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 .
- Homebuilding - Constructs and sells single-family detached homes, with a smaller portion of revenue from attached homes like townhomes, duplexes, and triplexes.
- Rental Operations - Involves single-family and multi-family rental operations, including constructing, leasing, and selling residential rental properties.
- Residential Lot Development - Owns 62% of Forestar Group Inc., focusing on developing residential lots and maintaining relationships with land developers.
- 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.
- Other Activities - Engages in insurance-related operations, owning water rights, and non-residential real estate, though these are not significant enough for separate reporting.
You might also like
| Name | Position | External Roles | Short 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. |
-
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?
-
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?
-
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?
-
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?
-
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?
Research analysts who have asked questions during HORTON D R INC /DE/ earnings calls.
Alan Ratner
Zelman & Associates
7 questions for DHI
John Lovallo
UBS Group AG
7 questions for DHI
Michael Rehaut
JPMorgan Chase & Co.
7 questions for DHI
Rafe Jadrosich
Bank of America
7 questions for DHI
Stephen Kim
Evercore ISI
7 questions for DHI
Jade Rahmani
Keefe, Bruyette & Woods
6 questions for DHI
Trevor Allinson
Wolfe Research, LLC
6 questions for DHI
Anthony Pettinari
Citigroup Inc.
5 questions for DHI
Eric Bosshard
Cleveland Research Company
5 questions for DHI
Matthew Bouley
Barclays PLC
5 questions for DHI
Mike Dahl
RBC Capital Markets
5 questions for DHI
Sam Reid
Wells Fargo
5 questions for DHI
Alex Rygiel
Texas Capital Securities
4 questions for DHI
Jay McCanless
Wedbush Securities
4 questions for DHI
Alex Barron
Housing Research Center
3 questions for DHI
Carl Reichardt
BTIG, LLC
3 questions for DHI
Ken Zener
Seaport Research Partners
3 questions for DHI
Susan Maklari
Goldman Sachs Group Inc.
3 questions for DHI
Charles Perron-Piché
Goldman Sachs
2 questions for DHI
Kenneth Zener
Seaport Research Partners
2 questions for DHI
Matthew Bouley
Barclays
2 questions for DHI
Richard Reid
Wells Fargo & Company
2 questions for DHI
Buck Horne
Raymond James Financial, Inc.
1 question for DHI
James McCanless
Wedbush Securities
1 question for DHI
Paul Prizbilski
Wolfe Research
1 question for DHI
Recent press releases and 8-K filings for DHI.
- Q4 net income attributable to D.R. Horton was $905.3 million or $3.04 per diluted share, on consolidated revenues of $9.7 billion.
- Fiscal 2025 net income was $3.6 billion or $11.57 per diluted share, with revenues of $34.3 billion and a pre-tax profit margin of 13.8%.
- The quarterly cash dividend was increased by 13% to $0.45 per share, payable November 20, 2025.
- In FY 2025 the company repurchased 30.7 million shares for $4.3 billion, generated $3.4 billion of operating cash flow, and ended with a debt-to-capital ratio of 19.8%.
- Q4 consolidated revenues $9.7 B, pre-tax income $1.2 B (12.4% margin), net income $905.3 M or $3.04 per diluted share.
- Net sales orders rose 5% YoY to 20,078 homes, order value +3% to $7.3 B, average order price $364,900, cancellation rate 20%.
- FY 2026 guidance: revenues $33.5 B–$35.0 B, homes closed 86,000–88,000; Q1 2026: revenues $6.3 B–$6.8 B, homes closed 17,100–17,600, home sales gross margin 20%–20.5%, pre-tax profit margin 11.3%–11.8%.
- FY 2025 operating cash flow $3.4 B after $8.5 B of lot/land investments; returned $4.8 B to shareholders; plans $2.5 B buybacks and $500 M dividends in FY 2026.
- Operating metrics: 23,368 homes closed at $365,600 average price, 14,600 starts in Q4, ending inventory 29,600 homes (–21% YoY).
- D.R. Horton reported Q4 net income of $905.3 million ($3.04 per diluted share) on $9.7 billion of revenue, and FY 2025 net income of $3.6 billion ($11.57 per share) on $34.3 billion of revenue; consolidated pre-tax margins were 12.4% in Q4 and 13.8% for the full year.
- Net sales orders rose 5% YoY to 20,078 homes in Q4, with an order value of $7.3 billion and an average order price of $364,900; cancellation rate was 20%.
- Inventory management: Q4 starts were 14,600 homes, ending the year with 29,600 homes in inventory (down 21% YoY); homebuilding lot position stood at 592,000 lots (25% owned, 75% controlled).
- Capital allocation: generated $3.4 billion of operating cash flow in FY 2025, returned $4.8 billion to shareholders via $4.3 billion of share repurchases and $495 million of dividends; FY 2026 plans call for $2.5 billion in repurchases and $500 million in dividends.
- Fiscal 2026 guidance: full-year revenues of $33.5–35 billion, 86,000–88,000 homes closed; Q1 revenues of $6.3–6.8 billion, 17,100–17,600 closes, home sales gross margin 20–20.5%, and consolidated pre-tax margin 11.3–11.8%.
- D.R. Horton delivered Q4 pre-tax income of $1.2 billion on $9.7 billion revenues (12.4% margin), and for fiscal 2025 reported $4.7 billion pre-tax income on $34.3 billion revenues (13.8% margin).
- Homebuilding net sales orders in Q4 rose 5% year-over-year to 20,078 homes (order value $7.3 billion) with a 20% cancellation rate; Q4 home sales revenues were $8.5 billion on 23,368 closings at an average price of $365,600.
- Generated $3.4 billion of operating cash flow in fiscal 2025 after $8.5 billion of land and development investments, and returned $4.8 billion to shareholders via repurchases and dividends; Q1 FY26 dividend raised 13% to $0.45 per share.
- FY 2026 guidance includes $33.5–35 billion revenues, 86,000–88,000 home closings, and at least $3 billion of operating cash flow; Q1 FY26 expects $6.3–6.8 billion revenues, 17,100–17,600 closings, and 20–20.5% home sales gross margin.
- Delivered $9.7 B of revenue and $1.2 B of pretax income in Q4, representing a 12.4% pretax margin; net income was $905.3 M or $3.04 per diluted share.
- Net sales orders rose 5% year-over-year to 20,078 homes, with order value of $7.3 B and a cancellation rate of 20%.
- Generated $3.4 B of operating cash flow in FY 2025; repurchased 4.6 M shares for $689 M in Q4 (FY repurchases of 30.7 M shares for $4.3 B) and paid $118 M of dividends in Q4 ($495 M for the year).
- Fiscal 2026 outlook: revenues of $33.5 B–$35 B, 86,000–88,000 homes closed; Q1 guide of $6.3 B–$6.8 B revenue and 17,100–17,600 closings; home sales gross margin of 20.0%–20.5% and consolidated pretax margin of 11.3%–11.8%; plan to repurchase $2.5 B of stock and pay $500 M of dividends.
- D.R. Horton reported Q4 EPS of $3.04 on net income of $905.3 M, generating $9.7 B in revenues with a 12.4% pre-tax profit margin.
- For FY 2025, net income attributable to D.R. Horton was $3.6 B or $11.57 per diluted share, on $34.3 B of revenues with a 13.8% pre-tax margin.
- In Q4, the company closed 23,368 homes (FY 2025: 84,863 homes), driving home sales revenues of $8.5 B (FY: $31.4 B).
- Returned $4.8 B to shareholders in FY 2025 via repurchases ($4.3 B) and dividends ($494.8 M), reducing share count by 9% year-over-year.
- D.R. Horton posted $9.68 billion in Q3 2025 revenue, down 3.2% year-over-year.
- GAAP EPS missed expectations by 7.7%, reflecting margin pressures after years of growth.
- Backlog fell 13.6% y/y to $4.12 billion, signaling weaker future order activity.
- Board approved a 12.5% hike in the quarterly dividend to $0.45/share, for an annual yield of about 1.13%.
- Repurchased 30.7 million shares during fiscal 2025 and holds no senior note maturities until 2026.
- In Q4, net income rose 7% to $87.0 million ($1.70 per diluted share) and revenues grew 22% to $670.5 million.
- For fiscal 2025, net income was $167.9 million ($3.29 per diluted share), down 17%, while revenues increased 10% to $1.7 billion, with a pre-tax margin of 13.2%.
- Operationally, lots sold in Q4 decreased 9% to 4,891 and full-year lots sold declined 5% to 14,240.
- The company forecasts delivering 14,000–15,000 lots and generating $1.6–$1.7 billion of revenue in fiscal 2026.
- Fiscal 2025 Q4: net income attributable of $905.3 million (diluted EPS $3.04), revenues $9.7 billion, pre-tax margin 12.4%.
- Fiscal year 2025: net income $3.6 billion (diluted EPS $11.57), revenues $34.3 billion, pre-tax margin 13.8%, and nearly 85,000 home closings.
- Returned capital through repurchases of 30.7 million shares for $4.3 billion and cash dividends of $494.8 million; book value per share increased 5% to $82.15.
- Increased quarterly cash dividend to $0.45 per share, a 13% rise.
- UBS notes homebuilder stocks have rallied 20% versus the market’s 3% since the start of earnings season but remain at decade-high dislocation levels, historically preceding 50%+ relative returns.
- The firm recommends a barbell approach, favoring entry-level builders like DR Horton alongside luxury names such as Toll Brothers and Pulte Homes.
- Recent housing data shows Toll Brothers’ community traffic up 15% year-over-year, online traffic up 5–10%, and the NAHB traffic index rising 2 points, indicating nascent strength.
- Consumer intent to purchase a home in the next 12 months has climbed to 37%, above 32% in Q1 and the 30% long-term average, contingent on rate stability and confidence gains.