On this page of StockholderLetter.com we present the latest annual shareholder letter from HORTON D R INC /DE/ — ticker symbol DHI. Reading current and past DHI letters to shareholders can bring important insights into the investment thesis.

 •  12/10/2025 Letter Continued (Full PDF)
 •  12/15/2023 DHI Stockholder Letter
 •  12/13/2024 DHI Stockholder Letter
 •  More "General Contractors & Builders" Category Stockholder Letters
 •  DHI Benford's Law Stock Score = 92

DHI Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT
- 2025 -

FINANCIAL SUMMARY
(In millions, except for number of homes, apartment units and per share amounts)
As of and for the Year Ended September 30,
2025
Balance Sheet:
Cash and cash equivalents ......................................... $ 2,985.4
Inventories ............................................................... 25,287.3
Total assets .............................................................. 35,471.2
Notes payable ..........................................................
5,965.5
Stockholders    equity ................................................
24,190.4
Book value per share ...............................................
82.15
Common shares outstanding ..................................
294.5
2024
2023
2022
2021
$ 4,516.4
24,903.2
36,104.3
5,917.7
25,312.8
78.12
324.0
$ 3,873.6
22,373.3
32,582.4
5,094.5
22,696.2
67.78
334.8
$ 2,540.5
21,655.7
30,351.1
6,066.9
19,396.3
56.39
344.0
$ 3,210.4
16,479.1
24,015.9
5,412.4
14,886.5
41.81
356.0
Income Statement and Cash Flow:
Revenues ..................................................................
Income before income taxes ...................................
E                                                 Z   ,             /        .........

Cash dividends paid ..................................................
Repurchases of common stock .................................
Percentage of Revenues:
Income before income taxes ...................................
$34,250.4
4,739.9
3,585.2
11.57
3,420.9
494.8
4,298.2
$36,801.4
6,284.7
4,756.4
14.34
2,189.8
395.2
1,803.1
$35,460.4
6,314.7
4,745.7
13.82
4,304.1
341.2
1,187.3
$33,480.0
7,629.7
5,857.5
16.51
561.8
316.5
1,105.9
$27,774.2
5,356.3
4,175.8
11.41
534.4
289.3
874.0
13.8%
17.1%
17.8%
22.8%
19.3%
Key Operating Measures:
Return on assets(1) ..................................................
Return on equity(2) ..................................................
                                                 (3) .................................
Homes and apartment units closed by rental

10.0%
14.6%
19.8%
84,863
13.9%
19.9%
18.9%
89,690
15.1%
22.7%
18.3%
82,917
21.7%
34.5%
23.8%
82,744
19.8%
31.6%
26.7%
81,965
6,407
6,172
8,287
1,549
1,216
Diluted Earnings per Share
Revenues
$33,480
$35,460 $36,801 $34,250
$27,774
$16.51
$11.41
$13.82 $14.34
Book Value per Share
$11.57
$56.39
$67.78
$78.12 $82.15
$41.81
2021
2022 2023 2024 2025
2021
Return on Assets(1)
20%
Return on Equity(2)
32%
22%
15%
14%
2022 2023 2024 2025
2021
2022 2023 2024 2025
Consolidated Leverage Ratio(3)
27%
35%
23%
24%
18%
20%
19%
20%
15%
10%
2021
2022 2023 2024 2025
2021
2022 2023 2024 2025
2021
2022 2023 2024 2025
       Z                                                                                                               Z   ,                                                                                                                                       
       Z                                                                                                               Z   ,                                                                                                                                         




 12/10/2025 Letter Continued (Full PDF)