D.R. Horton Inc
drhorton.comWhat Do They Do?
Builds and sells homes to first-time, move-up and other homebuyers.
10-K for FY2025, filed Nov 19, 2025
How Do They Make Money?
Homebuyers pay deposits on contracts and upgrades, then pay for completed homes at closing; some homebuilding revenue comes from land and lot sales.
10-K for FY2025, filed Nov 19, 2025When the Company executes sales contracts with its homebuyers, or when it requires advance payment from homebuyers for custom changes…View ↗
Homebuilding revenue and related profit are generally recognized at the time of the closing of a sale, when title to and possession of the…View ↗
Our business operations consist of homebuilding, rental, a majority-owned residential lot development company, financial services and other…View ↗
$34.3B
-
10-K for FY2025, filed Nov 19, 2025
$34.3B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Home Building
Sold outright
10-K for FY2025, filed Nov 19, 2025 |
92%
FY2022: 95%
|
Home Building, FY2025
$31.5B Sources
|
Sold outright |
|
Rental
|
4.8%
FY2022: 1.5%
|
Rental, FY2025
$1.6B Sources
|
|
|
Financial Services
Sold outright
|
2.5%
FY2022: 2.4%
|
Financial Services, FY2025
$841.2M Sources
|
Sold outright |
|
Forestar Group
Sold outright
|
4.9%
FY2022: 4.5%
|
Forestar Group, FY2025
$1.7B Sources
|
Sold outright |
|
Eliminations and Other
|
−4.1%
FY2022: −3.8%
|
Eliminations and Other, FY2025
−$1.4B Sources
|
Who Are Their Customers?
Homebuyers buy through commissioned sales employees; most closings also involve an independent real-estate broker. DHI Mortgage and title companies serve those buyers, rental operations lease homes and apartments, and Forestar sells lots primarily to D.R. Horton.
10-K for FY2025, filed Nov 19, 2025We market and sell our homes primarily through commissioned sales employees, and the majority of our home closings also involve an…View ↗
Our financial services operations provide mortgage financing and title agency services to homebuyers in many of our homebuilding markets.…View ↗
Our rental segment consists of single-family and multi-family rental operations. The single-family rental operations construct and lease…View ↗
At September 30, 2025, we owned 62% of the outstanding shares of Forestar Group Inc. (Forestar), a publicly traded residential lot…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 10 cents of every revenue dollar as net income in FY2025 and turned 10 cents into free cash flow.
10-K for FY2025, filed Nov 19, 2025
$4.4BView ↗
10-K for FY2025, filed Nov 19, 2025
$3.6BView ↗
10-K for FY2025, filed Nov 19, 2025
$3.3BView ↗
How Are They Changing?
10-Q for Q3 FY2026, filed Jul 23, 2026
Open tableView ↗
Growing. Revenue grew 23% in 4 years, from $27.8B in FY2021 to $34.3B in FY2025, about 5% a year.
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