Filing Flows › Horton D R (DHI) › Q4 FY25
Horton D R (DHI) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed Nov 19, 2025
Horton D R (DHI) reported revenue of $9.7B for the fourth quarter fiscal 2025 (Q4 FY25), -3% from a year earlier and +5% from the quarter before. Operating margin was 12.4%, net earnings $905M (9.4% of revenue).
Horton D R, Q4 FY25: revenue $9.7B (-3% year over year), operating margin 12.4%, net earnings $905M, operating cash flow $2.5B. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.7B | +5% | -3% |
| Operating profit | $1.2B | -11% | -30% |
| Net earnings | $905M | -12% | -29% |
| Operating cash flow | $2.5B | +235% | +26% |
| Free cash flow | $2.4B | +251% | +26% |
What changed
Revenue was $9.7B in Q4 FY25, down 3% year over year and up 5% from the previous quarter.
Operating profit was $1.2B, a 12.4% margin (down 4.6 points year over year). Total costs grew 2% against a revenue fall of 3%. Net earnings were $0.91B, down 29% year over year. The effective tax rate was 23.9%.
Operating cash flow was $2.5B (up 26% year over year), 270% of net earnings. Non-cash charges added back $0.03B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $1.5B. Capital expenditures of $0.04B left free cash flow of $2.4B.
Questions
What was Horton D R's revenue in the fourth quarter fiscal 2025?
Horton D R (DHI) reported revenue of $9.7B for the fourth quarter fiscal 2025 (Q4 FY25), -3% from a year earlier and +5% from the quarter before.
Was Horton D R profitable in the fourth quarter fiscal 2025?
Operating profit was $1.2B (12.4% of revenue) and net earnings $905M.
Source: Horton D R 10-K on SEC EDGAR.