D.R. Horton, Inc. (DHI) Balance Sheet
DHI balance sheet, FY2025
September 30, 2025 · U.S. dollars$35.47B assets = $10.73B liabilities + $24.74B equity
Both columns are drawn to the same scale: what DHI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
DHI financial health
Descriptive bands, not a rating. Fiscal FY2025.
DHI balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $11.56BFY2016 | $35.47BFY2025 | +13.3%/yr | |
| Total liabilities | $4.77BFY2016 | $10.73BFY2025 | +9.4%/yr | |
| Shareholders’ equity | $6.79BFY2016 | $24.19BFY2025 | +15.2%/yr | |
| Cash & short-term investments | $1.30BFY2016 | $2.99BFY2025 | +9.6%/yr | |
| Total debt | $6.07BFY2016 | $6.03BFY2025 | −0.1%/yr | |
| Net cash (debt) | −$4.77BFY2016 | −$3.05BFY2025 | +$1.7B | |
| Working capital | $8.81BFY2016 | $32.18BFY2025 | +$23.4B | |
| Book value per share | $18.11FY2016 | $78.06FY2025 | +17.6%/yr | |
| Debt / equity | 0.89FY2016 | 0.25FY2025 | −0.64 | |
| Shares outstanding | 375.1MFY2016 | 309.9MFY2025 | −2.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DHI assets
DHI liabilities and equity
DHI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
DHI balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $2.99B | $4.52B | $3.87B | $2.54B | $3.21B | $3.02B | $1.49B | $1.47B | $1.01B | $1.30B |
| Cash & equivalents | $2.99B | $4.52B | $3.87B | $2.54B | $3.21B | $3.02B | $1.49B | $1.47B | $1.01B | $1.30B |
| Short-term investments | — | $27.6M | — | — | — | — | — | $32.9M | $9.3M | $9.5M |
| Receivables | $458.9M | $421.4M | $426.9M | $423.1M | $321.7M | $271.4M | $218.0M | $796.4M | $303.1M | $88.7M |
| Inventory | $25.29B | $24.90B | $22.37B | $21.66B | $16.48B | $12.24B | $11.28B | $10.39B | $9.24B | $8.34B |
| Other current assets | $5.41B | $4.90B | $2.12B | $2.00B | $1.73B | $1.28B | $873.7M | $32.9M | $293.5M | $574.8M |
| Total current assets | $34.14B | $34.75B | $28.79B | $26.61B | $21.74B | $16.81B | $13.87B | $12.70B | $10.84B | $10.31B |
| Property, plant & equipment (net) | $85.9M | $70.0M | $445.4M | $152.8M | $114.6M | $683.7M | $462.2M | $401.1M | $325.0M | $195.4M |
| Goodwill & intangible assets | $190.6M | $169.4M | $174.6M | $174.1M | $167.6M | $180.6M | $163.5M | $218.4M | $160.0M | $160.0M |
| Long-term investments | $0 | $0 | $0 | $2.39B | $2.03B | $1.53B | $6.5M | $807.4M | $587.3M | $654.0M |
| Other non-current assets | $1.05B | $1.12B | $3.17B | $1.02B | $0 | $0 | $1.11B | $0 | $270.8M | $241.9M |
| Total assets | $35.47B | $36.10B | $32.58B | $30.35B | $24.02B | $18.91B | $15.61B | $14.11B | $12.18B | $11.56B |
| Liabilities | ||||||||||
| Accounts payable | $1.22B | $1.35B | $1.25B | $1.36B | $1.18B | $900.5M | $634.0M | $624.7M | $632.3M | $577.5M |
| Short-term debt | $5.97B | $563.0M | $5.09B | $6.07B | $5.41B | $4.28B | $3.40B | $3.20B | $2.45B | $2.80B |
| Deferred revenue | $81.5M | $99.7M | −$5.09B | $224.2M | $193.4M | $93.1M | $57.7M | $58.1M | −$1.98B | −$2.35B |
| Total current liabilities | $1.96B | $2.04B | $4.35B | $4.50B | $3.39B | $2.51B | $1.91B | $1.75B | $1.57B | $1.49B |
| Long-term debt | $4.39B | $3.75B | $5.09B | $6.07B | $5.41B | $4.28B | $2.51B | $3.20B | $2.87B | $3.27B |
| Lease obligations | $65.6M | $53.3M | $48.1M | $47.9M | $37.0M | $37.0M | — | — | — | — |
| Other long-term liabilities | $4.38B | $4.49B | $0 | $0 | $0 | $0 | $888.9M | $0 | $0 | $0 |
| Total liabilities | $10.73B | $10.28B | $9.44B | $10.57B | $8.80B | $6.79B | $5.31B | $4.96B | $4.44B | $4.77B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M | $3.9M | $3.9M | $3.09B | $3.00B | $2.87B |
| Retained earnings (deficit) | $31.04B | $27.95B | $23.59B | $19.19B | $13.64B | $9.76B | $7.64B | $6.22B | $4.95B | $4.06B |
| Treasury stock | — | — | — | −$3.14B | −$2.04B | −$1.16B | −$802.2M | −$322.4M | −$194.9M | −$134.3M |
| Accumulated other comprehensive income | — | — | $0 | — | $0 | $0 | $0 | $0 | $0 | $0 |
| Minority interest | $551.8M | $511.6M | $441.7M | $389.3M | $329.7M | $281.5M | — | $174.5M | $500,000 | $500,000 |
| Total shareholders' equity | $24.19B | $25.31B | $23.14B | $19.79B | $15.22B | $12.12B | $10.30B | $9.16B | $7.75B | $6.79B |
| Key figures | ||||||||||
| Total debt | $6.03B | $5.97B | $5.09B | $6.07B | $5.41B | $4.28B | $5.91B | $3.20B | $5.32B | $6.07B |
| Net cash (debt) | −$3.05B | −$1.45B | −$1.22B | −$3.53B | −$2.20B | −$1.26B | −$4.42B | −$1.73B | −$4.32B | −$4.77B |
| Working capital | $32.18B | $32.71B | $24.44B | $22.12B | $18.36B | $14.30B | $11.96B | $10.95B | $9.28B | $8.81B |
| Tangible book value | $24.00B | $25.14B | $22.96B | $19.61B | $15.05B | $11.94B | $10.13B | $8.94B | $7.59B | $6.63B |
| Book value per share | $78.06 | $76.34 | $67.40 | $55.77 | $41.60 | $32.74 | $27.28 | $23.89 | $20.45 | $18.11 |
| Shares outstanding | 309.9M | 331.6M | 343.3M | 354.8M | 365.8M | 370.2M | 377.4M | 383.4M | 378.9M | 375.1M |
| Current ratio | 17.39 | 17.06 | 6.62 | 5.92 | 6.42 | 6.70 | 7.25 | 7.25 | 6.93 | 6.90 |
| Quick ratio | 1.75 | 2.42 | 0.99 | 0.66 | 1.04 | 1.31 | 0.90 | 1.30 | 0.84 | 0.93 |
| Debt / equity | 0.25 | 0.24 | 0.22 | 0.31 | 0.36 | 0.35 | 0.57 | 0.35 | 0.69 | 0.89 |
| Equity / assets | 68.2% | 70.1% | 71.0% | 65.2% | 63.4% | 64.1% | 66.0% | 64.9% | 63.6% | 58.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.08B | $1.92B | $2.51B | $2.99B | $2.61B | $2.47B | $3.05B | $4.52B | $2.99B | $3.06B | $3.32B | $3.87B |
| Cash & equivalents | $2.08B | $1.92B | $2.51B | $2.99B | $2.61B | $2.47B | $3.05B | $4.52B | $2.99B | $3.06B | $3.32B | $3.87B |
| Short-term investments | — | — | — | — | — | — | — | $27.6M | — | — | $1.75B | — |
| Receivables | $421.2M | $430.4M | $438.1M | $458.9M | $418.4M | $415.5M | $377.8M | $421.4M | $431.0M | $427.7M | $393.3M | $426.9M |
| Inventory | $26.69B | $26.30B | $25.61B | $25.29B | $26.73B | $26.48B | $26.08B | $24.90B | $25.54B | $24.84B | $24.05B | $22.37B |
| Other current assets | $5.95B | $5.60B | $4.76B | $5.41B | $5.31B | $5.03B | $4.19B | $4.90B | $4.85B | $4.76B | $4.29B | $2.12B |
| Total current assets | $35.14B | $34.25B | $33.31B | $34.14B | $35.07B | $34.40B | $33.70B | $34.75B | $33.81B | $33.09B | $32.06B | $28.79B |
| Property, plant & equipment (net) | $67.2M | $67.1M | $66.2M | $85.9M | $50.4M | $48.8M | $50.1M | $70.0M | $571.3M | $526.4M | $43.3M | $445.4M |
| Goodwill & intangible assets | $199.3M | $183.6M | $211.7M | $190.6M | $183.3M | $168.8M | $173.9M | $169.4M | $489.4M | $489.3M | $492.1M | $174.6M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.10B | $1.07B | $1.05B | $1.05B | $1.10B | $1.07B | $1.11B | $1.12B | $283.2M | $292.6M | $788.2M | $3.17B |
| Total assets | $36.51B | $35.57B | $34.64B | $35.47B | $36.40B | $35.69B | $35.03B | $36.10B | $35.15B | $34.40B | $33.38B | $32.58B |
| Liabilities | ||||||||||||
| Accounts payable | $1.39B | $1.32B | $1.03B | $1.22B | $1.39B | $1.37B | $1.37B | $1.35B | $1.41B | $1.39B | $1.26B | $1.25B |
| Short-term debt | $1.32B | $865.0M | $760.0M | $5.97B | $298.5M | $6.52B | $5.10B | $563.0M | $5.69B | $5.94B | $5.29B | $5.09B |
| Deferred revenue | $112.8M | $113.1M | $81.5M | $81.5M | $106.6M | $84.5M | $72.5M | $99.7M | $136.8M | $148.9M | $122.4M | $147.1M |
| Total current liabilities | $3.57B | $2.94B | $2.64B | $1.96B | $2.14B | $2.00B | $2.23B | $2.04B | $2.10B | $2.05B | $2.33B | $4.35B |
| Long-term debt | $5.79B | $5.70B | $5.55B | $4.39B | $5.54B | $4.92B | $4.16B | $3.75B | $5.69B | $5.94B | $5.29B | $5.09B |
| Lease obligations | $71.3M | $70.0M | $68.9M | $65.6M | $53.1M | $51.3M | $52.3M | $53.3M | $51.2M | $47.2M | $44.5M | $48.1M |
| Other long-term liabilities | $2.74B | $2.73B | $1.90B | $4.38B | $4.12B | $3.91B | $3.18B | $4.49B | $2.21B | $2.11B | $2.15B | $0 |
| Total liabilities | $12.10B | $11.37B | $10.08B | $10.73B | $11.80B | $10.83B | $9.57B | $10.28B | $10.00B | $10.10B | $9.78B | $9.44B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M | $4.0M |
| Retained earnings (deficit) | $32.80B | $32.02B | $31.50B | $31.04B | $30.25B | $29.35B | $28.67B | $27.95B | $26.77B | $25.51B | $24.44B | $23.59B |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | $0 | $0 | $0 |
| Minority interest | $587.0M | $573.2M | $559.9M | $551.8M | $540.1M | — | — | — | — | — | — | — |
| Total shareholders' equity | $23.82B | $23.63B | $24.00B | $24.19B | $24.05B | $24.33B | $24.94B | $25.31B | $24.66B | $23.82B | $23.15B | $22.70B |
| Key figures | ||||||||||||
| Total debt | $7.18B | $6.63B | $5.62B | $6.03B | $7.30B | $6.57B | $5.15B | $5.97B | $5.74B | $5.99B | $5.33B | $5.09B |
| Net cash (debt) | −$5.10B | −$4.72B | −$3.11B | −$3.05B | −$4.69B | −$4.10B | −$2.10B | −$1.45B | −$2.75B | −$2.92B | −$2.01B | −$1.22B |
| Working capital | $31.57B | $31.31B | $30.67B | $32.18B | $32.93B | $32.40B | $31.47B | $32.71B | $31.71B | $31.04B | $29.72B | $24.44B |
| Tangible book value | $23.62B | $23.44B | $23.78B | $24.00B | $23.87B | $24.16B | $24.77B | $25.14B | $24.17B | $23.33B | $22.66B | $22.52B |
| Book value per share | $82.59 | $81.75 | $81.81 | $81.34 | $80.88 | $77.47 | $77.05 | $77.34 | $74.69 | $71.45 | $68.97 | $66.89 |
| Shares outstanding | 288.4M | 289.0M | 293.3M | 297.4M | 297.4M | 314.0M | 323.7M | 327.3M | 330.1M | 333.3M | 335.7M | 339.3M |
| Current ratio | 9.84 | 11.66 | 12.64 | 17.39 | 16.41 | 17.19 | 15.13 | 17.06 | 16.14 | 16.13 | 13.74 | 6.62 |
| Quick ratio | 0.70 | 0.80 | 1.12 | 1.75 | 1.42 | 1.44 | 1.54 | 2.42 | 1.63 | 1.70 | 1.59 | 0.99 |
| Debt / equity | 0.30 | 0.28 | 0.23 | 0.25 | 0.30 | 0.27 | 0.21 | 0.24 | 0.23 | 0.25 | 0.23 | 0.22 |
| Equity / assets | 65.2% | 66.4% | 69.3% | 68.2% | 66.1% | 68.2% | 71.2% | 70.1% | 70.1% | 69.2% | 69.4% | 69.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed November 19, 2025); data from EODHD.
DHI financial position
At the end of fiscal 2025 (September 30, 2025), D.R. Horton had total assets of $35.5 billion (down 1.8% from a year earlier), total liabilities of $10.7 billion and shareholders' equity of $24.2 billion. It held $3.0 billion in cash and short-term investments against $6.0 billion of debt, net debt of $3.0 billion. Its current ratio was 17.39. In the latest quarter (ended June 30, 2026) total assets were $36.5 billion and equity $23.8 billion.
Related: DHI income statement, DHI cash flow statement, DHI key metrics. See the DHI stock overview for the latest quote and news.
DHI balance sheet FAQ
What are D.R. Horton's total assets?
D.R. Horton reported total assets of $35.5 billion at the end of fiscal 2025 (September 30, 2025), compared with $36.1 billion a year earlier.
How much debt does D.R. Horton have?
D.R. Horton had $6.0 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.25.
How much cash does D.R. Horton have?
D.R. Horton held $3.0 billion in cash and short-term investments at the end of fiscal 2025; with $6.0 billion of debt that is net debt of $3.0 billion.
What is D.R. Horton's book value?
D.R. Horton's shareholders' equity (book value) was $24.2 billion at the end of fiscal 2025, or $78.06 per share.
What is D.R. Horton's current ratio?
D.R. Horton had current assets of $34.1 billion and current liabilities of $2.0 billion, a current ratio of 17.39 (it can cover its short-term obligations).
How much goodwill does D.R. Horton have?
D.R. Horton carried $190.6 million of goodwill and intangible assets, 0.5% of total assets, at the end of fiscal 2025.