Company file · DHI
D. R. Horton
Forestar Group was D. R. Horton's fastest-growing segment in FY2025, up 10.1%
Revenue fell 6.9% to $34.3B in FY2025, from $36.8B in FY2024. Net income fell 24.6% to $3.6B. HomeBuildingOps was the largest segment, at 88% of the segment total.
Key facts
D. R. Horton (NYSE: DHI) reported revenue of $34.3B for fiscal 2025, the year ended Sep 30, 2025, down 6.9% from fiscal 2024. Net income was $3.6B, down 24.6%. In its latest 10-Q, for the quarter ended Jun 30, 2026, revenue was $9.2B, roughly unchanged from the same quarter a year earlier, and net income was $905M. The largest piece by segment was HomeBuildingOps, at 88% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Nov 19, 2025) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 23, 2026).
Source: 10-K FY2025, filed Nov 19, 2025
Source: 10-Q filed Jan 22, 2026 · 10-Q filed Apr 23, 2026 · 10-Q filed Jul 23, 2026
How it makes money
By segment, FY2025
- LineAmountSharevs FY2024
- HomeBuildingOps$31.5B88%−7.2%
- Forestar Group$1.7B5%+10.1%
- Rental$1.6B5%−2.7%
- Financial Services$841M2%−4.7%
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: HomeBuildingOps (88%), Forestar Group (5%), Rental (5%) and Financial Services (2%), as shares of the segment total. Total revenue was $34.3B.
Source: 10-K FY2025
By product or service, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 FY2026 (Apr to Jun 2026) compared with Q3 FY2025 (Apr to Jun 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 FY2026Q3 FY2025
Company
Source: D. R. Horton 10-Q for the quarter ended Jun 30, 2026, filed Jul 23, 2026
By segment
Source: D. R. Horton 10-Q for the quarter ended Jun 30, 2026, filed Jul 23, 2026
The bull case and the bear case
The bull case
- Operating cash flow rose 56.2% in FY2025 to $3.4B. 10-K, FY2025
- Diluted shares fell 6.5% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
- Revenue in the quarter ended Jun 30, 2026 was $9.2B, up 0.0% on a year earlier. 10-Q, quarter ended Jun 30, 2026
- Forestar Group revenue grew 10.1% in FY2025 to $1.7B. 10-K, FY2025
The bear case
- Revenue fell 6.9% in FY2025 to $34.3B, from $36.8B a year earlier. 10-K, FY2025
- Net income fell 24.6% in FY2025 to $3.6B, from $4.8B. 10-K, FY2025
- Net income in the quarter ended Jun 30, 2026 was $905M, down 11.7% on a year earlier. 10-Q, quarter ended Jun 30, 2026
- HomeBuildingOps revenue fell 7.2% in FY2025 to $31.5B. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
D. R. Horton is in the homebuilding industry, part of the consumer discretionary sector. The SEC files it under Operative Builders.
D. R. Horton reports 4 segments: HomeBuildingOps, Forestar Group, Rental and Financial Services.
Its fiscal year ends in September; the latest, FY2025, ended Sep 30, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the homebuilding industry. They are not a summary of D. R. Horton’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Consumer spendingShoppers cut back on non-essentials when budgets are tight.
- CompetitionRivals, online sellers and changing tastes pressure prices and traffic.
- CostsWages, freight and product costs can squeeze margins.
- Supply chain and tariffsImported goods make it sensitive to trade policy and shipping disruptions.
- Brand and reputationProduct problems or public criticism can hurt demand.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $35.5B | $36.8B | $34.3B |
| Net income | $4.7B | $4.8B | $3.6B |
| Operating cash flow | $4.3B | $2.2B | $3.4B |
| Cash & equivalents (year end) | $3.9B | $4.5B | $3.0B |
| Diluted shares | 343M | 332M | 310M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Risk factors (Item 1A)
- The cash flow statement
- Debt-to-equity ratio
- Return on equity (ROE)
- The auditor's report
- Business combinations
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Segment figures are shown before eliminations and other items, so shares are of the segment total rather than of consolidated revenue.
What we left out
- Total debt: the company's filing data doesn't carry a consistent debt total for the years shown, so it isn't shown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Jul 23, 2026 | Jun 30, 2026 |
| 10-Q | Apr 23, 2026 | Mar 31, 2026 |
| 10-Q | Jan 22, 2026 | Dec 31, 2025 |
| DEF 14A | Dec 10, 2025 | Jan 15, 2026 |
| 10-K | Nov 19, 2025 | Sep 30, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about D. R. Horton
How does D. R. Horton make money?
D. R. Horton's revenue was $34.3B in fiscal 2025. By segment in FY2025: HomeBuildingOps (88%), Forestar Group (5%), Rental (5%) and Financial Services (2%), as shares of the segment total. Total revenue was $34.3B. Source: 10-K for fiscal 2025, filed Nov 19, 2025.
What was D. R. Horton's revenue in fiscal 2025?
$34.3B of revenue for the fiscal year ended Sep 30, 2025, down 6.9% from $36.8B in fiscal 2024. Fiscal 2023 was $35.5B. Source: 10-K for fiscal 2025, filed Nov 19, 2025.
Is D. R. Horton profitable?
D. R. Horton reported net income of $3.6B for fiscal 2025, down 24.6% from $4.8B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $905M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Nov 19, 2025.
What did D. R. Horton report in its latest quarterly filing?
Revenue was $9.2B in the quarter ended Jun 30, 2026, roughly unchanged from $9.2B a year earlier. Net income was $905M, down 11.7% from $1.0B. Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 23, 2026.
What are the main risks D. R. Horton faces?
D. R. Horton's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Nov 19, 2025. Risks that are common among companies in the homebuilding industry include Consumer spending; competition; costs; supply chain and tariffs; brand and reputation. The first: Shoppers cut back on non-essentials when budgets are tight. Source: 10-K, Item 1A Risk Factors.
Where do these D. R. Horton numbers come from?
From D. R. Horton's own SEC filings: the 10-K for fiscal 2025 (filed Nov 19, 2025) and the 10-Q for the quarter ended Jun 30, 2026 (filed Jul 23, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning D. R. Horton
- Two Sigma Investments: 1,455,418 shares, reported value $237.1M at Jun 30, 2026 (+53.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Brave Warrior Advisors: 684,478 shares, reported value $111.5M at Jun 30, 2026 (−1.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 586,864 shares, reported value $95.6M at Jun 30, 2026 (+446.7% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Millennium Management: 237,871 shares, reported value $38.7M at Jun 30, 2026 (−63.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 42,798 shares, reported value $7.0M at Jun 30, 2026 (+83.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 41,838 shares, reported value $6.8M at Jun 30, 2026 (−85.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
- Berkshire Hathaway: 3,564 shares, reported value $0.6M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in DHI
- The editor holds no position in D. R. Horton (DHI). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell DHI from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold DHI, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| D. R. HortonDHI | FY2025 | $34.3B | −6.9% | $3.6B |
| PulteGroupPHM | FY2025 | $17.3B | −3.5% | $2.2B |
| LennarLEN | FY2025 | $34.2B | −3.5% | $2.1B |
| NVR | FY2025 | $10.3B | −1.9% | $1.3B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.