D.R. Horton, Inc. (DHI) financials
NYSE · Consumer Cyclical · Residential Construction · 14,341 employees · CEO Paul J. Romanowski
- Price
- $146.00 -0.36%
- Market cap
- $40.8B
- Enterprise value
- $44.8B
- Last report
- Q4 '26 filed 2026-10-29
- Next report
- 2027-01-19 EPS est. $1.48
Revenue (TTM)$33B-3.5% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)11.4%-1.5 pp vs a year agoOperating income $3.77B
Net income (TTM)$2.89B-19.4% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$3.45B+5.2% vs a year agoCapex $53.8M
Diluted EPS (TTM)$10.12-12.7% vs a year agoSum of the last 4 quarters
Net cash-$3.99B-31.1% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $40.8B EV $44.8B
- Revenue
- $33B Trailing 12 months
- Revenue growth
- -3% FY2027 consensus
- Profit margin
- 8.7% Net income / revenue, TTM
- P/E
- 14.4× Forward 15.1× (FY2027)
- P/S
- 1.2× Price / sales, TTM
- EV / EBITDA
- 11.4× TTM
- Free cash flow
- $3.45B Trailing 12 months
- Net income
- $2.89B Trailing 12 months
- Revenue estimate
- $32.1B FY2027 consensus
- Earnings
- 2027-01-19 Revenue est. $6.25B
- Dividend
- $1.80 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-29): revenue beat by 3.3%, EPS missed by 11.3%Revenue $9.37B vs $9.07B expected (+3.3%); EPS $2.67 vs $3.01 (-11.3%).
- Revenue growth steady: -3.2% year on yearQ4 '26 revenue $9.37B, against an average of -3.8% over the four quarters before.
- Operating margin 11.4% (TTM), -1.5 pp on a year agoOperating income grew -14.8% while revenue grew -3.5%.
- Capex 0.2% of revenue (a year ago 0.4%)$53.8M invested in the last 4 quarters (-60.8% on a year earlier). Free cash flow $3.45B = 119.5% of net income.
- Returned $4.06B to shareholders = 117.6% of free cash flowBuybacks $3.55B (a year earlier $4.35B), dividends $513M, stock-based pay $134M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 6.6% in a year278M diluted shares in Q4 '26, 297M a year earlier.
- Net debt $3.99BCash + short-term investments $2.06B, debt incl. leases $6.05B; a year ago net debt $3.05B.
Last quarter: Q4 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q4 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $9.37B | $9.68B | -3.2% |
| Gross margin | 20.5% | 21.7% | -1.2 pp |
| Operating income | $1.01B | $1.13B | -9.9% |
| Operating margin | 10.8% | 11.6% | -0.8 pp |
| Net income | $742M | $905M | -18.1% |
| Diluted EPS | $2.67 | $3.04 | -12.2% |
| Operating cash flow | $2.63B | $2.47B | +6.3% |
| Capex | $53.8M | $43.8M | +22.8% |
| Free cash flow | $2.57B | $2.43B | +6.0% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $26.5M | $0 | – |
Reported vs consensus
2026-10-29| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $9.37B | $9.07B | +3.3% |
| EPS (as estimated) | $2.67 | $3.01 | -11.3% |
From the report of 2026-10-29 for Q4 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Homebuilding | $8.69B | +1.2% | 94.1% | $30.8B | -3.3% | |
| Rental | $266M | -30.1% | 2.9% | $1.39B | -9.6% | |
| Forestar Group | $407M | +4.2% | 4.4% | $1.72B | +11.8% | |
| Eliminations and Other | -$353M | -0.6% | -3.8% | -$1.39B | -68.4% | |
| Financial Services | $221M | -3.1% | 2.4% | $816M | -3.4% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Southeast | $1.92B | -0.2% | 21.6% | $6.62B | -12.4% | |
| South Central | $1.97B | +1.4% | 22.1% | $6.81B | -2.3% | |
| East | $1.97B | +17.9% | 22.1% | $6.53B | +9.0% | |
| Southwest | $1.17B | -0.9% | 13.2% | $4.31B | -7.3% | |
| North | $1.22B | +4.6% | 13.7% | $4.39B | +6.6% | |
| Northwest | $652M | -6.7% | 7.3% | $2.53B | -2.9% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $3.51B
- Capex
- -$53.8M
- Buybacks
- -$3.55B
- Dividends
- -$513M
- Acquisitions
- -$124M
- Net debt issued
- $8.8M
- Stock-based compensation
- $134M
- Free cash flow
- $3.45B
- Returned to shareholders / FCF
- 117.6%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 14.4× | 10.6× | 4.0× – 14.6× |
| EV / EBITDA | 11.4× | 8.3× | 3.5× – 11.4× |
| EV / Sales | 1.4× | 1.3× | 0.8× – 1.7× |
| Price / FCF | 11.8× | 24.9× | 8.8× – 57.3× |
| Price / Book | 1.8× | 1.8× | 1.2× – 2.5× |
| FCF yield | 8.5% | 6.2% | 1.7% – 11.3% |
| Return on invested capital | 7.9% | 13.9% | 9.1% – 21.2% |
| Return on equity | 12.2% | 19.4% | 12.5% – 30.2% |
Analysts
Consensus target $157.17 (+7.7%)
range $130.00 – $182.00 · rating Hold
Strong buy2
Buy23
Hold25
Sell3
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $32.1B | -2.9% | $9.68 | -4.2% | 15.1× | 17 |
| FY2028 | $33.7B | +4.9% | $11.49 | +18.6% | 12.7× | 11 |
| FY2029 | $34.3B | +1.9% | $13.02 | +13.3% | 11.2× | 3 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 192 figures D.R. Horton, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts and Financing Receivable, after Allowance for Credit Loss | $160M | $153M | +4.4% | $164M | $147M | +11.5% |
| Accounts Payable | $1.39B | $1.39B | 0.0% | $1.22B | $1.35B | -9.2% |
| Accrual for Taxes Other than Income Taxes, Current | $68M | $62.1M | +9.5% | $82.7M | $77.6M | +6.6% |
| Accrued Income Taxes | $73.3M | $54M | +35.7% | $19M | $27.7M | -31.4% |
| Accrued Liabilities | $3.56B | $3.17B | +12.5% | $3.54B | $3.02B | +17.4% |
| Additional Paid in Capital, Common Stock | $3.63B | $3.54B | +2.8% | $3.58B | $3.49B | +2.4% |
| Advertising Expense | – | – | – | $108M | $72.3M | +49.7% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | – | – | – | 7.3M2015-09-30 | 8.5M | -14.1% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $31.5M | $25.9M | +21.6% | $131M | $118M | +10.9% |
| Assets | $36.5B | $36.4B | +0.3% | $35.5B | $36.1B | -1.8% |
| Cash and Cash Equivalents, at Carrying Value | $2.08B | $2.61B | -20.5% | $2.99B | $4.52B | -33.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $2.13B | $2.66B | -19.9% | $3.03B | $4.54B | -33.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $161M | $147M | +9.5% | -$1.51B | $644M | -334.6% |
| Common Stock, Dividends, Per Share, Cash Paid | $0.45 | $0.40 | +12.5% | $1.60 | $1.20 | +33.3% |
| Common Stock, Dividends, Per Share, Declared | $0.45 | $0.40 | +12.5% | $0.402017-09-30 | $0.32 | +25.0% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 1B | 1B | 0.0% | 1B | 1B | 0.0% |
| Common Stock, Shares, Issued | 405M | 404M | +0.2% | 404M | 403M | +0.3% |
| Common Stock, Shares, Outstanding | 281M | 299M | -6.1% | 294M | 324M | -9.1% |
| Common Stock, Value, Issued | $4M | $4M | 0.0% | $4M | $4M | 0.0% |
| Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Issuance of Equity by Subsidiary to Noncontrolling Interests | $400K2026-03-31 | $500K | -20.0% | $600K | $19M | -96.8% |
| Construction Payable | $524M | $477M | +9.8% | $497M | $451M | +10.2% |
| Contract with Customer, Liability | $113M | $107M | +5.8% | $81.5M | $99.7M | -18.3% |
| Cost of Revenue | $7.08B | $7.02B | +0.9% | $26.1B | $27.3B | -4.2% |
| Current Federal Tax Expense (Benefit) | – | – | – | $821M | $1.2B | -31.6% |
| Current Income Tax Expense (Benefit) | – | – | – | $996M | $1.46B | -31.8% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $174M | $259M | -32.6% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $105M | $15.5M | +576.1% |
| Deferred Income Tax Assets, Net | $0 | $66.5M | -100.0% | $44.5M | $168M | -73.4% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $123M | $19M | +548.4% |
| Deferred Income Tax Liabilities, Net | $43.4M | – | – | – | – | – |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $18.4M | $3.5M | +425.7% |
| Deferred Tax Assets, Gross | $594M2025-09-30 | $566M | +5.0% | $594M | $566M | +5.0% |
| Deferred Tax Assets, Inventory | $39.6M2025-09-30 | $87.3M | -54.6% | $39.6M | $87.3M | -54.6% |
| Deferred Tax Assets, Net | $44.5M2025-09-30 | $168M | -73.4% | $44.5M | $168M | -73.4% |
| Deferred Tax Assets, Net of Valuation Allowance | $579M2025-09-30 | $551M | +5.2% | $579M | $551M | +5.2% |
| Deferred Tax Assets, Operating Loss Carryforwards | $36.5M2025-09-30 | $38.9M | -6.2% | $36.5M | $38.9M | -6.2% |
| Deferred Tax Assets, Other | $21.2M2025-09-30 | $14M | +51.4% | $21.2M | $14M | +51.4% |
| Deferred Tax Assets, Tax Credit Carryforwards | $22.1M2025-09-30 | $6.9M | +220.3% | $22.1M | $6.9M | +220.3% |
| Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $16.5M2025-09-30 | – | – | $16.5M | – | – |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $105M2025-09-30 | $93.7M | +12.1% | $105M | $93.7M | +12.1% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Impairment Losses | $13.4M2025-09-30 | $8.7M | +54.0% | $13.4M | $8.7M | +54.0% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Warranty Reserves | $356M2025-09-30 | $316M | +12.7% | $356M | $316M | +12.7% |
| Deferred Tax Assets, Valuation Allowance | $14.6M | $14.8M | -1.4% | $14.6M | $14.9M | -2.0% |
| Deferred Tax Liabilities, Gross | $535M2025-09-30 | $383M | +39.6% | $535M | $383M | +39.6% |
| Deferred Tax Liabilities, Other | $8M2025-09-30 | $5.4M | +48.1% | $8M | $5.4M | +48.1% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $76.7M2025-09-30 | $44.8M | +71.2% | $76.7M | $44.8M | +71.2% |
| Deferred Tax Liabilities, Tax Deferred Income | $328M2025-09-30 | $226M | +44.7% | $328M | $226M | +44.7% |
| Defined Contribution Plan, Cost | – | – | – | $44.3M | $43.8M | +1.1% |
| Deposits Assets | $2.53B | $2.33B | +8.4% | $2.36B | $2.21B | +6.9% |
| Depreciation | – | – | – | $90.9M | $78.5M | +15.8% |
| Depreciation, Depletion and Amortization | $29M | $25.2M | +15.1% | $101M | $87.1M | +16.3% |
| Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | $28.7M | $6.8M | +322.1% | $600K | $2.8M | -78.6% |
| Dividends, Common Stock, Cash | $127M | $122M | +3.8% | $495M | $395M | +25.2% |
| Earnest Money Deposits | $2.5B | $2.3B | +8.7% | $2.33B | $2.15B | +8.4% |
| Earnings Per Share, Basic | $3.21 | $3.37 | -4.7% | $11.62 | $14.44 | -19.5% |
| Earnings Per Share, Diluted | $3.20 | $3.36 | -4.8% | $11.57 | $14.34 | -19.3% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | $995M | $1.32B | -24.6% |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | – | – | – | 21.0% | 21.0% | 0.0% |
| Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | – | – | – | -$300K | $100K | -400.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-Q 2025-12-31, 10-K 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-Q 2024-12-31, 10-K 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-02