Consolidating Balance Sheet

March 31, 2017



	D.R. Horton, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	812.5	$	95.2	$	85.5	$	—		$	993.2
Restricted cash	8.7		2.4		—		—			11.1
Investments in subsidiaries	4,414.7		—		—		(4,414.7		)	—
Inventories	3,287.5		5,632.6		118.0		—			9,038.1
Deferred income taxes	158.2		290.5		2.9		—			451.6
Property and equipment, net	94.0		56.5		102.8		(5.2		)	248.1
Other assets	181.1		268.9		71.2		—			521.2
Mortgage loans held for sale	—		—		577.8		—			577.8
Goodwill	—		80.0		—		—			80.0
Intercompany receivables	1,485.4		—		—		(1,485.4		)	—
Total Assets	$	10,442.1	$	6,426.1	$	958.2	$	(5,905.3	)	$	11,921.1
LIABILITIES & EQUITY
Accounts payable and other liabilities	$	427.7	$	918.6	$	134.1	$	(1.8	)	$	1,478.6
Intercompany payables	—		1,245.2		240.2		(1,485.4		)	—
Notes payable	2,791.4		12.0		419.0		—			3,222.4
Total Liabilities	3,219.1		2,175.8		793.3		(1,487.2		)	4,701.0
Stockholders’ equity	7,223.0		4,250.3		164.4		(4,418.1		)	7,219.6
Noncontrolling interests	—		—		0.5		—			0.5
Total Equity	7,223.0		4,250.3		164.9		(4,418.1		)	7,220.1
Total Liabilities & Equity	$	10,442.1	$	6,426.1	$	958.2	$	(5,905.3	)	$	11,921.1

NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Balance Sheet

September 30, 2016



	D.R. Horton, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	1,076.4	$	154.0	$	72.8	$	—		$	1,303.2
Restricted cash	7.4		2.1		—		—			9.5
Investments in subsidiaries	4,118.6		—		—		(4,118.6		)	—
Inventories	2,822.1		5,425.7		93.1		—			8,340.9
Deferred income taxes	159.3		314.1		2.9		—			476.3
Property and equipment, net	72.0		49.9		78.7		(5.2		)	195.4
Other assets	168.7		274.2		56.7		—			499.6
Mortgage loans held for sale	—		—		654.0		—			654.0
Goodwill	—		80.0		—		—			80.0
Intercompany receivables	1,604.5		—		—		(1,604.5		)	—
Total Assets	$	10,029.0	$	6,300.0	$	958.2	$	(5,728.3	)	$	11,558.9
LIABILITIES & EQUITY
Accounts payable and other liabilities	$	444.1	$	933.1	$	119.2	$	(1.8	)	$	1,494.6
Intercompany payables	—		1,417.1		187.4		(1,604.5		)	—
Notes payable	2,789.0		9.3		473.0		—			3,271.3
Total Liabilities	3,233.1		2,359.5		779.6		(1,606.3		)	4,765.9
Stockholders’ equity	6,795.9		3,940.5		178.1		(4,122.0		)	6,792.5
Noncontrolling interests	—		—		0.5		—			0.5
Total Equity	6,795.9		3,940.5		178.6		(4,122.0		)	6,793.0
Total Liabilities & Equity	$	10,029.0	$	6,300.0	$	958.2	$	(5,728.3	)	$	11,558.9

NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Three Months Ended March 31, 2017



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Homebuilding:
Revenues	$	1,094.4		$	2,044.6		$	25.4		$	—		$	3,164.4
Cost of sales	877.9			1,647.3			24.7			—			2,549.9
Gross profit	216.5			397.3			0.7			—			614.5
Selling, general and administrative expense	143.3			149.5			1.7			—			294.5
Equity in (income) of subsidiaries	(279.6		)	—			—			279.6			—
Other (income) expense	(1.1		)	(0.9		)	(0.4		)	—			(2.4		)
Homebuilding pre-tax income (loss)	353.9			248.7			(0.6		)	(279.6		)	322.4
Financial Services and Other:
Revenues	—			—			86.9			—			86.9
General and administrative expense	—			—			60.7			—			60.7
Interest and other (income) expense	—			—			(5.3		)	—			(5.3		)
Financial services and other pre-tax income	—			—			31.5			—			31.5
Income before income taxes	353.9			248.7			30.9			(279.6		)	353.9
Income tax expense	124.7			87.1			11.5			(98.6		)	124.7
Net income	$	229.2		$	161.6		$	19.4		$	(181.0	)	$	229.2
Comprehensive income	$	229.2		$	161.6		$	19.4		$	(181.0	)	$	229.2

NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Six Months Ended March 31, 2017



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Homebuilding:
Revenues	$	2,012.5		$	3,940.7		$	37.3		$	—		$	5,990.5
Cost of sales	1,613.3			3,172.0			32.5			—			4,817.8
Gross profit	399.2			768.7			4.8			—			1,172.7
Selling, general and administrative expense	267.2			292.9			2.8			—			562.9
Equity in (income) of subsidiaries	(534.9		)	—			—			534.9			—
Other (income) expense	(5.2		)	(0.9		)	(0.4		)	—			(6.5		)
Homebuilding pre-tax income	672.1			476.7			2.4			(534.9		)	616.3
Financial Services and Other:
Revenues	—			—			165.0			—			165.0
General and administrative expense	—			—			118.1			—			118.1
Interest and other (income) expense	—			—			(8.9		)	—			(8.9		)
Financial services and other pre-tax income	—			—			55.8			—			55.8
Income before income taxes	672.1			476.7			58.2			(534.9		)	672.1
Income tax expense	236.0			166.4			21.7			(188.1		)	236.0
Net income	$	436.1		$	310.3		$	36.5		$	(346.8	)	$	436.1
Comprehensive income	$	436.1		$	310.3		$	36.5		$	(346.8	)	$	436.1

NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Three Months Ended March 31, 2016



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Homebuilding:
Revenues	$	864.4		$	1,836.6		$	—		$	—		$	2,701.0
Cost of sales	694.9			1,482.3			(7.9		)	—			2,169.3
Gross profit	169.5			354.3			7.9			—			531.7
Selling, general and administrative expense	118.8			137.7			0.9			—			257.4
Equity in (income) of subsidiaries	(244.4		)	—			—			244.4			—
Other (income) expense	(5.4		)	(2.1		)	(0.1		)	—			(7.6		)
Homebuilding pre-tax income	300.5			218.7			7.1			(244.4		)	281.9
Financial Services and Other:
Revenues	—			—			66.9			—			66.9
General and administrative expense	—			—			51.8			—			51.8
Interest and other (income) expense	—			—			(3.5		)	—			(3.5		)
Financial services and other pre-tax income	—			—			18.6			—			18.6
Income before income taxes	300.5			218.7			25.7			(244.4		)	300.5
Income tax expense	105.4			76.4			9.4			(85.8		)	105.4
Net income	$	195.1		$	142.3		$	16.3		$	(158.6	)	$	195.1
Comprehensive income	$	192.5		$	142.3		$	16.3		$	(158.6	)	$	192.5

NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Six Months Ended March 31, 2016



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Homebuilding:
Revenues	$	1,660.0		$	3,407.5		$	—		$	(5.4	)	$	5,062.1
Cost of sales	1,333.7			2,736.1			(5.5		)	(2.9		)	4,061.4
Gross profit	326.3			671.4			5.5			(2.5		)	1,000.7
Selling, general and administrative expense	230.8			266.9			1.4			—			499.1
Equity in (income) of subsidiaries	(442.6		)	—			—			442.6			—
Other (income) expense	(6.2		)	(2.8		)	(0.3		)	—			(9.3		)
Homebuilding pre-tax income	544.3			407.3			4.4			(445.1		)	510.9
Financial Services and Other:
Revenues	—			—			122.2			—			122.2
General and administrative expense	—			—			99.6			—			99.6
Interest and other (income) expense	—			—			(8.3		)	—			(8.3		)
Financial services and other pre-tax income	—			—			30.9			—			30.9
Income before income taxes	544.3			407.3			35.3			(445.1		)	541.8
Income tax expense	189.0			141.5			13.1			(154.6		)	189.0
Net income	$	355.3		$	265.8		$	22.2		$	(290.5	)	$	352.8
Comprehensive income	$	353.9		$	265.8		$	22.2		$	(290.5	)	$	351.4

NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Cash Flows

Six Months Ended March 31, 2017



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	(308.7	)	$	130.3		$	87.6		$	(50.0	)	$	(140.8	)
INVESTING ACTIVITIES
Purchases of property and equipment	(28.4		)	(11.7		)	(17.4		)	—			(57.5		)
Increase in restricted cash	(1.3		)	(0.3		)	(7.3		)	—			(8.9		)
Net principal decrease of other mortgage loans and real estate owned	—			—			1.0			—			1.0
Purchases of debt securities collateralized by residential real estate	(3.9		)	—			—			—			(3.9		)
Intercompany advances	123.8			—			—			(123.8		)	—
Payments related to acquisition of a business	(4.1		)	—			—			—			(4.1		)
Net cash provided by (used in) investing activities	86.1			(12.0		)	(23.7		)	(123.8		)	(73.4		)
FINANCING ACTIVITIES
Repayment of notes payable	—			(0.5		)	(54.0		)	—			(54.5		)
Intercompany advances	—			(176.6		)	52.8			123.8			—
Proceeds from stock associated with certain employee benefit plans	24.7			—			—			—			24.7
Excess income tax benefit from employee stock awards	8.7			—			—			—			8.7
Cash dividends paid	(74.7		)	—			(50.0		)	50.0			(74.7		)
Net cash used in financing activities	(41.3		)	(177.1		)	(51.2		)	173.8			(95.8		)
(Decrease) increase in cash and cash equivalents	(263.9		)	(58.8		)	12.7			—			(310.0		)
Cash and cash equivalents at beginning of period	1,076.4			154.0			72.8			—			1,303.2
Cash and cash equivalents at end of period	$	812.5		$	95.2		$	85.5		$	—		$	993.2

NOTE N – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Cash Flows

Six Months Ended March 31, 2016



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	(42.4	)	$	84.0		$	30.7		$	(45.4	)	$	26.9
INVESTING ACTIVITIES
Purchases of property and equipment	(20.5		)	(6.1		)	(19.2		)	5.4			(40.4		)
Increase in restricted cash	(1.2		)	(0.5		)	—			—			(1.7		)
Net principal increase of other mortgage loans and real estate owned	—			—			(0.4		)	—			(0.4		)
Proceeds from sale of debt securities collateralized by residential real estate	35.8			—			—			—			35.8
Intercompany advances	43.9			—			—			(43.9		)	—
Net cash provided by (used in) investing activities	58.0			(6.6		)	(19.6		)	(38.5		)	(6.7		)
FINANCING ACTIVITIES
Proceeds from notes payable	—			—			17.6			—			17.6
Repayment of notes payable	(170.1		)	(0.5		)	—			—			(170.6		)
Intercompany advances	—			(57.5		)	13.6			43.9			—
Proceeds from stock associated with certain employee benefit plans	28.4			—			—			—			28.4
Excess income tax benefit from employee stock awards	3.9			—			—			—			3.9
Cash dividends paid	(59.2		)	—			(40.0		)	40.0			(59.2		)
Net cash used in financing activities	(197.0		)	(58.0		)	(8.8		)	83.9			(179.9		)
(Decrease) increase in cash and cash equivalents	(181.4		)	19.4			2.3			—			(159.7		)
Cash and cash equivalents at beginning of period	1,217.7			94.6			71.5			—			1,383.8
Cash and cash equivalents at end of period	$	1,036.3		$	114.0		$	73.8		$	—		$	1,224.1