Slides
Page 1
Investor Presentation Q4 2026
Page 2
2 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 materially different. 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: the cyclical nature of the homebuilding, rental and land development operations and changes in economic, real estate or other conditions; adverse developments affecting the capital markets and financial institutions, which could limit our ability to access capital, increase our cost of capital and impact our liquidity and capital resources; reductions in the availability of mortgage financing provided by government agencies, changes in government financing programs, a decrease in our ability to sell mortgage loans on attractive terms or an increase in mortgage interest rates; the risks associated with our land, lot and rental inventory; our ability to effect our growth strategies, acquisitions, investments or other strategic initiatives successfully; the impact of an inflationary, deflationary or higher interest rate environment; risks of acquiring land, building materials and skilled labor and challenges obtaining regulatory approvals; the effects of public health issues such as a major epidemic or pandemic on the economy and our businesses; the effects of weather conditions and natural disasters on our business and financial results; home warranty and construction defect claims; the effects of health and safety incidents; reductions in the availability of performance bonds; increases in the costs of owning a home; the effects of information technology failures, cybersecurity incidents, and the failure to satisfy privacy and data protection laws and regulations; risks related to the use of artificial intelligence in our business operations; the effects of governmental regulations and environmental matters on our land development and housing operations; the effects of changes in income tax and securities laws; the effects of governmental regulations on our financial services operations; the effects of competitive conditions within the industries in which we operate; our ability to manage and service our debt and comply with related debt covenants, restrictions and limitations; the effects of negative publicity; the effects of the loss of key personnel; and the effects of actions by activist stockholders. 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. Forward-Looking Statements
Page 3
3 At a Glance As of or for the fiscal year ended 9/30/26, unless noted otherwise 48 25 1.3M YEARS IN BUSINESS AMERICA’S BUILDER HOMES DELIVERED founded in 1978 years as America’s largest volume homebuilder since inception in 1978 64% $363.6K 85% FIRST-TIME HOMEBUYERS AVERAGE SALES PRICE HOME SALES REVENUE of D.R. Horton buyers who utilized DHI Mortgage of homes closed from the sale of single-family detached homes 84,202 $4.1B 12.2% HOMES CLOSED RETURNED TO SHAREHOLDERS RETURN ON EQUITY by our homebuilding operations through repurchases and dividends
Page 4
4 Homebuilding Forestar Rental Financial Services The core business generating 88% of consolidated pre-tax income and serving as the principal driver of scale, earnings and capital allocation Majority owned residential lot supplier with operations in 65 markets and 24 states; separately capitalized Develop, construct, lease and sell single-family and multi- family residential properties Provides mortgage financing and title agency services; 81% capture rate of D.R. Horton homebuyers Operating Segments As of or for the year ended 9/30/26 Revenue percentages exclude eliminations and other totaling $(1.3) billion 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 89% 5% 4% 2% Revenue Contribution by Operating Segment
Page 5
5 Expectations Based on current market conditions as noted on the Company’s Q4 FY26 conference call on 10/29/26 Homes closed and home sales gross margin are for the Company’s homebuilding segment 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 billion Homes Closed between 79,000 and 84,000 homes between 15,500 and 16,500 homes Home Sales Gross Margin — in the range of 18.0% to 18.5% Consolidated Pre-Tax Profit Margin — in the range of 7.0% to 8.0% Consolidated Cash Flow Provided by Operations ~$3.5 billion — Common Stock Repurchases ~$3.0 billion — Dividend Payments ~$500 million ~$130 million Income Tax Rate ~25.5% ~25.5%
Page 6
6 Top 5 builder in 93% of our footprint Largest builder in 60 markets Build 1 out of every 5 new homes under $400k in the U.S. Dominant Market Position and Scale Source: Company filings, Census, Zonda and D.R. Horton estimates for the trailing twelve months ended 6/30/26. Local market data lags one quarter to account for the delay in the recording of public records. Periods in chart represent the full calendar year; includes homes closed by both homebuilding and single-family rental operations. Doubled National Market Share Over Past 10 Years
Page 7
7 A Differentiated Operating Model Built for Scale Key drivers of sustainable market share gains, cash generation and maximizing shareholder returns Platform • More geographically diversified than any other builder — lowers operational risks by mitigating the effects of local and regional economic cycles and provides a strong platform to consolidate market share • National purchasing power, preferred supplier relationships and consistent volume support better pricing, access to labor and materials and more reliable construction cycle times • Captive mortgage company secures builder forward commitments to offer buyers lower interest rates • Low leverage and strong liquidity allow for investment in growth while returning capital to shareholders Product • Focused on entry-level, the largest segment of the housing market with demand based on need and affordability versus discretionary • Production-focused operating model drives efficiency through standardized plans and faster build times • Standardized plans and visibility into future starts drive subcontractor loyalty and productivity gains People • Decentralized operating model with an entrepreneurial culture empowers local teams to make market level divisions on product, pricing and pace • Performance-driven compensation aligns local operators with returns, capital efficiency and cash flow • Long-tenured leaders and internally developed talent create a deep pool of experienced operators supporting leadership continuity, succession planning, local expertise and execution discipline 1 2 3
Page 8
8 Diverse Product Offerings And Price Points For the fiscal year ended 9/30/26 33% 23% 17% 16% 11% < $300k $301k - $350k $351k - $400k $401k - 500k >$500K 73% of homes closed were <$400k 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 $363.6k average closing price 1,963 average square footage
Page 9
9 How D.R. Horton Drives Affordability • Reduced average square footage 4% over 5 years • Expanding attached offerings, including townhomes and duplexes ◦ Attached homes grew from 9% of closings in FY22 to 16% in FY26 • Lowering costs through exclusive national supplier agreements ◦ ~20 contracts covering flooring, paint, door hardware and more • Using forward commitments to offer below-market mortgage rates, lowering monthly payments to buyers and helping them build equity faster • Developing communities with smaller lots, where local approvals allow, to lower land cost per home ◦ Lot costs are roughly 30% of the total cost of a home • DHI’s average sales price was 27% below the national average for the quarter ended 9/30/26 Driving Affordability $346,100 365,600 $464,333 $500,200 ASP - DHI ASP of New Single-Family Houses - U.S. 9/21 9/22 9/23 9/24 9/25 9/26 Average Sales Price Source: US Census and FactSet Average sales price of new single-family houses in the United States is an average of the reported sales data from the Census for the respective quarter, except for the most recent quarter which is the last three months of reported data. DHI ASP is based on closings.
Page 10
10 “We are so grateful to D.R. Horton for building us a beautiful home and for being part of such a meaningful chapter in our family’s story. Thirty days in, we can genuinely say that we love being here. This is more than the house we purchased. This is home.” 64% first-time homebuyers $94,700 average annual household income 90% average loan to value 40 average age of primary borrower 45% FHA loan mix 721 average FICO score 81% mortgage capture rate 43% average debt to income Customer Demographics For the fiscal year ended 9/30/26; metrics represent the 67,954 D.R. Horton homebuyers that utilized DHI Mortgage, which is 81% of 84,202 homes closed by homebuilding operations Dorsey Family Chippewa Trails Ranch Homes | Beaver Falls, PA
Page 11
11 Management Tenure And Experience Average employee tenure as of 9/30/26 ~30 years Executive Team >20 years Region Presidents & Vice Presidents ~15 years Division Presidents & City Managers 11
Page 12
12 Most Geographically Diverse Homebuilder Homes Closed by Homebuilding Operations As of or for the fiscal year ended 9/30/26 • 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 market share 5% 11% 26% 24% 21% 13% Northwest Southwest South Central Southeast East North
Page 13
13 $ in millions Homes closed includes homes closed by both homebuilding and single-family rental operations. Lot position represents the Company’s homebuilding segment only. Leverage consists of consolidated debt divided by stockholders’ equity plus consolidated debt. A fundamentally stronger company — greater scale, a more resilient balance sheet and expanded market share Then & Now: DHI Today vs. 2006 Enhanced Financial Position Prudent Consolidation of Market Share Consolidated Liquidity Consolidated Leverage Cash Flow Generation Homes Closed Market Share De-Risked Lot Supply > hardcoded $1,855 $7,212 9/30/2006 9/30/2026 48.5% 20.8% 9/30/2026 9/30/2026 $(1,191) $3,507 FY 2006 FY 2026 53,099 86,275 FY 2006 FY 2026 5% 13% CY 2006 CY 2025 3.6 1.5 2.5 5.2 Owned Lots Years Supply Controlled Lots Years Supply 9/30/2006 9/30/2026
Page 14
14 A Disciplined Homebuilder Delivering Strong Returns Source: Factset as of 10/12/26, except for DHI which is as of 10/29/26. Total shareholder return (TSR) calculated as the compounded return (assuming dividend reinvestment) and is as of 9/30/26. Homebuilders include PHM, LEN, TOL, NVR, MTH, MHO, LGIH and KBH. Return on equity is calculated as net income for the trailing twelve months 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. Return on assets is calculated as net income for the trailing twelve months divided by average total assets, where average total assets is the sum of ending total assets balances of the trailing five quarters divided by five. Consistent execution and disciplined capital allocation have delivered above median returns across key metrics 8.2% 12.2% Homebuilder Median 5.5% 8.2% Homebuilder Median 282% 406% Homebuilder Median Return on Equity Return on Assets 10-Year TSR
Page 15
15 Proven Performance at a Discounted Valuation Source: FactSet TSR = total shareholder return; ROE = return on equity; ROA = return on assets | see slides 33, 34 and 35 for more details on the Company’s TSR, ROA and ROE performance D.R. Horton has consistently delivered strong returns through disciplined execution, yet trades at a meaningful discount to the broader market ~ $4,200 - $4,400 Next Twelve Months Price to Earnings Ratio 11.8x 19.1x D.R Horton S&P 500 9/30/16 9/30/18 9/30/20 9/30/22 9/30/24 9/30/26 0 5 10 15 20 25 Outperforming Shareholder Returns • Meaningful TSR outperformance versus S&P 500 • Top quartile performance over a 10-year period Efficient User of Capital • ROE and ROA consistently above S&P 500 • Strong returns achieved with conservative leverage Durable, Repeatable Returns • Performance sustained across multiple time periods • Supported by cash generation and disciplined, balanced capital allocation
Page 16
16 Target consolidated leverage of ~20% Consolidated liquidity of $7.2 billion $3.3 billion homebuilding revolving credit facility maturing 2031* Investment grade credit ratings • A3 (Moody’s) • BBB+ (S&P) • A- (Fitch) 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 allocation to enhance long-term value Maintain Financial Strength Dividends to Shareholders Returns-Driven Investment in Business Repurchases of Common Stock Have paid a dividend for 29 consecutive years • Q4 FY26 cash dividend of $0.45 per common share, an increase of 13% compared to the prior year quarter Expect to payout ~$500 million in fiscal 2027 • Dividend raised 11% in fiscal 2027 to $2.00 per share — 13 consecutive years of increasing dividends Invest in homebuilding and other business platforms to grow and consolidate market share Consistent investment underwriting criteria for each new community: • Minimum 20% annual pre‐ tax return on inventory • Initial cash investment returned within 24 months or less Expect to repurchase approximately $3.0 billion of common stock in fiscal 2027 Repurchased 24.0 million shares in fiscal 2026 for $3.6 billion Reduced outstanding share count by 8% from a year ago (24% reduction over past 5 years) As of 9/30/26, unless noted otherwise Expectations for FY 2027 dividends and repurchases as the Company outlined on its Q4 FY26 conference call on 10/29/26. *$265 million, $1.0 billion and $2.0 billion of revolver commitments mature in FY28, FY29 and FY31, respectively.
Page 17
17 Low leverage and manageable debt maturities support our ability to effectively navigate changing market conditions Prioritizing Financial Flexibility Maintaining Conservative Leverage $3,830 $— $500 $1,013 $— $2,518 $— $— $— $700 $700 $1,029 $500 $2,801 $2,018 Notes HB Revolver Availability HB Liquidity FY27 FY28* FY29* FY30 FY31 FY32 FY33 FY34 FY35 FY36 Homebuilding (HB) Public Debt Maturities by Year ($M) Q4 FY26 Leverage consists of consolidated debt divided by stockholders’ equity plus consolidated debt *$265 million of revolver commitments mature in FY28 FY27 reflects $600 million of notes paid off at maturity subsequent to the quarter ended 9/30/26 HB cash 5-year series matures March 2031 3-year series matures March 2029 23.8% 18.3% 18.9% 19.8% 20.8% FY22 FY23 FY24 FY25 FY26
Page 18
18 $1,422 $1,528 $2,198 $4,793 $4,065 $3,500 $316 $341 $395 $495 $513 $500 $1,106 $1,187 $1,803 $4,298 $3,552 $3,000 Dividends Share Repurchases FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027e Returning Capital to Shareholders $ and shares in millions FY 2027 estimate for shareholder distributions is based on expectations outlined on the Company’s Q4 FY26 conference call on 10/29/26 • 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 ~ $4,200 - $4,400 ~ ~ S hareholder Distribution: 5-Year CAGR of 20% Outstanding Shares Down 24% in 5 Years 356.0 344.0 334.8 324.0 294.5 271.4 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
Page 19
19 Homebuilding Operational Focus Provide value, quality, a positive experience and service to homebuyers Maximize returns and generate strong cash flows by managing product, sales pace and pricing and incentives in each community 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 and prioritize purchases of finished lots vs. self-development Improve the efficiency of our construction and sales activities to increase inventory turns Manage construction costs to ensure our production capacity supports our operations Control SG&A while ensuring infrastructure supports the business “Treat the customer like family.” Don Horton, Founder
Page 20
20 Homes in Inventory Homes in inventory excluding model homes Housing inventory turns calculated as homes closed during the fiscal year divided by homes in inventory at the beginning of the fiscal year. FY 2027 estimate of homes closed is the midpoint of the guidance provided on the Company’s Q4 FY26 conference call on 10/29/26. Faster housing turns support lower, more efficient, housing inventory levels Homes in Inventory Housing Inventory Turns 46,400 42,000 37,400 29,600 28,200 19,200 15,000 11,700 10,000 10,500 27,200 27,000 25,700 19,600 17,700 Sold Homes Unsold Homes FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 1.8x 2.1x 2.3x 2.8x 2.9x FY 2023 FY 2024 FY 2025 FY 2026 FY 2027e
Page 21
21 Industry-Leading Access to Land and Lots As of 9/30/2026, except LEN and KBH which are as of 8/31 and TOL which is as of 7/31. 570,600 487,961 224,000 185,300 75,500 71,800 61,581 60,969 48,934 DHI LEN PHM NVR TOL MTH KBH CCS MHO • 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 9/30/26 – 77,300 of owned lots are finished Owned and Controlled Lot Position by Top Volume Homebuilders C ontrolled O wned
Page 22
22 • • DHI owns 62% of Forestar, a publicly traded residential lot developer (NYSE: FOR) • Forestar is a leading residential lot developer with operations in 65 markets and 24 states • Supports DHI’s strategy to control land and lots through purchase contracts and prioritize finished lot purchases ◦ $1.3 billion, or 23%, of D.R. Horton’s finished lot purchases were from FOR • Uniquely positioned to gain significant market share in the highly-fragmented lot development industry Other Business Lines As of or for the fiscal year ended 9/30/26, unless noted otherwise In addition to homebuilding, rental, Forestar and financial services operations, the Company engages in other business activities through its subsidiaries. The Company conducts insurance-related operations, owns water rights and other water- related assets and owns non-residential real estate including ranch land and improvements. Rental • Single-family rental operations build homes within single-family rental (build-to-rent) communities and then sell the homes to an investor as they are completed • Multi-family rental operations develop, construct, lease and sell rental properties, with a primary focus on garden-style apartment communities • Projects primarily sold to institutional investors • The Company’s DRH Rental subsidiary has a $1.05 billion senior unsecured revolving credit facility Financial Services • Comprised primarily of DHI Mortgage and DHI Title subsidiaries • 81% of D.R. Horton’s homes closed were financed through DHI Mortgage • Substantially all mortgage loans held for sale on September 30, 2026 were eligible for sale to Fannie Mae, Freddie Mac or Ginnie Mae • During fiscal 2026, approximately 78% of our mortgage loans were sold directly to Fannie Mae or Freddie Mac or into securities backed by Ginnie Mae, and 13% were sold to one other major financial entity
Page 23
23 Fourth Quarter Data Q4 and FY 2026 Data
Page 24
24 Q4 and FY26 Results Comparisons to the prior year period 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 sales revenues of $8.4 billion on 22,915 homes closed • Net sales orders of 18,619 homes for a total value of $6.6 billion FY 2026 Highlights • Net income attributable to D.R. Horton of $2.9 billion or $10.11 per diluted share • Consolidated pre-tax income of $3.9 billion on $33.0 billion of revenues, with a pre-tax profit margin of 11.8% • Home sales revenues of $30.6 billion on 84,202 homes closed • Generated $3.5 billion of operating cash flow and returned $4.1 billion to shareholders • Repurchased 24.0 million shares of common stock for $3.6 billion; outstanding share count down 8% from a year ago • Paid cash dividends of $513.3 million or $1.80 per common share, an increase of 13% compared to the prior year • Return on equity was 12.2%, return on assets was 8.2% and homebuilding pre-tax return on inventory was 16.6% • Book value per share increased 4% to $85.14 Use balance sheet shares
Page 25
25 Home sales revenues of $8.4 billion on 22,915 homes closed by homebuilding operations in Q4 FY26 Revenues and Homes Closed - Q4 Revenue by Segment ($M) Home Closed and Home Sales Revenue ($M) $9,369.7 $8,779.0 $8,929.4 $8,544.0 $8,377.6 23,212 22,928 23,647 23,368 22,915 Home Sales Revenues Homes Closed Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26 $8,382.8 $647.1 $580.8 $219.2 -$458.6 $9,371.3 Homebuilding Rental Forestar Financial Services Elimin. and Other Consol.
Page 26
26 Home sales revenues of $30.6 billion on 84,202 homes closed by homebuilding operations in fiscal 2026 Revenues and Homes Closed - FY26 Revenue by Segment ($M) Home Closed and Home Sales Revenue ($M) $31,861.7 $31,641.0 $33,903.6 $31,432.0 $30,617.8 82,744 82,917 89,690 84,863 84,202 Home Sales Revenues Homes Closed FY22 FY23 FY24 FY25 FY26 $30,661.1 $1,234.5 $1,635.1 $817.3 -$1,304.6 $33,043.4 Homebuilding Rental Forestar Financial Services Elimin. and Other Consol.
Page 27
27 • Recent gross margin volatility primarily reflects mortgage rate swings and elevated incentives ◦ Q4 FY25: above normal litigation costs, roughly (60) basis points ◦ Q1 FY26: recovery of prior period warranty costs, about +40 basis points ◦ Q2 FY26: favorable litigation outcome and lower warranty costs, roughly +40 basis points ◦ Q4 FY26: above normal litigation costs, about (30) basis points Home Sales Gross Margin Shown as a % of the Company’s homebuilding segment’s home sales revenues Includes interest amortized to cost of sales and external broker commissions Refer to the Company’s Q4 FY26 Supplementary Data for detailed components of home sales gross margin Fiscal Year Ended Fiscal Quarter Ended DHI trailing 15-year median 28.7% 23.5% 23.5% 21.5% 20.2% 21.3% FY 22 FY 23 FY 24 FY 25 FY 26 20.0% 20.4% 20.1% 20.7% 19.5% Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26
Page 28
28 • Maintaining our SG&A platform to support new markets and community count growth • FY26 includes increased advertising expenses and technology investments • Expect positive SG&A operating leverage when revenue growth resumes and community absorption rates stabilize Homebuilding SG&A Fiscal Year Ended - as a % of HB Revenue Fiscal Quarter Ended ($M) DHI trailing 15-year median 6.8% 7.1% 7.5% 8.3% 8.9% 8.7% FY 22 FY 23 FY 24 FY 25 FY 26 $628.5 $582.3 $679.3 $678.5 $729.3 6.7% 6.6% 7.6% 7.9% 8.7% HB SG&A HB SG&A as a % of HB Revenue Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26
Page 29
29 Pre-tax margin compression driven primarily by impairments in the rental segment, higher SG&A expenses and lower home sales gross margin Consolidated Pre-Tax Income 1,204.8 $1,014.6 12.4% 10.8% Consol. Pre-Tax Income Consol. Pre-Tax Profit Margin Q4 FY25 Q4 FY26 Fiscal Quarter Ended ($M)Q4 FY26 Pre-Tax Income by Segment ($M) $891.0 -$25.3 $78.6 $78.2 -$7.9 $1,014.6 Homebuilding Rental Forestar Financial Services Elimin. and Other Consolidated
Page 30
30 Capital-Efficient and Flexible Land and Lot Pipeline Controlled lots include lots owned by FOR that DHI has under contract or the right of first offer to purchase 573,200 568,400 632,900 591,900 570,600 131,100 141,100 152,500 147,000 130,500 442,100 427,300 480,400 444,900 440,100 Owned Lots Controlled Lots 9/30/22 9/30/23 9/30/24 9/30/25 9/30/26 • 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 Land and Lot Position 62% 64% 65% 70% Q4 FY23 Q4 FY24 Q4 FY25 Q4 FY26 Percentage of Homes Closed on Purchased Finished Lots
Page 31
31 As of or for the period ended 9/30/26, unless otherwise noted. Total liquidity consists of $657 million of unrestricted cash and $658 million available on credit facility. Lots under contract includes 19,800 and 22,800 lots under contract with D.R. Horton at 9/30/26 and 9/30/25, respectively. *Based on current market conditions as noted on Forestar’s Q4 FY26 conference call on 10/29/26 • 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 billion to $1.5 billion of revenue in FY27* $670.5 $580.8 4,891 5,004 Revenues Lots Sold Q4 FY25 Q4 FY26 Revenues and Lots Sold ($M) $34.78 $37.56 $2.6 $2.5 BVPS Total Inventory 9/30/25 9/30/26 Book Value Per Share and Inventory ($B) 23,800 21,500 $2.1 $2.2 Lot Count Contracted Value 9/30/25 9/30/26 Lots Contracted for Sale ($B)
Page 32
32 • 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 Rental Operations - FY26 (1) Includes 500 single-family homes and 8,900 multi-family units that are completed and 480 single-family homes and 3,700 multi-family units that are under construction at 9/30/26 $1,640.4 $1,234.5 $957.4 $560.0 $683.0 $674.5 Single-Family Rental Multi-Family Rental FY25 FY26 Revenues ($M) 6,407 4,810 3,460 2,073 2,947 2,737 Single-Family Homes Multi-Family Units FY25 FY26 Homes / Units Sold 13,900 13,580 1,420 980 12,480 12,600 Single-Family Homes Multi-Family Units 9/30/25 9/30/26 Homes / Units Owned(1)
Page 33
33 Total Shareholder Returns Source: FactSet TSR is calculated as the compounded return (assuming dividend reinvestment) over the respective period ended 9/30/26 Outperformed the S&P 500 across 5- and 10-year periods, including top-quartile performance over 10 years +31% TSR 40th Percentile +71% TSR 63rd Percentile +406% TSR 77th Percentile +44% TSR S&P 500 Median +44% TSR S&P 500 Median +189% TSR S&P 500 Median D.R. HORTON S&P 500 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile 3-Year TSR 5-Year TSR 10-Year TSR The market still prices DHI like a traditional land- heavy builder despite structural changes in land strategy and capital intensity
Page 34
34 Return on Assets Source: Bloomberg ROA for each of the S&P 500 companies as of their last filed reporting period ended on or before 6/30/26 ROA is calculated as the sum of net income divided by average total assets divided by the number of years in the respective period D.R. Horton’s average annual ROA ranks in the top quartile of all S&P 500 companies 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile 3-Year ROA 5-Year ROA 10-Year ROA +11% ROA 78th Percentile +14% ROA 85th Percentile +14% ROA 84th Percentile +6% ROA S&P 500 Median +6% ROA S&P 500 Median +6% ROA S&P 500 Median D.R. HORTON S&P 500
Page 35
35 Source: Bloomberg ROE for each of the S&P 500 companies as of their last filed reporting period ended on or before 6/30/26 ROE is calculated as the sum of net income divided by average stockholders' equity divided by the number of years in the respective period D.R. Horton has sustained an ROE premium versus the S&P 500 median across 3-, 5- and 10-year periods 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile 3-Year ROE 5-Year ROE 10-Year ROE +17% ROE 53rd Percentile +16% ROE S&P 500 Median +21% ROE 65th Percentile +16% ROE S&P 500 Median +21% ROE 64th Percentile +16% ROE S&P 500 Median Return on Equity D.R. HORTON S&P 500
Page 36
36 Income Statement $ in millions except per share data 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 1,707.5 6,180.5 6,767.1 Land/lot sales and other 2.6 4.0 11.1 33.4 Inventory and land option charges (29.3) (51.0) (86.0) (144.2) 1,608.9 1,660.5 6,105.6 6,656.3 SG&A 729.3 678.5 2,731.3 2,623.1 Interest and other (income) (11.4) (18.7) (49.3) (101.7) Homebuilding pre-tax income 891.0 1,000.7 3,423.6 4,134.9 Rental, Forestar, Financial Services and other pre-tax income 123.6 204.1 482.6 605.0 Pre-tax income 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 diluted share $ 2.67 $ 3.04 $ 10.11 $ 11.57
Page 37
37 Balance Sheet $ in millions except per share metrics Homebuilding cash and cash equivalents presented above includes $30.3 million, $25.5 million and $4.8 million of restricted cash at 9/30/26, 9/30/25 and 9/30/24, respectively 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, Forestar, Financial Services and other assets 9,015.7 8,771.6 8,622.9 Total assets $34,818.3 $35,471.2 $36,104.3 Homebuilding Notes payable $3,477.5 $3,154.4 $2,926.8 Other liabilities 4,111.4 4,138.9 3,598.1 Rental, Forestar, Financial Services and other liabilities 3,515.2 3,435.7 3,755.0 Stockholders’ equity 23,109.5 24,190.4 25,312.8 Noncontrolling interests 604.7 551.8 511.6 Total equity 23,714.2 24,742.2 25,824.4 Total liabilities and equity $34,818.3 $35,471.2 $36,104.3 Debt to total capital – consolidated 20.8 % 19.8 % 18.9 % Common shares outstanding 271.44 294.48 324.03 Book value per common share $85.14 $82.15 $78.12 Unhide rows and manually update prior year period