Quarterly Results of Operations (Unaudited)

12 Months Ended

Sep. 30, 2018

Quarterly Financial Data [Abstract]

Quarterly Results of Operations (Unaudited)

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

Consolidated quarterly results of operations for fiscal 2018 and 2017 were (in millions, except per share amounts):

	Fiscal 2018
	1st Quarter			2nd Quarter			3rd Quarter			4th Quarter
Revenues	$	3,332.7		$	3,794.7		$	4,435.3		$	4,505.2
Income before income taxes	391.2			444.8			616.2			607.7
Income tax expense (a)	202.4			94.0			162.5			138.8
Net income	188.8			350.8			453.7			468.9
Net income (loss) attributable to noncontrolling interests	(0.5		)	(0.2		)	(0.1		)	2.8
Net income attributable to D.R. Horton, Inc.	189.3			351.0			453.8			466.1
Basic net income per common share attributable to D.R. Horton, Inc.	0.50			0.93			1.20			1.24
Diluted net income per common share attributable to D.R. Horton, Inc.	0.49			0.91			1.18			1.22

	Fiscal 2017
	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
Revenues	$	2,904.2	$	3,251.3	$	3,776.4	$	4,159.1
Income before income taxes	318.1		353.9		444.5		485.5
Income tax expense	111.2		124.7		155.5		172.3
Net income attributable to D.R. Horton, Inc.	206.9		229.2		289.0		313.2
Basic net income per common share attributable to D.R. Horton, Inc.	0.55		0.61		0.77		0.84
Diluted net income per common share attributable to D.R. Horton, Inc.	0.55		0.60		0.76		0.82

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(a) Income tax expense in the first quarter of fiscal 2018 includes additional expense of $108.7 million due to remeasurement of the Company’s net deferred tax assets as a result of the Tax Act.

The Company experiences variability in its results of operations from quarter to quarter due to the seasonal nature of its homebuilding business. The Company generally closes more homes and has greater revenues and income before income taxes in the third and fourth quarters (June and September) than in the first and second quarters (December and March) of its fiscal year.