D.R. Horton, Inc.

The filing data for D.R. Horton, Inc. (DHI) supplied here is limited to two annual series, revenue and net income, covering fiscal years 2018 through 2025 with fiscal years ending September 30. Over that period revenue more than doubled, from $16.07 billion in fiscal 2018 to $34.25 billion in fiscal 2025, a multiple of about 2.1 times. Net income also rose over the longer span, from $1.46 billion to a peak of $5.86 billion in fiscal 2022. Since that peak the direction has reversed. Revenue has moved within a narrow band, while net income has declined in fiscal 2023 and again in fiscal 2025, leaving fiscal 2025 net income at $3.59 billion. The company's narrative materials, including MD&A, risk factors, and recent news, are not on file, so this synthesis cannot test management's explanation against the numbers, and it cannot name the segments, product lines, incentive programs, legal matters, debt instruments, or regulations that a complete reading would address. No forensic scores are on file either. That means no Beneish M-Score, Piotroski F-Score, Altman Z-Score, or Fog Index is reported here, and none should be inferred from the figures above. In plain English, a Beneish M-Score is a screen for possible earnings manipulation that calls for a closer read when elevated, a Piotroski F-Score counts financial-health checks, an Altman Z-Score estimates distress risk, and a Fog Index measures how hard a document is to read. Each would add context that these two income lines cannot provide. For a careful reader, the open question is why margins compressed while revenue held near its level. Readers may want to look at the consolidated statements of operations, the balance sheet, and the cash flow statement in the company's annual report on Form 10-K to see how cost, debt, and cash figures relate to the net income decline.

Catalyst.The data available here covers only annual revenue and net income, so it cannot show what is driving the business now. The MD&A text that would normally explain segment results, pricing, order volume, or margins is not on file, so this section does not attribute any cause. What the numbers show is a change in direction. Revenue rose from $33.48 billion in fiscal 2022 to $35.46 billion in fiscal 2023 and $36.8 billion in fiscal 2024, then fell to $34.25 billion in fiscal 2025, a decline of 6.9% from fiscal 2024. Net income fell from $4.76 billion in fiscal 2024 to $3.59 billion in fiscal 2025, a decline of 24.6%. Readers may want to look at the MD&A section of the company's fiscal 2025 annual report for management's stated reasons.

Hidden risk.The most material tension in these figures is the gap between revenue and profit. Net income fell from $5.86 billion in fiscal 2022 to $3.59 billion in fiscal 2025, a decline of 38.7%, while revenue over the same span rose 2.3%, from $33.48 billion to $34.25 billion. Net margin, calculated as net income divided by revenue, moved from 17.5% in fiscal 2022 to 12.9% in fiscal 2024 and 10.5% in fiscal 2025. A casual reader may focus on the size of sales and miss that each dollar of revenue is now producing less profit. The data here contains no balance sheet, cash flow, debt, or risk-factor text, and no forensic scores, so this section cannot assess leverage, cash generation, or accounting quality.