DR Horton Inc (DHI)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	6,246,900	6,265,300	6,312,200	6,716,700	7,356,100	7,591,600	7,262,200	6,505,000	5,803,200	5,341,000	4,674,900	4,040,500	3,485,000	2,976,200	2,583,800	2,431,500	2,271,200	2,125,300	2,068,700	2,057,100
Revenue (ttm)	US$ in thousands	35,928,500	35,460,300	34,595,700	33,658,200	33,684,300	33,479,900	31,949,800	30,446,300	28,894,200	27,774,200	26,065,300	24,170,700	22,223,800	20,311,100	18,949,600	18,465,900	18,094,600	17,592,900	17,059,200	16,588,200
Pretax margin		17.39%	17.67%	18.25%	19.96%	21.84%	22.68%	22.73%	21.37%	20.08%	19.23%	17.94%	16.72%	15.68%	14.65%	13.64%	13.17%	12.55%	12.08%	12.13%	12.40%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $6,246,900K ÷ $35,928,500K
= 17.39%

The pretax margin of D.R. Horton Inc. has exhibited a declining trend over the past eight quarters. The margin decreased from 21.97% in Q4 2022 to 17.52% in Q4 2023. This suggests a decrease in the company's ability to generate pre-tax profits relative to its revenue. Understanding the reasons behind this trend, such as changes in costs, pricing strategies, or efficiency, would be crucial for evaluating the company's overall financial performance.