D.R. Horton dividend
D.R. Horton pays $1.60 per share in fiscal 2025, and fiscal 2026 guidance includes $500 million of dividend payments. Management expects at least $3,000 million of fiscal 2026 operating cash against $500 million of dividend payments, while expected repurchases are at least $3.25 billion.
How much does D.R. Horton pay per share?
Base dividends rise to $1.80 in 2027 and $1.95 in 2028. They reach $2.10 in 2029. The bear case holds DPS at $1.60. The bull case pays $1.90 and then $2.25. It reaches $2.65. Fiscal 2025 DPS was $1.60, and fiscal 2026 guidance included $500M of dividend payments. The base path therefore slows the historical growth rate without assuming a cut.
| Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 11.57 | 14.34 | 13.82 | 16.51 | 11.41 |
| − Dividends paid, per share | 1.60 | 1.19 | 0.99 | 0.89 | 0.79 |
| − Share buybacks, per share | 13.82 | 5.39 | 3.43 | 3.19 | 2.32 |
| Book value per share | 82.15 | 78.12 | 67.78 | 56.39 | 41.81 |
What this means. Share buybacks can be larger than earnings because they are cash spent to reduce the number of shares, not profit earned during the year.
Does D.R. Horton's cash cover its dividend?
DHI’s weighted price can reach $212.12 by October 2029 if margins recover, inventory turns faster and cash supports the capital plan. July guidance calls for fiscal 2026 revenue of $32.5–33.0 billion and 83,800–84,300 homebuilding closings. Fourth-quarter home-sales gross margin is guided at 20.5%–21%. Management also expects at least $3,000 million of fiscal 2026 operating cash. On September 15, it raised expected repurchases to at least $3.25 billion; dividend-payment guidance is $500 million.
In 2025, operating cash excluding Financial Services recovered to $3,247.7 million from $1,908.2 million. Construction in progress and finished homes released $1,228.8 million, while residential land and lots absorbed $1,884.3 million. The company was selling through one stage while funding the next.
| Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 | |
|---|---|---|---|---|---|
| − Dividends paid | 494.8 | 395.2 | 341.2 | 316.5 | 289.3 |
| − Share buybacks | 4,281.6 | 1,787.5 | 1,178.5 | 1,131.5 | 848.4 |
| Cash and short-term investments | 2,740.9 | 4,274.1 | 3,684.5 | 2,437.2 | 3,131.4 |
| = Net cash | 259.6 | ||||
| Paid to shareholders | 4,776.4 | 2,182.7 | 1,519.7 | 1,448.0 | 1,137.7 |
What this means. The net debt numbers leave out the Financial Services business, while the company's revenue and operating margin include it, so they do not describe exactly the same business.
What could change D.R. Horton's dividend?
September 2026 results, due before the market opens on October 29, will test the reduced closing and revenue outlook against margins, earnings and cash generation. Orders per community, cancellations, incentives and realized margins will show whether demand improves. Fiscal 2027 will carry a full year without the energy-efficient-home credit for homes acquired after June 30, 2026. Buybacks, dividends, land spending and debt reduction compete for operating cash.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Normal operating profit | 4,200 (3,400 / 5,000) | 4,700 (3,000 / 6,100) | 5,300 (3,200 / 6,900) |
| Shares (millions) | 258 (265 / 252) | 243 (258 / 228) | 228 (252 / 206) |
| Dividends per share | 1.80 (1.60 / 1.90) | 1.95 (1.60 / 2.25) | 2.10 (1.60 / 2.65) |
| Net debt | 2,723 (2,689 / 2,729) | 2,331 (2,853 / 2,667) | 1,360 (2,506 / 1,962) |
What this means. Net debt excludes the financial services arm's borrowing, even though the reported revenue and operating profit include that arm.
What is D.R. Horton's dividend yield at its share price?
At $136.84 a share on October 19, 2026, D.R. Horton’s valuation depends on how much of its recent profit can last. The market value of all its shares is US$38,274.3 million, while enterprise value is US$41,750.5 million. Market value belongs to shareholders; enterprise value estimates the cost of owning the operating business by adding debt and subtracting cash. The difference is US$3,476.2 million.