D.r. Horton, Inc. · NYSE:DHI
D.r. Horton — Q4 2026 Earnings Presentation
37 slides from D.r. Horton's earnings presentation, October 2026
Slide 1: Investor Presentation Q4 2026
Investor Presentation Q4 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation may include “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 mate
Slide 3: At a Glance
At a Glance 48 25 1.3M YEARS IN BUSINESS AMERICA’S BUILDER HOMES DELIVERED founded in 1978 years as America’s largest volume since inception in 1978 homebuilder 64% $363.6K 85% FIRST-TIME HOMEBUYERS AVERAGE SALES PRICE HOME SALES REVENUE of D.R. Horton buyers who utilized of homes closed from the sa
Slide 4: Operating Segments
Operating Segments D.R. Horton operates four complementary segments — homebuilding, lot development (Forestar), rental and financial services — with homebuilding as the core driver of revenues and earnings Revenue Contribution by Operating Segment 89% 5% 4% 2% Homebuilding Forestar Rental Financial
Slide 5: Expectations
Expectations Although volatility in mortgage rates and changes in economic conditions could have significant impacts, the Company’s expectations for FY 2027 are as follows: FY 2027 Q1 FY 2027 Consolidated Revenues in the range of $30.0 billion to $32.0 billion in the range of $5.9 billion to $6.4 bi
Slide 6: Dominant Market Position and Scale
Dominant Market Position and Scale Build 1 out Top 5 of every 5 Largest builder in new homes builder in 93% of our under 60 markets footprint $400k in the U.S. Doubled National Market Share Over Past 10 Years Source: Company filings, Census, Zonda and D.R. Horton estimates for the trailing twelve mo
Slide 7: A Differentiated Operating Model Built for Scale
A Differentiated Operating Model Built for Scale Key drivers of sustainable market share gains, cash generation and maximizing shareholder returns 1 2 3 Product People Platform • Focused on entry-level, the largest • Decentralized operating model with an • More geographically diversified than any se
Slide 8: Diverse Product Offerings And Price Points
Diverse Product Offerings And Price Points Entry-level, move-up, active adult and luxury homes ranging in size from ~1,000 to ~3,000 square feet, providing value to homebuyers at every stage of life 33% $363.6k < $300k 23% average closing price $301k - $350k 73% of homes $351k - $400k closed were $4
Slide 9: Driving Affordability
Driving Affordability • DHI’s average sales price was 27% below the national average for the quarter ended 9/30/26 Average Sales Price How D.R. Horton Drives Affordability • Reduced average square footage 4% over 5 years • Expanding attached offerings, including townhomes and duplexes $500,200 ◦ Att
Slide 10: Customer Demographics
Customer Demographics “We are so grateful to D.R. 64% $94,700 average annual Horton for building us a first-time homebuyers household income beautiful home and for being part of such a meaningful chapter in our 90% 40 family’s story. Thirty days in, average age of primary average loan to value borro
Slide 11: Management Tenure And Experience
Management Tenure And Experience ~30 years Executive Team >20 years Region Presidents & Vice Presidents ~15 years Division Presidents & City Managers Average employee tenure as of 9/30/26 11
Slide 12: Most Geographically Diverse Homebuilder
Most Geographically Diverse Homebuilder • Operations in 128 markets across 38 states — entered 30 new markets within the last 5 years • Diversification lowers operational risks by mitigating the effects of local and regional economic cycles • Footprint provides a strong platform to consolidate marke
Slide 13: Then & Now: DHI Today vs. 2006
Then & Now: DHI Today vs. 2006 A fundamentally stronger company — greater scale, a more resilient balance sheet and expanded market share Consolidated Liquidity Consolidated Leverage Cash Flow Generation $7,212 $3,507 48.5% Enhanced Financial 20.8% Position $1,855 $(1,191) 9/30/2006 9/30/2026 9/30/2
Slide 14: A Disciplined Homebuilder Delivering Strong Returns
A Disciplined Homebuilder Delivering Strong Returns Consistent execution and disciplined capital allocation have delivered above median returns across key metrics Return on Equity Return on Assets 10-Year TSR 12.2% 8.2% 406% 282% 5.5% 8.2% Homebuilder Homebuilder Homebuilder Median Median Median Sou
Slide 15: Proven Performance at a Discounted Valuation
Proven Performance at a Discounted Valuation D.R. Horton has consistently delivered strong returns through disciplined execution, yet trades at a meaningful discount to the broader market Next Twelve Months Price to Earnings Ratio D.R Horton S&P 500 Outperforming Shareholder Returns 25 • Meaningful
Slide 16: Capital And Cash Flow Priorities – Support Sustained Value
Capital And Cash Flow Priorities – Support Sustained Value • Disciplined investment in core business to meet demand and grow revenues and market share • Focused on consistently generating substantial cash flows from operations each year • Balanced, disciplined, flexible and opportunistic capital all
Slide 17: Prioritizing Financial Flexibility
Prioritizing Financial Flexibility Low leverage and manageable debt maturities support our ability to effectively navigate changing market conditions Maintaining Conservative Leverage Homebuilding (HB) Public Debt Maturities by Year ($M) Notes HB Revolver Availability $3,830 23.8% 5-year series matu
Slide 18: Returning Capital to Shareholders
Returning Capital to Shareholders • Returned $4.1 billion to shareholders in FY26: $3.6 billion of share repurchases and $513 million of dividends • Expect to return ~$3.5 billion in FY27: ~$3.0 billion of repurchases and ~$500 million of dividends Shareholder Distribution: 5-Year CAGR of 20% Outsta
Slide 19: Homebuilding Operational Focus
Homebuilding Operational Focus Provide value, quality, a positive experience and service to homebuyers Manage land, lot and home inventory prudently to meet demand and gain market share Control a significant portion of our land and finished lot position through purchase contracts with lot developers
Slide 20: Homes in Inventory
Homes in Inventory Faster housing turns support lower, more efficient, housing inventory levels Homes in Inventory Housing Inventory Turns 46,400 42,000 37,400 2.8x 2.9x 27,200 29,600 28,200 27,000 25,700 2.3x 19,600 17,700 2.1x 19,200 1.8x 15,000 11,700 10,000 10,500 FY 2022 FY 2023 FY 2024 FY 2025
Slide 21: Industry-Leading Access to Land and Lots
Industry-Leading Access to Land and Lots • Land and lots are the key to any homebuilder’s future growth • D.R. Horton is the most geographically diverse builder with the largest lot supply ◦ Positioned to gain market share over time – 440,100 controlled lots (77%) and 130,500 owned lots (23%) at 9/3
Slide 22: Other Business Lines
Other Business Lines • Rental Financial Services • DHI owns 62% of Forestar, a • Single-family rental operations build • Comprised primarily of DHI publicly traded residential lot homes within single-family rental Mortgage and DHI Title subsidiaries developer (NYSE: FOR) (build-to-rent) communities
Slide 23: Fourth Quarter Data
Fourth Q4 and Quarter FY 2026 Data Data 23
Slide 24: Q4 and FY26 Results
Q4 and FY26 Results The D.R. Horton team delivered a solid fourth quarter and fiscal year 2026 Q4 Highlights • Earnings per diluted share of $2.67 on net income of $741.8 million • Consolidated pre-tax income of $1.0 billion on $9.4 billion of revenues, with a pre-tax profit margin of 10.8% • Home s
Slide 25: Revenues and Homes Closed - Q4
Revenues and Homes Closed - Q4 Home sales revenues of $8.4 billion on 22,915 homes closed by homebuilding operations in Q4 FY26 Revenue by Segment ($M) Home Closed and Home Sales Revenue ($M) $9,369.7 $8,779.0 $8,929.4 $8,544.0 $8,377.6 $580.8 $219.2 $9,371.3 $647.1 $8,382.8 -$458.6 23,647 23,368 23
Slide 26: Revenues and Homes Closed - FY26
Revenues and Homes Closed - FY26 Home sales revenues of $30.6 billion on 84,202 homes closed by homebuilding operations in fiscal 2026 Revenue by Segment ($M) Home Closed and Home Sales Revenue ($M) $817.3 $33,903.6 $1,635.1 $33,043.4 $31,861.7 $31,641.0 $31,432.0 $30,617.8 $1,234.5 $30,661.1 -$1,30
Slide 27: Home Sales Gross Margin
Home Sales Gross Margin • Recent sequential gross margin volatility primarily reflects mortgage rate swings and elevated incentives ◦ Q4 FY25: above normal litigation costs, roughly (60) basis points ◦ Q1 FY26: recovery of prior period warranty costs, about +40 basis points ◦ Q2 FY26: favorable liti
Slide 28: Homebuilding SG&A
Homebuilding SG&A • Maintaining our SG&A platform to support new markets and community count growth • FY26 includes increased advertising expenses and technology investments • Expect positive SG&A operating leverage when revenue growth resumes and community absorption rates stabilize Fiscal Year End
Slide 29: Consolidated Pre-Tax Income
Consolidated Pre-Tax Income Pre-tax margin compression driven primarily by impairments in the rental segment, higher SG&A expenses and lower home sales gross margin Q4 FY26 Pre-Tax Income by Segment ($M) Fiscal Quarter Ended ($M) 1,204.8 $78.2 $1,014.6 $78.6 $1,014.6 -$7.9 $891.0 12.4% -$25.3 10.8%
Slide 30: Capital-Efficient and Flexible Land and Lot Pipeline
Capital-Efficient and Flexible Land and Lot Pipeline • Expect to own a one- to two-year supply of lots to provide flexibility to support home starts; no set target for controlled lot position • Made significant progress expanding land developer base and reducing self-development of lots Homebuilding
Slide 31: Forestar results and liquidity
• Forestar is separately capitalized and had total liquidity of $1.3 billion at year-end • Sold 13,545 lots and generated $1.6 billion of revenue in FY26 $1.3 billion, or 23%, of D.R. Horton’s finished lot purchases in FY26 were from Forestar ◦ • Expect 12,000 to 13,000 lots sold generating $1.4 bil
Slide 32: Rental Operations - FY26
Rental Operations - FY26 • Develop, construct, lease and sell single-family and multi-family residential properties • DRH Rental subsidiary is capitalized with a $1.05 billion senior unsecured revolving credit facility Revenues ($M) Homes / Units Sold Homes / Units Owned(1) 13,900 13,580 $1,640.4 6,
Slide 33: Total Shareholder Returns
Total Shareholder Returns Outperformed the S&P 500 across 5- and 10-year periods, including top-quartile performance over 10 years D.R. HORTON S&P 500 3-Year TSR 5-Year TSR 10-Year TSR 1st Quartile 1st Quartile 1st Quartile +406% TSR 77th Percentile 2nd Quartile +71% TSR 2nd Quartile 2nd Quartile 63
Slide 34: Return on Assets
Return on Assets D.R. Horton’s average annual ROA ranks in the top quartile of all S&P 500 companies D.R. HORTON S&P 500 3-Year ROA 5-Year ROA 10-Year ROA 1st Quartile +14% ROA 1st Quartile +14% ROA 1st Quartile +11% ROA 85th Percentile 84th Percentile 78th Percentile 2nd Quartile 2nd Quartile 2nd Q
Slide 35: Return on Equity
Return on Equity D.R. Horton has sustained an ROE premium versus the S&P 500 median across 3-, 5- and 10-year periods D.R. HORTON S&P 500 3-Year ROE 5-Year ROE 10-Year ROE 1st Quartile 1st Quartile 1st Quartile +21% ROE +21% ROE +17% ROE 2nd Quartile 65th Percentile 2nd Quartile 2nd Quartile 53rd Pe
Slide 36: Income Statement
Income Statement Quarter Ended Fiscal Year Ended 9/30/26 9/30/25 9/30/26 9/30/25 Homes closed 22,915 23,368 84,202 84,863 Homebuilding Revenues: Home sales $8,377.6 $8,544.0 $30,617.8 $31,432.0 Land/lot sales 5.2 20.4 43.3 83.5 8,382.8 8,564.4 30,661.1 31,515.5 Gross profit: Home sales 1,635.6 1,707
Slide 37: Balance Sheet
Balance Sheet 9/30/26 9/30/25 9/30/24 Homebuilding Cash and cash equivalents $1,059.5 $2,236.0 $3,627.8 Inventories: Construction in progress and finished homes 7,618.9 7,743.7 8,986.1 Land inventories 12,706.1 12,572.8 11,044.9 20,325.0 20,316.5 20,031.0 Other assets 4,418.1 4,147.1 3,822.6 Rental,