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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 126 markets across 36 states under the names of D.R. Horton. The company also constructs and sells single-family detached homes; and attached homes, such as townhomes and duplexes. In addition, it provides mortgage financing and title agency services; and engages in the residential lot development business. Further, the company develops, constructs, owns, leases, and sells multi-family and single-family rental properties; conducts insurance-related operations; and owns water rights and other water-related assets, as well as 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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $34.3B | $4.5B | $3.6B | $3.3B | 14.8% | -6.9% | -24.6% |
| 2024 | $36.8B | $6.0B | $4.8B | $2.0B | 18.8% | 3.8% | 0.2% |
| 2023 | $35.5B | $6.2B | $4.7B | $4.2B | 20.9% | 5.9% | -19.0% |
| 2022 | $33.5B | $7.7B | $5.9B | $414M | 30.2% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 33,480 | 35,460.40 | 36,801.40 | 34,250.40 |
| Operating Revenue | - | 33,480 | 35,460.40 | 36,801.40 | 34,250.40 |
| Cost Of Revenue | - | 22,975.90 | 26,110 | 27,266 | 26,134.20 |
| Gross Profit | - | 10,504.10 | 9,350.40 | 9,535.40 | 8,116.20 |
| Operating Expense | - | 2,933.70 | 3,248.80 | 3,599.50 | 3,692 |
| Selling General And Administration | - | 2,933.70 | 3,248.80 | 3,599.50 | 3,692 |
| Total Expenses | - | 25,909.60 | 29,358.80 | 30,865.50 | 29,826.20 |
| Operating Income | - | 7,570.40 | 6,101.60 | 5,935.90 | 4,424.20 |
| EBITDA | - | 7,651.80 | 6,193.20 | 6,023 | 4,525.50 |
| Normalized EBITDA | - | 7,651.80 | 6,193.20 | 6,023 | 4,525.50 |
| EBIT | - | 7,570.40 | 6,101.60 | 5,935.90 | 4,424.20 |
| Other Non Operating Income Expenses | - | 59.30 | 213.10 | 348.80 | 315.70 |
| Other Income Expense | - | 59.30 | 213.10 | 348.80 | 315.70 |
| Pretax Income | - | 7,629.70 | 6,314.70 | 6,284.70 | 4,739.90 |
| Tax Provision | - | 1,734.10 | 1,519.50 | 1,478.70 | 1,119 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 5,895.60 | 4,795.20 | 4,806 | 3,620.90 |
| Net Income From Continuing And Discontinued Operation | - | 5,857.50 | 4,745.70 | 4,756.40 | 3,585.20 |
| Net Income From Continuing Operation Net Minority Interest | - | 5,857.50 | 4,745.70 | 4,756.40 | 3,585.20 |
| Net Income | - | 5,857.50 | 4,745.70 | 4,756.40 | 3,585.20 |
| Net Income Common Stockholders | - | 5,857.50 | 4,745.70 | 4,756.40 | 3,585.20 |
| Net Income Including Noncontrolling Interests | - | 5,895.60 | 4,795.20 | 4,806 | 3,620.90 |
| Normalized Income | - | 5,857.50 | 4,745.70 | 4,756.40 | 3,585.20 |
| Diluted NI Availto Com Stockholders | - | 5,857.50 | 4,745.70 | 4,756.40 | 3,585.20 |
| Basic Average Shares | - | 351.70 | 340.70 | 329.50 | 308.50 |
| Diluted Average Shares | - | 354.80 | 343.30 | 331.60 | 309.90 |
| Reconciled Depreciation | - | 81.40 | 91.60 | 87.10 | 101.30 |
| Reconciled Cost Of Revenue | - | 22,975.90 | 26,110 | 27,266 | 26,134.20 |
| Total Unusual Items | -4.10 | 0 | 0 | - | - |
| Total Unusual Items Excluding Goodwill | -4.10 | 0 | 0 | - | - |
| Minority Interests | - | -38.10 | -49.50 | -49.60 | -35.70 |
| Special Income Charges | -4.10 | 0 | 0 | - | - |
| Other Special Charges | 18.10 | - | - | - | - |
| Gain On Sale Of Ppe | 14 | 0 | 0 | - | - |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| D.R. Horton, Inc.this co. | DHI | $41.5B | 11.58↓ discount | 1.72 | 14.8% | 9.85 |
| AutoZone, Inc. | AZO | $50.4B | 20.19 | -14.78 | -73.2% | 14.75 |
| eBay Inc. | EBAY | $48.5B | 23.86 | 10.50 | 44.0% | 17.81 |
| Yum! Brands, Inc. | YUM | $40.8B | 26.18 | -5.57 | -21.3% | 19.14 |
| Carnival Corporation & plc | CCL | $38.6B | 13.98 |
| - |
| - |
| - |
| - |
| - |
| 3.14 |
| 22.5% |
| 9.35 |
| Chipotle Mexican Grill, Inc. | CMG | $36.1B | 23.54 | 12.77 | 54.3% | 17.22 |
| Las Vegas Sands Corp. | LVS | $33.6B | 20.66 | 21.14 | 102.3% | 10.13 |
| Tapestry, Inc. | TPR | $28.4B | 154.92 | 33.09 | 21.4% | 59.20 |
| Casey's General Stores, Inc. | CASY | $28.2B | 51.65 | 8.05 | 15.6% | 25.72 |
| Peer Median | - | 23.70 | 9.27 | 21.9% | 17.51 | |