D.R. Horton, Inc. is the largest homebuilding company in the United States, constructing and selling homes through operating divisions in 125 markets across 36 states. The company's core business is homebuilding, generating 92% of consolidated revenues in fiscal 2024. The company offers a broad range of homes for entry-level, move-up, active adult and luxury buyers. D.R. Horton also has rental operations, a majority-owned residential lot development company (Forestar), and financial services operations. The company has been the largest volume homebuilder in the United States each year since 2002.

• Employees: 14,766 (as of September 30, 2024)
• Geographic Footprint: 36 states
• Headquarters: Arlington, Texas
• Founded: 1978
• Number of locations/facilities: 125 markets
• Revenue: $36.8 billion (FY2024)
• Key Subsidiaries/Brands: DHI Mortgage, Forestar Group Inc.

• CEO: Paul J. Romanowski
• CFO: Bill W. Wheat
• Executive Chairman: David V. Auld
• Senior Vice President and Controller: Aron M. Odom

The average tenure of the executive team is 27 years, the homebuilding region presidents and vice presidents is 20 years and the homebuilding division presidents and city managers is 13 years.

• Annual Revenue: $36.8 billion (FY2024)
• Net Income: $4.8 billion
• Total Assets: $36.1 billion
• Number of Employees: 14,766 (as of September 30, 2024)
• Key Financial Highlights: Homebuilding revenues increased 7% to $34.0 billion, homes closed increased 8% to 89,690 homes, net sales orders increased 10% to 86,561 homes, and diluted earnings per share was $14.34.

D.R. Horton's product offerings include:

• Single-Family Detached Homes: A broad range of homes for entry-level, move-up, active adult and luxury buyers.
• Attached Homes: Townhomes, duplexes and triplexes.
• Single-Family Rental Homes: Single-family homes within a community, often sold in bulk.
• Multi-Family Rental Units: Garden style apartment communities.
• Mortgage Financing: Through DHI Mortgage, a wholly-owned subsidiary.
• Title Agency Services: Through subsidiary title companies.

D.R. Horton operates through the following segments:

• Homebuilding: Generates the majority of revenue through the sale of completed homes and land/lots.
• Rental: Develops, constructs, leases and sells single-family and multi-family rental properties.
• Forestar: A majority-owned residential lot development company.
• Financial Services: Provides mortgage financing and title agency services.

In fiscal 2024, homebuilding generated 92% of consolidated revenues.

D.R. Horton's operating strategy focuses on enhancing long-term value by leveraging its financial and competitive position. Key strategic initiatives include:

• Maintaining a significant cash balance and strong liquidity.
• Actively managing inventory investments across operating markets.
• Offering new home communities that appeal to a broad range of homebuyers.
• Modifying product offerings, sales pace, home prices and incentives to meet consumer demand.
• Delivering high-quality homes and a positive experience to customers.
• Controlling costs of labor and goods provided by subcontractors and vendors.
• Investing in the construction and leasing of single-family and multi-family rental properties.
• Opportunistically evaluating potential acquisitions.

D.R. Horton operates in the highly competitive residential housing market, competing with local, regional and national homebuilding and rental companies, as well as with existing home sales and rental properties. The company also competes for desirable properties, raw materials, skilled labor and financing. The company competes on the basis of price, location, quality and design of homes, and on mortgage financing terms. The company also competes with other mortgage lenders and title companies.

• Market Risks: Cyclical nature of homebuilding, changes in economic conditions, real estate conditions, and consumer confidence.
• Financial Risks: Adverse developments in capital markets, limited access to capital, increased cost of capital, and changes in government financing programs.
• Operational Risks: Supply chain disruptions, shortages of building materials and skilled labor, delays in obtaining regulatory approvals, and risks associated with land, lot and rental inventory.
• Regulatory Risks: Extensive and complex regulations affecting land development, home construction, and financial services operations.
• Other Risks: Competition, cybersecurity threats, public health issues, weather conditions, natural disasters, warranty and construction defect claims, health and safety incidents, and the loss of key personnel.