D.r. Horton, Inc. · NYSE:DHI
D.r. Horton — Q3 2026 Earnings Presentation
36 slides from D.r. Horton's earnings presentation, Jul 21, 2026
Slide 1: Investor Presentation Q3 2026
Investor Presentation Q3 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation may include “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Although D.R. Horton believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be mate
Slide 3: At a Glance
At a Glance 47 24 1.3M YEARS IN BUSINESS AMERICA’S BUILDER HOMES DELIVERED founded in 1978 years as America’s largest volume since inception in 1978 homebuilder 64% $363.6K 85% FIRST-TIME HOMEBUYERS AVERAGE SALES PRICE HOME SALES REVENUE of D.R. Horton buyers utilized DHI of homes closed from the sa
Slide 4: Operating Segments
Operating Segments D.R. Horton operates four complementary segments — homebuilding, financial services, lot development (Forestar) and rental operations — with homebuilding as the core driver of earnings Pre-tax Income Contribution by Operating Segment 85% 6% 6% 3% Homebuilding Financial Services Fo
Slide 5: Expectations
Expectations Although volatility in mortgage rates and changes in economic conditions could have significant impacts, the Company’s expectations for FY 2026 are as follows: FY 2026 Q4 FY 2026 Consolidated Revenues in the range of $32.5 billion to $33.0 billion in the range of $8.8 billion to $9.3 bi
Slide 6: Dominant Market Position and Scale
Dominant Market Position and Scale Build 1 out Top 5 Largest of every 5 builder in builder in new homes 93% of our 57 markets under footprint $400k Doubled National Market Share Over Past 10 Years Source: Company filings, Census, Zonda and D.R. Horton estimates for the trailing twelve months ended 3
Slide 7: A Differentiated Operating Model Built for Scale
A Differentiated Operating Model Built for Scale Key drivers of sustainable market share gains, cash generation and maximizing shareholder returns 1 2 3 Product People Platform • Focused on entry-level, the largest • Decentralized operating model with an • More geographically diversified than any se
Slide 8: Diverse Product Offerings And Price Points
Diverse Product Offerings And Price Points Entry-level, move-up, active adult and luxury homes ranging in size from ~1,000 to ~4,000 square feet, providing value to homebuyers at every stage of life 33% $363.6K < $300k 23% average closing price $301k - $350k 73% of homes $351k - $400k closed were $4
Slide 9: Driving Affordability
Driving Affordability • Proactively reducing square footage to address affordability - square footage down 5% over 5 years • DHI’s average sales price was 30% below the national average for the quarter ended 6/30/26 Average Square Footage Average Sales Price $516,700 (5)% 2,069 $426,200 $362,000 1,9
Slide 10: Customer Demographics
Customer Demographics “For months, we would take Sunday 64% $94,800 average annual drives to watch our homebuilding first-time homebuyers household income process unfold. How exciting it was to see the hard-working crews bring it to life! 90% 40 Having lived here now for just a month average age of
Slide 11: Management Tenure And Experience
Management Tenure And Experience ~30 years Executive Team >20 years Region Presidents & Vice Presidents ~15 years Division Presidents & City Managers Average employee tenure as of 6/30/26 11
Slide 12: Most Geographically Diverse Homebuilder
Most Geographically Diverse Homebuilder • Operations in 126 markets across 36 states — entered 30 new markets within the last 5 years • Diversification lowers operational risks by mitigating the effects of local and regional economic cycles • Footprint provides a strong platform to consolidate marke
Slide 13: Then & Now: DHI Today vs. 2005
Then & Now: DHI Today vs. 2005 A fundamentally stronger company — greater scale, a more resilient balance sheet and expanded market share Consolidated Liquidity Consolidated Leverage Cash Flow Generation $6,145 47.8% $3,353 Enhanced Financial 23.0% Position $2,366 $(621) 9/30/2005 6/30/2026 9/30/200
Slide 14: A Disciplined Homebuilder Delivering Strong Returns
A Disciplined Homebuilder Delivering Strong Returns Consistent execution and disciplined capital allocation have delivered above median returns across key metrics Return on Equity Return on Assets 10-Year TSR 478% 12.8% 8.5% 376% 10.9% 6.9% Homebuilder Homebuilder Homebuilder Median Median Median So
Slide 15: Proven Performance at a Discounted Valuation
Proven Performance at a Discounted Valuation D.R. Horton has consistently delivered strong returns through disciplined execution, yet trades at a meaningful discount to the broader market Next Twelve Months Price to Earnings Ratio D.R Horton S&P 500 Outperforming Shareholder Returns 25 • Meaningful
Slide 16: Capital And Cash Flow Priorities – Support Sustained Value
Capital And Cash Flow Priorities – Support Sustained Value • Disciplined investment in core business to meet demand and grow revenues and market share • Focused on consistently generating substantial cash flows from operations each year • Balanced, disciplined, flexible and opportunistic capital all
Slide 17: Prioritizing Financial Flexibility
Prioritizing Financial Flexibility Low leverage and manageable debt maturities support our ability to navigate changing market conditions effectively Maintaining Conservative Leverage Homebuilding (HB) Public Debt Maturities by Year ($M) Notes HB Revolver Availability 26.7% $3,824 23.0% 5-year serie
Slide 18: Delivering on Shareholder Distribution Commitment
Delivering on Shareholder Distribution Commitment Expect to repurchase ~$2.5 billion of common stock and pay cash dividends of $500 million during FY26 Shareholder Distribution: 5-Year CAGR of 21% Outstanding Shares Down 22% in 5 Years $4,793 358.1 356.0 344.0 ~ $3,000 334.8 $4,200 - $4,298 ~ $2,198
Slide 19: Homebuilding Operational Focus
Homebuilding Operational Focus Provide value, quality, positive experience and service to homebuyers Manage land, lot and home inventory prudently to meet demand and gain market share Control a significant portion of our land and finished lot position through purchase contracts with lot developers a
Slide 20: Homes in Inventory
Homes in Inventory Faster housing turns support lower, more efficient, housing inventory levels Homes in Inventory Housing Inventory Turns 56,400 2.8x 43,800 42,600 27,200 38,400 38,000 25,000 26,200 2.3x 25,000 23,300 2.1x 29,200 1.7x 1.8x 18,800 16,400 13,400 14,700 6/30/2022 6/30/2023 6/30/2024 6
Slide 21: Industry-Leading Access to Land and Lots
Industry-Leading Access to Land and Lots • Land and lots are the key to any homebuilder’s future growth • D.R. Horton is the most geographically diverse builder with the largest lot supply ◦ Positioned to continue to aggregate significant market share – 441,900 controlled lots (78%) / 126,600 owned
Slide 22: Other Business Lines
Other Business Lines • Rental Financial Services • DHI owns 62% of Forestar, a • Single-family rental operations • Comprised primarily of DHI publicly traded residential lot construct homes within single-family Mortgage and DHI Title subsidiaries developer (NYSE: FOR) rental (build-to-rent) communit
Slide 23: Fourth Quarter Data
Fourth Q3 2026 Quarter Data Data 23
Slide 24: Q3 FY 2026 Results
Q3 FY 2026 Results The D.R. Horton team delivered a solid third quarter of fiscal 2026 • Earnings per diluted share of $3.20 on net income of $904.9 million • Consolidated pre-tax income of $1,226.2 million on $9.2 billion of revenues, with a pre-tax profit margin of 13.3% • Home sales revenues of $
Slide 25: Homes Closed And Revenues
Homes Closed And Revenues Home sales revenues of $8.7 billion on 23,983 homes closed by homebuilding operations in Q3 FY26 Q3 FY 2026 Revenue by Segment ($M) Homes Closed and Home Sales Revenue ($M) $9,231.2 $8,703.1 $8,561.0 $8,681.9 $8,336.4 $220.7 24,155 $407.0 $9,227.1 $266.1 22,985 $8,686.2 -$3
Slide 26: Home Sales Gross Margin
Home Sales Gross Margin • Recent gross margin fluctuations primarily due to mortgage interest rate volatility and elevated incentive levels ◦ Q4 FY25 includes higher than normal litigation costs from 2 large settlements, which negatively impacted gross margin by ~60 basis points ◦ Q1 FY26 includes a
Slide 27: Homebuilding SG&A
Homebuilding SG&A Scaling our SG&A platform to support new markets and community count growth Fiscal Year Ended - as a % of HB Revenue Fiscal Quarter Ended ($M) $720.6 8.7% $656.5 $670.0 $584.9 $553.2 8.3% 7.3% 7.1% 7.5% 6.8% 8.3% 7.8% 6.7% 7.1% 6.6% FY 21 FY 22 FY 23 FY 24 FY 25 Q3 FY22 Q3 FY23 Q3
Slide 28: Consolidated Pre-Tax Income
Consolidated Pre-Tax Income Pre-tax margin compression driven primarily by average sales price declines, reflecting higher sales incentives Q3 FY 2026 Pre-Tax Income by Segment ($M) Fiscal Quarter Ended ($M) $70.3 $9.6 $1,226.2 $48.7 $1,358.1 $1,066.6 $31.0 $1,226.2 14.7% 13.3% Homebuilding Rental F
Slide 29: Capital Efficient and Flexible Land and Lot Pipeline
Capital Efficient and Flexible Land and Lot Pipeline • Expect to own between a one and two year supply of lots to ensure control and flexibility to support home starts; no set target for controlled lot position • Have made significant progress expanding land developer base and reducing self-developm
Slide 30: Forestar is separately capitalized with total liquidity of $1.1 billion
• Forestar is separately capitalized and had total liquidity of $1.1 billion at quarter-end • Sold 14,240 lots and generated $1.7 billion of revenue in FY25 $1.3 billion, or 23%, of D.R. Horton’s finished lot purchases in FY25 were from Forestar ◦ • Expect 14,000 to 14,500 lots sold generating $1.6
Slide 31: Rental Operations
Rental Operations • Develop, construct, lease and sell single-family and multi-family residential properties • DRH Rental subsidiary is capitalized with a $1.05 billion senior unsecured revolving credit facility Revenues ($M) Homes / Units Sold Homes / Units Owned(1) $380.7 1,393 15,960 15,030 $67.2
Slide 32: Total Shareholder Returns
Total Shareholder Returns Outperformed the S&P 500 across 5- and 10-year periods, including top-quartile performance over 10 years D.R. HORTON S&P 500 3-Year TSR 5-Year TSR 10-Year TSR 1st Quartile 1st Quartile 1st Quartile +478% TSR 80th Percentile +90% TSR 2nd Quartile 67th Percentile 2nd Quartile
Slide 33: Return on Assets
Return on Assets D.R. Horton’s average annual ROA ranks in the top 20% of all S&P 500 companies D.R. HORTON S&P 500 3-Year ROA 5-Year ROA 10-Year ROA 1st Quartile +14% ROA 1st Quartile +14% ROA 1st Quartile +12% ROA 86th Percentile 85th Percentile 81st Percentile 2nd Quartile 2nd Quartile 2nd Quarti
Slide 34: Return on Equity
Return on Equity D.R. Horton has sustained an ROE premium versus the S&P 500 median across 3-, 5- and 10-year periods D.R. HORTON S&P 500 3-Year ROE 5-Year ROE 10-Year ROE 1st Quartile 1st Quartile 1st Quartile +22% ROE +21% ROE +18% ROE 2nd Quartile 66th Percentile 2nd Quartile 2nd Quartile 64th Pe
Slide 35: Income Statement
Income Statement Three Months Ended Nine Months Ended 6/30/26 6/30/25 6/30/26 6/30/25 Homes closed 23,983 23,160 61,287 61,495 Homebuilding Revenues: Home sales $8,681.9 $8,561.0 $22,240.1 $22,887.9 Land/lot sales 4.3 19.8 38.2 63.1 8,686.2 8,580.8 22,278.3 22,951.0 Gross profit: Home sales 1,797.3
Slide 36: Balance Sheet
Balance Sheet 6/30/26 9/30/25 6/30/25 Homebuilding Cash and cash equivalents $1,294.3 $2,236.0 $1,986.7 Inventories: Construction in progress and finished homes 9,218.1 7,743.7 9,142.4 Land inventories 12,096.7 12,572.8 11,955.8 21,314.8 20,316.5 21,098.2 Deferred income taxes and other assets 4,281