D.R. Horton(DHI) - 2025 Q2 - Quarterly Report

Financial Performance - Consolidated revenues decreased 9% to $15.3 billion compared to$16.8 billion for the six months ended March 31, 2025[119]. - Net income attributable to D.R. Horton decreased 22% to $1.7 billion compared to$2.1 billion[137]. - Total revenues for the six months ended March 31, 2025, were $14,253.8 million, with a net income of$1,488.2 million[264]. - Pre-tax income for consolidated operations for the three months ended March 31, 2025, was $1.1 billion, down from$1.5 billion in the same period of 2024, a decrease of 26.7%[215]. Home Sales and Orders - Homes closed decreased 15% to 19,276 homes, and the average closing price of those homes decreased 1% to $372,500[128]. - Net sales orders decreased 15$8.4 billion[128]. - The cancellation rate for sales orders was 17% for the six months ended March 31, 2025, consistent with the prior year[144]. - Homes closed decreased by 15% to 19,276 in Q1 2025, compared to 22,548 in Q1 2024, with total revenue from home sales at $7.2 billion[154]. Margins and Profitability - Home sales gross margin decreased to 21.8$1.9 billion, representing 13.6% of homebuilding revenues compared to 15.6%[137]. - Gross profit from home sales decreased to $1.6 billion in Q1 2025, representing a gross margin of 21.8$236.6 million compared to $371.3 million[132]. - Pre-tax income for the rental segment was$22.8 million for the three months ended March 31, 2025, a decline from $33.3 million in the same period last year[195]. - The gross profit margin for rental operations improved to 22.6$20,911.7 million, compared to $20,031.0 million as of September 30, 2024[182]. - The company actively manages its inventory of owned land and lots and homes under construction relative to demand in each market[181]. - The company controlled approximately 613,100 lots as of March 31, 2025, with 36,900 homes in inventory, compared to 632,900 lots and 37,400 homes in inventory as of September 30, 2024[184][188]. Financial Services - Total revenues from financial services operations decreased by 6$212.9 million for the three months ended March 31, 2025, compared to $225.6 million in the prior year[211]. - DHI Mortgage originated 15,592 first-lien loans for D.R. Horton homebuyers in the three months ended March 31, 2025, a decrease of 14$6.6 billion, with $2.1 billion due within 12 months[220]. Shareholder Returns - The company declared cash dividends totaling$254.0 million for the six months ended March 31, 2025, with a quarterly dividend of $0.40 per share approved for April 2025[256]. - The company repurchased 16.5 million shares at a total cost of$2.4 billion during the six months ended March 31, 2025[229].