D.R. Horton, Inc., America’s Builder, Reports Fourth Quarter and Fiscal 2026 Earnings and Increases Quarterly Dividend to $0.50 Per Share

D.R. Horton, Inc., America’s Builder, Reports Fourth Quarter and Fiscal 2026 Earnings and Increases Quarterly Dividend to $0.50 Per Share ARLINGTON, Texas--( BUSINESS WIRE)--D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today reported fourth quarter and fiscal 2026 results. All comparisons in this release are to the respective prior year period, unless noted otherwise.

David Auld said, "The D.R. Horton team completed our 25th consecutive year as America's largest builder by volume, and we are proud to have provided homeownership to more than 84,000 individuals and families during fiscal 2026."

Fiscal 2026 Fourth Quarter Highlights

Fiscal 2026 Highlights

Consolidated Results

Three months ended September 30, 2026

Net income attributable to D.R. Horton for its fourth fiscal quarter decreased 18% to $741.8 million, and earnings per diluted share decreased 12% to $2.67. Consolidated pre-tax income was $1.0 billion on revenues of $9.4 billion, resulting in a pre-tax profit margin of 10.8%. Results for the quarter include $91.4 million of inventory impairment charges to cost of sales in the Company’s rental segment.

Fiscal year ended September 30, 2026

For the fiscal year, net income attributable to D.R. Horton decreased 19% to $2.9 billion, and earnings per diluted share decreased 13% to $10.11. Consolidated pre-tax income was $3.9 billion on revenues of $33.0 billion, resulting in a pre-tax profit margin of 11.8%.

Cash provided by operations was $3.5 billion in fiscal 2026 and consisted primarily of $2.7 billion, $289.5 million, $271.1 million and $148.6 million of cash provided by the homebuilding, Forestar, financial services and rental segments. Total liquidity at year end was $7.2 billion. The Company repaid $600 million principal amount of its 1.3% homebuilding senior notes at maturity in October 2026 and has no other senior note maturities in fiscal 2027. At September 30, 2026, the Company's debt to total capital ratio was 20.8%. Debt to total capital ratio consists of notes payable divided by stockholders' equity plus notes payable.

In fiscal 2026, the Company's return on equity (ROE) was 12.2%, and return on assets (ROA) was 8.2%. ROE is calculated as net income attributable to D.R. Horton for the year divided by average stockholders' equity, where average stockholders' equity is the sum of ending stockholders' equity balances of the trailing five quarters divided by five. ROA is calculated as net income attributable to D.R. Horton for the year divided by average consolidated assets, where average consolidated assets is the sum of total asset balances for the trailing five quarters divided by five.

David Auld, Executive Chairman, said:

"The D.R. Horton team completed our 25th consecutive year as America's largest builder by volume, and we are proud to have provided homeownership to more than 84,000 individuals and families during fiscal 2026, including approximately 43,500 first-time homebuyers. Consolidated pre-tax income for the year totaled $3.9 billion on $33.0 billion of revenues, resulting in a pre-tax profit margin of 11.8%. We generated $3.5 billion of cash from operations in fiscal 2026 and returned $4.1 billion to shareholders through repurchases and dividends while maintaining a strong financial position.

"Housing market conditions became more challenging during the fourth quarter as rising mortgage rates, affordability constraints and cautious consumer sentiment continued to pressure new home demand. Our experienced operators responded with discipline by adjusting incentives, pricing and starts on a community-by-community basis to align our inventory levels with current demand. We expect incentives to remain elevated in fiscal 2027, the extent of which will depend on market conditions throughout the year.

"Our strong liquidity, low leverage, local market expertise and national scale provide us with significant financial and operational flexibility to adapt to changing market conditions and deliver attractive shareholder returns. Over the past 5 years, we have made significant investments in our housing platform as we entered 30 new markets and 7 new states and increased our community count by 65%. Over that same period, book value per share grew at a 15% compound annual rate, while we generated $14.0 billion of operating cash flow and returned all of it to shareholders through repurchases and dividends, reflecting our consistent execution, operational efficiency and disciplined, balanced capital allocation.

"Based on our solid financial position and cash flow, our Board recently increased our quarterly cash dividend by 11% to $0.50 per share, making fiscal 2027 our thirteenth consecutive year of dividend growth. We will continue to focus on delivering value to our homebuyers, gaining market share and generating compelling returns for our shareholders over the long term."

Homebuilding

Three months ended September 30, 2026

Homebuilding revenue for the fourth quarter decreased 2% to $8.4 billion, and homes closed decreased 2% to 22,915 homes. Homebuilding pre-tax income decreased 11% to $891.0 million, and pre-tax profit margin was 10.6%. Net sales orders decreased 7% to 18,619 homes and 9% in value to $6.6 billion. The Company’s cancellation rate (cancelled sales orders divided by gross sales orders) was 23% compared to 20% in the prior year quarter.

Fiscal year ended September 30, 2026

Homebuilding revenue for the fiscal year decreased 3% to $30.7 billion, and homes closed decreased 1% to 84,202 homes. Homebuilding pre-tax income decreased 17% to $3.4 billion, and pre-tax profit margin was 11.2%. Net sales orders increased 2% to 84,995 homes and were unchanged in value at $30.9 billion. The cancellation rate was 19% compared to 18% in the prior year.

At fiscal year end, the Company had 28,200 homes in inventory, of which 17,700 were unsold. 8,800 of the Company’s unsold homes were completed, including 600 that had been completed for greater than six months. Of the Company’s homes closed during fiscal 2026, 68% were on lots developed by Forestar or third parties, up from 65% during fiscal 2025.

The Company’s homebuilding return on inventory (ROI) for fiscal 2026 was 16.6%. Homebuilding ROI is calculated as homebuilding pre-tax income for the year divided by average inventory, where average inventory is the sum of ending homebuilding inventory balances for the trailing five quarters divided by five.

Non-Homebuilding Segments

Three months ended September 30, 2026

Fiscal year ended September 30, 2026

Share Repurchases and Dividends

During the fourth quarter of fiscal 2026, the Company repurchased 9.4 million shares of common stock for $1.4 billion, for a total of 24.0 million shares repurchased for $3.6 billion during the year. Common shares outstanding at September 30, 2026 totaled 271.4 million, down 8% from a year ago, and the remaining stock repurchase authorization was $4.7 billion.

The Company paid cash dividends of $125.0 million during the fourth quarter of fiscal 2026, for a total of $513.3 million of dividends paid during the year. Subsequent to year-end, the Company declared a quarterly cash dividend of $0.50 per share, an increase of 11% from its most recent dividend paid. The dividend is payable on November 19, 2026 to stockholders of record on November 12, 2026.

Guidance

Based on current market conditions, D.R. Horton is providing initial guidance for fiscal 2027 including:

The Company plans to also provide guidance for its first quarter of fiscal 2027 on its conference call today.

Conference Call and Webcast Details

The Company will host a conference call today (Thursday, October 29) at 8:30 a.m. Eastern Time. The dial-in number is 888-506-0062 (reference entry code 356495), and the call will also be webcast from the Company's website at investor.drhorton.com.

Fiscal 2027 Conference Calls

The Company plans to release financial results for each quarter of fiscal 2027 before the market opens, with a conference call to begin at 8:30 a.m. Eastern Time, on the following dates. Details on how to access the conference calls will be available at a later date.

About D.R. Horton, Inc.

D.R. Horton, Inc., America’s Builder, has closed more than 1.3 million homes in its 48-year history and has been the largest homebuilder in the United States by volume since 2002. D.R. Horton has operations in 128 markets in 38 states across the United States and is engaged in the construction and sale of high-quality homes through its diverse product portfolio with sales prices generally ranging from $200,000 to $700,000. The Company also constructs and sells both single-family and multi-family rental properties. During its fiscal year ended September 30, 2026, D.R. Horton closed 84,202 homes in its homebuilding operations, in addition to 2,073 single-family rental homes and 2,737 multi-family rental units in its rental operations. D.R. Horton also provides mortgage financing, title services and insurance agency services for its homebuyers and is the majority-owner of Forestar Group Inc., a publicly traded national residential lot development company.

Forward-Looking Statements

Portions of this document may constitute "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Although D.R. Horton believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. All forward-looking statements are based upon information available to D.R. Horton on the date this release was issued. D.R. Horton does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements in this release include that we expect incentives to remain elevated in fiscal 2027, the extent of which will depend on market conditions throughout the year; our strong liquidity, low leverage, local market expertise and national scale provide us with significant financial and operational flexibility to adapt to changing market conditions and deliver attractive shareholder returns; based on our solid financial position and cash flow, our Board recently increased our quarterly cash dividend by 11% to $0.50 per share, making fiscal 2027 our thirteenth consecutive year of dividend growth; and we will continue to focus on delivering value to our homebuyers, gaining market share and generating compelling returns for our shareholders over the long term. The forward-looking statements also include all metrics in the Guidance section. Factors that may cause the actual results to be materially different from the future results expressed by the forward-looking statements include, but are not limited to:

Additional information about issues that could lead to material changes in performance is contained in D.R. Horton’s annual report on Form 10-K and its most recent quarterly report on Form 10-Q, both of which are filed with the Securities and Exchange Commission.

D.R. HORTON, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

September 30,

2026

2025

(In millions)

ASSETS

Cash and cash equivalents

2,060.4

2,985.4

Restricted cash

55.0

47.9

Total cash, cash equivalents and restricted cash

2,115.4

3,033.3

Inventories:

Construction in progress and finished homes

7,519.9

7,648.5

Residential land and lots — developed, under development,

held for development and held for sale

14,913.3

14,935.5

Rental properties

2,632.6

2,703.3

Total inventory

25,065.8

25,287.3

Mortgage loans held for sale

2,570.0

2,566.5

Deferred tax asset, net

—

44.5

Property and equipment, net

633.5

578.9

Other assets

4,270.1

3,797.2

Goodwill

163.5

Total assets

34,818.3

35,471.2

LIABILITIES

Accounts payable

1,114.6

1,221.9

Deferred tax liability, net

99.2

—

Accrued expenses and other liabilities

3,836.4

3,541.6

Notes payable

6,053.9

5,965.5

Total liabilities

11,104.1

10,729.0

EQUITY

Common stock, $.01 par value, 1,000,000,000 shares authorized,

404,975,758 shares issued and 271,435,610 shares outstanding at September 30, 2026 and

404,031,443 shares issued and 294,475,153 shares outstanding at September 30, 2025

4.0

Additional paid-in capital

3,670.4

3,576.1

Retained earnings

33,417.5

31,041.4

Treasury stock, 133,540,148 shares and 109,556,290 shares

at September 30, 2026 and 2025, respectively, at cost

(13,982.4

)

(10,431.1

)

Stockholders’ equity

23,109.5

24,190.4

Noncontrolling interests

604.7

551.8

Total equity

23,714.2

24,742.2

Total liabilities and equity

34,818.3

35,471.2

D.R. HORTON, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Three Months Ended

Year Ended

September 30,

2026

2025

2026

2025

(In millions, except per share data)

Revenues

9,371.3

9,677.8

33,043.4

34,250.4

Cost of sales

7,454.7

7,581.1

25,682.7

26,134.2

Selling, general and administrative expense

989.0

970.9

3,748.6

3,692.0

Other (income) expense

(87.0

)

(79.0

)

(294.1

)

(315.7

)

Income before income taxes

1,014.6

1,204.8

3,906.2

4,739.9

Income tax expense

255.3

288.0

968.8

1,119.0

Net income

759.3

916.8

2,937.4

3,620.9

Net income attributable to noncontrolling interests

17.5

11.5

48.0

35.7

Net income attributable to D.R. Horton, Inc.

741.8

905.3

2,889.4

3,585.2

Net income per share attributable to D.R. Horton, Inc.

Basic

2.68

3.06

10.14

11.62

Diluted

2.67

3.04

10.11

11.57

Weighted average shares outstanding

Basic

277.0

296.2

284.8

308.5

Diluted

277.9

297.4

285.8

309.9

Other Consolidated Financial Data

Interest charged to cost of sales

67.0

57.2

182.5

158.1

Depreciation and amortization

31.7

27.4

116.5

101.3

Interest incurred

67.9

68.5

257.8

241.7

D.R. HORTON, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Year Ended September 30,

2026

2025

(In millions)

OPERATING ACTIVITIES

Net income

2,937.4

3,620.9

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

116.5

101.3

Stock-based compensation expense

134.0

131.0

Deferred income taxes

143.9

123.2

Inventory and land option charges

199.6

158.1

Changes in operating assets and liabilities:

Decrease in construction in progress and finished homes

146.3

1,228.8

Decrease (increase) in residential land and lots –

developed, under development, held for development and held for sale

21.2

(1,884.3

)

(Increase) decrease in rental properties

(23.8

)

195.4

Increase in other assets

(421.0

)

(248.2

)

Increase in mortgage loans held for sale

(3.5

)

(89.0

)

Increase in accounts payable, accrued expenses and other liabilities

256.6

83.7

Net cash provided by operating activities

3,507.2

3,420.9

INVESTING ACTIVITIES

Expenditures for property and equipment

(160.4

)

(137.4

)

Proceeds from sale of assets

—

22.9

Payments related to business acquisitions, net of cash acquired

(124.1

)

(53.1

)

Other investing activities

(27.3

)

(1.1

)

Net cash used in investing activities

(311.8

)

(168.7

)

FINANCING ACTIVITIES

Proceeds from notes payable

5,423.6

3,272.0

Repayment of notes payable

(5,378.5

)

(3,142.8

)

Repayments on mortgage repurchase facilities, net

(36.3

)

(125.5

)

Proceeds from stock associated with certain employee benefit plans

18.3

18.5

Cash paid for shares withheld for taxes

(55.4

)

(64.2

)

Cash dividends paid

(513.3

)

(494.8

)

Repurchases of common stock

(3,523.8

)

(4,281.6

)

Net other financing activities

(47.9

)

55.5

Net cash used in financing activities

(4,113.3

)

(4,762.9

)

Net decrease in cash, cash equivalents and restricted cash

(917.9

)

(1,510.7

)

Cash, cash equivalents and restricted cash at beginning of year

3,033.3

4,544.0

Cash, cash equivalents and restricted cash at end of year

2,115.4

3,033.3

SUPPLEMENTAL CASH FLOW INFORMATION

Income taxes paid, net

869.4

1,020.5

SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES

Notes payable issued for inventory

—

5.5

Stock issued under employee incentive plans

114.7

147.6

Repurchases of common stock not settled

34.6

—

D.R. HORTON, INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(UNAUDITED)

September 30, 2026

Homebuilding

Rental

Forestar

Financial

Services

Eliminations

and Other (1)

Consolidated

(In millions)

Assets

Cash and cash equivalents

1,029.2

108.0

657.0

248.0

18.2

2,060.4

Restricted cash

30.3

3.9

—

20.8

—

55.0

Inventories:

Construction in progress and finished homes

7,618.9

—

(99.0

)

7,519.9

Residential land and lots

12,706.1

—

2,530.8

—

(323.6

)

14,913.3

Rental properties

—

2,640.6

—

(8.0

)

2,632.6

20,325.0

2,640.6

2,530.8

—

(430.6

)

25,065.8

Mortgage loans held for sale

—

2,570.0

—

2,570.0

Property and equipment, net

582.9

0.3

6.9

3.9

39.5

633.5

Other assets

3,700.9

57.3

115.2

408.7

(12.0

)

4,270.1

Goodwill

134.3

—

29.2

163.5

25,802.6

2,810.1

3,309.9

3,251.4

(355.7

)

34,818.3

Liabilities

Accounts payable

962.4

270.3

64.5

—

(182.6

)

1,114.6

Deferred tax liability, net

(12.4

)

51.4

100.1

8.1

(48.0

)

99.2

Accrued expenses and other liabilities

3,161.4

65.4

433.5

533.7

(357.6

)

3,836.4

Notes payable

3,477.5

410.2

794.2

1,372.0

—

6,053.9

7,588.9

797.3

1,392.3

1,913.8

(588.2

)

11,104.1

September 30, 2025

Homebuilding

Rental

Forestar

Financial

Services

Eliminations

and Other (1)

Consolidated

(In millions)

Assets

Cash and cash equivalents

2,210.5

140.8

379.2

244.5

10.4

2,985.4

Restricted cash

25.5

2.5

—

19.9

—

47.9

Inventories:

Construction in progress and finished homes

7,743.7

—

(95.2

)

7,648.5

Residential land and lots

12,572.8

—

2,645.1

—

(282.4

)

14,935.5

Rental properties

—

2,710.4

—

(7.1

)

2,703.3

20,316.5

2,710.4

2,645.1

—

(384.7

)

25,287.3

Mortgage loans held for sale

—

2,566.5

—

2,566.5

Deferred tax asset, net

125.7

(42.2

)

—

(39.0

)

44.5

Property and equipment, net

543.0

0.6

8.1

4.3

22.9

578.9

Other assets

3,344.1

38.9

104.6

220.6

89.0

3,797.2

Goodwill

134.3

—

29.2

163.5

26,699.6

2,851.0

3,137.0

3,055.8

(272.2

)

35,471.2

Liabilities

Accounts payable

1,016.8

230.6

71.0

0.7

(97.2

)

1,221.9

Accrued expenses and other liabilities

3,122.1

34.7

494.3

294.7

(404.2

)

3,541.6

Notes payable

3,154.4

600.0

802.8

1,408.3

—

5,965.5

7,293.3

865.3

1,368.1

1,703.7

(501.4

)

10,729.0

(1)

Amounts include the balances of the Company's other businesses and the elimination of intercompany transactions.

D.R. HORTON, INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(UNAUDITED)

Three Months Ended September 30, 2026

Homebuilding

Rental

Forestar

Financial

Services

Eliminations

and Other (1)

Consolidated

(In millions)

Revenues

Home sales

8,377.6

—

8,377.6

Land/lot sales and other

5.2

—

580.8

—

(458.6

)

127.4

Rental property sales

—

647.1

—

647.1

Financial services

—

219.2

—

219.2

8,382.8

647.1

580.8

219.2

(458.6

)

9,371.3

Cost of sales

Home sales (2)

6,742.0

—

(80.4

)

6,661.6

Land/lot sales and other

2.6

—

466.7

—

(374.2

)

95.1

Rental property sales

—

564.2

—

(0.5

)

563.7

Inventory and land option charges

29.3

94.0

11.0

—

134.3

6,773.9

658.2

477.7

—

(455.1

)

7,454.7

Selling, general and administrative expense

729.3

53.1

38.4

163.3

4.9

989.0

Other (income) expense (3)

(11.4

)

(38.9

)

(13.9

)

(22.3

)

(0.5

)

(87.0

)

Income (loss) before income taxes

891.0

(25.3

)

78.6

78.2

(7.9

)

1,014.6

Year Ended September 30, 2026

Homebuilding

Rental

Forestar

Financial

Services

Eliminations

and Other (1)

Consolidated

(In millions)

Revenues

Home sales

30,617.8

—

30,617.8

Land/lot sales and other

43.3

—

1,635.1

—

(1,304.6

)

373.8

Rental property sales

—

1,234.5

—

1,234.5

Financial services

—

817.3

—

817.3

30,661.1

1,234.5

1,635.1

817.3

(1,304.6

)

33,043.4

Cost of sales

Home sales (2)

24,437.3

—

(271.5

)

24,165.8

Land/lot sales and other

32.2

—

1,293.7

—

(1,062.3

)

263.6

Rental property sales

—

1,058.0

—

(4.3

)

1,053.7

Inventory and land option charges

86.0

94.4

19.0

—

0.2

199.6

24,555.5

1,152.4

1,312.7

—

(1,337.9

)

25,682.7

Selling, general and administrative expense

2,731.3

207.5

151.0

640.3

18.5

3,748.6

Other (income) expense (3)

(49.3

)

(143.6

)

(20.7

)

(81.1

)

0.6

(294.1

)

Income before income taxes

3,423.6

18.2

192.1

258.1

14.2

3,906.2

Summary Cash Flow Information

Cash provided by operating activities

2,716.2

148.6

289.5

271.1

81.8

3,507.2

(1)

Amounts include the results of the Company's other businesses and the elimination of intercompany transactions.

(2)

Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers.

(3)

Other (income) expense primarily includes interest income but also consists of various other types of ancillary income, gains, expenses and losses not directly associated with sales of homes, land and lots.

D.R. HORTON, INC. AND SUBSIDIARIES

SEGMENT INFORMATION

(UNAUDITED)

Three Months Ended September 30, 2025

Homebuilding

Rental

Forestar

Financial

Services

Eliminations

and Other (1)

Consolidated

(In millions)

Revenues

Home sales

8,544.0

—

8,544.0

Land/lot sales and other

20.4

—

670.5

—

(580.8

)

110.1

Rental property sales

—

805.4

—

805.4

Financial services

—

218.3

—

218.3

8,564.4

805.4

670.5

218.3

(580.8

)

9,677.8

Cost of sales

Home sales (2)

6,836.5

—

(62.0

)

6,774.5

Land/lot sales and other

16.4

—

517.5

—

(456.7

)

77.2

Rental property sales

—

675.7

—

(3.6

)

672.1

Inventory and land option charges

51.0

3.0

3.3

—

57.3

6,903.9

678.7

520.8

—

(522.3

)

7,581.1

Selling, general and administrative expense

678.5

79.4

42.7

166.0

4.3

970.9

Other (income) expense (3)

(18.7

)

(33.2

)

(6.1

)

(23.5

)

2.5

(79.0

)

Income before income taxes

1,000.7

80.5

113.1

75.8

(65.3

)

1,204.8

Year Ended September 30, 2025

Homebuilding

Rental

Forestar

Financial

Services

Eliminations

and Other (1)

Consolidated

(In millions)

Revenues

Home sales

31,432.0

—

31,432.0

Land/lot sales and other

83.5

—

1,662.4

—

(1,409.1

)

336.8

Rental property sales

—

1,640.4

—

1,640.4

Financial services

—

841.2

—

841.2

31,515.5

1,640.4

1,662.4

841.2

(1,409.1

)

34,250.4

Cost of sales

Home sales (2)

24,664.9

—

(227.3

)

24,437.6

Land/lot sales and other

50.1

—

1,291.7

—

(1,132.5

)

209.3

Rental property sales

—

1,333.4

—

(4.2

)

1,329.2

Inventory and land option charges

144.2

7.3

7.2

—

(0.6

)

158.1

24,859.2

1,340.7

1,298.9

—

(1,364.6

)

26,134.2

Selling, general and administrative expense

2,623.1

245.2

154.4

651.4

17.9

3,692.0

Other (income) expense (3)

(101.7

)

(115.5

)

(10.2

)

(88.9

)

0.6

(315.7

)

Income before income taxes

4,134.9

170.0

219.3

278.7

(63.0

)

4,739.9

Summary Cash Flow Information

Cash provided by (used in) operating activities

3,407.6

105.5

(197.7

)

173.2

(67.7

)

3,420.9

(1)

Amounts include the results of the Company's other businesses and the elimination of intercompany transactions.

(2)

(3)

D.R. HORTON, INC. AND SUBSIDIARIES

SALES, CLOSINGS AND BACKLOG

HOMEBUILDING SEGMENT

(Dollars in millions)

NET SALES ORDERS

Three Months Ended September 30,

Year Ended September 30,

2026

2025

2026

2025

Homes

Value

Homes

Value

Homes

Value

Homes

Value

Northwest

1,013

513.7

1,235

699.1

4,353

2,290.8

4,938

2,679.2

Southwest

2,052

974.1

2,384

1,114.1

9,096

4,388.2

9,325

4,436.4

South Central

4,548

1,316.3

5,352

1,592.7

22,311

6,638.6

22,000

6,744.9

Southeast

4,544

1,506.3

4,623

1,531.6

19,971

6,730.2

19,700

6,625.8

East

4,023

1,334.5

4,062

1,378.4

17,900

6,113.3

17,290

5,958.3

North

2,439

994.8

2,422

1,010.1

11,364

4,733.7

10,170

4,315.9

18,619

6,639.7

20,078

7,326.0

84,995

30,894.8

83,423

30,760.5

HOMES CLOSED

Three Months Ended September 30,

Year Ended September 30,

2026

2025

2026

2025

Homes

Value

Homes

Value

Homes

Value

Homes

Value

Northwest

1,259

646.7

1,448

793.3

4,486

2,384.7

4,997

2,685.7

Southwest

2,515

1,225.4

2,567

1,203.9

9,013

4,312.0

9,504

4,573.7

South Central

5,646

1,684.0

6,376

1,930.8

22,045

6,551.9

22,319

6,885.4

Southeast

5,044

1,707.2

5,051

1,683.9

19,741

6,628.3

20,390

6,939.4

East

5,277

1,796.9

5,204

1,794.6

17,991

6,183.6

17,711

6,131.1

North

3,174

1,317.4

2,722

1,137.5

10,926

4,557.3

9,942

4,216.7

22,915

8,377.6

23,368

8,544.0

84,202

30,617.8

84,863

31,432.0

SALES ORDER BACKLOG

As of September 30,

2026

2025

Homes

Value

Homes

Value

Northwest

343

183.9

476

277.8

Southwest

1,118

562.6

1,035

486.4

South Central

2,701

839.8

2,435

753.1

Southeast

2,635

923.8

2,405

821.9

East

2,341

813.6

2,323

839.5

North

2,576

1,131.4

2,111

941.4

11,714

4,455.1

10,785

4,120.1

D.R. HORTON, INC. AND SUBSIDIARIES

LAND AND LOT POSITION AND HOMES IN INVENTORY

HOMEBUILDING SEGMENT

LAND AND LOT POSITION

September 30, 2026

September 30, 2025

Land/Lots

Owned (1)

Lots Controlled

Through

Land and Lot

Purchase

Contracts (2)

Total

Land/Lots

Owned and

Controlled

Land/Lots

Owned (1)

Lots Controlled

Through

Land and Lot

Purchase

Contracts (2)

Total

Land/Lots

Owned and

Controlled

Northwest

10,500

16,900

27,400

12,200

17,100

29,300

Southwest

17,300

31,200

48,500

19,600

31,200

50,800

South Central

30,900

115,400

146,300

35,900

111,900

147,800

Southeast

27,600

103,300

130,900

31,500

113,600

145,100

East

28,600

104,600

133,200

31,500

111,100

142,600

North

15,600

68,700

84,300

16,300

60,000

76,300

130,500

440,100

570,600

147,000

444,900

591,900

100

(1)

Land/lots owned included 77,300 and 78,400 owned lots that are fully developed and ready for home construction at September 30, 2026 and 2025, respectively.

(2)

Lots controlled at September 30, 2026 included 38,400 lots owned or controlled by Forestar, 19,800 of which our homebuilding divisions had under contract to purchase and 18,600 of which our homebuilding divisions had a right of first offer to purchase. Lots controlled at September 30, 2025 included 40,400 lots owned or controlled by Forestar, 22,800 of which our homebuilding divisions had under contract to purchase and 17,600 of which our homebuilding divisions had a right of first offer to purchase.

HOMES IN INVENTORY (1)

September 30,

2026

2025

Northwest

1,600

1,700

Southwest

2,600

3,200

South Central

7,000

7,700

Southeast

6,200

6,300

East

6,000

6,300

North

4,800

4,400

28,200

29,600

(1)

Homes in inventory exclude model homes and homes related to our rental operations.