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HORTON D R INC /DE/DHI

Sector
Other
Industry
Operative Builders
Exchange
NYSE

Stock Price $DHI

Latest filings

You are here#25 of 30 in Consumer Discretionary by market cap

Filing record · 2016–202610-K1010-Q338-K117

DHI filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 117 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Feb ’17Feb ’17
  2. Material agreement8-K · Jun ’19Jun ’19
  3. Leadership change8-K · Oct ’21Oct ’21
  4. FY2025 annual report10-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  17. $34.25B
YoY changeLargest recent move+36.7%in FY21Latest −6.9%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All DHI Financial Metrics44 metrics

Income Statement12

Balance Sheet14

Cash Flow13

Per Share5

02—Overview

HORTON D R INC /DE/ Financial Overview 2021–2025

Updated Aug 8, 2026

D.R. Horton repurchased a staggering $4.3 billiona of its own stock in FY2025, aggressively deploying capital even as punishing mortgage rates drove a 25% drop in pre-tax income. This divergence highlights the central investment thesis: the company’s unmatched scale and capital-light land strategy generate immense cash flows that allow it to reward shareholders straight through a cyclical housing downturn. By controlling 75% of its lots through purchase contracts rather than outright ownership, the builder protects its balance sheet while relying on elevated sales incentives to keep inventory moving.

Consolidated revenue grew from $27.8 billion in FY2021 to $34.3 billionb in FY2025, anchoring a multi-year expansion that recently collided with severe affordability limits. Over this period, profitability peaked and then retreated, with its 21.5% home sales gross margin in FY2025 compressing from a high of 28.7% in FY2022. Despite reporting 84,863 homes closed in FY2025 to maintain its position as the largest U.S. homebuilder, D.R. Horton has sacrificed margin to sustain volume. The company continues to lean on its fortified balance sheet, absorbing a modest leverage increase to a 23.0% debt-to-total capital ratio by Q3 2026. At the close of FY2025, the market awarded the company a $49.9 billion market cap, with shares trading at $169.47 and a 14.6x P/E ratio.

Recent Developments (Q2 and Q3 2026)

D.R. Horton’s profitability continued to erode through Q3 2026 as heavy sales incentives compressed home sales gross margins to 20.7%. While Q3 2026 consolidated revenues held steady at $9.2 billionc and volume grew with a 4% increase in homes closed, net income dropped 12% year-over-year to $904.9 million. This followed a weaker Q2 2026, where net income fell 20% to $647.9 million.

To support operations and a growing $26.7 billiond inventory balance, the company expanded its credit facility limit to $4.0 billion in March 2026 and increased its mortgage repurchase facility to $1.925 billion in May 2026. Bulls will argue the builder maintains resilient volume growth at an inexpensive valuation, trading at 12.3x earnings as of July 2026. Bears warn that sliding average closing prices—down 2% in the third quarter—confirm that pricing power remains severely compromised.

What to watch: trajectory of average home closing prices; gross margin stabilization in upcoming quarters

03—Filings

Recent SEC Filings

  1. 8-KHORTON D R INC /DE/ 8-K Report, Corporate Update (Sep 15, 2026)D.R. Horton, Inc. (DHI) announced a significant expansion of its share repurchase program through an 8-K filing on September 15, 2026. The Board of Directors has authorized an additional $5.0 billion for the repurchase of the company's common stock, with no set expiration date. This substantial authorization signals management's confidence in the company's financial health and its commitment to returning capital to shareholders. This new authorization, coupled with the remaining $53 million under the previous program, provides DHI with significant flexibility to execute buybacks. The company also revised its fiscal 2026 repurchase expectations, now anticipating at least $3.25 billion in total repurchases for the year. Investors should view this as a positive signal, indicating strong free cash flow generation and a strategic focus on enhancing shareholder value by reducing the number of outstanding shares.
  2. 8-KHORTON D R INC /DE/ 8-K Report, Financial Results (Jul 21, 2026)D.R. Horton, Inc. (DHI) has filed an 8-K report on July 21, 2026, announcing its financial results for the third quarter ended June 30, 2026. The report primarily incorporates a press release detailing these results and the declaration of a quarterly dividend. Investors should refer to the attached Exhibit 99.1 for comprehensive details on the company's performance during the quarter. This filing provides timely updates on the company's operational and financial standing, including its profitability and shareholder distribution strategy. The key takeaway for investors is the announcement of D.R. Horton's third-quarter performance metrics and the continued commitment to returning capital to shareholders through a regular dividend. While the 8-K itself does not contain granular financial data, it directs stakeholders to the accompanying press release for detailed figures such as revenue, earnings per share, and other key performance indicators. Investors interested in the homebuilding sector and DHI's specific market position will find this report essential for understanding the company's recent trajectory and future outlook.
  3. 8-KHORTON D R INC /DE/ 8-K Report, Material Agreement (May 12, 2026)D.R. Horton, Inc. (DHI) announced a significant amendment to its Master Repurchase Agreement through its wholly-owned subsidiary, DHI Mortgage Company, Ltd. The Fifth Amendment to the Fourth Amended and Restated Master Repurchase Agreement, effective May 6, 2026, substantially enhances the financial flexibility and liquidity available to DHI Mortgage. Key changes include a substantial increase in the financing capacity and an extension of the maturity date, providing a more robust and longer-term funding structure.
  4. 8-KHORTON D R INC /DE/ 8-K Report, Financial Results (Apr 21, 2026)D.R. Horton, Inc. (DHI) announced its second quarter results for the period ending March 31, 2026, via a press release filed on April 21, 2026. While the filing itself is brief, it directs investors to an attached press release (Exhibit 99.1) for detailed financial performance and operational updates. This filing serves as a notification that the company's quarterly earnings information is now publicly available, and investors should refer to the referenced press release for specific figures and commentary on the company's financial condition and operational results during the second quarter.
  5. 8-KHORTON D R INC /DE/ 8-K Report, Material Agreement (Mar 31, 2026)D.R. Horton, Inc. (DHI) announced significant updates to its credit facilities through two separate amendments, Amendment No. 13 to its D.R. Horton Credit Agreement and Amendment No. 2 to its DRH Rental, Inc. Credit Agreement, both effective March 27, 2026. These amendments, entered into with Mizuho Bank, Ltd. as Administrative Agent and various lenders, aim to enhance the company's financial flexibility and extend its borrowing capacity. The modifications are crucial for DHI's ongoing operational needs and strategic growth initiatives in the dynamic housing market. Key adjustments include a substantial increase in the Aggregate Revolving Credit Commitment to $3.295 billion and the Aggregate Credit Facility Limit to $4.0 billion for D.R. Horton. Additionally, the company has extended the maturity dates for its revolving credit commitments across multiple tranches, with some extending as far as March 2031. DRH Rental, Inc., a wholly-owned subsidiary, also saw its senior unsecured revolving credit facility extended to March 27, 2030, with adjustments to fees and interest rate margins. These changes signal a proactive approach by DHI to secure and optimize its financing arrangements.
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04—See also

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