Quarter Ended: | |||||||||
12/31/23 | 03/31/24 | 06/30/24 | 09/30/24 | 12/31/24 | 03/31/25 | 06/30/25 | 09/30/25 | 12/31/25 | |
Homebuilding Pre-Tax Income (PTI) | $ 1,096.1 | $ 1,357.6 | $ 1,572.2 | $ 1,429.2 | $ 1,012.9 | $ 935.0 | $ 1,186.3 | $ 1,000.7 | $ 708.1 |
Homebuilding Inventory | 19,366.9 | 19,929.8 | 20,504.2 | 20,031.0 | 20,651.4 | 20,911.7 | 21,098.2 | 20,316.5 | 20,239.4 |
Homebuilding ROI(1) | |||
12/31/24 | 09/30/25 | 12/31/25 | |
Homebuilding PTI - TTM(2) | $ 5,371.9 | $ 4,134.9 | $ 3,830.1 |
Average Homebuilding Inventory(3) | 20,096.7 | 20,601.8 | 20,643.4 |
Homebuilding Return on Inventory (ROI) | 26.7% | 20.1% | 18.6% |
(1) Homebuilding ROI is calculated as Homebuilding PTI for the trailing twelve months (TTM) divided by Average Homebuilding Inventory. |
(2) Amounts may include rounding adjustments. |
(3) Average Homebuilding Inventory is calculated as the sum of the ending homebuilding inventory balances of the trailing five quarters divided by five. |
Quarter Ended: | |||||||||
12/31/23 | 03/31/24 | 06/30/24 | 09/30/24 | 12/31/24 | 03/31/25 | 06/30/25 | 09/30/25 | 12/31/25 | |
Net Income Attributable to D.R. Horton | $ 947.4 | $ 1,172.1 | $ 1,353.6 | $ 1,283.4 | $ 844.9 | $ 810.4 | $ 1,024.6 | $ 905.3 | $ 594.8 |
Stockholders' Equity | 23,153.4 | 23,815.5 | 24,656.5 | 25,312.8 | 24,943.9 | 24,327.1 | 24,052.9 | 24,190.4 | 23,995.5 |
Return on Equity(1) | |||
12/31/24 | 09/30/25 | 12/31/25 | |
Net Income Attributable to D.R. Horton - TTM(2) | $ 4,653.9 | $ 3,585.2 | $ 3,335.1 |
Average Stockholders' Equity(3) | 24,376.4 | 24,565.4 | 24,302.0 |
Return on Equity (ROE) | 19.1% | 14.6% | 13.7% |
(1) ROE is calculated as Net Income Attributable to D.R. Horton for the trailing twelve months (TTM) divided by Average Stockholders' Equity. |
(2) Amounts may include rounding adjustments. |
(3) Average Stockholders' Equity is calculated as the sum of the ending stockholders' equity balances of the trailing five quarters divided by five. |
Quarter Ended: | |||||||||
12/31/23 | 03/31/24 | 06/30/24 | 09/30/24 | 12/31/24 | 03/31/25 | 06/30/25 | 09/30/25 | 12/31/25 | |
Net Income Attributable to D.R. Horton | $ 947.4 | $ 1,172.1 | $ 1,353.6 | $ 1,283.4 | $ 844.9 | $ 810.4 | $ 1,024.6 | $ 905.3 | $ 594.8 |
Consolidated Assets | 33,381.6 | 34,398.2 | 35,151.4 | 36,104.3 | 35,029.7 | 35,690.0 | 36,395.9 | 35,471.2 | 34,639.6 |
Return on Assets(1) | |||
12/31/24 | 09/30/25 | 12/31/25 | |
Net Income Attributable to D.R. Horton - TTM(2) | $ 4,653.9 | $ 3,585.2 | $ 3,335.1 |
Average Consolidated Assets(3) | 34,813.0 | 35,738.2 | 35,445.3 |
Return on Assets (ROA) | 13.4% | 10.0% | 9.4% |
(1) ROA is calculated as Net Income Attributable to D.R. Horton for the trailing twelve months (TTM) divided by Average Consolidated Assets. |
(2) Amounts may include rounding adjustments. |
(3) Average Consolidated Assets is calculated as the sum of the ending consolidated asset balances of the trailing five quarters divided by five. |
Quarter Ended: | Fiscal Year Ended: | ||||||||||
12/31/23 | 03/31/24 | 06/30/24 | 09/30/24 | 12/31/24 | 03/31/25 | 06/30/25 | 09/30/25 | 12/31/25 | 09/30/24 | 09/30/25 | |
Home Sales Revenues | $ 7,276.4 | $ 8,466.7 | $ 9,231.2 | $ 8,929.4 | $ 7,146.0 | $ 7,180.9 | $ 8,561.0 | $ 8,544.0 | $ 6,512.7 | $ 33,903.6 | $ 31,432.0 |
Homes Sales Gross Profit before interest and other costs | 1,960.1 | 2,304.3 | 2,581.5 | 2,454.6 | 1,890.4 | 1,831.6 | 2,195.0 | 2,109.3 | 1,551.5 | 9,300.5 | 8,026.3 |
External Broker Commissions(1) | (216.8) | (257.5) | (264.7) | (255.8) | (195.7) | (193.5) | (235.6) | (249.2) | (187.7) | (994.8) | (873.9) |
Interest & Property Tax Costs | (38.3) | (45.7) | (48.1) | (48.5) | (39.0) | (39.5) | (47.4) | (52.1) | (41.3) | (180.7) | (178.1) |
Warranty & Litigation Costs | (33.0) | (27.9) | (43.4) | (36.7) | (27.6) | (28.9) | (40.3) | (97.4) | 12.0 | (141.0) | (194.2) |
Purchase Accounting Costs | (3.6) | (12.1) | (11.4) | (5.4) | (4.1) | (3.5) | (2.4) | (3.1) | (3.7) | (32.5) | (13.0) |
Gross Profit - Home Sales | $ 1,668.4 | $ 1,961.1 | $ 2,213.9 | $ 2,108.2 | $ 1,624.0 | $ 1,566.2 | $ 1,869.3 | $ 1,707.5 | $ 1,330.8 | $ 7,951.5 | $ 6,767.1 |
% of Homes Sales Revenue (HSR) | % of HSR | ||||||||||
Quarter Ended: | Fiscal Year Ended: | ||||||||||
12/31/23 | 03/31/24 | 06/30/24 | 09/30/24 | 12/31/24 | 03/31/25 | 06/30/25 | 09/30/25 | 12/31/25 | 09/30/24 | 09/30/25 | |
Homes Sales Gross Margin before interest and other costs | 27.0% | 27.2% | 28.0% | 27.5% | 26.4% | 25.5% | 25.7% | 24.7% | 23.8% | 27.4% | 25.6% |
External Broker Commissions(1) | -3.0% | -3.0% | -2.9% | -2.9% | -2.7% | -2.7% | -2.8% | -2.9% | -2.9% | -2.9% | -2.8% |
Interest & Property Tax Costs | -0.5% | -0.5% | -0.5% | -0.5% | -0.5% | -0.6% | -0.6% | -0.6% | -0.6% | -0.5% | -0.6% |
Warranty & Litigation Costs | -0.5% | -0.3% | -0.4% | -0.4% | -0.4% | -0.4% | -0.5% | -1.1% | 0.2% | -0.4% | -0.6% |
Purchase Accounting Costs | -0.1% | -0.2% | -0.2% | -0.1% | -0.1% | 0.0% | 0.0% | -0.1% | -0.1% | -0.1% | -0.1% |
Home Sales Gross Margin(2)(3) | 22.9% | 23.2% | 24.0% | 23.6% | 22.7% | 21.8% | 21.8% | 20.0% | 20.4% | 23.5% | 21.5% |
(1) External broker commissions are now presented separately. These costs were previously included in home sales gross margin before interest and other costs. All prior periods have been revised. |
(2) Home sales gross margin presented is for the Company's homebuilding segment. |
(3) Amounts may include rounding adjustments. |
CHANGE IN NET SALES ORDERS COMPARED TO CHANGE IN AVERAGE ACTIVE SELLING COMMUNITIES (ASCs)(1) | ||||||||||||||||
Quarter Ended 3/31/2025 | Quarter Ended 6/30/2025 | Quarter Ended 9/30/2025 | Quarter Ended 12/31/2025 | |||||||||||||
YOY Change | SEQ Change | YOY Change | SEQ Change | YOY Change | SEQ Change | YOY Change | SEQ Change | |||||||||
Net Sales Orders | Average ASCs | Net Sales Orders | Average ASCs | Net Sales Orders | Average ASCs | Net Sales Orders | Average ASCs | Net Sales Orders | Average ASCs | Net Sales Orders | Average ASCs | Net Sales Orders | Average ASCs | Net Sales Orders | Average ASCs | |
Northwest | -14% | 2% | 36% | 6% | -11% | 7% | -7% | 4% | 9% | 1% | -5% | -10% | -9% | -6% | -25% | -5% |
Southwest | -23% | 3% | 9% | -1% | -4% | 3% | 1% | 3% | 7% | 4% | -1% | 2% | -7% | 4% | -15% | 1% |
South Central | -15% | 16% | 31% | 7% | 4% | 16% | 3% | 4% | 11% | 13% | -13% | -1% | 8% | 13% | -8% | 2% |
Southeast | -26% | 4% | 17% | 4% | -10% | 5% | 6% | 3% | -9% | 7% | -16% | 0% | -4% | 9% | -8% | 1% |
East | -4% | 14% | 33% | 7% | 8% | 18% | 3% | 6% | 13% | 21% | -17% | 3% | 8% | 20% | -5% | 4% |
North | 0% | 17% | 34% | 4% | 14% | 17% | 4% | 5% | 13% | 18% | -16% | 4% | 12% | 16% | -4% | 2% |
TOTAL(2) | -15% | 10% | 26% | 5% | 0% | 12% | 3% | 4% | 5% | 13% | -13% | 1% | 3% | 12% | -9% | 2% |
Quarter Ended 3/31/2024 | Quarter Ended 6/30/2024 | Quarter Ended 9/30/2024 | Quarter Ended 12/31/2024 | |||||||||||||
YOY Change | SEQ Change | YOY Change | SEQ Change | YOY Change | SEQ Change | YOY Change | SEQ Change | |||||||||
Net Sales Orders | Average ASCs | Net Sales Orders | Average ASCs | Net Sales Orders | Average ASCs | Net Sales Orders | Average ASCs | Net Sales Orders | Average ASCs | Net Sales Orders | Average ASCs | Net Sales Orders | Average ASCs | Net Sales Orders | Average ASCs | |
Northwest | 17% | 14% | 37% | 1% | 21% | 7% | -10% | -2% | 1% | -5% | -22% | -4% | -14% | -4% | -10% | 2% |
Southwest | 54% | 10% | 42% | 7% | -12% | 10% | -19% | 3% | -8% | 12% | -11% | 1% | 1% | 12% | -2% | 0% |
South Central | 17% | 10% | 45% | 3% | -3% | 6% | -16% | 3% | 0% | 7% | -18% | 1% | -6% | 11% | -5% | 3% |
Southeast | 5% | 13% | 45% | 6% | 1% | 11% | -13% | 3% | 1% | 8% | -16% | -2% | -8% | 6% | -13% | 0% |
East | 11% | 15% | 51% | 3% | 0% | 12% | -9% | 2% | -2% | 9% | -21% | 1% | 9% | 10% | 0% | 4% |
North | 8% | 26% | 55% | 6% | 15% | 24% | -9% | 5% | 16% | 22% | -15% | 3% | 16% | 19% | -3% | 3% |
TOTAL(2) | 14% | 15% | 46% | 4% | 1% | 12% | -13% | 3% | 1% | 10% | -17% | 0% | -1% | 10% | -6% | 2% |
(1) YOY = year-over-year; SEQ = sequential |
(2) Amounts may include rounding adjustments. |
Selling Price in thousands; Home Sales Revenues in millions
Homes Closed and Home Sales Revenues | ||||||||||||||||
Selling Price | Quarter Ended: | |||||||||||||||
March 31, 2025 | June 30, 2025 | September 30, 2025 | December 31, 2025 | |||||||||||||
Homes Closed | Home Sales Revenues | Homes Closed | Home Sales Revenues | Homes Closed | Home Sales Revenues | Homes Closed | Home Sales Revenues | |||||||||
$0-$300K | 5,546 | 29% | $ 1,455.3 | 20% | 6,853 | 29% | $ 1,802.1 | 21% | 7,524 | 32% | $ 1,951.7 | 23% | 5,858 | 33% | $ 1,523.7 | 23% |
$301-$350K | 4,601 | 24% | 1,495.1 | 21% | 5,713 | 25% | 1,853.1 | 22% | 5,496 | 24% | 1,783.1 | 21% | 4,124 | 23% | 1,337.9 | 21% |
$351K-$400K | 3,645 | 19% | 1,361.3 | 19% | 4,210 | 18% | 1,573.0 | 18% | 4,056 | 17% | 1,517.3 | 18% | 3,038 | 17% | 1,137.6 | 18% |
$401K-$500K | 3,298 | 17% | 1,452.4 | 20% | 3,918 | 17% | 1,731.0 | 20% | 3,688 | 16% | 1,624.2 | 19% | 2,840 | 16% | 1,249.7 | 19% |
> $500K | 2,186 | 11% | 1,416.8 | 20% | 2,466 | 11% | 1,601.8 | 19% | 2,604 | 11% | 1,667.7 | 19% | 1,958 | 11% | 1,263.8 | 19% |
Grand Total(1) | 19,276 | 100% | $ 7,180.9 | 100% | 23,160 | 100% | $ 8,561.0 | 100% | 23,368 | 100% | $ 8,544.0 | 100% | 17,818 | 100% | $ 6,512.7 | 100% |
Selling Price | Quarter Ended: | |||||||||||||||
March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | |||||||||||||
Homes Closed | Home Sales Revenues | Homes Closed | Home Sales Revenues | Homes Closed | Home Sales Revenues | Homes Closed | Home Sales Revenues | |||||||||
$0-$300K | 5,570 | 25% | $ 1,483.6 | 18% | 5,596 | 23% | $ 1,490.0 | 16% | 6,041 | 25% | $ 1,598.5 | 18% | 5,374 | 28% | $ 1,416.8 | 20% |
$301-$350K | 5,809 | 26% | 1,887.2 | 22% | 5,651 | 23% | 1,837.5 | 20% | 5,657 | 24% | 1,840.4 | 20% | 4,409 | 23% | 1,431.4 | 20% |
$351K-$400K | 4,380 | 19% | 1,635.3 | 19% | 4,944 | 21% | 1,849.0 | 20% | 4,732 | 20% | 1,771.3 | 20% | 3,588 | 19% | 1,343.8 | 19% |
$401K-$500K | 4,274 | 19% | 1,878.4 | 22% | 5,002 | 21% | 2,204.9 | 24% | 4,409 | 19% | 1,949.0 | 22% | 3,422 | 18% | 1,511.0 | 21% |
> $500K | 2,515 | 11% | 1,582.1 | 19% | 2,962 | 12% | 1,849.8 | 20% | 2,808 | 12% | 1,770.2 | 20% | 2,266 | 12% | 1,443.0 | 20% |
Grand Total(1) | 22,548 | 100% | $ 8,466.7 | 100% | 24,155 | 100% | $ 9,231.2 | 100% | 23,647 | 100% | $ 8,929.4 | 100% | 19,059 | 100% | $ 7,146.0 | 100% |
(1) Amounts may include rounding adjustments.
Period | Capture Rate(1) | FTHB %(2) | Avg CLTV %(3) | Avg FICO Score |
Q1 26 | 79% | 64% | 90% | 721 |
FY 25 | 81% | 63% | 90% | 722 |
Q4 25 | 82% | 63% | 90% | 722 |
Q3 25 | 81% | 64% | 90% | 720 |
Q2 25 | 81% | 63% | 89% | 723 |
Q1 25 | 79% | 60% | 89% | 724 |
FY 24 | 78% | 58% | 88% | 724 |
Q4 24 | 77% | 59% | 88% | 724 |
Q3 24 | 78% | 58% | 88% | 725 |
Q2 24 | 80% | 59% | 89% | 725 |
Q1 24 | 78% | 56% | 88% | 724 |
Loan Type / Product Mix (%) | |||||
Conventional | FHA | VA | FHA/VA Combined | USDA/ RHS | Total |
34% | 48% | 17% | 65% | 1% | 100% |
34% | 46% | 18% | 64% | 2% | 100% |
34% | 46% | 18% | 64% | 2% | 100% |
31% | 49% | 18% | 67% | 2% | 100% |
36% | 44% | 18% | 62% | 2% | 100% |
36% | 45% | 17% | 62% | 2% | 100% |
41% | 42% | 16% | 58% | 1% | 100% |
39% | 43% | 17% | 60% | 1% | 100% |
43% | 40% | 16% | 56% | 1% | 100% |
40% | 43% | 16% | 59% | 1% | 100% |
42% | 40% | 17% | 57% | 1% | 100% |
(1) Capture rate is the percentage of total home closings by D.R. Horton's homebuilding operations for which DHI Mortgage handled the homebuyers' financing. |
(2) FTHB = first-time homebuyer | some percentages are restated from prior periods |
(3) CLTV = cumulative loan to value |
Attachments
- Original document
- Permalink
Disclaimer
D.R. Horton Inc. published this content on January 20, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on January 20, 2026 at 11:33 UTC.
