D.R. Horton (DHI) 10-K Summary — Year Ended Sep 30, 2023
The filing provides limited business and risk factor details, with only table-of-contents entries for those sections. The liquidity and capital resources discussion indicates reliance on credit facilities and cash reserves to manage working capital and debt obligations.
Key takeaway
Year ended Sep 30, 2023 · FY2025 10-K
The filing provides limited business and risk factor details, with only table-of-contents entries for those sections. The liquidity and capital resources discussion indicates reliance on credit facilities and cash reserves to manage working capital and debt obligations.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$35.5B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$4.7B
Net income reported for the year.
Operating cash flow
$4.3B
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, 2021 | $27.8B | n/a |
| Sep 30, 2022 | $33.5B | +20.5% |
| Sep 30, 2023 | $35.5B | +5.9% |
Business overview
The supplied filing sections do not contain a description of the company's business. The business overview and risk factors sections only list item numbers without substantive text.
Financial performance
Revenue increased compared to the prior year, and the company reported net income and positive operating cash flow. Operating income was not disclosed in the supplied metrics.
Material risks
The liquidity discussion highlights risks from credit market constraints and bank failures, which could reduce access to funding or increase capital costs. Adverse developments in financial institutions or capital markets may impair the company's liquidity and ability to meet obligations.
Liquidity and capital
The company maintains a senior unsecured revolving credit facility with an accordion feature, which is guaranteed by significant homebuilding subsidiaries. It also relies on cash on hand and public debt markets for liquidity, as past downturns have limited alternative sources.
What to watch
Monitor the company's ability to maintain access to its revolving credit facility and capital markets, especially given the stated risks from bank failures and credit market disruptions.