Summary
D.R. Horton, Inc. (DHI) has demonstrated resilience and continued growth in its fiscal year ending September 30, 2024, maintaining its position as the largest homebuilder in the U.S. The company reported consolidated revenues of $36.8 billion, a 4% increase from the previous year, with net income attributable to D.R. Horton remaining strong at $4.8 billion. Despite facing elevated mortgage interest rates and inflationary pressures, DHI saw a 10% increase in net sales orders, indicating solid demand for its diverse product offerings across 125 markets in 36 states. The company's strategic focus on affordability, operational efficiency, and a strong balance sheet, characterized by a low debt-to-total capital ratio of 18.9%, positions it well for continued success in the evolving housing market. Key financial performance indicators show consistent home closings, with an 8% increase in homes closed to 89,690. While the average closing price saw a slight 1% decrease to $378,000, the home sales gross margin remained robust at 23.5%. The company continues to manage inventory effectively, with a significant portion of its land and lots controlled through purchase contracts. DHI Mortgage also performed well, originating financing for 78% of its home sales, contributing positively to segment revenues and income. The company also returned capital to shareholders through a $4.0 billion stock repurchase authorization and increased its quarterly dividend. Looking ahead, D.R. Horton remains committed to its strategy of leveraging its scale, financial strength, and operational expertise to drive long-term shareholder value. The company's ability to adapt its product offerings, pricing, and incentives to market conditions, coupled with its extensive land and lot position and diversified geographic presence, provides a strong foundation for navigating future economic cycles and capitalizing on opportunities in the U.S. housing market.
Financial Highlights
39 data points| Revenue | $36.80B |
| Cost of Revenue | $27.27B |
| Gross Profit | $9.54B |
| SG&A Expenses | $3.60B |
| Net Income | $4.81B |
| EPS (Basic) | $14.44 |
| EPS (Diluted) | $14.34 |
| Shares Outstanding (Basic) | 329.50M |
| Shares Outstanding (Diluted) | 331.60M |
Key Highlights
- 1D.R. Horton maintained its position as the largest U.S. homebuilder, closing 89,690 homes in fiscal year 2024.
- 2Consolidated revenues reached $36.8 billion, a 4% increase year-over-year, with net income attributable to D.R. Horton at $4.8 billion.
- 3Net sales orders increased by 10% to 86,561 homes, signaling strong demand despite higher interest rates.
- 4The company maintained a healthy home sales gross margin of 23.5%, while managing an average closing price of $378,000.
- 5DHI Mortgage financed 78% of the company's home sales, contributing to the financial services segment's revenue and income growth.
- 6The company's financial health remains strong, with a debt-to-total capital ratio of 18.9% and a significant $3.6 billion remaining on its stock repurchase authorization.
- 7D.R. Horton is strategically positioned with 76% of its lots controlled through purchase contracts, enhancing capital efficiency.