D.R. Horton (DHI) 10-K Summaries & Annual Filing History
Review D.R. Horton, Inc. (DHI) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Sep 30, 2025 · FY2025 10-K
This filing is D.R. Horton's annual report. The company describes its homebuilding operations and financial results for the period.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$34.3B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$3.6B
Net income reported for the year.
Operating cash flow
$3.4B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Sep 30, 2022 | $33.5B | +20.5% |
| Sep 30, 2023 | $35.5B | +5.9% |
| Sep 30, 2024 | $36.8B | +3.8% |
| Sep 30, 2025 | $34.3B | -6.9% |
Business overview
The company operates in the homebuilding industry, with operations including homebuilding and a subsidiary, Forestar, which has its own credit facility. The company's homebuilding operations utilize a revolving credit facility for liquidity.
Financial performance
Revenue decreased compared to the prior year, after a period of growth. Net income and operating cash flow remained positive.
Material risks
The company faces risks from credit market constrictions and reduced access to liquidity during economic downturns. Adverse developments in capital markets or bank failures could impact the company's liquidity and capital resources. The company relies on its revolving credit facility and cash on hand to meet working capital needs.
Liquidity and capital
The company maintains a senior unsecured revolving credit facility with commitments that mature at different dates, and a separate facility for its Forestar subsidiary. The facility is guaranteed by significant homebuilding subsidiaries and provides for letter of credit issuance.
What to watch
Readers should monitor any changes to the company's revolving credit facility commitments, particularly the portion with the earliest maturity.