Short answer
D. R. Horton (DHI) filed its fiscal 2025 10-K annual report with the SEC on Nov 19, 2025. It reported revenue of $34.3B (−6.9% year over year) and net income of $3.6B.
- Top risk flagged: Regulatory risk: potential losses from mortgage repurchase obligations and indemnifications under representations to Fannie Mae, Freddie Mac, Ginnie Mae, and one major financial entity (71%, 27% loan sales respectively)
FY2025 key financial metrics · XBRL
- Revenue
- $34.3B
- −6.9% YoY
- Net income
- $3.6B
- −24.6% YoY
- EPS (diluted)
- $11.57
- −19.3% YoY
- ROE
- 14.8%
- −4.0 pp YoY
- Operating cash flow
- $3.4B
- +56.2% YoY
Source: XBRL data from the D. R. Horton (DHI) FY2025 10-K on SEC EDGAR. USD.
D. R. Horton FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Largest U.S. homebuilder focused on constructing and selling single-family and attached homes across 126 markets in 36 states
- Expanded rental segment with significant multi-family unit sales increase to 2,947 in 2025 from 2,202 in 2024
- Strategic emphasis on controlling land/lots via 62% ownership of Forestar, selling 83% of Forestar’s 14,240 lots to D.R. Horton in 2025
- Employee base grew slightly to 14,341 with 9,972 in homebuilding and 2,967 in financial services as of Sept 30, 2025
- Notable NYSE Texas listing debut in June 2025, expanding stock market presence alongside NYSE New York listing
Management Discussion & Analysis
- Revenue $34.3B, down 7% YoY from $36.8B; homebuilding revenue $31.5B, down 7% from $34.0B
- Pre-tax income $4.7B, down 25% YoY from $6.3B; consolidated pre-tax margin 13.8% vs 17.1% prior year
- Best segment North region: revenue $4.23B up 15%, pre-tax income $584M up from $498M, margin 13.8% vs 13.5%
- Worst segment Southeast: revenue $7.0B down 21%, pre-tax income $840M down from $1.4B, margin 12.0% vs 16.2%
- Operating cash flow $3.4B vs $2.2B prior year; homebuilding cash $2.2B down from $3.6B; no specifics on buybacks/dividends/capex
- Management expects to maintain elevated sales incentives; risks include affordability constraints and mortgage rate changes impacting demand
Risk Factors
- Regulatory risk: potential losses from mortgage repurchase obligations and indemnifications under representations to Fannie Mae, Freddie Mac, Ginnie Mae, and one major financial entity (71%, 27% loan sales respectively)
- Macroeconomic risk: elevated mortgage interest rates from Federal Reserve hikes reducing home affordability and requiring pricing incentives, risking profit margins
- Operational risk: supply chain disruptions causing shortages and price increases in lumber, drywall, cement; tariffs on steel, aluminum, lumber increasing construction costs
- Competitive risk: reliance on mortgage loan sales to GSEs (Fannie Mae, Freddie Mac); changes or reductions in their programs could limit loan sales and tighten financing availability
- Financial risk: $2.305B homebuilding revolver, $640M Forestar revolver, $1.05B rental revolver, and $1.4B mortgage repurchase facility subject to renewal, borrowing base and market risk
Generated from the filing text; verify against the original. How to read a 10-K
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