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    DR Horton Inc (DHI)

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    D.R. Horton, Inc. is the largest homebuilding company in the United States, primarily engaged in constructing and selling single-family detached homes, which form the core of its business activities . The company also operates in rental operations, residential lot development, and financial services, contributing to its diverse portfolio . D.R. Horton offers mortgage financing and title agency services through DHI Mortgage, and engages in other activities such as insurance-related operations and owning water rights, though these are considered immaterial for separate reporting .

    1. Homebuilding - Constructs and sells single-family detached homes, with a smaller portion of revenue from attached homes like townhomes, duplexes, and triplexes.
    2. Rental Operations - Involves single-family and multi-family rental operations, including constructing, leasing, and selling residential rental properties.
    3. Residential Lot Development - Owns 62% of Forestar Group Inc., focusing on developing residential lots and maintaining relationships with land developers.
    4. Financial Services - Provides mortgage financing and title agency services through DHI Mortgage, primarily generating revenue from originating and selling mortgages and collecting fees for title insurance and closing services.
    5. Other Activities - Engages in insurance-related operations, owning water rights, and non-residential real estate, though these are not significant enough for separate reporting.
    NamePositionExternal RolesShort Bio

    David V. Auld

    ExecutiveBoard

    Executive Chairman

    None

    Joined DHI in 1988. Former CEO (2014–2023). Became Executive Chairman in May 2024 after serving as Executive Vice Chair.

    Bill W. Wheat

    Executive

    EVP and CFO

    None

    Joined DHI in 1998. Became CFO in 2003. Oversees financial services, corporate departments, and two homebuilding regions.

    Michael J. Murray

    Executive

    EVP and COO

    None

    Joined DHI in 2002. Held roles including Director of Internal Audit, Controller, and SVP of Business Development. Appointed COO in 2014.

    Paul J. Romanowski

    Executive

    President and CEO

    None

    Appointed CEO in October 2023. Previously EVP and Co-COO. Oversees management team and six homebuilding regions.

    View Report →

    Barbara R. Smith

    Board

    Director

    Director at Comerica Incorporated

    Former CEO and Chairman of Commercial Metals Company. Extensive leadership experience in metals manufacturing and innovation.

    Benjamin S. Carson, Sr.

    Board

    Director

    Director at Galectin Therapeutics, Sinclair Broadcast Group, and Covenant Logistics Group

    Former HUD Secretary (2017–2021). Renowned pediatric neurosurgeon. Brings leadership and governance expertise.

    Brad S. Anderson

    Board

    Director

    Vice Chair of Cushman & Wakefield; Director at KS StateBank

    Director since 1998. Extensive experience in real estate and homebuilding industries. Interim Chair of Continental Homes during its merger with DHI.

    Elaine D. Crowley

    Board

    Director

    None

    Former CFO of Mattress Giant, Michaels Stores, and The Bombay Company. Extensive financial and operational expertise.

    M. Chad Crow

    Board

    Director

    Director at LOAR Group

    Former CEO of Builders FirstSource (2017–2021). Extensive experience in building products and homebuilding supply chain.

    Maribess L. Miller

    Board

    Director

    Director at Triumph Financial

    Former PwC partner with 34 years of experience. Chair of DHI's Audit Committee and member of the Compensation Committee.

    Michael R. Buchanan

    Board

    Director

    None

    Director since 2003. Former Senior Advisor at Banc of America Securities and Managing Director at Bank of America.

    1. Given that your cancellation rate increased to 18% in the quarter, up from 15% sequentially ( ), and you expect elevated incentives to remain, how do you plan to manage margins and profitability while maintaining sales volume under these challenging market conditions?

    2. With your rental property inventory at $3.1 billion and plans to maintain this level for the next several quarters ( ), how do you assess the risks associated with the rental market, and what is your long-term strategy for your rental operations amidst potential market volatility?

    3. Considering that 56% of your mortgage company's volume consists of FHA and VA loans, and 57% of the closings are with first-time homebuyers ( ), how are you managing the credit risks associated with this borrower profile, particularly in the event of an economic downturn?

    4. Despite achieving cycle times below historical norms due to improvements in supply chain and labor conditions ( ), how sustainable is this efficiency, and what impact do you anticipate if interest rates decrease and demand increases, potentially putting pressure on resources?

    5. Given the extended time frames for entitlements and lot development affecting your ability to return cash within 24 months on land deals ( ), what strategies are you implementing to mitigate these delays, and what proportion of your current communities are meeting this target?

    Program DetailsProgram 1
    Approval DateJuly 18, 2024
    End Date/DurationNo expiration date
    Total additional amount$4.0 billion
    Remaining authorization amount$3.6 billion as of September 30, 2024
    DetailsPart of capital allocation strategy to return capital to shareholders. Plans to repurchase approximately $1.5 billion of common stock in fiscal 2024.
    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2025$786.9 Mortgage Repurchase6.0 15.4% = (786.9 / 5,100) * 100
    2025$500.0 Homebuilding Senior2.6 9.8% = (500.0 / 5,100) * 100
    2026$154.1 Fixed Rate Debt4.5 3.0% = (154.1 / 5,100) * 100
    2027$910.3 Fixed Rate Debt3.4 17.8% = (910.3 / 5,100) * 100
    2028$600.4 Fixed Rate Debt1.5 11.8% = (600.4 / 5,100) * 100
    2029$800.0 Fixed Rate Debt3.0 15.7% = (800.0 / 5,100) * 100
    2029$1,050.0 Variable Rate Debt6.2 20.6% = (1,050.0 / 5,100) * 100
    2030$17.5 Fixed Rate Debt6.0 0.3% = (17.5 / 5,100) * 100
    Thereafter$700.0 Fixed Rate Debt5.3 13.7% = (700.0 / 5,100) * 100
    Thereafter$100.0 Variable Rate Debt5.9 2.0% = (100.0 / 5,100) * 100
    NameStart DateEnd DateReason for Change
    Ernst & Young LLP (EY)2018 PresentCurrent auditor.
    PricewaterhouseCoopers LLP (PwC)N/ADecember 7, 2018 The change was the result of a competitive request for proposal process undertaken by the Audit Committee.

    Recent press releases and 8-K filings for DHI.

    D.R. Horton Q2 2025 Performance, Strategic Initiatives & Dividend Announcement
    DHI
    Earnings
    Guidance Update
    Share Buyback
    Dividends
    • Q2 Financial Results: Reported diluted EPS of $2.58 with $7.7B in consolidated revenue, net income of $810.4M (27% YoY decline), and $1.1B pretax income achieving a 13.8% margin .
    • Home Sales & Market Conditions: Experienced a 15% decline in net sales orders with 22,437 homes at an average price of $372,500 , while closing 19,276 homes that generated $7.2B in home sales revenue .
    • Capital Allocation: Executed a 9.7M share repurchase for $1.3B and updated its share repurchase authorization to $5.0B (up from $4B ).
    • Dividend Announcement: Declared a quarterly dividend of $0.40 per share .
    • Guidance: Forecasts indicate Q3 consolidated revenues between $8.4B and $8.9B; FY outlook projects revenues of $33.3B–$34.8B with 85,000–87,000 homes closed .
    6 days ago