D.R. Horton(US:DHI)2025-10-28 15:28Financial Performance - Net income attributable to D.R. Horton for Q4 fiscal 2025 decreased 29% to $905.3 million, with earnings per diluted share down 22% to $3.04[3] - For the fiscal year 2025, net income decreased 25% to $3.6 billion, and earnings per diluted share decreased 19% to $11.57[4] - Total revenues for the year ended September 30, 2025, were $34,250.4 million, a decrease of 6.9% compared to $36,801.4 million in 2024[32] - Net income for the year ended September 30, 2025, was $3,620.9 million, down 24.7% from $4,806.0 million in 2024[34] - The company reported a basic net income per share of $11.62 for the year ended September 30, 2025, down from $14.44 in 2024, a decrease of 19.5%[32] Revenue and Sales - Consolidated revenues for fiscal 2025 totaled $34.3 billion, with home sales revenues of $31.4 billion from 84,863 homes closed[7] - Home sales revenue for the year ended September 30, 2025, reached $31,432.0 million, representing a significant contribution to total consolidated revenues of $34,250.4 million[39] - Home sales revenue for the three months ended September 30, 2024, was $8,929.4 million, contributing to a consolidated revenue of $10,002.6 million[44] - For the year ended September 30, 2024, home sales revenue reached $33,903.6 million, with total consolidated revenue of $36,801.4 million[44] Cash Flow and Liquidity - Cash provided by operations was $3.4 billion in fiscal 2025, with total liquidity at year-end amounting to $6.6 billion[5] - Net cash provided by operating activities for the year ended September 30, 2025, was $3,420.9 million, an increase of 56.2% from $2,189.8 million in 2024[34] - Cash provided by operating activities for the year ended September 30, 2024, was $2,189.8 million, indicating strong operational cash flow[44] Shareholder Returns - The company increased its quarterly cash dividend by 13% to $0.45 per share, marking the twelfth consecutive year of dividend growth[11] - The company repurchased 30.7 million shares for $4.3 billion during the year, reducing outstanding shares by 9%[17] - The company repurchased common stock totaling $4,281.6 million during the year ended September 30, 2025, compared to $1,787.5 million in 2024, an increase of 139.5%[34] Assets and Liabilities - Total assets as of September 30, 2025, were $35,471.2 million, a decrease from $36,104.3 million in 2024[30] - Cash and cash equivalents decreased to $2,985.4 million as of September 30, 2025, from $4,516.4 million in 2024, representing a decline of 33.9%[30] - Total liabilities increased to $10,729.0 million as of September 30, 2025, compared to $10,279.9 million in 2024, an increase of 4.4%[30] - The total equity decreased to $24,742.2 million as of September 30, 2025, from $25,824.4 million in 2024, a decline of 4.2%[30] Operational Efficiency - Selling, general and administrative expenses for the year were $3,692.0 million, indicating a focus on operational efficiency[39] - The company incurred interest expenses of $241.7 million for the year ended September 30, 2025, compared to $203.7 million in 2024, an increase of 18.6%[32] Inventory and Backlog - The company’s inventory, including construction in progress and finished homes, totaled $7,648.5 million as of September 30, 2025[36] - As of September 30, 2025, the sales order backlog consisted of 10,785 homes valued at $4,120.1 million, down from 12,180 homes valued at $4,770.3 million as of September 30, 2024[53] - Total homes in inventory decreased from 37,400 in 2024 to 29,600 in 2025, representing a decline of approximately 20.9%[60] Market Trends - The cancellation rate for home sales orders was 20% in Q4 fiscal 2025, compared to 21% in the prior year quarter[11] - D.R. Horton plans to close between 86,000 to 88,000 homes in fiscal 2026, with consolidated revenues projected between $33.5 billion to $35.0 billion[24] - Net sales orders for the three months ended September 30, 2025, totaled 20,078 homes valued at $7,326.0 million, compared to 19,035 homes valued at $7,145.7 million in the same period of 2024[49]