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Horton D R cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$397M in Q3 FY26 · $3.2B over twelve months

Operating cash flow$439M
Capital spending−$42.0M
Free cash flow+$397M
Cash / net income0.5×

Analysis

In Q3 FY26, Horton D R generated $439M of operating cash flow and spent $42.0M on capital projects, leaving free cash flow of $397M. That is $295M less than in Q3 FY25 ($693M).

Over the twelve months to Jun 30, 2026, operating cash flow was $3.4B; the largest uses were buybacks ($2.9B), dividends ($507M), net borrowing (+) / repaid (−) ($178M); besides operations, cash came from shares issued ($18.9M); the cash balance fell by $530M.

Operating cash flow was $439M against net income of $919M — 0.5× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables +$197M, prepaid and other assets −$82.6M, stock-based pay +$31.5M.

Free cash flow

Horton D R: free cash flow by quarterHorton D R: free cash flow by quarter$1.9BQ4 FY24$633MQ1 FY25−$470MQ2 FY25$693MQ3 FY25$2.4BQ4 FY25$827MQ1 FY26−$450MQ2 FY26$397MQ3 FY26
Operating cash flow less capital spending.
Horton D R: operating cash flow against capital spendingHorton D R: operating cash flow against capital spendingOperating cash flowCapital spending$2.0B$32.0MQ4 FY24$647M$13.3MQ1 FY25−$436M$34.3MQ2 FY25$739M$46.0MQ3 FY25$2.5B$43.8MQ4 FY25$854M$27.4MQ1 FY26−$412M$37.2MQ2 FY26$439M$42.0MQ3 FY26
Latest (Q3 FY26): Operating cash flow $439M, Capital spending $42.0M.

Capital allocation, year by year

Horton D R: where the cash came from (up) and went (down), by fiscal yearHorton D R: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $534MFY21: Net borrowing $1.1BFY21: Shares issued $56.2MFY21: Capital spending −$174MFY21: Acquisitions −$24.5MFY21: Buybacks −$874MFY21: Dividends −$289M$1.7BFY21FY22: Operating cash flow $562MFY22: Net borrowing $572MFY22: Shares issued $34.9MFY22: Capital spending −$148MFY22: Acquisitions −$272MFY22: Buybacks −$1.1BFY22: Dividends −$316M$1.2BFY22FY23: Operating cash flow $4.3BFY23: Net borrowing −$1.1BFY23: Shares issued $25.5MFY23: Capital spending −$149MFY23: Acquisitions −$213MFY23: Buybacks −$1.2BFY23: Dividends −$341M$4.3BFY23FY24: Operating cash flow $2.2BFY24: Net borrowing $895MFY24: Shares issued $40.3MFY24: Capital spending −$165MFY24: Acquisitions −$40.4MFY24: Buybacks −$1.8BFY24: Dividends −$395M$3.1BFY24FY25: Operating cash flow $3.4BFY25: Net borrowing $3.7MFY25: Shares issued $18.5MFY25: Capital spending −$137MFY25: Acquisitions −$53.1MFY25: Buybacks −$4.3BFY25: Dividends −$495M$3.4BFY25
Over these 5 years operating cash flow totalled $11.0B; the largest uses were buybacks ($9.3B) and dividends ($1.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.1B
Debtnone
Net cash$2.1B
Due within a year$1.6B

Horton D R funds itself: free cash flow was $3.2B over the last twelve months, with $2.1B of cash and investments and no debt on the balance sheet ($1.6B due within a year, 1.3× covered by cash).

Horton D R: debt maturities by year (FY25)Horton D R: debt maturities by year (FY25)$1.6BYear 1$605MYear 2$1.4BYear 3$17.5MYear 4$2.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.1B of cash and investments now.

Where the cash came from and went

Horton D R: sources (+) and uses (−) of cash, Q3 FY26Horton D R: sources (+) and uses (−) of cash, Q3 FY26Buybacks−$600MNet borrowing (+) / repaid (−)$537MOperating cash flow$439MCash drawn (+) / kept (−)−$161MDividends−$127MCapital spending−$42.0MOther financing−$34.5MOther investing−$11.1MTaxes on employees’ shares−$800K
Horton D R: sources (+) and uses (−) of cash, TTM to Q3 FY26Horton D R: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$3.4BBuybacks−$2.9BCash drawn (+) / kept (−)$530MDividends−$507MNet borrowing (+) / repaid (−)−$178MCapital spending−$150MAcquisitions−$87.9MTaxes on employees’ shares−$55.2MOther investing−$20.4MShares issued$18.9MOther financing−$3.3M

From profit to cash

Horton D R: net income to operating cash flow, Q3 FY26Horton D R: net income to operating cash flow, Q3 FY26Net income$919MDepreciation & amortization$29.0MStock-based pay$31.5MPayables$197MPrepaid and other assets−$82.6MOperating cash flow$439M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$439M−$42.0M—−$600M−$127M$537M—−$161M$397M
Q2 FY26−$412M−$37.2M−$5.8M−$930M−$130M$1.0B—$579M−$450M
Q1 FY26$854M−$27.4M−$82.1M−$670M−$132M−$429M—$480M$827M
Q4 FY25$2.5B−$43.8M—−$700M−$118M−$1.3B$10.0M−$368M$2.4B
Q3 FY25$739M−$46.0M—−$1.0B−$122M$722M—−$147M$693M
Q2 FY25−$436M−$34.3M−$2.1M−$1.5B−$126M$1.6B$8.5M$551M−$470M
Q1 FY25$647M−$13.3M−$51.0M−$1.1B−$128M−$842M—$1.5B$633M
Q4 FY24$2.0B−$32.0M−$2.5M−$600M−$97.7M$243M$8.4M−$1.5B$1.9B

Horton D R: income statement and cash flow

Horton D R, Q4 FY26: revenue $9.4B (-3% year over year), operating margin 10.8%. The chart follows the revenue to costs, profit and cash.

Horton D R: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.