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• The Ford of homebuilding.
• The McDonald's for new homes.
• The Walmart of new home sales.

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• Single-Family Homes: Designs, builds, and sells new detached homes primarily to first-time and move-up homebuyers.
• Townhomes and Condominiums: Constructs and sells attached residences, offering various styles and price points in urban and suburban developments.
• Financial Services (Mortgage Lending): Provides mortgage financing solutions through its financial services segment, DHI Mortgage, to assist customers in purchasing D.R. Horton homes.
• Financial Services (Title Services): Offers title agency services through DHI Title to facilitate the closing process for homebuyers of D.R. Horton properties.

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D.R. Horton (symbol: DHI) is one of the largest homebuilders in the United States. As such, its primary customers are individual homebuyers rather than other companies.

The company serves a diverse range of individual customers, which can generally be categorized as follows:

1. First-time Homebuyers: This segment typically seeks entry-level homes, often in more affordable price ranges, as they embark on their first homeownership journey. D.R. Horton's Express Homes brand often caters to this market.
2. Move-up Buyers: These are individuals or families who already own a home but are looking to purchase a larger, newer, or more amenitized property. They may be upsizing due to family growth, seeking better schools, or desiring more modern features. D.R. Horton's traditional D.R. Horton brand homes often appeal to this segment.
3. Active Adult/Empty Nesters: This category includes older adults, often without children at home, who may be looking to downsize to a smaller, lower-maintenance home, or move to communities with specific amenities and a more active lifestyle. They may also be relocating for retirement. D.R. Horton's Freedom Homes brand is often designed with this demographic in mind.

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Paul J. Romanowski, President and Chief Executive Officer

Mr. Romanowski was promoted to President and Chief Executive Officer of D.R. Horton, Inc. in October 2023. He joined D.R. Horton in 1999 as Division President of the South Florida division. From 2014 to 2021, he served as Region President, overseeing homebuilding operations in Florida and the Gulf Coast, and from 2019 to 2021, his responsibilities expanded to include five Mid-Atlantic states. In October 2021, he was promoted to Executive Vice President and Co-Chief Operating Officer, a role he held until October 2023. Prior to joining D.R. Horton, Mr. Romanowski worked for Metrostudy and in land acquisition for another public homebuilder. He graduated from Butler University in 1992 with a Bachelor of Business Administration degree in Marketing.

Bill W. Wheat, Executive Vice President and Chief Financial Officer

Mr. Wheat has served as Executive Vice President and Chief Financial Officer of D.R. Horton, Inc. since 2003. He joined the company in 1998 as an Accounting Manager and was later Senior Vice President and Controller from 2000 to 2003. Prior to his time at D.R. Horton, Mr. Wheat held various financial and accounting roles at The Bombay Company from 1991 to 1998, including financial planning manager and assistant controller. He began his career as an auditor at Price Waterhouse LLP (now PricewaterhouseCoopers). Mr. Wheat earned a B.B.A. in Accounting and Finance from Baylor University in 1988 and is a CPA.

David V. Auld, Executive Chairman

Mr. Auld became Executive Chairman of the Board of D.R. Horton, Inc. in May 2024, following the passing of the company's founder. He previously served as the President and Chief Executive Officer from October 2014 to October 2023. Mr. Auld was Executive Vice President and Chief Operating Officer from November 2013 to October 2014. He joined D.R. Horton in 1988 as Division President of the Orlando division. From 2005 to 2013, he was Region President, overseeing homebuilding operations in Florida, North and South Carolina, Georgia, and Alabama. Before joining D.R. Horton, Mr. Auld worked for Texas American Bank and General Dynamics. He graduated from Texas Tech University in 1978 with a Bachelor of Business Administration degree in accounting.

Michael J. Murray, Executive Vice President and Chief Operating Officer

Mr. Murray has been Executive Vice President and Chief Operating Officer of D.R. Horton, Inc. since October 2014. He served as Senior Vice President of Business Development from 2012 to October 2014. From 2004 to 2012, he was the company's Vice President and Controller, and before that, Director of Internal Audit from 2002 to 2004. Mr. Murray began his career at Price Waterhouse LLP (now PricewaterhouseCoopers) and held finance and accounting roles at several other companies prior to joining D.R. Horton in 2002. He received a Bachelor of Business Administration in accounting from the University of Texas at Arlington in 1988.

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The key risks to D.R. Horton's business include:

1. Interest Rate Fluctuations and Housing Market Cyclicality: D.R. Horton's business is highly sensitive to interest rate changes and the broader economic cycle. Rising mortgage interest rates directly increase the cost of home financing, which can significantly reduce demand for new homes, particularly among D.R. Horton's primary customer base of first-time and entry-level homebuyers. The cyclical nature of the homebuilding industry, influenced by factors such as employment levels and consumer confidence, can lead to fluctuations in housing demand and profitability.
2. Land, Lot, and Rental Inventory Risks: D.R. Horton faces substantial risks associated with its extensive inventory of land, lots, and rental properties. A downturn in housing demand could prevent the company from selling homes or rental properties at profitable prices and may hinder its ability to recover the costs associated with the land and lots it owns.
3. Supply Shortages and Increased Costs for Materials and Labor: The company is exposed to risks related to the availability and cost of land, building materials, and skilled labor. Shortages or significant increases in the cost of these essential resources can lead to construction delays, increased operational expenses, and subsequently, compressed profit margins.

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The primary addressable market for D.R. Horton (symbol: DHI) is the U.S. residential construction market. D.R. Horton is the largest homebuilder by volume in the United States, primarily focusing on the construction and sale of single-family homes across various price points.

The U.S. residential construction market size is estimated at approximately $1.35 trillion in 2025. This market is projected to grow to $1.69 trillion by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 4.59% during this forecast period. Within this market, single-family homes constitute a dominant share. Private residential construction spending in the U.S. was at a seasonally adjusted annual rate of $886.5 billion in July 2025.

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1. Strategic Focus on Affordable Housing and Entry-Level Buyers: D.R. Horton is concentrating on providing affordable homeownership options, including smaller floor plans and competitive sales incentives like mortgage rate buy-downs. This strategy aims to meet strong demand from first-time homebuyers and those seeking more budget-friendly living, thereby driving sales volume.

2. Increased Sales Incentives and Adaptable Product Offerings: The company is proactively adjusting its product offerings, sales pace, home prices, and incentives to align with consumer demand and maintain affordability across its markets. By increasing sales incentives where needed, D.R. Horton seeks to stimulate traffic and boost incremental sales.

3. Expansion of Community Count and Geographic Diversification: D.R. Horton plans to consolidate its market share and foster growth by increasing its community count. The company is also diversifying its geographic risk through active management of inventory investments in various markets and expanding into townhome communities, catering to evolving housing needs.

4. Efficient Land and Lot Supply Management: Leveraging its majority stake in Forestar Group and other strategic partnerships, D.R. Horton is effectively managing its land and lot supply. This approach enhances operational flexibility, helps control costs, and ensures a consistent inventory pipeline to meet housing demand, thereby supporting continuous homebuilding activity.

5. Investment in Rental Operations: D.R. Horton is investing in its rental operations to capitalize on demand in high-growth suburban markets. This initiative involves building and eventually selling rental properties, which is expected to contribute to future revenue growth.

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Share Repurchases

• D.R. Horton announced a new $4.0 billion stock buyback program in July 2024.
• The company repurchased approximately $1.5 billion in common stock during fiscal year 2024, and is expected to repurchase approximately $1.5 billion in fiscal 2024.
• During the nine months ended June 30, 2024, D.R. Horton repurchased 9.0 million shares of its common stock. The company's remaining stock repurchase authorization at December 31, 2023, was $1.3 billion.

Share Issuance

• D.R. Horton's shares outstanding have generally declined over the past few years, with 0.343 billion shares outstanding in 2023, 0.332 billion in 2024, and 0.31 billion projected for 2025, indicating a net reduction rather than significant issuance.
• The fair value of shares vested on the vesting date related to equity awards was $184.7 million in fiscal 2024, $115.2 million in fiscal 2023, and $120.1 million in fiscal 2022.
• Compensation expense related to time-based restricted stock units (RSUs) was $77.3 million in fiscal 2024, $65.7 million in fiscal 2023, and $63.6 million in fiscal 2022.

Outbound Investments

• In fiscal 2023, D.R. Horton acquired the homebuilding operations of Riggins Custom Homes for $107 million and Truland Homes for approximately $110 million.
• In fiscal 2022, the company acquired Vidler Water Resources, Inc. for $271.5 million.

Capital Expenditures

• Purchases of property and equipment totaled $148.6 million in fiscal 2023 and $148.2 million in fiscal 2022.
• D.R. Horton's inventory at September 30, 2024, included $13.1 billion in residential land and lots, reflecting a continued focus on land development.
• At March 31, 2024, the consolidated balance sheet included $1.8 billion of multi-family rental property inventory, consisting of 10,990 units, with 8,040 units under active construction.