D.R. Horton, Inc. (DHI) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | -412.5M | 854M | 2.47B | 738.6M | -436.2M | 646.7M | 1.96B | 698.3M | -316.7M | -153.4M | 2.04B | 787.5M | 644.5M | 829.1M | 1.12B | 271.8M | -660.5M | -174.1M | 568.9M | 120.4M |
| Operating CF Margin % | -5.46% | 12.4% | 25.54% | 8.01% | -5.64% | 8.49% | 19.61% | 7.01% | -3.48% | -1.99% | 19.45% | 8.1% | 8.08% | 11.42% | 11.67% | 3.09% | -8.26% | -2.47% | 7.02% | 1.65% |
| Operating CF Growth % | 5.43% | 32.05% | 26.01% | 5.77% | -37.73% | 521.58% | -3.98% | -11.33% | -149.14% | -118.5% | 81.66% | 189.74% | 197.58% | 576.22% | 97.68% | 125.75% | -779.53% | 30.94% | -31.68% | -87.76% |
| Net Income | 658M | 601.4M | 905.3M | 1.02B | 819.1M | 851.9M | 1.28B | 1.35B | 1.17B | 955.7M | 1.53B | 1.35B | 949.6M | 968.3M | 1.65B | 1.66B | 1.44B | 1.15B | 1.35B | 1.12B |
| Depreciation & Amortization | 28.1M | 27.7M | 27.4M | 25.2M | 24.6M | 24.1M | 23.6M | 22.4M | 21.1M | 20M | 21.4M | 23.7M | 26.7M | 19.8M | 21.2M | 20.9M | 19.9M | 19.4M | 17.2M | 17.4M |
| Stock-Based Compensation | 34.6M | 41.4M | 0 | 0 | 32.2M | 43M | 25.4M | 26.8M | 25M | 40.9M | 30.6M | 26.3M | 26M | 22.9M | 25.7M | 24.8M | 30.9M | 23.7M | 21.7M | 22.6M |
| Deferred Taxes | 33.6M | 19.5M | 22M | 8.1M | 53M | 40.1M | -10.9M | 10M | 8.6M | 11.3M | -65.2M | -9.4M | 25.5M | 3.2M | 14.8M | -9.3M | 5.9M | 17.7M | -7.9M | -4.7M |
| Other Non-Cash Items | 32.2M | 11.2M | 98.7M | 88.6M | 30M | 16.6M | 60.8M | 28M | 25.1M | 6.1M | 18.1M | 13.8M | 26.3M | 27.5M | 39.8M | 10.6M | 15.2M | 4.8M | 12.3M | 25.7M |
| Working Capital Changes | -1.2B | 152.8M | 1.42B | -407.9M | -1.4B | -329M | 579.3M | -742.5M | -1.57B | -1.19B | 512.6M | -618.7M | -409.6M | -212.6M | -625.1M | -1.43B | -2.17B | -1.39B | -819.9M | -1.06B |
| Change in Receivables | -772M | 657.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 64.9M | -64.9M | 0 | 0 | 0 | 0 | 0 | 0 | -21.47B | 0 |
| Change in Inventory | -716M | -270.9M | 1.4B | -282.9M | -426.8M | -1.15B | 601M | -783.7M | -806.4M | -1.66B | 599.7M | -295.5M | -146.8M | -673.8M | 13.6M | -1.88B | -1.66B | -1.66B | -473.6M | -1.01B |
| Change in Payables | 335.3M | -254.1M | -69M | 201.3M | -119.6M | 71M | 54M | 129.6M | -291.5M | 127.5M | 236.7M | 64.9M | 68.9M | -472.3M | -900K | 442.7M | 287.5M | 306.2M | 109.4M | -82.4M |
| Cash from Investing | -44.2M | -116.2M | -45.2M | -29M | -37.4M | -57.1M | -29.5M | -95.1M | -26.7M | -39.3M | -1.7M | -127.9M | -37.7M | -142.9M | -42M | -304.2M | -42.2M | -26.5M | -45.3M | -10.8M |
| Capital Expenditures | -37.2M | -27.4M | -43.8M | -46M | 0 | 0 | -32M | -62M | -23.7M | -47.6M | -40.3M | -29.1M | -31.7M | -47.5M | -40.2M | -35.5M | -41.6M | -30.9M | -47.5M | -15.5M |
| CapEx % of Revenue | 0.49% | 0.4% | 0.45% | 0.5% | 0.44% | 0.17% | 0.32% | 0.62% | 0.26% | 0.62% | 0.38% | 0.3% | 0.4% | 0.65% | 0.42% | 0.4% | 0.52% | 0.44% | 0.59% | 0.21% |
| Acquisitions | -5.8M | -82.1M | 4.5M | 18.4M | -2.1M | -51M | 2M | -31.9M | 0 | -1M | -10.9M | -98.5M | -6.4M | -97.1M | 0 | -271.5M | 0 | 0 | -2.3M | -200K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.2M | -6.7M | -5.9M | -1.4M | -35.3M | -6.1M | 500K | -1.2M | -3M | 9.3M | 49.5M | -300K | 400K | 1.7M | -1.8M | 2.8M | -600K | 4.4M | 6.7M | 4.9M |
| Cash from Financing | -122.1M | -1.22B | -2.06B | -562.8M | -77.3M | -2.06B | -408.1M | -676.6M | 92.2M | -362.8M | -1.55B | -326.2M | -144.7M | -646.6M | -194M | 27.6M | -72.8M | -572M | 744.5M | -372.4M |
| Debt Issued (Net) | 1B | -429.2M | -1.29B | 721.8M | 1.41B | -842.3M | 243.3M | -148M | 639.3M | 160.1M | -1.03B | 105.3M | 266M | -404.4M | 87.6M | 401.4M | 318.7M | -235.2M | 995M | -82.6M |
| Equity Issued (Net) | -950.6M | -649.2M | -695.3M | -1.17B | -1.39B | -1.08B | -548.8M | -437.1M | -387.3M | -414.4M | -419.1M | -339.9M | -331.8M | -143.8M | -272M | -290M | -294.7M | -286.5M | -187M | -236.8M |
| Dividends Paid | -129.7M | -131.5M | -118.4M | -122.4M | -125.5M | -128.5M | -97.7M | -98.4M | -99.2M | -99.9M | -84.3M | -85.2M | -85.6M | -86.1M | -78.1M | -79.2M | -79.1M | -80.1M | -71.6M | -72.1M |
| Share Repurchases | -950.6M | -649.2M | -705.3M | -1.17B | -1.39B | -1.08B | -558.2M | -437.1M | -417.6M | -414.4M | -419.1M | -339.9M | -331.8M | -143.8M | -272M | -290M | -294.7M | -336.8M | -187M | -236.8M |
| Other Financing | -44.1M | -8.2M | 43.1M | 6.2M | 24.4M | -10.5M | -4.9M | 6.9M | -60.6M | -8.6M | -17.3M | -6.4M | 6.7M | -12.3M | 68.5M | -4.6M | -17.7M | 29.8M | 8.1M | 19.1M |
| Net Change in Cash | -578.8M | -480.3M | 368.4M | 146.8M | -550.9M | -1.48B | 1.52B | -73.4M | -251.2M | -555.5M | 492.1M | 333.4M | 462.1M | 39.6M | 888.6M | -4.8M | -775.5M | -772.6M | 1.27B | -262.8M |
| Free Cash Flow | -449.7M | 826.6M | 2.43B | 692.6M | -470.5M | 633.4M | 1.93B | 636.3M | -340.4M | -201M | 2B | 758.4M | 612.8M | 781.6M | 1.08B | 236.3M | -702.1M | -205M | 521.4M | 104.9M |
| FCF Margin % | -5.95% | 12% | 25.09% | 7.51% | -6.08% | 8.32% | 19.29% | 6.38% | -3.74% | -2.6% | 19.07% | 7.8% | 7.69% | 10.77% | 11.25% | 2.69% | -8.78% | -2.91% | 6.43% | 1.44% |
| FCF Growth % | 4.42% | 30.5% | 25.83% | 8.85% | -38.22% | 415.12% | -3.65% | -16.1% | -155.55% | -125.72% | 84.68% | 220.95% | 187.28% | 481.27% | 107.98% | 125.26% | -14838.3% | 42.19% | -31.96% | -88.65% |
| FCF per Share | -1.56 | 2.82 | 8.16 | 2.33 | -1.50 | 1.96 | 5.90 | 1.93 | -1.02 | -0.60 | 5.90 | 2.22 | 1.78 | 2.25 | 3.10 | 0.67 | -1.97 | -0.57 | 1.44 | 0.29 |
| FCF Conversion (FCF/Net Income) | -0.64x | 1.44x | 2.73x | 0.72x | -0.54x | 0.77x | 1.53x | 0.52x | -0.27x | -0.16x | 1.35x | 0.59x | 0.68x | 0.86x | 0.69x | 0.16x | -0.46x | -0.15x | 0.42x | 0.11x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |