DHI HORTON D R INC /DE/

Overview and Growth

In fiscal 2025, HORTON D R INC /DE/ recorded $34.25B of revenue, net income of $3.59B, and an operating cash inflow of $3.42B. The $34.25B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 6.9% below fiscal 2024 revenue of $36.80B, marking a top-line contraction. The company reported diluted EPS of $11.57, adding a shareholder-level measure to the absolute income figures considered below. Against diluted EPS of $14.34 in fiscal 2024, the current result was 19.3% lower. The diluted weighted-average share count was 309.90M, linking total earnings with the per-share result received by shareholders. At period end, total assets were $35.47B, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.97x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

After reported cost of revenue, the company retained $8.12B as gross profit before recognizing operating expenses and other items. Gross margin was 23.7%, so that share of each revenue unit remained after the cost of revenue reported for the period. After all reported below-operating-line items, the company recorded net income of $3.59B for the fiscal year. Net margin was 10.5%, meaning that this portion of revenue remained as net income after all recognized expenses. Pretax income was $4.74B, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. The pretax margin was 13.8%, relating income before taxes directly to revenue. The reported income-tax provision was $1.12B, the amount recognized between pretax income and the final net-income result. The effective relationship between income tax and positive pretax income was 23.6%, without assuming a statutory-rate comparison. The relationship between net income and period-end equity was 14.5%, indicating the profitability achieved on book capital. Net income represented 10.1% of period-end assets, placing the company’s bottom-line result against the total resource base employed. The company moved from fiscal 2024 net income of $4.76B to $3.59B, with the current outcome ending below that comparison.

Liquidity and Capital Structure

Total assets were $35.47B, supported by $10.73B of liabilities and $24.74B of shareholder equity. Reported cash and equivalents were $2.99B, separating immediately recognizable cash resources from the rest of the current-asset base. The equity-to-assets relationship was 69.8%, placing book capital against the total resource base. Liabilities represented 30.2% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 8.4%, comparing reported cash and equivalents with the full positive asset balance. Compared with $36.10B in fiscal 2024, the current asset base moved 1.8% and finished lower. Book equity was 4.2% lower than fiscal 2024 equity of $25.82B, showing how shareholder capital changed year over year. The reported cash balance changed 33.9% from $4.52B in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

Cash flow from operations was $3.42B, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 0.95x, showing the relationship between accrual earnings and operating cash. Capital spending was $137.40M, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 4.0% of operating cash flow, leaving the remainder available as free cash flow. The combination of operating cash flow and capital spending produced $3.28B of positive free cash flow for the period. Free cash flow represented 9.6% of revenue, linking post-investment cash generation with the company’s operating scale. Free cash flow equaled 9.3% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Sep 30, 2025. Analysis generated Oct 21, 2026.