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	3,335	3,585	4,756	4,746	5,858	4,176
Depreciation & Amortization	104.9	101.3	87.1	91.6	81.4	82.1
Loss (Gain) From Sale of Assets	-	-	-	-	-	-14
Asset Writedown & Restructuring Costs	33	33	14	19	3.8	5.6
Stock-Based Compensation	129.4	131	118.1	111.2	105.1	91.4
Other Operating Activities	257.6	284	133.4	64.9	133.8	46.5
Change in Inventory	417.3	-460.1	-2,650	-516.4	-5,185	-3,759
Change in Accounts Payable	-241.4	83.7	19.6	-101.8	1,036	845.1
Change in Other Net Operating Assets	-407.7	-337.2	-289	-110.1	-1,470	-939
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
Cash 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	-	3,272	2,086	762.3	4,374	1,904
Long-Term Debt Repaid	-	-3,268	-1,192	-1,824	-3,801	-826.3
Net Debt Issued (Repaid)	416.8	3.7	894.7	-1,062	572.5	1,077
Issuance of Common Stock	18.5	18.5	20.6	25.5	33.2	22.7
Repurchase of Common Stock	-3,941	-4,346	-1,871	-1,235	-1,194	-926.9
Common Dividends Paid	-497.8	-494.8	-395.2	-341.2	-316.5	-289.3
Other Financing Activities	87.5	55.5	-4	-54.8	93.1	31.1
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	21.61%	62.19%	-51.28%	904.72%	54.91%	-76.47%
Free Cash Flow Margin	10.37%	9.59%	5.50%	11.72%	1.23%	0.96%
Free Cash Flow Per Share	11.50	10.60	6.11	12.11	1.17	0.73
Cash Income Tax Paid	1,021	1,021	1,670	1,442	1,701	1,138
Levered Free Cash Flow	-546.75	2,174	1,111	2,947	-1,240	-938.46
Unlevered Free Cash Flow	-546.75	2,174	1,111	2,947	-1,240	-938.46
Change in Working Capital	-231.8	-713.6	-2,919	-728.3	-5,620	-3,853

Source: S&P Global Market Intelligence. Standard template. Financial Sources.