D.R. Horton, Inc. (DHI) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Sales/Revenue | 7.56B | 6.89B | 9.68B | 9.23B | 7.73B | 7.61B | 10B | 9.97B | 9.11B | 7.73B | 10.5B | 9.73B | 7.97B | 7.26B | 9.64B | 8.79B | 8B | 7.05B | 8.11B | 7.28B |
| Revenue Growth % | -2.27% | -9.54% | -3.25% | -7.43% | -15.08% | -1.46% | -4.77% | 2.47% | 14.23% | 6.45% | 8.97% | 10.67% | -0.33% | 2.9% | 18.87% | 20.64% | 24.08% | 18.88% | 26.7% | 35.15% |
| Cost of Goods Sold | 5.85B | 5.29B | 7.58B | 7.02B | 5.83B | 5.7B | 7.45B | 7.32B | 6.77B | 5.72B | 7.68B | 7.14B | 6B | 5.29B | 6.76B | 5.88B | 5.43B | 4.91B | 5.7B | 5.21B |
| COGS % of Revenue | 77.46% | 76.84% | 78.33% | 76.05% | 75.43% | 74.91% | 74.46% | 73.49% | 74.38% | 74.03% | 73.12% | 73.43% | 75.21% | 72.91% | 70.14% | 66.9% | 67.88% | 69.55% | 70.33% | 71.56% |
| Gross Profit | 1.7B | 1.59B | 2.1B | 2.21B | 1.9B | 1.91B | 2.55B | 2.64B | 2.33B | 2.01B | 2.82B | 2.58B | 1.98B | 1.97B | 2.88B | 2.91B | 2.57B | 2.15B | 2.41B | 2.07B |
| Gross Margin % | 22.54% | 23.16% | 21.66% | 23.95% | 24.57% | 25.09% | 25.54% | 26.51% | 25.62% | 25.97% | 26.88% | 26.57% | 24.79% | 27.1% | 29.86% | 33.1% | 32.12% | 30.45% | 29.67% | 28.44% |
| Gross Profit Growth % | -10.36% | -16.52% | -17.91% | -16.39% | -18.55% | -4.79% | -9.53% | 2.25% | 18.02% | 2.02% | -1.92% | -11.17% | -23.06% | -8.44% | 19.63% | 40.39% | 43.05% | 34.16% | 46.11% | 58.74% |
| Operating Expenses | 903.3M | 865.1M | 970.9M | 944.3M | 898.7M | 878.1M | 895.8M | 879.3M | 843.4M | 808.6M | 839.1M | 852.1M | 739.1M | 718.2M | 784.7M | 694M | 663.9M | 653M | 666.8M | 646.8M |
| OpEx % of Revenue | 11.95% | 12.56% | 10.03% | 10.24% | 11.62% | 11.53% | 8.96% | 8.82% | 9.26% | 10.47% | 7.99% | 8.76% | 9.27% | 9.9% | 8.14% | 7.9% | 8.3% | 9.26% | 8.22% | 8.88% |
| Selling, General & Admin | 903.3M | 865.1M | 970.9M | 944.3M | 898.7M | 878.1M | 895.8M | 879.3M | 843.4M | 808.6M | 839.1M | 852.1M | 739.1M | 718.2M | 784.7M | 694M | 663.9M | 653M | 666.8M | 646.8M |
| SG&A % of Revenue | 11.95% | 12.56% | 10.03% | 10.24% | 11.62% | 11.53% | 8.96% | 8.82% | 9.26% | 10.47% | 7.99% | 8.76% | 9.27% | 9.9% | 8.14% | 7.9% | 8.3% | 9.26% | 8.22% | 8.88% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 800M | 729.6M | 1.13B | 1.26B | 1B | 1.03B | 1.66B | 1.76B | 1.49B | 1.2B | 1.98B | 1.73B | 1.24B | 1.25B | 2.09B | 2.21B | 1.91B | 1.49B | 1.74B | 1.43B |
| Operating Margin % | 10.58% | 10.59% | 11.63% | 13.71% | 12.95% | 13.56% | 16.58% | 17.69% | 16.36% | 15.5% | 18.89% | 17.81% | 15.52% | 17.2% | 21.72% | 25.2% | 23.82% | 21.19% | 21.45% | 19.56% |
| Operating Income Growth % | -20.12% | -29.31% | -32.12% | -28.25% | -32.76% | -13.82% | -16.41% | 1.79% | 20.35% | -4.06% | -5.23% | -21.81% | -35.04% | -16.48% | 20.38% | 55.4% | 59.51% | 44.78% | 62.19% | 79.88% |
| EBITDA | 828.1M | 757.3M | 1.15B | 1.29B | 1.03B | 1.06B | 1.68B | 1.79B | 1.51B | 1.22B | 2.01B | 1.76B | 1.26B | 1.27B | 2.12B | 2.24B | 1.93B | 1.51B | 1.76B | 1.44B |
| EBITDA Margin % | 10.96% | 11% | 11.92% | 13.98% | 13.27% | 13.87% | 16.82% | 17.91% | 16.59% | 15.76% | 19.09% | 18.05% | 15.86% | 17.47% | 21.94% | 25.44% | 24.07% | 21.47% | 21.66% | 19.8% |
| EBITDA Growth % | -19.3% | -28.3% | -31.44% | -27.74% | -32.07% | -13.26% | -16.13% | 1.69% | 19.48% | -3.98% | -5.17% | -21.48% | -34.33% | -16.25% | 20.41% | 54.98% | 58.67% | 43.82% | 60.35% | 77.9% |
| D&A (Non-Cash Add-back) | 28.1M | 27.7M | 27.4M | 25.2M | 24.6M | 24.1M | 23.6M | 22.4M | 21.1M | 20M | 21.4M | 23.7M | 26.7M | 19.8M | 21.2M | 20.9M | 19.9M | 19.4M | 17.2M | 17.4M |
| EBIT | 732.6M | 729.6M | 1.2B | 1.36B | 1.07B | 1.11B | 1.71B | 1.8B | 1.53B | 1.25B | 2.02B | 1.78B | 1.25B | 1.27B | 2.07B | 2.18B | 1.88B | 1.5B | 1.73B | 1.42B |
| Net Interest Income | -60M | -31.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 60M | 31.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 67.4M | 68.5M | 79M | 93.3M | 65.6M | 77.8M | 51.2M | 36.3M | 39M | 49.9M | 34.1M | 52.2M | 7.7M | 18.9M | -27.9M | -31.5M | -21.9M | 2.6M | -12.7M | -9.6M |
| Pretax Income | 867.4M | 798.1M | 1.2B | 1.36B | 1.07B | 1.11B | 1.71B | 1.8B | 1.53B | 1.25B | 2.02B | 1.78B | 1.25B | 1.27B | 2.07B | 2.18B | 1.88B | 1.5B | 1.73B | 1.42B |
| Pretax Margin % | 11.48% | 11.59% | 12.45% | 14.72% | 13.8% | 14.58% | 17.09% | 18.05% | 16.78% | 16.15% | 19.21% | 18.34% | 15.62% | 17.46% | 21.43% | 24.84% | 23.54% | 21.23% | 21.29% | 19.43% |
| Income Tax | 209.4M | 203.3M | 288M | 325M | 248M | 258M | 409.9M | 432.2M | 344.8M | 291.8M | 492.7M | 432.2M | 295.7M | 298.9M | 417.6M | 524M | 441M | 351.5M | 381M | 299.1M |
| Effective Tax Rate % | 24.14% | 25.47% | 23.9% | 23.93% | 23.24% | 23.25% | 23.97% | 24.02% | 22.56% | 23.39% | 24.41% | 24.23% | 23.75% | 23.59% | 20.21% | 24% | 23.42% | 23.48% | 22.07% | 21.13% |
| Net Income | 647.9M | 594.8M | 905.3M | 1.02B | 810.4M | 844.9M | 1.28B | 1.35B | 1.17B | 947.4M | 1.51B | 1.34B | 942.2M | 958.7M | 1.63B | 1.65B | 1.44B | 1.14B | 1.34B | 1.12B |
| Net Margin % | 8.57% | 8.64% | 9.35% | 11.11% | 10.48% | 11.1% | 12.83% | 13.58% | 12.87% | 12.26% | 14.37% | 13.73% | 11.82% | 13.21% | 16.93% | 18.75% | 17.96% | 16.19% | 16.51% | 15.31% |
| Net Income Growth % | -20.05% | -29.6% | -29.46% | -24.31% | -30.86% | -10.82% | -14.99% | 1.39% | 24.4% | -1.18% | -7.49% | -18.98% | -34.4% | -16.02% | 21.87% | 47.72% | 54.52% | 44.18% | 61.52% | 76.87% |
| Net Income (Continuing) | 658M | 594.8M | 916.8M | 1.03B | 819.1M | 851.9M | 1.3B | 1.37B | 1.18B | 955.7M | 1.53B | 1.35B | 949.6M | 968.3M | 1.65B | 1.66B | 1.44B | 1.15B | 1.35B | 1.12B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 573.2M | 559.9M | 551.8M | 540.1M | 531.6M | 519M | 511.6M | 494.2M | 480.9M | 450.1M | 441.7M | 425.9M | 409.1M | 399.1M | 389.3M | 373M | 342.9M | 335.7M | 329.7M | 322.1M |
| EPS (Diluted) | 2.24 | 2.03 | 3.04 | 3.36 | 2.58 | 2.61 | 3.92 | 4.10 | 3.52 | 2.82 | 4.45 | 3.90 | 2.73 | 2.76 | 4.67 | 4.67 | 4.03 | 3.17 | 3.70 | 3.06 |
| EPS Growth % | -13.18% | -22.22% | -22.45% | -18.05% | -26.7% | -7.45% | -11.91% | 5.13% | 28.94% | 2.17% | -4.71% | -16.49% | -32.26% | -12.93% | 26.22% | 52.61% | 59.29% | 48.13% | 65.18% | 77.91% |
| EPS (Basic) | 2.25 | 2.03 | 3.06 | 3.37 | 2.59 | 2.63 | 3.95 | 4.12 | 3.54 | 2.84 | 4.49 | 3.93 | 2.75 | 2.79 | 4.70 | 4.70 | 4.07 | 3.21 | 3.74 | 3.10 |
| Diluted Shares Outstanding | 289M | 293.3M | 297.4M | 297.4M | 314M | 323.72M | 327.3M | 330.1M | 333.3M | 335.7M | 339.3M | 342.3M | 344.9M | 346.9M | 349.7M | 353.1M | 356.3M | 360.1M | 362.1M | 364M |
| Basic Shares Outstanding | 287.9M | 292.3M | 296.2M | 296.2M | 312.5M | 321.5M | 325.2M | 328.4M | 330.9M | 333.3M | 336.6M | 339.9M | 342.1M | 344.2M | 346.9M | 350.8M | 353.1M | 356.1M | 357.9M | 359.7M |
| Dividend Payout Ratio | 20.02% | 22.11% | 13.08% | 11.95% | 15.49% | 15.21% | 7.61% | 7.27% | 8.46% | 10.54% | 5.58% | 6.38% | 9.09% | 8.98% | 4.79% | 4.81% | 5.51% | 7.02% | 5.35% | 6.46% |