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D.R. Horton, Inc.

D.R. Horton, Inc.

NYSE•DHI
CEO: Mr. David V. Auld
Sector: Consumer Cyclical
Industry: Residential Construction
Listing Date: 1992-06-05
D.R. Horton, Inc. operates as a homebuilding company in East, North, Southeast, South Central, Southwest, and Northwest regions in the United States. It engages in the acquisition and development of land; and construction and sale of residential homes in 125 markets across 36 states under the names of D.R. Horton. The company constructs and sells single-family detached homes; and attached homes, such as townhomes, duplexes, and triplexes. It provides mortgage financing services; and title insurance policies, and examination and closing services, as well as engages in the residential lot development business. In addition, the company develops, constructs, owns, leases, and sells multi-family and single-family rental properties; and owns non-residential real estate, including ranch land and improvements. It primarily serves homebuyers. D.R. Horton, Inc. was founded in 1978 and is headquartered in Arlington, Texas.
Contact Information
1341 Horton Circle, Arlington, TX, 76011, United States
817-390-8200
www.drhorton.com
Market Cap
$44.44B
P/E (TTM)
12.3
vs Industry 12.3
Dividend Yield (TTM)
1.1%
52W High
$184.55
52W Low
$110.44
52W Range
52%
5.6
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 5.6 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q4 2025 Data

Revenue

$9.68B-3.25%
4-Quarter Trend

EPS

$3.06-22.53%
4-Quarter Trend

FCF

$0.00+0.00%
4-Quarter Trend

2025 Q3 Earnings Highlights

Release Date: Jul 23, 2025

Key Highlights

Consolidated Revenue Decline Consolidated revenues fell 8% to $24.6B for nine months; pre-tax income dropped 25% to $1.4B in Q3.
Strong Operating Cash Flow Net cash provided by operating activities surged to $949.1M for nine months, up significantly from $228.2M prior.
Home Sales Margin Compression Home sales gross margin compressed 220 basis points to 21.8% in Q3 due to rising home costs versus lower prices.
EPS Decline Moderates Diluted EPS decreased 18% to $3.36 for the quarter, showing less severe decline than net income drop.

Risk Factors

Home Sales Volume Down Homes closed fell 7% (9M) to 61,495 units; net sales orders value decreased 8% to $23.4B.
Inventory Levels Rising Total homebuilding inventories increased to $21.1B as of June 30, 2025, compared to $20.0B previously.
Elevated Sales Incentives Q3 gross margin fell to 21.8% as management increased sales incentives to support softening demand and affordability.
Legal Claims Reserves High Legal claims reserves stand at $1.0B, primarily related to construction defects, requiring ongoing management and estimation risk.

Outlook

Inventory Management Focus Strategy emphasizes managing pricing, incentives, and sales pace to optimize inventory returns amid uncertain market conditions.
Land Control Strategy Maintained Maintaining 76% of lots controlled via purchase contracts; prioritizing finished lots from Forestar when possible.
Capital Return Authorization Board authorized $5.0B common stock repurchase; $4.0B remaining authorization as of June 30, 2025.
Liquidity Position Sufficient Existing cash and credit facilities provide sufficient liquidity for near-term working capital needs and foreseeable future operations.

Peer Comparison

Revenue (TTM)

Ford Motor CompanyF
$189.59B
+2.7%
Ford Motor CompanyF
$189.59B
+3.7%
JD.com, Inc.JD
$175.33B
+14.5%

Gross Margin (Latest Quarter)

Trip.com Group LimitedTCOM
81.0%
-0.9 pp
eBay Inc.EBAY
70.9%
-0.9 pp
eBay Inc.EBAY
70.9%
-0.9 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
ROST$51.71B25.037.4%35.0%
F$51.39B11.110.3%54.6%
F$51.39B11.110.3%54.6%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4-Quarter Revenue CAGR
+8.3%
Steady Growth
4-Quarter Net Income CAGR
+2.3%
Slow Improvement in Profitability
Cash Flow Stability
50%
Cash Flow Requires Attention

Research & Insights

Reports
All Years

  • Form 10-Q - Q3 2025

    Period End: Jun 30, 2025|Filed: Jul 23, 2025|
    Revenue: $9.23B-7.4%
    |
    EPS: $3.34-18.9%
    Beat

  • Form 10-Q - Q2 2025

    Period End: Mar 31, 2025|Filed: Apr 23, 2025|
    Revenue: $7.73B-15.1%
    |
    EPS: $2.59-26.8%
    Miss

  • Form 10-Q - Q1 2025

    Period End: Dec 31, 2024|Filed: Jan 23, 2025|
    Revenue: $7.61B-1.5%
    |
    EPS: $2.63-7.4%
    Beat

  • Form 10-K - FY 2024

    Period End: Sep 30, 2024|Filed: Nov 19, 2024|
    Revenue: $36.80B+3.8%
    |
    EPS: $14.44+3.7%
    Beat

  • Form 10-Q - Q3 2024

    Period End: Jun 30, 2024|Filed: Jul 23, 2024|
    Revenue: $9.97B+2.5%
    |
    EPS: $4.12+4.8%
    Beat

  • Form 10-Q - Q2 2024

    Period End: Mar 31, 2024|Filed: Apr 23, 2024|
    Revenue: $9.11B+14.2%
    |
    EPS: $3.54+28.7%
    Beat

  • Form 10-Q - Q1 2024

    Period End: Dec 31, 2023|Filed: Jan 24, 2024|
    Revenue: $7.73B+6.5%
    |
    EPS: $2.84+1.8%
    Meet

  • Form 10-K - FY 2023

    Period End: Sep 30, 2023|Filed: Nov 17, 2023|
    Revenue: $35.46B+5.9%
    |
    EPS: $13.93-16.3%
    Miss