D.R. Horton (DHI) 10-K Summary — Year Ended Sep 30, 2024
D.R. Horton is a homebuilder that generates revenue from home sales. The company reported a year-over-year increase in revenue and achieved net income with positive operating cash flow.
Key takeaway
Year ended Sep 30, 2024 · FY2025 10-K
D.R. Horton is a homebuilder that generates revenue from home sales. The company reported a year-over-year increase in revenue and achieved net income with positive operating cash flow.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$36.8B
Revenue reported for the fiscal year.
Operating income
n/a
Income from operations reported for the year.
Net income
$4.8B
Net income reported for the year.
Operating cash flow
$2.2B
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% |
| Sep 30, 2024 | $36.8B | +3.8% |
Business overview
The company operates in the homebuilding industry, constructing and selling homes through its homebuilding operations. Its business overview section outlines the structure of its operations, including its subsidiaries such as Forestar.
Financial performance
Revenue increased compared to the prior period, and the company reported net income. Operating cash flow was also positive, reflecting the company's financial results for the period.
Material risks
The company faces risks from credit market disruptions that could reduce available liquidity, as past downturns have limited access to financing. Additionally, the failure of a financial institution where it holds cash could adversely impact its liquidity and capital resources.
Liquidity and capital
The company maintains a senior unsecured revolving credit facility to support its homebuilding operations, and relies on cash on hand to meet working capital needs during periods of market stress.
What to watch
Monitor the company's ability to access capital markets and the condition of its credit facility, as disruptions could affect liquidity.