D.R. Horton, Inc. (DHI) Income Statement
DHI FY2025 at a glance
Fiscal year ended September 30, 2025 · U.S. dollarsDHI revenue and net income
Where DHI's revenue goes
FY2025Each bar shows an amount and its share of revenue. DHI kept 10.5% of revenue as net income.
DHI profit margins
DHI growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −6.9% | +0.8% | +11.0% | +12.2% |
| Gross profit | −14.9% | −8.2% | +10.4% | +13.5% |
| Operating income | −27.6% | −16.9% | +8.4% | +14.5% |
| Net income | −24.6% | −15.1% | +8.6% | +16.9% |
| EPS (diluted) | −19.3% | −11.2% | +13.4% | +19.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
DHI quarterly EPS vs estimates
D.R. Horton beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 29, 2026 (estimate $3.03).
DHI income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34.25B | $36.80B | $35.46B | $33.48B | $27.77B | $20.31B | $17.59B | $16.07B | $14.09B | $12.16B |
| Cost of revenue | $26.13B | $27.27B | $26.11B | $22.98B | $19.90B | $15.37B | $13.72B | $12.40B | $11.04B | $9.50B |
| Gross profit | $8.12B | $9.54B | $9.35B | $10.50B | $7.88B | $4.94B | $3.87B | $3.67B | $3.05B | $2.65B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $3.69B | $3.60B | $3.18B | $2.89B | $2.52B | $2.05B | $1.83B | $1.40B | $1.23B | $1.11B |
| Total operating expenses | $3.69B | $3.42B | $3.11B | $2.80B | $2.48B | $1.98B | $1.82B | $1.63B | $1.38B | $1.27B |
| Operating income | $4.42B | $6.11B | $6.24B | $7.71B | $5.39B | $2.95B | $2.05B | $2.04B | $1.66B | $1.38B |
| Interest income | — | — | — | — | — | — | — | — | $14.5M | $13.5M |
| Interest expense | — | $135.0M | $154.5M | $21.2M | $152.2M | $153.3M | $140.2M | $9.3M | $14.5M | $13.5M |
| Income before taxes | $4.74B | $6.28B | $6.31B | $7.63B | $5.36B | $2.98B | $2.13B | $2.06B | $1.60B | $1.35B |
| Income taxes | $1.12B | $1.48B | $1.52B | $1.73B | $1.17B | $602.5M | $506.7M | $597.7M | $563.7M | $467.2M |
| Net income | $3.59B | $4.76B | $4.75B | $5.86B | $4.18B | $2.37B | $1.62B | $1.46B | $1.04B | $886.3M |
| EBITDA | $4.84B | $6.37B | $6.41B | $7.71B | $5.43B | $3.06B | $2.20B | $2.12B | $1.66B | $1.41B |
| EPS (diluted) | $11.59 | $14.36 | $13.84 | $16.54 | $11.51 | $6.17 | $4.30 | $3.80 | $2.73 | $2.36 |
| Gross margin | 23.7% | 25.9% | 26.4% | 31.4% | 28.4% | 24.3% | 22.0% | 22.8% | 21.6% | 21.8% |
| Operating margin | 12.9% | 16.6% | 17.6% | 23.0% | 19.4% | 14.5% | 11.7% | 12.7% | 11.8% | 11.4% |
| Net margin | 10.5% | 12.9% | 13.4% | 17.5% | 15.0% | 11.7% | 9.2% | 9.1% | 7.4% | 7.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.23B | $7.56B | $6.89B | $9.68B | $9.23B | $7.73B | $7.61B | $10.00B | $9.97B | $9.11B | $7.73B | $10.50B |
| Cost of revenue | $7.08B | $5.85B | $5.29B | $7.58B | $7.02B | $5.83B | $5.70B | $7.45B | $7.32B | $6.77B | $5.72B | $7.68B |
| Gross profit | $2.15B | $1.70B | $1.59B | $2.10B | $2.21B | $1.90B | $1.91B | $2.55B | $2.64B | $2.33B | $2.01B | $2.82B |
| Sales, general & admin | $991.2M | $903.3M | $865.1M | $970.9M | $944.3M | $898.7M | $878.1M | $960.3M | $923.6M | $880.6M | $835.0M | $821.5M |
| Total operating expenses | $920.0M | $903.3M | $865.1M | $970.9M | $944.3M | $898.7M | $878.1M | $895.8M | $879.3M | $843.4M | $808.6M | $839.1M |
| Operating income | $1.23B | $800.0M | $729.6M | $1.13B | $1.26B | $1.00B | $1.03B | $1.66B | $1.76B | $1.49B | $1.20B | $1.98B |
| Interest expense | — | $60.0M | $31.3M | — | — | — | $30.3M | $38.9M | $35.3M | $32.8M | $28.0M | $50.7M |
| Income before taxes | $1.23B | $867.4M | $798.1M | $1.20B | $1.36B | $1.07B | $1.11B | $1.71B | $1.80B | $1.53B | $1.25B | $2.02B |
| Income taxes | $307.5M | $209.4M | $203.3M | $288.0M | $325.0M | $248.0M | $258.0M | $409.9M | $432.2M | $344.8M | $291.8M | $492.7M |
| Net income | $904.9M | $647.9M | $594.8M | $905.3M | $1.02B | $810.4M | $844.9M | $1.28B | $1.35B | $1.17B | $947.4M | $1.51B |
| EBITDA | $1.26B | $760.7M | $857.1M | $1.23B | $1.38B | $1.09B | $1.13B | $1.73B | $1.82B | $1.55B | $1.27B | $2.04B |
| EPS (diluted) | $3.20 | $2.24 | $2.03 | $3.04 | $3.36 | $2.58 | $2.61 | $3.92 | $4.10 | $3.52 | $2.82 | $4.45 |
| Gross margin | 23.3% | 22.5% | 23.2% | 21.7% | 23.9% | 24.6% | 25.1% | 25.5% | 26.5% | 25.6% | 26.0% | 26.9% |
| Operating margin | 13.3% | 10.6% | 10.6% | 11.6% | 13.7% | 12.9% | 13.6% | 16.6% | 17.7% | 16.4% | 15.5% | 18.9% |
| Net margin | 9.8% | 8.6% | 8.6% | 9.4% | 11.1% | 10.5% | 11.1% | 12.8% | 13.6% | 12.9% | 12.3% | 14.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in DHI's financial statements (latest annual report filed November 19, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
DHI financial results
In fiscal year 2025 (ended September 30, 2025), D.R. Horton reported revenue of $34.3 billion, down 6.9% from the year before. It had net income of $3.6 billion (down 24.6%), a net profit margin of 10.5%. Diluted earnings per share came to $11.59. Over five years revenue grew at an average rate of 11.0% a year.
See the DHI stock overview for the latest quote and news, or the DHI chart for price history and technical indicators.
DHI income statement FAQ
What is D.R. Horton's annual revenue?
D.R. Horton reported total revenue of $34.3 billion for fiscal year 2025, which ended on September 30, 2025. That was down 6.9% from $36.8 billion the previous year.
Is D.R. Horton profitable?
Yes. D.R. Horton reported net income of $3.6 billion in fiscal 2025, a net profit margin of 10.5%; its operating margin was 12.9%.
What is D.R. Horton's gross margin?
D.R. Horton's gross margin was 23.7% in fiscal 2025: for every $100 of revenue, D.R. Horton kept $24 after the direct cost of its products and services.
How fast is D.R. Horton growing?
Revenue grew 11.0% a year on average over the last five fiscal years, from $20.3 billion to $34.3 billion.
What are D.R. Horton's earnings per share?
D.R. Horton earned $11.59 per diluted share in fiscal 2025, compared with $14.36 a year earlier.
When will D.R. Horton report its next earnings?
D.R. Horton is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does D.R. Horton's fiscal year end?
D.R. Horton's fiscal year ends in September. The latest annual report covers the year ended September 30, 2025 and was filed on November 19, 2025.