filings.toolsItem 6. SELECTED FINANCIAL DATA
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Item 6. SELECTED FINANCIAL DATA
The following selected financial data are derived from our consolidated financial statements and should be read in conjunction with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” Item 1A, “Risk Factors,” Item 8, “Financial Statements and Supplementary Data,” and all other financial data contained in this annual report on Form 10-K. As described in Note A to the financial statements, we have changed the presentation of our consolidated balance sheets and statements of operations to present our homebuilding, Forestar, financial services and other operations on a combined basis. The financial data in the tables below, including prior year amounts, reflect this presentation. These historical results are not necessarily indicative of the results to be expected in the future.
| Year Ended September 30, | |||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
| (In millions, except per share data) | |||||||||||||||||||
| Consolidated Operating Data: | |||||||||||||||||||
| Revenues | $ | 16,068.0 | $ | 14,091.0 | $ | 12,157.4 | $ | 10,824.0 | $ | 8,024.9 | |||||||||
| Cost of sales | 12,398.1 | 11,042.8 | 9,502.6 | 8,535.7 | 6,268.6 | ||||||||||||||
| Selling, general and administrative expense | 1,676.8 | 1,471.6 | 1,320.3 | 1,186.0 | 965.4 | ||||||||||||||
| Income before income taxes | 2,060.0 | 1,602.1 | 1,353.5 | 1,123.4 | 814.2 | ||||||||||||||
| Income tax expense | 597.7 | 563.7 | 467.2 | 372.7 | 280.7 | ||||||||||||||
| Net income | 1,462.3 | 1,038.4 | 886.3 | 750.7 | 533.5 | ||||||||||||||
| Net income attributable to noncontrolling interests | 2.0 | — | — | — | — | ||||||||||||||
| Net income attributable to D.R. Horton, Inc. | 1,460.3 | 1,038.4 | 886.3 | 750.7 | 533.5 | ||||||||||||||
| Net income per common share attributable to D.R. Horton, Inc.: | |||||||||||||||||||
| Basic | 3.88 | 2.77 | 2.39 | 2.05 | 1.57 | ||||||||||||||
| Diluted | 3.81 | 2.74 | 2.36 | 2.03 | 1.50 | ||||||||||||||
| Cash dividends declared per common share | 0.50 | 0.40 | 0.32 | 0.25 | 0.1375 |
| September 30, | |||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
| (In millions) | |||||||||||||||||||
| Consolidated Balance Sheet Data: | |||||||||||||||||||
| Cash and cash equivalents | $ | 1,473.1 | $ | 1,007.8 | $ | 1,303.2 | $ | 1,383.8 | $ | 661.8 | |||||||||
| Inventories | 10,395.0 | 9,237.1 | 8,340.9 | 7,807.0 | 7,700.5 | ||||||||||||||
| Total assets | 14,114.6 | 12,184.6 | 11,558.9 | 11,151.0 | 10,185.4 | ||||||||||||||
| Notes payable | 3,203.5 | 2,871.6 | 3,271.3 | 3,811.5 | 3,665.7 | ||||||||||||||
| Stockholders’ equity | 8,984.4 | 7,747.1 | 6,792.5 | 5,894.3 | 5,115.8 | ||||||||||||||
| Total equity | 9,158.9 | 7,747.6 | 6,793.0 | 5,895.4 | 5,119.7 |
Previous: Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES · Next: Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS