HORTON D R INC /DE/
For the period ended Jun 30, 2025. Filed Jul 23, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 23, 2025
DHI$152.28-3.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-23.
0000882184-25-000024
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-23.
0000882184-25-000040
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 280 previous paragraphs and 281 current paragraphs.
128 unchanged; 117 reworded; 35 added; 35 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 22 previous and 22 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (35)
Current report
•Consolidated revenues decreased 7% to $9.2 billion compared to $10.0 billion.
Current report
•Consolidated pre-tax income decreased 25% to $1.4 billion compared to $1.8 billion.
Current report
•Net income attributable to D.R. Horton decreased 24% to $1.0 billion compared to $1.4 billion.
Current report
•Homebuilding revenues decreased 7% to $8.6 billion compared to $9.2 billion.
Current report
•Net sales orders of 23,071 homes were essentially flat, and the value of net sales orders decreased 3% to $8.4 billion.
Current report
•Homebuilding SG&A expense was 7.8% of homebuilding revenues compared to 7.1%.
Current report
•Homebuilding pre-tax income decreased 25% to $1.2 billion compared to $1.6 billion.
Current report
•Rental revenues were $380.7 million compared to $413.7 million.
Current report
•Rental pre-tax income was $54.8 million compared to $64.2 million.
Current report
•Forestar’s pre-tax income was $43.6 million compared to $51.6 million.
Current report
•Forestar’s pre-tax income was 11.2% of revenues compared to 16.2%.
Current report
•Financial services revenues decreased 6% to $227.8 million compared to $242.3 million.
Current report
•Financial services pre-tax income was $81.3 million compared to $91.3 million.
Current report
•Financial services pre-tax income was 35.7% of financial services revenues compared to 37.7%.
Current report
•Consolidated revenues decreased 8% to $24.6 billion compared to $26.8 billion.
Current report
•Consolidated pre-tax income decreased 23% to $3.5 billion compared to $4.6 billion.
Current report
•Net income attributable to D.R. Horton decreased 23% to $2.7 billion compared to $3.5 billion.
Current report
•Homebuilding revenues decreased 8% to $23.0 billion compared to $25.0 billion.
Current report
•Net sales orders decreased 6% to 63,345 homes, and the value of net sales orders decreased 8% to $23.4 billion.
Current report
•Home sales gross margin was 22.1% compared to 23.4%.
Current report
•Homebuilding SG&A expense was 8.5% of homebuilding revenues compared to 7.5%.
Current report
•Homebuilding pre-tax income decreased 22% to $3.1 billion compared to $4.0 billion.
Current report
•Homebuilding pre-tax income was 13.7% of homebuilding revenues compared to 16.1%.
Current report
•Rental revenues were $835.0 million compared to $980.2 million.
Current report
•Rental pre-tax income was $89.4 million compared to $128.8 million.
Current report
•Forestar’s pre-tax income decreased 34% to $106.2 million compared to $161.6 million.
Current report
•Forestar’s pre-tax income was 10.7% of revenues compared to 16.9%.
Current report
•Financial services revenues decreased 6% to $623.0 million compared to $660.5 million.
Current report
•Financial services pre-tax income decreased 14% to $203.0 million compared to $235.3 million.
Current report
•Financial services pre-tax income was 32.6% of financial services revenues compared to 35.6%.
Current report
In regions where sales order volume decreased, the markets contributing most to the decrease in the three month period were the Salt Lake City market in the Northwest, the Phoenix market in the Southwest and the Florida markets in the Southeast. In regions where sales order volume increased, the markets contributing most to the increase were the Houston market in the South Central, the North Carolina markets in the East and the New Jersey and Chicago markets in the North.
Current report
Southwest Region — Homebuilding revenues decreased 10% and 7% in the three and nine months ended June 30, 2025, respectively, compared to the prior year periods, primarily due to decreases in the number of homes closed, particularly in our Phoenix and California markets. The region generated pre-tax income of $152.7 million and $444.4 million in the three and nine months ended June 30, 2025, respectively, compared to $209.4 million and $515.3 million in the prior year periods. Home sales gross profit percentage decreased by 170 basis points and increased by 10 basis points in the three and nine months ended June 30, 2025, respectively, compared to the prior year periods. The decrease in the three month period was primarily due to the average selling price of homes closed decreasing while the average cost of those homes increased slightly. As a percentage of homebuilding revenues, SG&A expenses increased by 90 basis points in both the three and nine months ended June 30, 2025 compared to the prior year periods, primarily due to the decrease in homebuilding revenues.
Current report
South Central Region — Homebuilding revenues decreased 4% and 12% in the three and nine months ended June 30, 2025, respectively, compared to the prior year periods, primarily due to decreases in the number of homes closed in our Dallas, Fort Worth and Austin markets. The region generated pre-tax income of $290.2 million and $719.9 million in the three and nine months ended June 30, 2025, respectively, compared to $368.7 million and $986.9 million in the prior year periods. Home sales gross profit percentage decreased by 260 and 190 basis points in the three and nine months ended June 30, 2025, respectively, compared to the prior year periods, primarily due to the average selling price of homes closed decreasing by more than the average cost of those homes. As a percentage of homebuilding revenues, SG&A expenses increased by 50 and 100 basis points in the three and nine months ended June 30, 2025, respectively, compared to the prior year periods, primarily due to the decrease in homebuilding revenues.
Current report
On July 4, 2025, the One Big Beautiful Bill Act was signed into law (the new law). The new law terminates the energy efficient home tax credit for homes closing after June 30, 2026 and enacts certain other tax provisions that will impact our financial statements. The termination of the energy efficient home tax credit will result in a reduced tax benefit beginning in fiscal 2026. We recognized a tax benefit related to the energy efficient home tax credit of $70.4 million in fiscal 2024 and $30.8 million in the nine months ended June 30, 2025. We are evaluating the impact of other tax provisions within the new law; however, none of the other tax provisions are expected to have a significant impact on our financial statements.
Current report
Cash and Cash Equivalents — At June 30, 2025, cash and cash equivalents of our homebuilding segment totaled $2.0 billion.
Removed paragraphs (35)
Previous report
•Consolidated revenues decreased 15% to $7.7 billion compared to $9.1 billion.
Previous report
•Consolidated pre-tax income decreased 30% to $1.1 billion compared to $1.5 billion.
Previous report
•Net income attributable to D.R. Horton decreased 31% to $810.4 million compared to $1.2 billion.
Previous report
•Homebuilding revenues decreased 15% to $7.2 billion compared to $8.5 billion.
Previous report
•Net sales orders decreased 15% to 22,437 homes, and the value of net sales orders decreased 17% to $8.4 billion.
Previous report
•Homebuilding SG&A expense was 8.9% of homebuilding revenues compared to 7.2%.
Previous report
•Homebuilding pre-tax income decreased 31% to $935.0 million compared to $1.4 billion.
Previous report
•Homebuilding pre-tax income was 13.0% of homebuilding revenues compared to 16.0%.
Previous report
•Homebuilding pre-tax return on inventory was 24.3% compared to 29.9%.
Previous report
•Rental revenues were $236.6 million compared to $371.3 million.
Previous report
•Rental pre-tax income was $22.8 million compared to $33.3 million.
Previous report
•Forestar’s pre-tax income was $40.7 million compared to $58.9 million.
Previous report
•Forestar’s pre-tax income was 11.6% of revenues compared to 17.6%.
Previous report
•Financial services revenues decreased 6% to $212.9 million compared to $225.6 million.
Previous report
•Financial services pre-tax income was $73.0 million compared to $78.0 million.
Previous report
•Financial services pre-tax income was 34.3% of financial services revenues compared to 34.6%.
Previous report
•Consolidated revenues decreased 9% to $15.3 billion compared to $16.8 billion.
Previous report
•Consolidated pre-tax income decreased 22% to $2.2 billion compared to $2.8 billion.
Previous report
•Net income attributable to D.R. Horton decreased 22% to $1.7 billion compared to $2.1 billion.
Previous report
•Homebuilding revenues decreased 9% to $14.4 billion compared to $15.8 billion.
Previous report
•Net sales orders decreased 10% to 40,274 homes, and the value of net sales orders decreased 11% to $15.0 billion.
Previous report
•Home sales gross margin was 22.3% compared to 23.1%.
Previous report
•Homebuilding SG&A expense was 8.9% of homebuilding revenues compared to 7.7%.
Previous report
•Homebuilding pre-tax income decreased 21% to $1.9 billion compared to $2.5 billion.
Previous report
•Homebuilding pre-tax income was 13.6% of homebuilding revenues compared to 15.6%.
Previous report
•Rental revenues were $454.3 million compared to $566.5 million.
Previous report
•Rental pre-tax income was $34.7 million compared to $64.6 million.
Previous report
•Forestar’s pre-tax income decreased 43% to $62.6 million compared to $110.1 million.
Previous report
•Forestar’s pre-tax income was 10.4% of revenues compared to 17.2%.
Previous report
•Financial services revenues decreased 5% to $395.2 million compared to $418.2 million.
Previous report
•Financial services pre-tax income decreased 16% to $121.6 million compared to $144.0 million.
Previous report
•Financial services pre-tax income was 30.8% of financial services revenues compared to 34.4%.
Previous report
Southwest Region — Homebuilding revenues decreased 17% and 6% in the three and six months ended March 31, 2025, respectively, compared to the prior year periods, primarily due to decreases in the number of homes closed, particularly in our Phoenix market. The region generated pre-tax income of $123.3 million and $291.7 million in the three and six months ended March 31, 2025, respectively, compared to $171.0 million and $305.9 million in the prior year periods. Home sales gross profit percentage was flat in the three month period, while it increased by 110 basis points in the six months ended March 31, 2025 compared to the prior year period, primarily due to the average selling price of homes closed increasing by more than the average cost of those homes. As a percentage of homebuilding revenues, SG&A expenses increased by 170 and 90 basis points in the three and six months ended March 31, 2025, respectively, compared to the prior year periods, primarily due to the decrease in homebuilding revenues.
Previous report
South Central Region — Homebuilding revenues decreased 22% and 17% in the three and six months ended March 31, 2025, respectively, compared to the prior year periods, primarily due to decreases in the number of homes closed in most of the region’s markets. The region generated pre-tax income of $208.4 million and $429.7 million in the three and six months ended March 31, 2025, respectively, compared to $346.6 million and $618.2 million in the prior year periods. Home sales gross profit percentage decreased by 230 and 150 basis points in the three and six months ended March 31, 2025, respectively, compared to the prior year periods, primarily due to the average selling price of homes closed decreasing by more than the average cost of those homes. As a percentage of homebuilding revenues, SG&A expenses increased by 150 and 120 basis points in the three and six months ended March 31, 2025, respectively, compared to the prior year periods, primarily due to the decrease in homebuilding revenues.
Previous report
Cash and Cash Equivalents — At March 31, 2025, cash and cash equivalents of our homebuilding segment totaled $1.9 billion.
Reworded paragraphs (117)
Previous wording
D.R. Horton, Inc. is the largest homebuilding company in the United States as measured by number of homes closed. We construct and sell homes through our operating divisions in 126 markets across 36 states. Our common stock is included in the S&P 500 Index and listed on the New York Stock Exchange under the ticker symbol “DHI.” Unless the context otherwise requires, the terms “D.R. Horton,” the “Company,” “we” and “our” used herein refer to D.R. Horton, Inc., a Delaware corporation, and its predecessors and subsidiaries.
Current wording
D.R. Horton, Inc. is the largest homebuilding company in the United States as measured by number of homes closed. We construct and sell homes through our operating divisions in 126 markets across 36 states. Our common stock is included in the S&P 500 Index and listed on the New York Stock Exchange and NYSE Texas under the ticker symbol “DHI.” Our listing on NYSE Texas became effective in June 2025. Unless the context otherwise requires, the terms “D.R. Horton,” the “Company,” “we” and “our” used herein refer to D.R. Horton, Inc., a Delaware corporation, and its predecessors and subsidiaries.
Previous wording
Our business operations consist of homebuilding, rental, a majority-owned residential lot development company, financial services and other activities. Our homebuilding operations are our core business and primarily include the construction and sale of single-family homes with sales prices generally ranging from $250,000 to more than $1,000,000, with an average closing price of $373,700 during the six months ended March 31, 2025. Approximately 84% of our home sales revenue in the six months ended March 31, 2025 was generated from the sale of single-family detached homes, with the remainder from the sale of attached homes, such as townhomes, duplexes and triplexes.
Current wording
Our business operations consist of homebuilding, rental, a majority-owned residential lot development company, financial services and other activities. Our homebuilding operations are our core business and primarily include the construction and sale of single-family homes with sales prices generally ranging from $250,000 to more than $1,000,000, with an average closing price of $372,200 during the nine months ended June 30, 2025. Approximately 84% of our home sales revenue in the nine months ended June 30, 2025 was generated from the sale of single-family detached homes, with the remainder from the sale of attached homes, such as townhomes and duplexes.
Previous wording
We have closed more than 1.1 million homes during our 46-year history, and we have been the largest volume homebuilder in the United States every year since 2002. Our product offerings include a broad range of homes for entry-level, move-up, active adult and luxury buyers.
Current wording
We have closed more than 1.2 million homes during our 46-year history, and we have been the largest volume homebuilder in the United States every year since 2002. Our product offerings include a broad range of homes for entry-level, move-up, active adult and luxury buyers.
Previous wording
At March 31, 2025, we owned 62% of the outstanding shares of Forestar Group Inc. (Forestar), a publicly traded residential lot development company listed on the New York Stock Exchange under the ticker symbol “FOR.” Forestar operates across many of our homebuilding operating markets and is a key part of our homebuilding strategy to maintain relationships with land developers and to control a large portion of our land and lot position through land purchase contracts.
Current wording
At June 30, 2025, we owned 62% of the outstanding shares of Forestar Group Inc. (Forestar), a publicly traded residential lot development company listed on the New York Stock Exchange and NYSE Texas under the ticker symbol “FOR.” Forestar operates across many of our homebuilding operating markets and is a key part of our homebuilding strategy to maintain relationships with land developers and to control a large portion of our land and lot position through land purchase contracts.
Previous wording
During the six months ended March 31, 2025, our number of homes closed and our home sales revenues decreased 8% and 9%, respectively, compared to the prior year period, and our consolidated revenues decreased 9% to $15.3 billion compared to $16.8 billion. Our pre-tax income was $2.2 billion in the six months ended March 31, 2025 compared to $2.8 billion in the prior year period, and our pre-tax operating margin was 14.2% compared to 16.5%. Net income was $1.7 billion in the six months ended March 31, 2025 compared to $2.1 billion in the prior year period, and our diluted earnings per share were $5.19 compared to $6.34.
Current wording
During the nine months ended June 30, 2025, our number of homes closed and our home sales revenues decreased 7% and 8%, respectively, compared to the prior year period, and our consolidated revenues decreased 8% to $24.6 billion compared to $26.8 billion. Our pre-tax income was $3.5 billion in the nine months ended June 30, 2025 compared to $4.6 billion in the prior year period, and our pre-tax operating margin was 14.4% compared to 17.1%. Net income was $2.7 billion in the nine months ended June 30, 2025 compared to $3.5 billion in the prior year period, and our diluted earnings per share were $8.53 compared to $10.43.
Previous wording
In the trailing twelve months ended March 31, 2025, our return on equity (ROE) was 17.4% compared to 22.2% in the prior year period, and our return on assets (ROA) was 12.2% compared to 15.1%. ROE is calculated as net income attributable to D.R. Horton for the trailing twelve months divided by average stockholders’ equity, where average stockholders’ equity is the sum of ending stockholders’ equity balances for the trailing five quarters divided by five. ROA is calculated as net income attributable to D.R. Horton for the trailing twelve months divided by average consolidated assets, where average consolidated assets is the sum of total asset balances for the trailing five quarters divided by five.
Current wording
In the trailing twelve months ended June 30, 2025, our return on equity (ROE) was 16.1% compared to 21.5% in the prior year period, and our return on assets (ROA) was 11.1% compared to 14.8%. ROE is calculated as net income attributable to D.R. Horton for the trailing twelve months divided by average stockholders’ equity, where average stockholders’ equity is the sum of ending stockholders’ equity balances for the trailing five quarters divided by five. ROA is calculated as net income attributable to D.R. Horton for the trailing twelve months divided by average consolidated assets, where average consolidated assets is the sum of total asset balances for the trailing five quarters divided by five.
Previous wording
The 2025 spring selling season has begun, and new home demand has been slower than expected due to uncertainty among potential homebuyers caused by continued affordability constraints and declining consumer confidence. As a result, our net sales orders and homebuilding revenues in the second quarter decreased 15% from the prior year period, and our home sales gross margin decreased to 21.8% as we increased sales incentives such as buydowns of mortgage rates for our homebuyers. We strive to remain well-positioned with affordable product offerings and a flexible lot supply, and we will continue to manage our home pricing, sales incentives and number of homes in inventory based on the level of new home demand in each of our local markets. We expect our incentive levels to stay elevated and increase further, depending on market conditions and changes in mortgage interest rates.
Current wording
During the third quarter, new home demand continued to be impacted by uncertainty among potential homebuyers due to ongoing affordability constraints and cautious consumer sentiment. As a result, the value of our net sales orders and homebuilding revenues in the third quarter decreased 3% and 7%, respectively, from the prior year quarter, and our home sales gross margin decreased to 21.8% as we increased sales incentives such as buydowns of mortgage rates for our homebuyers. We strive to remain well-positioned with affordable product offerings and a flexible lot supply and will continue to manage our home pricing, sales incentives and number of homes in inventory based on the level of new home demand in each of our local markets. We expect to maintain an elevated level of incentives to support demand and may increase them further, depending on market conditions and changes in mortgage interest rates.
Previous wording
We remain focused on our relationships with land developers across the country in order to maximize returns and capital efficiency. Within our homebuilding land and lot portfolio, lots controlled through purchase contracts represent 75% of the lots owned and controlled at March 31, 2025 compared to 76% at September 30, 2024 and 77% at March 31, 2024. We are prioritizing the purchase of finished lots from Forestar and other land developers when possible. During the six months ended March 31, 2025, 65% of the homes we closed were on lots developed by either Forestar or a third party.
Current wording
We remain focused on our relationships with land developers across the country in order to maximize returns and capital efficiency. Within our homebuilding land and lot portfolio, lots controlled through purchase contracts represented 76% of the lots owned and controlled at June 30, 2025, September 30, 2024 and June 30, 2024. We continue to prioritize the purchase of finished lots from Forestar and other land developers when possible. During the nine months ended June 30, 2025, 65% of the homes we closed were on lots developed by either Forestar or a third party.
Previous wording
•Investing in the construction and leasing of single-family and multi-family rental properties to meet rental demand in high growth suburban markets and selling these properties profitably.
Current wording
•Investing in our rental operations to meet rental demand in high growth suburban markets and selling these properties profitably.
Previous wording
•Consolidated pre-tax income was 13.8% of consolidated revenues compared to 16.8%.
Current wording
•Consolidated pre-tax income was 14.7% of consolidated revenues compared to 18.1%.
Previous wording
•Income tax expense was $248.0 million compared to $344.8 million, and our effective tax rate was 23.2% compared to 22.6%.
Current wording
•Income tax expense was $325.0 million compared to $432.2 million, and our effective tax rate was 23.9% compared to 24.0%.
Previous wording
•Diluted net income per common share attributable to D.R. Horton decreased 18% to $5.19 compared to $6.34.
Current wording
•Diluted net income per common share attributable to D.R. Horton decreased 18% to $3.36 compared to $4.10.
Previous wording
•Stockholders’ equity was $24.3 billion compared to $25.3 billion and $23.8 billion at September 30, 2024 and March 31, 2024, respectively.
Current wording
•Stockholders’ equity was $24.1 billion compared to $25.3 billion and $24.7 billion at September 30, 2024 and June 30, 2024, respectively.
Previous wording
•Book value per common share increased to $78.82 compared to $78.12 and $72.13 at September 30, 2024 and March 31, 2024, respectively.
Current wording
•Book value per common share increased to $80.46 compared to $78.12 and $75.32 at September 30, 2024 and June 30, 2024, respectively.
Previous wording
•Debt to total capital was 21.1% compared to 18.9% and 20.0% at September 30, 2024 and March 31, 2024, respectively. Net debt to total capital was 14.3% compared to 5.2% and 10.8% at September 30, 2024 and March 31, 2024, respectively.
Current wording
•Debt to total capital was 23.2% compared to 18.9% and 18.8% at September 30, 2024 and June 30, 2024, respectively. Net debt to total capital was 16.2% compared to 5.2% and 9.9% at September 30, 2024 and June 30, 2024, respectively.
Previous wording
•Homes closed decreased 15% to 19,276 homes, and the average closing price of those homes decreased 1% to $372,500.
Current wording
•Homes closed decreased 4% to 23,160 homes, and the average closing price of those homes decreased 3% to $369,600.
Previous wording
•Sales order backlog decreased 21% to 14,164 homes, and the value of sales order backlog decreased 22% to $5.5 billion.
Current wording
•Sales order backlog decreased 16% to 14,075 homes, and the value of sales order backlog decreased 19% to $5.3 billion.
Previous wording
•Home sales gross margin was 21.8% compared to 23.2%.
Current wording
•Home sales gross margin was 21.8% compared to 24.0%.
Previous wording
•Homebuilding cash and cash equivalents totaled $1.9 billion compared to $3.6 billion and $2.2 billion at September 30, 2024 and March 31, 2024, respectively.
Current wording
•Homebuilding cash and cash equivalents totaled $2.0 billion compared to $3.6 billion and $2.2 billion at September 30, 2024 and June 30, 2024, respectively.
Previous wording
•Homebuilding inventories totaled $20.9 billion compared to $20.0 billion and $19.9 billion at September 30, 2024 and March 31, 2024, respectively.
Current wording
•Homebuilding inventories totaled $21.1 billion compared to $20.0 billion and $20.5 billion at September 30, 2024 and June 30, 2024, respectively.
Previous wording
•Homes in inventory totaled 36,900 compared to 37,400 and 45,000 at September 30, 2024 and March 31, 2024, respectively.
Current wording
•Homes in inventory totaled 38,400 compared to 37,400 and 42,600 at September 30, 2024 and June 30, 2024, respectively.
Previous wording
•Owned lots totaled 150,600 compared to 152,500 and 143,900 at September 30, 2024 and March 31, 2024, respectively. Lots controlled through purchase contracts totaled 462,500 compared to 480,400 and 473,300 at September 30, 2024 and March 31, 2024, respectively.
Current wording
•Owned lots totaled 145,900 compared to 152,500 and 150,900 at September 30, 2024 and June 30, 2024, respectively. Lots controlled through purchase contracts totaled 455,500 compared to 480,400 and 479,300 at September 30, 2024 and June 30, 2024, respectively.
Previous wording
•Homebuilding debt was $3.1 billion compared to $2.9 billion and $2.4 billion at September 30, 2024 and March 31, 2024, respectively.
Current wording
•Homebuilding debt was $3.7 billion compared to $2.9 billion and $2.3 billion at September 30, 2024 and June 30, 2024, respectively.
Previous wording
•Single-family rental homes closed totaled 519 compared to 1,109.
Current wording
•Single-family rental homes closed totaled 1,065 compared to 790.
Previous wording
•Multi-family rental units closed totaled 300 compared to 424.
Current wording
•Multi-family rental units closed totaled 328 compared to 610.
Previous wording
•Forestar’s revenues increased 5% to $351.0 million compared to $333.8 million. Revenues in the current and prior year quarters included $267.8 million and $310.3 million, respectively, of revenue from land and lot sales to our homebuilding segment.
Current wording
•Forestar’s revenues increased 23% to $390.5 million compared to $318.4 million. Revenues in the current and prior year quarters included $323.7 million and $267.4 million, respectively, of revenue from land and lot sales to our homebuilding segment.
Previous wording
•Forestar’s lots sold increased 4% to 3,411 compared to 3,289. Lots sold to D.R. Horton totaled 2,501 compared to 3,105.
Current wording
•Forestar’s lots sold increased 11% to 3,605 compared to 3,255. Lots sold to D.R. Horton totaled 3,075 compared to 2,903.
Previous wording
•Forestar’s cash and cash equivalents totaled $174.3 million compared to $481.2 million and $416.2 million at September 30, 2024 and March 31, 2024, respectively.
Current wording
•Forestar’s cash and cash equivalents totaled $189.2 million compared to $481.2 million and $359.2 million at September 30, 2024 and June 30, 2024, respectively.
Previous wording
•Forestar’s inventories totaled $2.8 billion compared to $2.3 billion and $2.1 billion at September 30, 2024 and March 31, 2024, respectively.
Current wording
•Forestar’s inventories totaled $2.8 billion compared to $2.3 billion and $2.2 billion at September 30, 2024 and June 30, 2024, respectively.
Previous wording
•Forestar’s owned and controlled lots totaled 105,900 compared to 95,100 and 96,100 at September 30, 2024 and March 31, 2024, respectively. Of these lots, 43,900 were under contract to sell to or subject to a right of first offer with D.R. Horton compared to 37,700 and 34,300 at September 30, 2024 and March 31, 2024, respectively.
Current wording
•Forestar’s owned and controlled lots totaled 102,300 compared to 95,100 and 102,100 at September 30, 2024 and June 30, 2024, respectively. Of these lots, 42,700 were under contract to sell to or subject to a right of first offer with D.R. Horton compared to 37,700 and 36,200 at September 30, 2024 and June 30, 2024, respectively.
Previous wording
•Forestar’s debt was $872.5 million compared to $706.4 million and $705.7 million at September 30, 2024 and March 31, 2024, respectively.
Current wording
•Forestar’s debt was $872.8 million compared to $706.4 million and $706.1 million at September 30, 2024 and June 30, 2024, respectively.
Previous wording
Key financial results for the six months ended March 31, 2025, as compared to the same period of 2024, were as follows:
Current wording
Key financial results for the nine months ended June 30, 2025, as compared to the same period of 2024, were as follows:
Previous wording
•Consolidated pre-tax income was 14.2% of consolidated revenues compared to 16.5%.
Current wording
•Consolidated pre-tax income was 14.4% of consolidated revenues compared to 17.1%.
Previous wording
•Income tax expense was $506.0 million compared to $636.6 million, and our effective tax rate was 23.2% compared to 22.9%.
Current wording
•Income tax expense was $831.0 million compared to $1.1 billion, and our effective tax rate was 23.5% compared to 23.4%.
Previous wording
•Diluted net income per common share attributable to D.R. Horton decreased 27% to $2.58 compared to $3.52.
Current wording
•Diluted net income per common share attributable to D.R. Horton decreased 18% to $8.53 compared to $10.43.
Previous wording
•Net cash provided by operations was $210.5 million compared to net cash used in operations of $470.1 million.
Current wording
•Net cash provided by operations was $949.1 million compared to $228.2 million.
Previous wording
•Homes closed decreased 8% to 38,335 homes, and the average closing price of those homes decreased 1% to $373,700.
Current wording
•Homes closed decreased 7% to 61,495 homes, and the average closing price of those homes decreased 2% to $372,200.
Previous wording
•Net cash provided by homebuilding operations was $876.0 million compared to $408.3 million.
Current wording
•Net cash provided by homebuilding operations was $1.7 billion compared to $971.9 million.
Previous wording
•Single-family rental homes closed totaled 830 compared to 1,488.
Current wording
•Single-family rental homes closed totaled 1,895 compared to 2,278.
Previous wording
•Multi-family rental units closed totaled 804 compared to 724.
Current wording
•Multi-family rental units closed totaled 1,132 compared to 1,334.
Showing the first 40 of 117 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
•Homebuilding pre-tax income was 13.8% of homebuilding revenues compared to 17.0%.