DHI on NYSE

D. R. Horton

Logo: D. R. Horton, Inc., Public domain, via Wikimedia Commons⁵

U.S. homebuilding company

D.R. Horton, Inc. is an American home construction company based in Arlington, Texas.³ From Wikipedia, CC BY-SA 4.0

$139.60 up 5.96 (4.46%)Price as of Oct 15, 2026 at 19:45 UTC

Last updated Oct 16, 2026.

Overview

$34.3BRevenue, fiscal 2025⁶

$3.6BNet income, fiscal 2025⁶

1978Founded¹

Compare with PulteGroup, Toll Brothers or NVR, Inc., or pick any stock.

TickerDHI on NYSE¹
Industryconstruction¹
HeadquartersFort Worth¹
Websitewww.drhorton.com
Incorporated inDE⁷
Business address1341 Horton Circle, Arlington, Tx 76011⁷
Filer categoryLarge accelerated filer⁷

See how the biggest companies compare on our leaderboards

D.R. Horton, Inc. is an American home construction company based in Arlington, Texas. Since 2002, the company has been the largest homebuilder by volume in the United States. The company ranked number 120 on the 2024 Fortune 500 list of the largest United States corporations by revenue. The company operates in 125 markets across 36 states.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

10.5%Net margin⁶

-6.9%Revenue growth, 2025⁶

14.8%Return on equity⁶

$3.3BFree cash flow⁶

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Home Building Ops brought in 92% of the revenue D. R. Horton broke down this way in fiscal 2025.

Home Building Ops$31.4B⁶92%down 7% from 2024
Rental$1.6B⁶5%down 3% from 2024
Financial Services$841.2M⁶2%down 5% from 2024
Land$336.8M⁶1%up 2% from 2024

Products and services by year

Products and services	2023	2024	2025
Home Building Ops	$31.6B	$33.9B	$31.4B
Rental	$2.6B	$1.7B	$1.6B
Financial Services	$801.5M	$882.5M	$841.2M
Land	$412.4M	$330.2M	$336.8M

Business segments

Home Building Ops brought in 88% of the revenue D. R. Horton broke down this way in fiscal 2025.

Home Building Ops$31.5B⁶88%down 7% from 2024
Forestar Group$1.7B⁶5%up 10% from 2024
Rental$1.6B⁶5%down 3% from 2024
Financial Services$841.2M⁶2%down 5% from 2024

Business segments by year

Business segments	2023	2024	2025
Home Building Ops	$31.7B	$34.0B	$31.5B
Forestar Group	$1.4B	$1.5B	$1.7B
Rental	$2.6B	$1.7B	$1.6B
Financial Services	$801.5M	$882.5M	$841.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenue

Cost of revenue76¢$26.1B
Selling, general and admin11¢$3.7B
Income tax3¢$1.1B
Profit10¢$3.6B

Out of $34.3B in revenue.⁶

Where each dollar of operating cash went, fiscal 2025

Share buybacks

Capital spending3¢$137.4M
Dividends paid10¢$494.8M
Share buybacks87¢$4.3B

Out of $3.4B of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.⁶

Financial statements

Revenue⁹¹⁰¹¹¹²¹³⁶$34.3B in 2025+113% since 2018

Net income⁹¹⁰¹¹¹²¹³⁶$3.6B in 2025+146% since 2018

Every line of the income statement in the latest annual report, as filed.⁶

Period ending	2025-09-30	2024-09-30	2023-09-30
Revenues	$34.3B	$36.8B	$35.5B
Cost of sales	$26.1B	$27.3B	$26.1B
Selling, general and administrative expense	$3.7B	$3.6B	$3.2B
Other (income) expense	-$315.7M	-$348.8M	-$213.1M
Income before income taxes	$4.7B	$6.3B	$6.3B
Income tax expense	$1.1B	$1.5B	$1.5B
Net income	$3.6B	$4.8B	$4.8B
Net income attributable to noncontrolling interests	$35.7M	$49.6M	$49.5M
Net income attributable to D.R. Horton, Inc.	$3.6B	$4.8B	$4.7B
Earnings Per Share, Basic	$11.62	$14.44	$13.93
Earnings Per Share, Diluted	$11.57	$14.34	$13.82
Weighted Average Number of Shares Outstanding, Basic	308.5M shares	329.5M shares	340.7M shares
Weighted Average Number of Shares Outstanding, Diluted	309.9M shares	331.6M shares	343.3M shares

Total assets¹⁶⁹¹⁰¹¹¹²¹³⁶$35.5B in 2025+151% since 2018

Total liabilities¹⁶⁹¹⁰¹¹¹²¹³⁶$10.7B in 2025+116% since 2018

Shareholders’ equity¹⁶⁹¹⁰¹¹¹²¹³⁶$24.2B in 2025+169% since 2018

Cash¹⁶⁹¹⁰¹¹¹²¹³⁶$3.0B in 2025+103% since 2018

Every line of the balance sheet in the latest annual report, as filed.⁶

Period ending	2025-09-30	2024-09-30	2023-09-30
Cash and cash equivalents	$3.0B	$4.5B
Restricted cash	$47.9M	$27.6M
Total cash, cash equivalents and restricted cash	$3.0B	$4.5B	$3.9B
Construction in progress and finished homes	$7.6B	$8.9B
Residential land and lots developed and under development	$14.7B	$12.9B
Land held for development	$218.3M	$160.6M
Land held for sale	$21.4M	$12.7M
Rental properties	$2.7B	$2.9B
Total inventory	$25.3B	$24.9B	$22.4B
Mortgage loans held for sale	$2.6B	$2.5B
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
Property and equipment, net	$578.9M	$531.0M
Other assets	$3.8B	$3.3B
Goodwill	$163.5M	$163.5M
Total assets	$35.5B	$36.1B
Accounts payable	$1.2B	$1.3B
Accrued expenses and other liabilities	$3.5B	$3.0B
Notes payable	$6.0B	$5.9B
Total liabilities	$10.7B	$10.3B
Preferred stock, $.10 par value, 30,000,000 shares authorized, no shares issued	$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
Additional paid-in capital	$3.6B	$3.5B
Retained earnings	$31.0B	$28.0B
Treasury stock, 109,556,290 shares and 78,820,982 shares at September 30, 2025 and 2024, respectively, at cost	-$10.4B	-$6.1B
Stockholders equity	$24.2B	$25.3B
Noncontrolling interests	$551.8M	$511.6M
Total equity	$24.7B	$25.8B	$23.1B
Total liabilities and equity	$35.5B	$36.1B
Deferred Tax Assets, Valuation Allowance	$14.6M	$14.9M
Preferred Stock, Par or Stated Value Per Share	$0.10	$0.10
Preferred Stock, Shares Authorized	30.0M shares	30.0M shares
Preferred Stock, Shares Issued	0 shares	0 shares
Common Stock, Par or Stated Value Per Share	$0.01	$0.01
Common Stock, Shares Authorized	1.0B shares	1.0B shares
Common Stock, Shares, Issued	404.0M shares	402.8M shares
Common Stock, Shares, Outstanding	294.5M shares	324.0M shares
Treasury Stock, Common, Shares	109.6M shares	78.8M shares

Cash from operations⁹¹⁰¹¹¹²¹³⁶$3.4B in 2025+527% since 2018

Capital spending⁹¹⁰¹¹¹²¹³⁶$137.4M in 2025+102% since 2018

Free cash flow⁹¹⁰¹¹¹²¹³⁶$3.3B in 2025+588% since 2018

Dividends paid⁹¹⁰¹¹¹²¹³⁶$494.8M in 2025+163% since 2018

Share buybacks⁹¹⁰¹¹¹²¹³⁶$4.3B in 2025+3273% since 2018

Every line of the cash flow in the latest annual report, as filed.⁶

Period ending	2025-09-30	2024-09-30	2023-09-30
Net income	$3.6B	$4.8B	$4.8B
Depreciation and amortization	$101.3M	$87.1M	$91.6M
Stock-based compensation expense	$131.0M	$118.1M	$111.2M
Deferred income taxes	$123.2M	$19.0M	-$45.9M
Inventory and land option charges	$158.1M	$78.8M	$80.3M
Decrease in construction in progress and finished homes	$1.2B	$141.3M	$861.8M
Increase in residential land and lots developed, under development, held for development and held for sale	-$1.9B	-$2.6B	-$1.2B
Decrease (increase) in rental properties	$195.4M	-$214.6M	-$151.8M
(Increase) decrease in other assets	-$248.2M	-$331.4M	$23.8M
(Increase) decrease in mortgage loans held for sale	-$89.0M	$42.4M	-$133.9M
Increase (decrease) in accounts payable, accrued expenses and other liabilities	$83.7M	$19.6M	-$101.8M
Net cash provided by operating activities	$3.4B	$2.2B	$4.3B
Expenditures for property and equipment	-$137.4M	-$165.3M	-$148.6M
Proceeds from sale of assets	$22.9M	$19.4M	$52.0M
Payments related to business acquisitions, net of cash acquired	-$53.1M	-$40.4M	-$212.9M
Other investing activities	-$1.1M	-$4.3M	-$700.0K
Net cash used in investing activities	-$168.7M	-$190.6M	-$310.2M
Proceeds from notes payable	$3.3B	$2.1B	$711.0M
Repayment of notes payable	-$3.1B	-$1.1B	-$1.8B
(Repayment) borrowings on mortgage repurchase facilities, net	-$125.5M	-$135.8M	$51.3M
Proceeds from stock associated with certain employee benefit plans	$18.5M	$20.6M	$25.5M
Cash paid for shares withheld for taxes	-$64.2M	-$83.9M	-$56.1M
Cash dividends paid	-$494.8M	-$395.2M	-$341.2M
Repurchases of common stock	-$4.3B	-$1.8B	-$1.2B
Net proceeds from issuance of Forestar common stock	$0	$19.7M	$0
Net other financing activities	$55.5M	-$23.7M	-$54.8M
Net cash used in financing activities	-$4.8B	-$1.4B	-$2.7B
Net (decrease) increase in cash, cash equivalents and restricted cash	-$1.5B	$643.9M	$1.3B
Income taxes paid, net	$1.0B	$1.7B	$1.4B
Notes payable issued for inventory	$5.5M	$43.4M	$54.5M
Reduction of notes payable upon deconsolidation of variable interest entity	$0	-$127.8M	$0
Stock issued under employee incentive plans	$147.6M	$174.3M	$111.4M

Compare D. R. Horton with another company

The story

Founded by Donald R. Horton in 1978.¹

The company was founded in 1978 by Donald R. Horton. Horton took the company public in 1992, and as of 2020 owned about 6% of the company. In 1997, the company acquired Continental Homes for $305 million and the assumption of $278 million in debt. The company also entered the Tucson, Arizona, market. In 1998, the company promoted Donald J. Tomnitz to vice chairman and chief executive and promoted Richard Beckwitt to president. The company also acquired Cambridge Homes.

The company completed more acquisitions throughout the years. In 1999, the company acquired Century Title Agency. In 2001, the company acquired Emerald Builders and Fortress Homes and Communities of Florida. In 2002, the company acquired Schuler Homes. The company also acquired 300 acres in McKinney, Texas.

In 2013, the company re-entered the Nashville market.

In April 2015, the company acquired Pacific Ridge Homes, based in Seattle, for $72 million. The acquisition included 350 lots, 90 homes in inventory and 40 homes in sales order backlog. Horton also acquired control of about 400 lots through option contracts.

In May 2015, the company received approval from the Honolulu City Council to begin construction on an 11,750-home planned community in West Oahu, Hawaii.

In 2016, the company acquired Wilson Parker Homes for $90 million. In 2017, the company moved its headquarters from Fort Worth, Texas, to Arlington, Texas. In 2018, the company acquired Terramor Homes, Classic Builders, and Westport Homes.

On May 17, 2024, the company announced the passing of its founder and chairman, Donald R. Horton, who suddenly died at the age of 74. Company representatives believe the cause of death was a heart attack. Following Horton's death, the board appointed the company's Executive Vice Chairman, David V. Auld, as the new executive chairman.

From Wikipedia’s article on D. R. Horton, shared under CC BY-SA 4.0.⁸

Leadership

Who has led D. R. Horton, and when. Pick a name to see everywhere that person has worked.

FounderDonald R. Horton¹

Controversies and legal

Controversies

The Supreme Court of the United States heard the appeal of a case in which the National Labor Relations Board held that the company violated the National Labor Relations Act (NLRA) by requiring its employees to sign an arbitration agreement that prohibited them from pursuing claims in a collective or class action. In 2018 the Supreme Court ruled in favor of D.R. Horton, stating that the company's actions did not violate the NLRA or the Federal Arbitration Act.