D

D.R. Horton, Inc.

DHI · CIK 0000882184

18 fiscal years · 0 SEC filings · every number carries its receipt

Revenue (FY)
$34.25B6.9%
FY2025
Net income (FY)
$3.59B24.6%
FY2025
Free cash flow (FY)
$3.28B62.2%
FY2025
Diluted EPS (FY)
$11.5719.3%
FY2025
The story, charted

The shape of the business

FY2009–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$20BFY2009 · Revenue $3.66B · Net income −$549.8M · 0000950123-11-099334 · filed 2011-11-17 · 0000950123-10-106707 · filed 2010-11-17FY09Revenue $3.66BNet income −$549.8M0000950123-11-099334 · filed 2011-11-17 · 0000950123-10-106707 · filed 2010-11-17FY2010 · Revenue $4.40B · Net income $245.1M · 0000882184-12-000065 · filed 2012-11-16 · 0000950123-10-106707 · filed 2010-11-17FY10Revenue $4.40BNet income $245.1M0000882184-12-000065 · filed 2012-11-16 · 0000950123-10-106707 · filed 2010-11-17FY2011 · Revenue $3.64B · 0000882184-13-000084 · filed 2013-11-26FY11Revenue $3.64B0000882184-13-000084 · filed 2013-11-26FY2012 · Revenue $4.35B · 0000882184-14-000097 · filed 2014-11-18FY12Revenue $4.35B0000882184-14-000097 · filed 2014-11-18FY2013 · Revenue $6.26B · 0000882184-15-000085 · filed 2015-11-19FY13Revenue $6.26B0000882184-15-000085 · filed 2015-11-19FY2014 · Revenue $8.02B · 0000882184-16-000203 · filed 2016-11-18FY14Revenue $8.02B0000882184-16-000203 · filed 2016-11-18FY2015 · Revenue $10.82B · 0000882184-17-000103 · filed 2017-11-15FY15Revenue $10.82B0000882184-17-000103 · filed 2017-11-15FY2016 · Revenue $12.16B · Net income $886.3M · 0000882184-18-000120 · filed 2018-11-16FY16Revenue $12.16BNet income $886.3M0000882184-18-000120 · filed 2018-11-16FY2017 · Revenue $14.09B · Net income $1.04B · 0000882184-19-000147 · filed 2019-11-25FY17Revenue $14.09BNet income $1.04B0000882184-19-000147 · filed 2019-11-25FY2018 · Revenue $16.07B · Net income $1.46B · 0000882184-20-000143 · filed 2020-11-20FY18Revenue $16.07BNet income $1.46B0000882184-20-000143 · filed 2020-11-20FY2019 · Revenue $17.59B · Net income $1.62B · 0000882184-21-000190 · filed 2021-11-18FY19Revenue $17.59BNet income $1.62B0000882184-21-000190 · filed 2021-11-18FY2020 · Revenue $20.31B · Net income $2.37B · 0000882184-22-000184 · filed 2022-11-18FY20Revenue $20.31BNet income $2.37B0000882184-22-000184 · filed 2022-11-18FY2021 · Revenue $27.77B · Net income $4.18B · 0000882184-23-000115 · filed 2023-11-17FY21Revenue $27.77BNet income $4.18B0000882184-23-000115 · filed 2023-11-17FY2022 · Revenue $33.48B · Net income $5.86B · 0000882184-24-000057 · filed 2024-11-19FY22Revenue $33.48BNet income $5.86B0000882184-24-000057 · filed 2024-11-19FY2023 · Revenue $35.46B · Net income $4.75B · 0000882184-25-000081 · filed 2025-11-19FY23Revenue $35.46BNet income $4.75B0000882184-25-000081 · filed 2025-11-19FY2024 · Revenue $36.80B · Net income $4.76B · 0000882184-25-000081 · filed 2025-11-19FY24Revenue $36.80BNet income $4.76B0000882184-25-000081 · filed 2025-11-19FY2025 · Revenue $34.25B · Net income $3.59B · 0000882184-25-000081 · filed 2025-11-19FY25Revenue $34.25BNet income $3.59B0000882184-25-000081 · filed 2025-11-19FY25Revenue $34.25BNet income $3.59B0000882184-25-000081 · filed 2025-11-19FY09FY11FY13FY15FY17FY19FY21FY23FY25

revenue 9.4× since FY2009 · net margin -15.0% → 10.5%

MarginsNet marginFCF margin
-20%0%20%FY2009 · Net margin -15.0% · FCF margin 31.0%FY09Net margin -15.0%FCF margin 31.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 5.6% · FCF margin 15.7%FY10Net margin 5.6%FCF margin 15.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · FCF margin 0.1%FY11FCF margin 0.1%derived: (ocf − capex) ÷ revenueFY2012 · FCF margin -7.5%FY12FCF margin -7.5%derived: (ocf − capex) ÷ revenueFY2013 · FCF margin -20.6%FY13FCF margin -20.6%derived: (ocf − capex) ÷ revenueFY2014 · FCF margin -9.5%FY14FCF margin -9.5%derived: (ocf − capex) ÷ revenueFY2015 · FCF margin 6.0%FY15FCF margin 6.0%derived: (ocf − capex) ÷ revenueFY2016 · Net margin 7.3% · FCF margin 4.5%FY16Net margin 7.3%FCF margin 4.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 7.4% · FCF margin 2.4%FY17Net margin 7.4%FCF margin 2.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 9.1% · FCF margin 3.0%FY18Net margin 9.1%FCF margin 3.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 9.2% · FCF margin 4.3%FY19Net margin 9.2%FCF margin 4.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin 11.7% · FCF margin 6.5%FY20Net margin 11.7%FCF margin 6.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 15.0% · FCF margin 1.6%FY21Net margin 15.0%FCF margin 1.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 17.5% · FCF margin 1.2%FY22Net margin 17.5%FCF margin 1.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 13.4% · FCF margin 11.7%FY23Net margin 13.4%FCF margin 11.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 12.9% · FCF margin 5.5%FY24Net margin 12.9%FCF margin 5.5%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 10.5% · FCF margin 9.6%FY25Net margin 10.5%FCF margin 9.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 10.5%FCF margin 9.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net 10.5% · free cash flow 9.6% of revenue

Cash engineOperating cash flowFree cash flow
$0$2B$4BFY2008 · OCF $1.88B · FCF $1.87B · 0000950123-10-106707 · filed 2010-11-17FY08OCF $1.88BFCF $1.87B0000950123-10-106707 · filed 2010-11-17FY2009 · OCF $1.14B · FCF $1.14B · 0000950123-11-099334 · filed 2011-11-17FY09OCF $1.14BFCF $1.14B0000950123-11-099334 · filed 2011-11-17FY2010 · OCF $709.4M · FCF $690.2M · 0000882184-12-000065 · filed 2012-11-16FY10OCF $709.4MFCF $690.2M0000882184-12-000065 · filed 2012-11-16FY2011 · OCF $18.9M · FCF $2.6M · 0000882184-13-000084 · filed 2013-11-26FY11OCF $18.9MFCF $2.6M0000882184-13-000084 · filed 2013-11-26FY2012 · OCF −$292.2M · FCF −$325.8M · 0000882184-14-000097 · filed 2014-11-18FY12OCF −$292.2MFCF −$325.8M0000882184-14-000097 · filed 2014-11-18FY2013 · OCF −$1.23B · FCF −$1.29B · 0000882184-15-000085 · filed 2015-11-19FY13OCF −$1.23BFCF −$1.29B0000882184-15-000085 · filed 2015-11-19FY2014 · OCF −$661.4M · FCF −$761.6M · 0000882184-16-000203 · filed 2016-11-18FY14OCF −$661.4MFCF −$761.6M0000882184-16-000203 · filed 2016-11-18FY2015 · OCF $700.4M · FCF $644.3M · 0000882184-17-000103 · filed 2017-11-15FY15OCF $700.4MFCF $644.3M0000882184-17-000103 · filed 2017-11-15FY2016 · OCF $623.9M · FCF $545.8M · 0000882184-18-000120 · filed 2018-11-16FY16OCF $623.9MFCF $545.8M0000882184-18-000120 · filed 2018-11-16FY2017 · OCF $440.2M · FCF $337.5M · 0000882184-19-000147 · filed 2019-11-25FY17OCF $440.2MFCF $337.5M0000882184-19-000147 · filed 2019-11-25FY2018 · OCF $545.2M · FCF $477.1M · 0000882184-20-000143 · filed 2020-11-20FY18OCF $545.2MFCF $477.1M0000882184-20-000143 · filed 2020-11-20FY2019 · OCF $892.1M · FCF $764.9M · 0000882184-21-000190 · filed 2021-11-18FY19OCF $892.1MFCF $764.9M0000882184-21-000190 · filed 2021-11-18FY2020 · OCF $1.42B · FCF $1.33B · 0000882184-22-000184 · filed 2022-11-18FY20OCF $1.42BFCF $1.33B0000882184-22-000184 · filed 2022-11-18FY2021 · OCF $534.4M · FCF $440.9M · 0000882184-23-000115 · filed 2023-11-17FY21OCF $534.4MFCF $440.9M0000882184-23-000115 · filed 2023-11-17FY2022 · OCF $561.8M · FCF $413.6M · 0000882184-24-000057 · filed 2024-11-19FY22OCF $561.8MFCF $413.6M0000882184-24-000057 · filed 2024-11-19FY2023 · OCF $4.30B · FCF $4.16B · 0000882184-25-000081 · filed 2025-11-19FY23OCF $4.30BFCF $4.16B0000882184-25-000081 · filed 2025-11-19FY2024 · OCF $2.19B · FCF $2.02B · 0000882184-25-000081 · filed 2025-11-19FY24OCF $2.19BFCF $2.02B0000882184-25-000081 · filed 2025-11-19FY2025 · OCF $3.42B · FCF $3.28B · 0000882184-25-000081 · filed 2025-11-19FY25OCF $3.42BFCF $3.28B0000882184-25-000081 · filed 2025-11-19FY25OCF $3.42BFCF $3.28B0000882184-25-000081 · filed 2025-11-19’09’13’17’21’25

FY2025: $3.42B operating cash − $137.4M capex = $3.28B free cash flow

Returns on capitalReturn on equityReturn on assets
-20%0%20%FY2009 · ROE -23.0% · ROA -8.1%FY09ROE -23.0%ROA -8.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 9.4% · ROA 4.1%FY10ROE 9.4%ROA 4.1%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 13.0% · ROA 7.7%FY16ROE 13.0%ROA 7.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 13.4% · ROA 8.5%FY17ROE 13.4%ROA 8.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 16.3% · ROA 10.3%FY18ROE 16.3%ROA 10.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 16.2% · ROA 10.4%FY19ROE 16.2%ROA 10.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE 20.0% · ROA 12.6%FY20ROE 20.0%ROA 12.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 28.1% · ROA 17.4%FY21ROE 28.1%ROA 17.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 30.2% · ROA 19.3%FY22ROE 30.2%ROA 19.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 20.9% · ROA 14.6%FY23ROE 20.9%ROA 14.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 18.8% · ROA 13.2%FY24ROE 18.8%ROA 13.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 14.8% · ROA 10.1%FY25ROE 14.8%ROA 10.1%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 14.8%ROA 10.1%derived: net income ÷ equity · derived: net income ÷ assets’16’19’22’25

return on equity -23% (FY2009) → 15% (FY2025) · on assets 10.1%

Balance sheetLiabilitiesEquity
$0$10B$20B$30BFY2009 · Liabilities $4.36B · Equity $2.39BFY09Liabilities $4.36BEquity $2.39B0000950123-10-106707 · filed 2010-11-17FY2010 · Liabilities $3.32B · Equity $2.61BFY10Liabilities $3.32BEquity $2.61B0000950123-11-099334 · filed 2011-11-17FY2011 · Liabilities $2.73B · Equity $2.62BFY11Liabilities $2.73BEquity $2.62B0000882184-12-000065 · filed 2012-11-16FY2012 · Liabilities $3.65B · Equity $3.59BFY12Liabilities $3.65BEquity $3.59B0000882184-13-000084 · filed 2013-11-26FY2013 · Liabilities $4.79B · Equity $4.06BFY13Liabilities $4.79BEquity $4.06B0000882184-14-000097 · filed 2014-11-18FY2014 · Liabilities $5.07B · Equity $5.12BFY14Liabilities $5.07BEquity $5.12B0000882184-15-000085 · filed 2015-11-19FY2015 · Liabilities $5.26B · Equity $5.89BFY15Liabilities $5.26BEquity $5.89B0000882184-16-000203 · filed 2016-11-18FY2016 · Liabilities $4.77B · Equity $6.79BFY16Liabilities $4.77BEquity $6.79B0000882184-17-000103 · filed 2017-11-15FY2017 · Liabilities $4.44B · Equity $7.75BFY17Liabilities $4.44BEquity $7.75B0000882184-18-000120 · filed 2018-11-16FY2018 · Liabilities $4.96B · Equity $8.98BFY18Liabilities $4.96BEquity $8.98B0000882184-19-000147 · filed 2019-11-25FY2019 · Liabilities $5.31B · Equity $10.02BFY19Liabilities $5.31BEquity $10.02B0000882184-20-000143 · filed 2020-11-20FY2020 · Liabilities $6.79B · Equity $11.84BFY20Liabilities $6.79BEquity $11.84B0000882184-21-000190 · filed 2021-11-18FY2021 · Liabilities $8.80B · Equity $14.89BFY21Liabilities $8.80BEquity $14.89B0000882184-22-000184 · filed 2022-11-18FY2022 · Liabilities $10.57B · Equity $19.40BFY22Liabilities $10.57BEquity $19.40B0000882184-23-000115 · filed 2023-11-17FY2023 · Liabilities $9.44B · Equity $22.70BFY23Liabilities $9.44BEquity $22.70B0000882184-24-000057 · filed 2024-11-19FY2024 · Liabilities $10.28B · Equity $25.31BFY24Liabilities $10.28BEquity $25.31B0000882184-25-000081 · filed 2025-11-19FY2025 · Liabilities $10.73B · Equity $24.19BFY25Liabilities $10.73BEquity $24.19B0000882184-25-000081 · filed 2025-11-19FY25Liabilities $10.73BEquity $24.19B0000882184-25-000081 · filed 2025-11-19’09’13’17’21’25

FY2025: $35.47B assets · $10.73B liabilities · $24.19B equity

The receipts