HORTON D R INC /DE/ (DHI)

D.R. Horton, Inc. is the largest U.S. homebuilder by homes closed, operating through decentralized homebuilding divisions across 125 markets in 36 states, organized into six reporting regions. Founded in 1978 in Fort Worth, Texas, and publicly traded since 1992, the company has closed over 1.1 million homes in its 46-year history and has held the top homebuilder position since 2002. Its core business is homebuilding, which generated 92% of consolidated revenues of $36.8 billion in fiscal 2024 (versus $35.5 billion in fiscal 2023 and $33.5 billion in fiscal 2022), primarily from selling completed single-family detached homes (87% of home sales revenue) and attached homes, targeting entry-level, move-up, active adult, and luxury buyers with homes ranging from 1,000 to over 4,000 square feet and priced between $200,000 and over $1,000,000.

In fiscal 2024, the company closed 89,690 homes at an average price of $378,000. Beyond homebuilding, D.R. Horton operates a rental segment (single-family and multi-family), closing 3,970 single-family rental homes and 2,202 multi-family units in fiscal 2024; owns 62% of Forestar Group Inc. (NYSE: FOR), a residential lot development company that sold 15,068 lots in fiscal 2024, including 13,267 to D.R. Horton; and provides financial services through its wholly-owned DHI Mortgage subsidiary, which originated or brokered 70,693 mortgage loans in fiscal 2024, along with title insurance services. The company also engages in immaterial ancillary businesses including insurance, water rights, and non-residential real estate.

D.R. Horton employs a decentralized operating structure with 88 homebuilding divisions handling local site selection, land acquisition, construction, sales, and customer service, while centralized regional and corporate offices oversee capital allocation, risk management, financial analysis, and major approvals. The company mitigates real estate risk primarily through non-recourse land/lot option contracts that limit financial exposure to earnest money deposits, allowing it to control land positions with limited capital investment. Headquartered in Arlington, Texas, D.R. Horton's common stock trades on the NYSE under "DHI" and is part of the S&P 500 Index.