HORTON D R INC /DE/ (DHI)

D.R. Horton, Inc. is the largest homebuilding company in the United States by number of homes closed, a position it has held every year since 2002. It constructs and sells homes through operating divisions in 126 markets across 36 states. Its homebuilding business began in 1978 in Fort Worth, Texas, and its stock has been publicly traded since 1992. The company is in the S&P 500 and is listed on the NYSE and NYSE Texas under the ticker "DHI." It has closed more than 1.2 million homes in its 47-year history.

The business consists of homebuilding, rental, a majority-owned residential lot development company, financial services and other activities. Homebuilding is the core business, generating 92% of consolidated revenues of $34.3 billion in fiscal 2025. Most of this revenue comes from completed home sales, with a smaller share from land and lot sales. About 84% of fiscal 2025 home sales revenue came from single-family detached homes, and the rest from attached homes such as townhomes and duplexes. In fiscal 2025 it closed 84,863 homes at an average price of $370,400. Homes range from 1,000 to 4,000 square feet and from $250,000 to more than $1,000,000. The homebuilding divisions are grouped into six reporting segments: Northwest, Southwest, South Central, North, East and Southeast. The rental segment builds and leases single-family homes for bulk sale and develops, leases and sells multi-family properties, mostly apartment communities. It closed 3,460 single-family rental homes and 2,947 multi-family units in fiscal 2025. The company owns 62% of Forestar Group Inc. (NYSE: FOR), a residential lot developer that sold 14,240 lots in fiscal 2025, 83% of them to D.R. Horton. Financial services include DHI Mortgage, which originated or brokered 68,982 loans and sells substantially all of them with their servicing rights to third parties, and title agencies that provide title insurance and closing services. Other activities include insurance operations, water rights and non-residential real estate such as ranch land.

Customers are homebuyers across entry-level, move-up, active adult and luxury segments. The company's mortgage and title services mainly serve its own homebuyers.

Operations are decentralized. At September 30, 2025, there were 92 homebuilding operating divisions. They handle site selection, land purchase negotiation, approvals, subcontractor selection, construction scheduling, pricing, marketing, sales and post-closing service. Regional and corporate offices centrally oversee land acquisitions, capital allocation, risk, technology and national purchasing contracts. Land is acquired after due diligence and generally after entitlements are obtained. The company also uses largely non-recourse land and lot purchase contracts to control inventory with limited capital. It cites scale benefits such as lower capital costs and volume discounts from materials suppliers and subcontractors. The principal executive offices are at 1341 Horton Circle, Arlington, Texas.