Saturday 31 October 2026 Export DHI’s income statement to Excel — free account

D.R. Horton, Inc.

DHI Consumer Cyclical Residential Construction

D.R. Horton, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $34.3 billion, down 6.93% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 4.75%, free cash flow fell 44.1% and total debt fell 1.88%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years.

146.00 0.53 −0.36%

Follow DHI

Alert me

Market cap: $41.0B
P/E: 13.9×
Fwd P/E: 14.1×
Dividend yield: 1.23%
F-score: 4/9
Altman Z: 6.41
Beneish M: n/a
Dividend safety: 92/100

Overview Business Profile Earnings & Analysis Segments Filings

D.R. Horton, Inc. (DHI) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by products and services, and margins
HomeBuildingOps	31,432	91.77%
Rental	1,640	4.79%
Financial Services	841	2.46%
Land	337	0.98%
Gross margin		23.70%
Operating margin		12.92%
Pre-tax margin		13.84%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
HomeBuildingOps	31,432 91.77%	33,904 92.13%	31,641 89.23%	31,862 95.17%	26,503 95.42%	19,561 96.31%	16,925 96.20%	15,502 96.48%	13,653 96.89%
Rental	1,640 4.79%	1,685 4.58%	2,606 7.35%	510 1.52%	236 0.85%	0 0.00%	0 0.00%	—	—
Financial Services	841 2.46%	883 2.40%	802 2.26%	795 2.37%	824 2.97%	585 2.88%	442 2.51%	375 2.34%	350 2.48%
Land	337 0.98%	330 0.90%	412 1.16%	313 0.94%	212 0.76%	165 0.81%	226 1.29%	191 1.19%	88 0.63%
Revenue	34,250	36,801	35,460	33,480	27,774	20,311	17,593	16,068	14,091

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
HomeBuildingOps	‡	‡	‡	‡	‡	‡	‡	‡	‡
Rental	‡	‡	‡	‡	‡	‡	‡	‡	‡
Land	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
HomeBuildingOps	31,516 92.01%	33,962 92.28%	31,743 89.52%	31,923 95.35%	26,578 95.69%	19,642 96.70%	17,017 96.73%	15,624 97.24%	13,742 97.52%	11,862 97.57%
Forestar Group	1,662 4.85%	1,509 4.10%	1,437 4.05%	1,519 4.54%	1,326 4.77%	932 4.59%	428 2.43%	109 0.68%	—	—
Rental	1,640 4.79%	1,685 4.58%	2,606 7.35%	510 1.52%	268 0.96%	129 0.63%	133 0.76%	—	—	—
Financial Services	841 2.46%	883 2.40%	802 2.26%	795 2.37%	824 2.97%	585 2.88%	442 2.51%	375 2.34%	350 2.48%	296 2.43%
Eliminations and Other	(1,409) (4.11%)	(1,237) (3.36%)	(1,127) (3.18%)	(1,267) (3.79%)	(1,221) (4.39%)	—	—	—	—	—
Other Segments	—	—	—	—	—	—	—	0 0.00%	0 0.00%	0 0.00%
Eliminations	—	—	—	—	—	(976) (4.80%)	(427) (2.43%)	—	—	—
Revenue	34,250	36,801	35,460	33,480	27,774	20,311	17,593	16,068	14,091	12,157

Gross profit by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
HomeBuildingOps	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Rental	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Forestar Group	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Financial Services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Eliminations and Other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other Segments	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Cancellation rate	Q4 FY2026	23.0%	20.0%	—
Completed unsold homes	Q4 FY2026	8.8K	9.3K	−5.38%
Completed unsold homes for greater than six months	Q4 FY2026	600.00	800.00	−25.00%
Forestar lots sold	Q4 FY2026	5.0K	4.9K	+2.31%
Homebuilding land and lot portfolio	Q4 FY2026	570.6K	591.9K	−3.60%
Homes closed	Q4 FY2026	22.9K	23.4K	−1.94%
Homes closed on lots developed by Forestar or third parties	Q1 FY2026	67.0%	65.0%	—
Homes in inventory	Q4 FY2026	28.2K	29.6K	−4.73%
Land/lots owned	Q4 FY2026	130.5K	—	—
Lots controlled through land and lot purchase contracts	Q4 FY2026	440.1K	—	—
Lots controlled through land and lot purchase contracts	Q4 FY2026	77.0%	—	—
Multi-family rental units sold	Q4 FY2026	2.2K	1.8K	+20.22%
Net sales orders	Q4 FY2026	18.6K	20.1K	−7.27%
Net sales orders value	Q4 FY2026	$6.6B	$7.3B	−9.05%
Owned lots	Q4 FY2026	23.0%	—	—
Sales order backlog	Q4 FY2026	11.7K	10.8K	+8.61%
Sales order backlog value	Q4 FY2026	$4.5B	—	—
Single-family rental homes sold	Q4 FY2026	509.00	1.6K	−67.48%
Unsold homes	Q4 FY2026	17.7K	19.6K	−9.69%

	Q4 FY2026	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023
Cancellation rate	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Completed unsold homes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Completed unsold homes for greater than six months	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Forestar lots sold	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Homebuilding land and lot portfolio	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Homes closed	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Homes closed on lots developed by Forestar or third parties	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Homes in inventory	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Land/lots owned	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Lots controlled through land and lot purchase contracts	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Lots controlled through land and lot purchase contracts	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Multi-family rental units sold	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Net sales orders	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Net sales orders value	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Owned lots	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Sales order backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Sales order backlog value	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Single-family rental homes sold	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Unsold homes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.