D.r. Horton, Inc. · NYSE:DHI
D.r. Horton — Q4 2025 Earnings Presentation
36 slides from D.r. Horton's earnings presentation, Oct 28, 2025
Slide 1: Investor Presentation Q4 2025
Investor Presentation Q4 2025 1
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 24 AMERICA’S BUILDER years as America’s largest volume homebuilder 126 36 >1.2M HOMES DELIVERED since our inception in 1978 markets states 63% % FIRST-TIME HOMEBUYERS who used DHI Mortgage 84% HOME SALES REVENUE from the sale of single-family detached homes $370.4K AVERAGE SALES PRICE of
Slide 4: D.R. Horton Operating Segments
D.R. Horton Operating Segments Revenues Homes Closed by Homebuilding Operations $34.3B 84,863 Segments Homebuilding Operating Segments • Homebuilding is the core business • Northwest: Colorado, Oregon, Utah and Washington • Rental: develop, construct, lease and sell single-family and • Southwest: Ar
Slide 5: Strong Track Record of Exceptional Financial Performance
Strong Track Record of Exceptional Financial Performance Consistent and profitable growth is the foundation for increasing long-term shareholder value CAGR calculated over the 5-year period ended 9/30/25 5
Slide 6: Growth in Market Share
Growth in Market Share Approximately one out of every seven new single-family homes in the U.S. is built by D.R. Horton 2024 Closings: 93,311 2006 Closings: 53,410 88,323 2011 Closings: homes closed during the 17,176 fiscal year ended September 30, 2025 1992 Closings: 1,231 Source: Company filings,
Slide 7: Diverse Product Offerings And Price Points
Diverse Product Offerings And Price Points Build entry-level, move-up, active adult and luxury homes that generally range in size from 1,000 to 4,000 square feet, providing value to homebuyers at every stage of life $370.4k average closing price 72% of homes closed were 1,954 <$400k average square f
Slide 8: Customer Demographics
Customer Demographics 90% 46% average loan to FHA loan mix “We are so very happy to finally call our value new house a home! The process of buying a first home can feel overwhelming, but D.R. Horton made the journey smooth and exciting from start 43% 40 to finish. average debt to average age of prim
Slide 9: Driving Affordability
Driving Affordability • Proactively reducing square footage to address affordability • DHI’s average sales price was 28% below the national average for the quarter ended 9/30/25 Average Square Footage Average Sales Price Source: US Census and FactSet Average sales price of new single-family houses i
Slide 10: Management Tenure And Experience
Management Tenure And Experience ~28 years Executive Team ~20 years Region Presidents & Vice Presidents ~15 years Division Presidents & City Managers Average employee tenure as of 9/30/25 10
Slide 11: 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: Q1 FY 2026 • Consolidated revenues in the range of $6.3 billion to $6.8 billion • Homes closed between 17,100 homes and 17,600
Slide 12: Then & Now: DHI Today vs. 2005
Then & Now: DHI Today vs. 2005 D.R. Horton has become a returns-focused, disciplined allocator of capital and is better equipped to navigate changes in market conditions Consolidated Liquidity Consolidated Leverage Strong Cash Flow Generation Enhanced Financial Position TTM Home Closings Market Shar
Slide 13: A Disciplined Homebuilder Delivering Strong Returns
A Disciplined Homebuilder Delivering Strong Returns D.R. Horton is creating value by executing its clear strategic plan and returns-focused approach to capital allocation Return on Equity Return on Assets 10-Year TSR Source: Factset as of 10/7/25, except for DHI which is as of 10/28/25. Total shareh
Slide 14: Value Creation Strategy Will Continue to Produce Best-in-Class Returns
Value Creation Strategy Will Continue to Produce Best-in-Class Returns HOW DRIVES SHAREHOLDER VALUE 1. Disciplined focus on returns 2. Substantial cash flow generation 3. Balanced capital allocation 14
Slide 15: Capital And Cash Flow Priorities – Putting Investors First
Capital And Cash Flow Priorities – Putting Investors First • Focused on generating substantial cash flows from operations • Balanced, disciplined, flexible and opportunistic capital allocation to enhance long-term value Maintain Financial Dividends to Returns-Driven Repurchases of Strength Sharehold
Slide 16: Prioritizing Financial Flexibility
Prioritizing Financial Flexibility Financial strength supports resiliency through cycles, prudent business planning, trade loyalty, capturing market share and sustainable returns of capital to shareholders Maintaining Conservative Leverage Homebuilding (HB) Public Debt Maturities by Year ($M) $4,285
Slide 17: Delivering on Shareholder Distribution Commitment
Delivering on Shareholder Distribution Commitment D.R. Horton continues to execute on its shareholder return commitment by repurchasing $4.3 billion of common stock and paying cash dividends of $495 million during FY25 Shareholder Distribution: 5-Year CAGR: 21% Outstanding Shares Down 19% ~ $4,200 -
Slide 18: Total Shareholder Returns
Total Shareholder Returns D.R. Horton’s TSR ranks in the top 20% of all S&P 500 companies for the last 3-year and 10-year periods D.R. HORTON S&P 500 3-Year TSR 5-Year TSR 10-Year TSR +159% TSR 1st Quartile 1st Quartile 1st Quartile 88th Percentile +545% TSR 83rd Percentile +135% TSR 2nd Quartile 67
Slide 19: 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 +14% ROA +16% ROA 1st Quartile 1st Quartile +14% ROA 1st Quartile 84th Percentile 88th Percentile 86th Percentile 2nd Quartile 2nd Quartile 2nd Quarti
Slide 20: Return on Equity
Return on Equity D.R. Horton’s average annual ROE ranks in the upper half of all S&P 500 companies D.R. HORTON S&P 500 3-Year ROE 5-Year ROE 10-Year ROE 1st Quartile 1st Quartile 1st Quartile +20% ROE +24% ROE 69th Percentile +22% ROE 63rd Percentile 2nd Quartile 2nd Quartile 2nd Quartile 65th Perce
Slide 21: Homebuilding Operational Focus
Homebuilding Operational Focus Provide value, quality and positive experience and service to homebuyers Maximize returns and generate strong cash flows by managing sales pace and pricing in each community Manage land, lot and home inventory prudently to meet demand and gain market share “Treat the c
Slide 22: Homes in Inventory
Homes in Inventory Faster housing turns support lower, more efficient, housing inventory levels Homes in Inventory Housing Inventory Turns Homes in inventory excluding model homes Housing inventory turns calculated as homes closed during the fiscal year divided by homes in inventory at the beginning
Slide 23: Industry-Leading Access to Land and Lots
Industry-Leading Access to Land and Lots • Most geographically diverse builder with the largest lot supply • D.R. Horton is positioned to continue to aggregate significant market share • 444,900 controlled lots (75%) / 147,000 owned lots (25%) at 9/30/25 ◦ 78,400, or roughly half, of owned lots are
Slide 24: Other Business Lines
Other Business Lines Rental Financial Services • DHI owns 62% of Forestar, a publicly • Single-family rental operations • Comprised primarily of DHI traded residential lot developer construct and lease single-family Mortgage and DHI Title subsidiaries (NYSE: FOR) homes within a community and then •
Slide 25: Fourth Quarter Data
Fourth Q4 and Quarter FY 2025 Data Data 25
Slide 26: Q4 and FY 2025 Results
Q4 and FY 2025 Results The D.R. Horton team delivered a solid fourth quarter and fiscal year 2025 Q4 Highlights • Earnings per diluted share of $3.04 on net income of $905.3 million • Consolidated pre-tax income of $1.2 billion on $9.7 billion of revenues, with a pre-tax profit margin of 12.4% • Hom
Slide 27: Revenues and Homes Closed - Q4
Revenues and Homes Closed - Q4 Home sales revenues of $8.5 billion on 23,368 homes closed by homebuilding operations in Q4 FY25 Revenue by Segment ($M) Home Closed and Home Sales Revenue ($M) 27
Slide 28: Revenues and Homes Closed - Fiscal 2025
Revenues and Homes Closed - Fiscal 2025 Home sales revenues of $31.4 billion on 84,863 homes closed by homebuilding operations in fiscal 2025 Revenue by Segment ($M) Home Closed and Home Sales Revenue ($M) 28
Slide 29: Home Sales Gross Margin
Home Sales Gross Margin Recent home sales gross margin fluctuations primarily due to mortgage interest rate volatility and incentive levels Fiscal Year Ended Fiscal Quarter Ended DHI trailing 15-year median Shown as a % of the Company’s homebuilding segment’s home sales revenues Includes interest am
Slide 30: Homebuilding SG&A
Homebuilding SG&A Controlling SG&A while ensuring that our platform supports operational expansion, including new markets and increased community count Fiscal Year Ended - as a % of HB Revenue Fiscal Quarter Ended ($M) DHI trailing 15-year median 30
Slide 31: Consolidated Pre-Tax Income and Profit Margin
Consolidated Pre-Tax Income and Profit Margin Pre-tax profit margin is below all-time highs; however, fiscal 2025 pre-tax profit margin remains above the trailing 15-year median Pre-Tax Income by Segment - Fiscal 2025 ($M) Annual Pre-Tax Income ($B) and Pre-Tax Profit Margin DHI trailing 15-year med
Slide 32: 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 33: Forestar is separately capitalized with total liquidity of $968 million
• Forestar is separately capitalized and had total liquidity of $968 million at year-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 15,000 lots sold generating $1.6 bil
Slide 34: Rental Operations - FY25
Rental Operations - FY25 • Develop, construct, lease and sell single-family and multi-family residential properties • The Company’s DRH Rental subsidiary is capitalized with a $1.05 billion senior unsecured revolving credit facility Revenues ($M) Homes / Units Sold Homes / Units Owned(1) (1) Include
Slide 35: Income Statement
Income Statement Quarter Ended Fiscal Year Ended 9/30/25 9/30/24 9/30/25 9/30/24 Homes closed 23,368 23,647 84,863 89,690 Homebuilding Revenues: Home sales $8,544.0 $8,929.4 $31,432.0 $33,903.6 Land/lot sales 20.4 20.7 83.5 58.2 8,564.4 8,950.1 31,515.5 33,961.8 Gross profit: Home sales 1,707.5 2,10
Slide 36: Balance Sheet
Balance Sheet 9/30/25 9/30/24 9/30/23 Homebuilding Cash and cash equivalents $2,236.0 $3,627.8 $2,926.7 Inventories: Construction in progress and finished homes 7,743.7 8,986.1 9,134.3 Land inventories 12,572.8 11,044.9 9,021.5 20,316.5 20,031.0 18,155.8 Deferred income taxes and other assets 4,147.