D.R. Horton(NYSE) DHI

D.R. Horton, Inc. builds houses for people across the United States. It helps families find affordable places to live and call home. The company also provides loans to help customers buy these houses.

Housing for Every Stage of Life

• Homebuilding: Construction and sale of single-family homes with prices generally ranging from $200,000 to more than $1,000,000; generated $22.2 billion in revenue during the nine months ended June 30, 2026.
• Rental Operations: Development and sale of apartment communities and single-family rental homes; accounted for $587.4 million in revenue for the nine months ended June 30, 2026.
• Residential Lot Development: Land acquisition and lot sales to homebuilders through majority-owned Forestar Group; produced $1.1 billion in revenue during the nine months ended June 30, 2026.
• Financial Services: Mortgage financing, title insurance, and closing services for homebuyers; produced $598.2 million in revenue during the nine months ended June 30, 2026.

Strategic Steps for Growth

• Acquired the homebuilding operations of SK Builders in October 2025 for $80 million in cash.
• Increased the capacity of its senior unsecured homebuilding revolving credit facility to $3.3 billion in March 2026.
• Expanded the committed mortgage repurchase facility capacity to $1.925 billion in May 2026 to support liquidity.
• Controlled 78% of its land and lot position through purchase contracts as of June 30, 2026.

Efficiency Through Lot Control

The company prioritizes purchasing finished lots from land developers to maximize capital efficiency. This strategy helped it control 78% of its total land and lot position through purchase contracts as of June 30, 2026. Controlling more land through contracts rather than ownership reduces capital investment and helps the business navigate economic cycles.

Performance by the Numbers

• Consolidated revenues fell 4% to $23.7 billion during the nine months ended June 30, 2026.
• Net income was $2.1 billion for the nine months ended June 30, 2026, a 20% decrease year over year.
• Diluted earnings per share were $7.45 for the nine months ended June 30, 2026, down 13% year over year.
• Homebuilding inventories totaled $21.3 billion at June 30, 2026, compared to $20.3 billion at Sept. 30, 2025.

Evolution of the Business

D.R. Horton has transformed into a diversified residential enterprise by expanding into rental properties and managing a majority stake in lot development. Its focus on managing inventory and incentives helps the company operate across 126 markets in the United States.