 2025 · FY	Sep 30, 2024 · FY	Sep 30, 2023 · FY	Sep 30, 2022 · FY
Revenues	$34.3B	$36.8B	$35.5B	$33.5B
Cost of sales	$26.1B	$27.3B	$26.1B	$23.0B
Selling, general and administrative expense	$3.7B	$3.6B	$3.2B	$2.9B
Other (income) expense	($315.7M)	($348.8M)	($213.1M)	($59.3M)
Income before income taxes	$4.7B	$6.3B	$6.3B	$7.6B
Income tax expense	$1.1B	$1.5B	$1.5B	$1.7B
Net income	$3.6B	$4.8B	$4.8B	$5.9B
Net income attributable to noncontrolling interests	$35.7M	$49.6M	$49.5M	$38.1M
Net income attributable to D.R. Horton, Inc.	$3.6B	$4.8B	$4.7B	$5.9B
Earnings Per Share, Basic	$11.62	$14.44	$13.93	$16.65
Earnings Per Share, Diluted	$11.57	$14.34	$13.82	$16.51
Weighted Average Number of Shares Outstanding, Basic	308.5M	329.5M	340.7M	351.7M
Weighted Average Number of Shares Outstanding, Diluted	309.9M	331.6M	343.3M	354.8M

D.R. Horton Inc. income statement, quarters

Line item	Jun 30, 2026 · Q3	Mar 31, 2026 · Q2	Dec 31, 2025 · Q1	Jun 30, 2025 · Q3
Revenues	$9.2B	$7.6B	$6.9B	$9.2B
Cost of sales	$7.1B	$5.9B	$5.3B	$7.0B
Selling, general and administrative expense	$991.2M	$903.3M	$865.1M	$944.3M
Other (income) expense	($71.2M)	($67.4M)	($68.5M)	($93.2M)
Income before income taxes	$1.2B	$867.4M	$798.1M	$1.4B
Income tax expense	$307.5M	$209.4M	$196.7M	$325.0M
Net income	$918.7M	$658.0M	$601.4M	$1.0B
Net income attributable to noncontrolling interests	$13.8M	$10.1M	$6.6M	$8.5M
Net income attributable to D.R. Horton, Inc.	$904.9M	$647.9M	$594.8M	$1.0B
Basic net income per common share attributable to D.R. Horton, Inc. (in dollars per share)	$3.21	$2.25	$2.03	$3.37
Diluted net income per common share attributable to D.R. Horton, Inc. (in dollars per share)	$3.20	$2.24	$2.03	$3.36
Weighted average number of common shares	282.2M	287.9M	292.3M	304.1M
Adjusted weighted average number of common shares	283.0M	289.0M	293.3M	304.9M

Balance sheet

D.R. Horton Inc. balance sheet, fiscal years

Line item	Sep 30, 2025 · FY	Sep 30, 2024 · FY	Sep 30, 2023 · FY	Sep 30, 2022 · FY
Cash and cash equivalents	$3.0B	$4.5B	$3.9B	$2.5B
Restricted cash	$47.9M	$27.6M	$26.5M	$32.4M
Total cash, cash equivalents and restricted cash	$3.0B	$4.5B	$3.9B	$2.6B
Construction in progress and finished homes	$7.6B	$8.9B	$9.0B	$9.8B
Residential land and lots — developed and under development	$14.7B	$12.9B	$10.6B	$9.2B
Land held for development	$218.3M	$160.6M	$50.0M	$110.8M
Land held for sale	$21.4M	$12.7M	$8.7M	$29.4M
Rental properties	$2.7B	$2.9B	$2.7B	$2.5B
Total inventory	$25.3B	$24.9B	$22.4B	$21.7B
Mortgage loans held for sale	$2.6B	$2.5B	$2.5B	$2.4B
Deferred income taxes, net of valuation allowance of $14.6 million and $14.9 million at September 30, 2025 and 2024, respectively	$44.5M	$167.5M	$187.2M	$141.1M
Property and equipment, net	$578.9M	$531.0M	$445.4M	$471.6M
Other assets	$3.8B	$3.3B	$3.0B	$3.0B
Goodwill	$163.5M	$163.5M	$163.5M	$163.5M
Total assets	$35.5B	$36.1B	$32.6B	$30.4B
Accounts payable	$1.2B	$1.3B	$1.2B	$1.4B
Accrued expenses and other liabilities	$3.5B	$3.0B	$3.1B	$3.1B
Notes payable	$6.0B	$5.9B	$5.1B	$6.1B
Total liabilities	$10.7B	$10.3B	$9.4B	$10.6B
Preferred stock, $.10 par value, 30,000,000 shares authorized, no shares issued	0	0	0	0
Common stock, $.01 par value, 1,000,000,000 shares authorized, 404,031,443 shares issued and 294,475,153 shares outstanding at September 30, 2025 and 402,848,342 shares issued and 324,027,360 shares outstanding at September 30, 2024	4.0M	4.0M	4.0M	4.0M
Additional paid-in capital	$3.6B	$3.5B	$3.4B	$3.3B
Retained earnings	$31.0B	$28.0B	$23.6B	$19.2B
Treasury stock, 109,556,290 shares and 78,820,982 shares at September 30, 2025 and 2024, respectively, at cost	-10.4B	-6.1B	-4.3B	-3.1B
Stockholders’ equity	$24.2B	$25.3B	$22.7B	$19.4B
Noncontrolling interests	$551.8M	$511.6M	$441.7M	$389.3M
Total equity	$24.7B	$25.8B	$23.1B	$19.8B
Total liabilities and equity	$35.5B	$36.1B	$32.6B	$30.4B

D.R. Horton Inc. balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Jun 30, 2025
Cash and cash equivalents	$2.1B	$1.9B	$2.5B	$2.6B
Restricted cash	$56.2M	$56.3M	$46.7M	$50.9M
Total cash, cash equivalents and restricted cash	$2.1B	$2.0B	$2.6B	$2.7B
Construction in progress and finished homes	$9.1B	$8.6B	$7.3B	$9.0B
Residential land and lots — developed and under development	$14.3B	$14.5B	$15.2B	$14.3B
Land held for development	$206.6M	$195.6M	$212.0M	$286.9M
Land held for sale	$31.7M	$39.1M	$26.4M	$29.8M
Rental properties	$3.0B	$3.0B	$2.9B	$3.1B
Total inventory	$26.7B	$26.3B	$25.6B	$26.7B
Mortgage loans held for sale	$3.0B	$2.7B	$1.9B	$2.8B
Deferred tax asset, net	$0	$0	$25.0M	$66.5M
Property and equipment, net	$607.5M	$593.1M	$582.0M	$559.7M
Other assets	$3.9B	$3.9B	$3.8B	$3.4B
Goodwill	$163.5M	$163.5M	$163.5M	$163.5M
Total assets	$36.5B	$35.6B	$34.6B	$36.4B
Accounts payable	$1.4B	$1.3B	$1.0B	$1.4B
Deferred tax liability, net	$43.4M	$8.4M	—	—
Accrued expenses and other liabilities	$3.6B	$3.5B	$3.5B	$3.2B
Notes payable	$7.1B	$6.6B	$5.5B	$7.2B
Total liabilities	$12.1B	$11.4B	$10.1B	$11.8B
Preferred stock, $.10 par value, 30,000,000 shares authorized, no shares issued	0	0	0	0
Common stock, $.01 par value, 1,000,000,000 shares authorized, 404,898,495 shares issued and 280,730,194 shares outstanding at June 30, 2026 and 404,031,443 shares issued and 294,475,153 shares outstanding at September 30, 2025	4.0M	4.0M	4.0M	4.0M
Additional paid-in capital	$3.6B	$3.6B	$3.6B	$3.5B
Retained earnings	$32.8B	$32.0B	$31.5B	$30.3B
Treasury stock, 124,168,301 shares and 109,556,290 shares at June 30, 2026 and September 30, 2025, respectively, at cost	-12.6B	-12.0B	-11.1B	-9.7B
Stockholders’ equity	$23.8B	$23.6B	$24.0B	$24.1B
Noncontrolling interests	$587.0M	$573.2M	$559.9M	$540.1M
Total equity	$24.4B	$24.2B	$24.6B	$24.6B
Total liabilities and equity	$36.5B	$35.6B	$34.6B	$36.4B

Cash flow statement

D.R. Horton Inc. cash flow statement, fiscal years

Line item	Sep 30, 2025 · FY	Sep 30, 2024 · FY	Sep 30, 2023 · FY	Sep 30, 2022 · FY
Net income	$3.6B	$4.8B	$4.8B	$5.9B
Depreciation and amortization	$101.3M	$87.1M	$91.6M	$81.4M
Stock-based compensation expense	$131.0M	$118.1M	$111.2M	$105.1M
Deferred income taxes	$123.2M	$19.0M	($45.9M)	$29.1M
Inventory and land option charges	$158.1M	$78.8M	$80.3M	$70.4M
Decrease in construction in progress and finished homes	$1.2B	$141.3M	$861.8M	($2.1B)
Increase in residential land and lots — developed, under development, held for development and held for sale	($1.9B)	($2.6B)	($1.2B)	($1.4B)
Decrease (increase) in rental properties	$195.4M	($214.6M)	($151.8M)	($1.7B)
(Increase) decrease in other assets	($248.2M)	($331.4M)	$23.8M	($1.1B)
(Increase) decrease in mortgage loans held for sale	($89.0M)	$42.4M	($133.9M)	($358.8M)
Increase (decrease) in accounts payable, accrued expenses and other liabilities	$83.7M	$19.6M	($101.8M)	$1.0B
Net cash provided by operating activities	$3.4B	$2.2B	$4.3B	$561.8M
Expenditures for property and equipment	($137.4M)	($165.3M)	($148.6M)	($148.2M)
Proceeds from sale of assets	$22.9M	$19.4M	$52.0M	$0
Payments related to business acquisitions, net of cash acquired	($53.1M)	($40.4M)	($212.9M)	($271.5M)
Other investing activities	($1.1M)	($4.3M)	($700.0K)	$4.8M
Net cash used in investing activities	($168.7M)	($190.6M)	($310.2M)	($414.9M)
Proceeds from notes payable	$3.3B	$2.1B	$711.0M	$4.3B
Repayment of notes payable	($3.1B)	($1.1B)	($1.8B)	($3.8B)
(Repayment) borrowings on mortgage repurchase facilities, net	($125.5M)	($135.8M)	$51.3M	$123.7M
Proceeds from stock associated with certain employee benefit plans	18.5M	20.6M	25.5M	33.2M
Cash paid for shares withheld for taxes	-64.2M	-83.9M	-56.1M	-62.0M
Cash dividends paid	($494.8M)	($395.2M)	($341.2M)	($316.5M)
Repurchases of common stock	($4.3B)	($1.8B)	($1.2B)	($1.1B)
Net proceeds from issuance of Forestar common stock	$0	$19.7M	$0	$1.7M
Net other financing activities	$55.5M	($23.7M)	($54.8M)	$91.4M
Net cash used in financing activities	($4.8B)	($1.4B)	($2.7B)	($811.2M)
Net (decrease) increase in cash, cash equivalents and restricted cash	($1.5B)	$643.9M	$1.3B	($664.3M)
Total cash, cash equivalents and restricted cash	$3.0B	$4.5B	$3.9B	$2.6B
Income taxes paid, net	$1.0B	$1.7B	$1.4B	$1.7B
Notes payable issued for inventory	$5.5M	$43.4M	$54.5M	$64.3M
Reduction of notes payable upon deconsolidation of variable interest entity	$0	($127.8M)	—	—
Stock issued under employee incentive plans	$147.6M	$174.3M	$111.4M	$130.9M

D.R. Horton Inc. cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · YTD	Dec 31, 2025 · Q1	Jun 30, 2025 · YTD
Net income	$2.2B	$1.3B	$601.4M	$2.7B
Depreciation and amortization	$84.8M	$55.8M	$27.7M	$73.9M
Stock-based compensation expense	$107.5M	$76.0M	$41.4M	$101.1M
Deferred income taxes	$88.0M	$53.1M	$19.5M	$101.2M
Inventory and land option charges	$65.2M	$43.4M	$11.2M	$100.8M
Increase in construction in progress and finished homes	($1.4B)	($884.3M)	$398.8M	($146.1M)
Decrease (increase) in residential land and lots – developed, under development, held for development and held for sale	$372.3M	$194.9M	($489.1M)	($1.5B)
Increase in rental properties	($342.9M)	($297.5M)	($180.6M)	($230.8M)
Increase in other assets	($108.8M)	($26.2M)	$20.1M	($136.5M)
Increase in mortgage loans held for sale	($424.1M)	($114.3M)	$657.7M	($290.2M)
Increase in accounts payable, accrued expenses and other liabilities	$277.9M	$81.2M	($254.1M)	$152.7M
Net cash provided by operating activities	$880.8M	$441.5M	$854.0M	$949.1M
Expenditures for property and equipment	($106.6M)	($64.6M)	($27.4M)	($93.6M)
Proceeds from sale of assets	$0	—	—	$18.4M
Payments related to business acquisitions, net of cash acquired	($87.9M)	($87.9M)	($82.1M)	($53.1M)
Other investing activities	($19.0M)	($7.9M)	($6.7M)	$4.8M
Net cash used in investing activities	($213.5M)	($160.4M)	($116.2M)	($123.5M)
Proceeds from notes payable	$3.5B	$1.4B	$305.0M	$3.0B
Repayment of notes payable	($2.8B)	($891.8M)	($154.9M)	($1.9B)
Borrowings on mortgage repurchase facilities, net	$404.9M	$69.9M	($579.3M)	$170.4M
Proceeds from stock associated with certain employee benefit plans	8.9M	8.9M	—	8.5M
Cash paid for shares withheld for taxes	-55.2M	-54.4M	-29.7M	-64.2M
Cash dividends paid	($388.3M)	($261.2M)	($131.5M)	($376.4M)
Repurchases of common stock	($2.2B)	($1.6B)	($649.2M)	($3.6B)
Net other financing activities	($31.7M)	($6.8M)	$21.5M	$12.4M
Net cash used in financing activities	($1.6B)	($1.3B)	($1.2B)	($2.7B)
Net decrease in cash, cash equivalents and restricted cash	($898.4M)	($1.1B)	($480.3M)	($1.9B)
Cash, cash equivalents and restricted cash at beginning of period	$3.0B	$3.0B	$3.0B	$4.5B
Cash, cash equivalents and restricted cash at end of period	$2.1B	$2.0B	$2.6B	$2.7B
Notes payable issued for inventory	$0	—	—	$5.5M
Stock issued under employee incentive plans	$114.0M	$111.1M	$64.3M	$147.2M
Repurchases of common stock not settled	$0	—	$14.5M	$23.2M

D.R. Horton Inc. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.