D.R. Horton Inc (NYSE: DHI) is a residential homebuilding company that constructs and sells single-family homes across the United States. Revenue is generated primarily through home closings, with supplementary income from lot sales, rental operations, and financial services including mortgage origination through its DHI Mortgage subsidiary. In FY2025 (fiscal year ended September 30, 2025), the company closed 84,863 homes at an average price of $370,400, producing homebuilding revenues of $31.5 billion out of $34.3 billion in consolidated revenues. DHI Mortgage originated or brokered 68,609 first-lien loans for D.R. Horton homebuyers in FY2025, capturing approximately 81% of homes closed. Forestar, a majority-owned subsidiary, develops residential lots sold both internally and to third parties. Operations span 92 homebuilding divisions across six geographic regions covering 29 states. Net income attributable to D.R. Horton was $3.6 billion in FY2025, down from $4.8 billion in FY2024. Stockholders' equity stood at $24.2 billion as of September 30, 2025, with debt to total capital at 19.8%.
- Revenue model
- Transactional revenue from home closings is the primary driver, with average closing price of $370,400 and 84,863 homes closed in FY2025. Supplementary revenue streams include residential lot sales through Forestar (14,240 lots sold for $1.54 billion in FY2025), financial services income from DHI Mortgage ($278.7 million pre-tax in FY2025), land and lot sales from homebuilding operations ($83.5 million in FY2025), and rental property operations.
- Products and services
- Single-family homes across multiple price points, residential land and lot development through Forestar subsidiary, mortgage origination and brokerage through DHI Mortgage, and rental properties. As of September 30, 2025, total homebuilding inventory was $20.3 billion including $7.7 billion in construction in progress and finished homes and $12.5 billion in residential land and lots developed and under development.
- Customers and end markets
- Retail homebuyers across the U.S. residential housing market. No disclosed customer concentration. End market demand is driven by single-family housing demand across entry-level, move-up, and active adult segments. DHI Mortgage served approximately 81% of D.R. Horton homebuyers who closed in FY2025.
- Value-chain role
- Vertically integrated homebuilder controlling land acquisition, lot development through Forestar, home construction across 92 divisions, and mortgage financing through DHI Mortgage. As of September 30, 2025, the company owned or controlled approximately 512,000 lots across homebuilding and Forestar operations, and held $3.5 billion in outstanding surety bonds securing construction and development obligations.
- Geographic exposure
- Operations in 29 U.S. states organized into six reporting regions as of FY2025. South Central (Arkansas, Oklahoma, Texas): $6.9 billion homebuilding revenue. Southeast (Alabama, Florida, Louisiana, Mississippi): $7.0 billion. East (Georgia, North Carolina, South Carolina, Tennessee): $6.1 billion. Southwest (Arizona, California, Hawaii, Nevada, New Mexico): $4.6 billion. North (Delaware, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Minnesota, Missouri, Nebraska, New Jersey, Ohio, Pennsylvania, Virginia, West Virginia, Wisconsin): $4.2 billion. Northwest (Colorado, Oregon, Utah, Washington): $2.7 billion.
