HORTON D R INC /DE/
For the period ended Sep 30, 2025. Filed Nov 19, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Nov 19, 2025
DHI$149.70-3.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended September 30, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In millions) | |||
| OPERATING ACTIVITIES | |||
| Net income | $3,620.9 | $4,806.0 | $4,795.2 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 101.3 | 87.1 | 91.6 |
| Stock-based compensation expense | 131.0 | 118.1 | 111.2 |
| Deferred income taxes | 123.2 | 19.0 | (45.9) |
| Inventory and land option charges | 158.1 | 78.8 | 80.3 |
| Changes in operating assets and liabilities: | |||
| Decrease in construction in progress and finished homes | 1,228.8 | 141.3 | 861.8 |
| Increase in residential land and lots — developed, under development, held for development and held for sale | (1,884.3) | (2,576.5) | (1,226.4) |
| Decrease (increase) in rental properties | 195.4 | (214.6) | (151.8) |
| (Increase) decrease in other assets | (248.2) | (331.4) | 23.8 |
| (Increase) decrease in mortgage loans held for sale | (89.0) | 42.4 | (133.9) |
| Increase (decrease) in accounts payable, accrued expenses and other liabilities | 83.7 | 19.6 | (101.8) |
| Net cash provided by operating activities | 3,420.9 | 2,189.8 | 4,304.1 |
| INVESTING ACTIVITIES | |||
| Expenditures for property and equipment | (137.4) | (165.3) | (148.6) |
| Proceeds from sale of assets | 22.9 | 19.4 | 52.0 |
| Payments related to business acquisitions, net of cash acquired | (53.1) | (40.4) | (212.9) |
| Other investing activities | (1.1) | (4.3) | (0.7) |
| Net cash used in investing activities | (168.7) | (190.6) | (310.2) |
| FINANCING ACTIVITIES | |||
| Proceeds from notes payable | 3,272.0 | 2,086.3 | 711.0 |
| Repayment of notes payable | (3,142.8) | (1,055.8) | (1,823.9) |
| (Repayment) borrowings on mortgage repurchase facilities, net | (125.5) | (135.8) | 51.3 |
| Proceeds from stock associated with certain employee benefit plans | 18.5 | 20.6 | 25.5 |
| Cash paid for shares withheld for taxes | (64.2) | (83.9) | (56.1) |
| Cash dividends paid | (494.8) | (395.2) | (341.2) |
| Repurchases of common stock | (4,281.6) | (1,787.5) | (1,178.5) |
| Net proceeds from issuance of Forestar common stock | — | 19.7 | — |
| Net other financing activities | 55.5 | (23.7) | (54.8) |
| Net cash used in financing activities | (4,762.9) | (1,355.3) | (2,666.7) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (1,510.7) | 643.9 | 1,327.2 |
| Cash, cash equivalents and restricted cash at beginning of year | 4,544.0 | 3,900.1 | 2,572.9 |
| Cash, cash equivalents and restricted cash at end of year | $3,033.3 | $4,544.0 | $3,900.1 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
| Year Ended September 30, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In millions) | |||
| SUPPLEMENTAL CASH FLOW INFORMATION | |||
| Income taxes paid, net | $1,020.5 | $1,669.7 | $1,442.0 |
| SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES | |||
| Notes payable issued for inventory | $5.5 | $43.4 | $54.5 |
| Reduction of notes payable upon deconsolidation of variable interest entity | $— | $(127.8) | $— |
| Stock issued under employee incentive plans | $147.6 | $174.3 | $111.4 |
| See accompanying notes to consolidated financial statements. | |||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.