DHI · Earnings call · 2026Q3T · Full report

Balance Sheet and Liquidity

HORTON D R INC /DE/ · 2026-10-29 · Importance 25 · Surprise 6 · In source text

At September 30, consolidated liquidity was $7.2 billion, comprising $2.1 billion of cash and $5.1 billion of available capacity under credit and mortgage repurchase facilities. Consolidated debt was $6.1 billion, including $600 million of 1.3% homebuilding senior notes repaid at maturity in October; management said there are no other senior-note maturities in fiscal 2027. Fiscal year-end leverage was 20.8%, against a long-term target of around 20%, and stockholders’ equity was $23.1 billion, down 4% year over year. Fiscal 2026 cash provided by operations was $3.5 billion, or 11% of revenue, and management expects approximately $3.5 billion of operating cash flow in fiscal 2027.

Key facts

• D.R. Horton expects approximately $3.5 billion of operating cash flow in fiscal 2027.
• At September 30, D.R. Horton had $7.2 billion of consolidated liquidity, consisting of $2.1 billion of cash and $5.1 billion of available credit and mortgage repurchase facility capacity.
• D.R. Horton's consolidated debt at the end of the fourth quarter totaled $6.1 billion, including $600 million of 1.3% homebuilding senior notes repaid at maturity in October.
• D.R. Horton said improved cycle times allow it to operate and turn inventory more quickly and that lower rental asset levels are expected in fiscal 2027, providing cash flow beyond the P&L.
• D.R. Horton had no other senior note maturities in fiscal 2027.
• D.R. Horton's consolidated leverage at fiscal year-end was 20.8%, and its long-term leverage target is around 20%.

Impact estimates