DR Horton Inc

D.R. Horton builds and sells new homes across the United States. It has been the largest US homebuilder by homes closed every year since 2002. In the fiscal year ended September 30, 2025, it closed 84,863 homes in 126 markets across 36 states, at an average price of $370,400. About 84% of home sales revenue came from single-family detached houses, and the rest came from townhomes and duplexes. Prices range from $250,000 to more than $1,000,000, covering entry-level, move-up, active adult and luxury buyers.

Homebuilding produced about $31.4 billion, or 92% of total revenue of $34.3 billion in fiscal 2025. Three smaller lines supplied the rest. The rental segment (about 5%) builds single-family rental communities and apartment complexes, leases them up and sells them, often in bulk. Financial services (about 2.5%) covers two businesses. One is title insurance, which protects against disputes over who owns a property. The other is DHI Mortgage, which arranges home loans mainly for D.R. Horton's own buyers and sells nearly all of them to outside investors. Land sales added about 1%.

As of September 30, 2025, D.R. Horton owned 62% of Forestar Group, a separately listed lot developer. Forestar sold 14,240 lots in fiscal 2025, and 83% went to D.R. Horton. This helps the builder control much of its land through purchase contracts instead of buying it all outright.

• In Q3 FY2026 (ended Jun 30, 2026), revenue was $9.23B, up 0% from a year earlier, and net income was $904.9M (-11.7%).
• For fiscal 2025, revenue was $34.25B (-6.9% year over year; +11.0% a year from FY2020 to FY2025) with a 10.5% net margin.

• Over FY2021–FY2025: $9.27B in buybacks and $1.84B in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +18.0% a year over 5 years (FY2020–FY2025).
• Dividends took 13.8% of earnings and 15.1% of free cash flow in the latest fiscal year.
• Shares outstanding changed -21.9% from Jul 20, 2021 to Jul 16, 2026.

Rank among 1514 US companies

Market value at each year end

DR Horton’s market value went from $10.19B at the end of 2016 to $42.77B on Nov 2, 2026, about 4.2 times as much; since the end of 2025 it is up 2%.

Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 0 sales ($0.00).

Large shareholders (13G filings)

ETFs with the most weight in DHI

1. Higher mortgage rates hurt affordability. The company says Federal Reserve rate hikes pushed mortgage rates up. That made its homes less affordable and required price adjustments and buyer incentives. A long period of high rates could further squeeze sales and profits.
2. Housing demand rises and falls with economy. Demand depends on jobs, consumer confidence and interest rates. In a downturn, sales slow, the company has less room to set prices, and buyers may cancel contracts they have already signed.
3. Land and rental holdings can lose value. D.R. Horton holds land, lots and rental properties as inventory until it sells them. If demand or prices fall, it may have to write down their value, which cuts reported profits.
4. Mortgage arm may have to repurchase loans. DHI Mortgage sells nearly all the loans it makes. If loans contain errors, it may have to buy them back or cover losses. Rising defaults could also make new loans harder to sell.
5. Shortages of land, materials and labor. Shortages or price jumps for lots, building materials and skilled workers, along with slow government approvals, can raise costs and delay home deliveries. Inflation adds to this pressure.
6. Exposure to storms and natural disasters. Bad weather and natural disasters can halt construction, damage homes and delay closings. Many of its markets are in Florida, Texas and other Gulf Coast states, which face hurricane and flood risk.

• Oct 29, 2026 Quarterly results released
• Oct 26, 2026 Executive or board change
• Sep 15, 2026 Other company announcement
• Jul 21, 2026 Quarterly results released
• May 12, 2026 Major agreement signed; New debt or financial obligation
• Apr 21, 2026 Quarterly results released
• Mar 31, 2026 Major agreement signed; New debt or financial obligation
• Jan 20, 2026 Quarterly results released
• Jan 16, 2026 Shareholder vote results

D.R. Horton pays a small but fast-growing dividend. It raised the payout for at least nine straight fiscal years through fiscal 2025. The dividend rose from $0.70 a share in fiscal 2020 to $1.60, or about 18% a year. That used just 13.8% of earnings and 15.1% of free cash flow, the cash left after operating costs and investment. The yield was 1.26% as of October 28, 2026, so the stock provides little income on its own. Buybacks, where the company repurchases its own shares, are much larger: about $9.3 billion in fiscal 2021–2025, compared with $1.8 billion in dividends. The number of shares outstanding fell about 22% between July 2021 and July 2026.

The share price has fallen hard in downturns. It dropped 74.5% in the 2008 financial crisis and took about 40 months to recover. It fell 53.6% in the 2020 COVID crash and recovered in about four months. In the 2022 bear market it fell 42.4% and took about 10 months to recover. A single stock carries more risk than a diversified fund.