D.R. Horton Cash Flow Statement

Financials in millions USD. Fiscal year is October - September.

Millions USD. Fiscal year is Oct - Sep.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Sep '25 Sep 30, 2025	Sep '24 Sep 30, 2024	Sep '23 Sep 30, 2023	Sep '22 Sep 30, 2022	Sep '21 Sep 30, 2021
Net Income	3,370	3,621	4,806	4,795	5,896	4,191
Depreciation & Amortization	104.9	101.3	87.1	91.6	81.4	82.1
Stock-Based Compensation	129.4	131	118.1	111.2	105.1	91.4
Other Adjustments	255.3	281.3	97.8	34.4	99.5	22.7
Changes in Inventories	316	-655.5	-2,435	-364.6	-3,462	-3,456
Changes in Accounts Payable	-241.4	83.7	19.6	-101.8	1,036	845.1
Changes in Other Operating Activities	-306.4	-141.8	-503.6	-261.9	-3,194	-1,243
Operating Cash Flow	3,628	3,421	2,190	4,304	561.8	534.4
Operating Cash Flow Growth	21.35%	56.22%	-49.12%	666.13%	5.13%	-62.41%
Capital Expenditures	-151.5	-137.4	-165.3	-148.6	-148.2	-267.4
Sale of Property, Plant & Equipment	22.9	22.9	19.4	52	-	37.6
Payments for Business Acquisitions	-84.2	-53.1	-40.4	-212.9	-271.5	-24.5
Other Investing Activities	-15	-1.1	-4.3	-0.7	4.8	2.1
Investing Cash Flow	-227.8	-168.7	-190.6	-310.2	-414.9	-252.2
Long-Term Debt Issued	2,917	3,272	2,086	711	4,250	1,542
Long-Term Debt Repaid	-2,542	-3,143	-1,056	-1,824	-3,801	-826.3
Net Long-Term Debt Issued (Repaid)	374.7	129.2	1,031	-1,113	448.8	715.3
Issuance of Common Stock	19.25	18.5	20.6	25.5	33.2	22.7
Repurchase of Common Stock	-3,942	-4,346	-1,871	-1,235	-1,194	-926.9
Net Common Stock Issued (Repurchased)	-3,923	-4,327	-1,851	-1,209	-1,160	-904.2
Common Dividends Paid	-497.8	-494.8	-395.2	-341.2	-316.5	-289.3
Other Financing Activities	129.6	-70	-139.8	-3.5	216.8	393.1
Financing Cash Flow	-3,916	-4,763	-1,355	-2,667	-811.2	-85.1
Net Cash Flow	-516	-1,511	643.9	1,327	-664.3	197.1
Free Cash Flow	3,477	3,284	2,025	4,156	413.6	267
Free Cash Flow Growth	5.88%	62.19%	-51.28%	904.72%	54.91%	-76.47%
FCF Margin	10.37%	9.59%	5.50%	11.72%	1.24%	0.96%
Free Cash Flow Per Share	11.50	10.60	6.11	12.10	1.17	0.73
Levered Free Cash Flow	3,431	2,965	2,790	2,848	619.7	852.8
Unlevered Free Cash Flow	2,859	2,630	1,542	3,848	163.18	123.56

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.