(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
(d) | Exhibits | ||||||||||
99.1 | |||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document contained in Exhibit 101). |
D.R. Horton, Inc. | ||||||||||||||
Date: | April 18, 2024 | By: | /S/ BILL W. WHEAT | |||||||||||
Bill W. Wheat | ||||||||||||||
Executive Vice President and | ||||||||||||||
Chief Financial Officer |
March 31, 2024 | September 30, 2023 | ||||||||||
(In millions) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 3,063.1 | $ | 3,873.6 | |||||||
Restricted cash | 30.3 | 26.5 | |||||||||
Total cash, cash equivalents and restricted cash | 3,093.4 | 3,900.1 | |||||||||
Inventories: | |||||||||||
Construction in progress and finished homes | 9,708.5 | 9,001.4 | |||||||||
Residential land and lots — developed, under development, held for development and held for sale | 12,053.9 | 10,680.6 | |||||||||
Rental properties | 3,077.6 | 2,691.3 | |||||||||
Total inventory | 24,840.0 | 22,373.3 | |||||||||
Mortgage loans held for sale | 2,672.4 | 2,519.9 | |||||||||
Deferred income taxes, net of valuation allowance of $14.7 million and $14.8 million at March 31, 2024 and September 30, 2023, respectively | 166.5 | 187.2 | |||||||||
Property and equipment, net | 479.9 | 445.4 | |||||||||
Other assets | 2,982.5 | 2,993.0 | |||||||||
Goodwill | 163.5 | 163.5 | |||||||||
Total assets | $ | 34,398.2 | $ | 32,582.4 | |||||||
LIABILITIES | |||||||||||
Accounts payable | $ | 1,386.5 | $ | 1,246.2 | |||||||
Accrued expenses and other liabilities | 2,777.4 | 3,103.8 | |||||||||
Notes payable | 5,937.9 | 5,094.5 | |||||||||
Total liabilities | 10,101.8 | 9,444.5 | |||||||||
EQUITY | |||||||||||
Common stock, $.01 par value, 1,000,000,000 shares authorized, 402,624,949 shares issued and 330,196,301 shares outstanding at March 31, 2024 and 401,202,253 shares issued and 334,848,565 shares outstanding at September 30, 2023 | 4.0 | 4.0 | |||||||||
Additional paid-in capital | 3,431.6 | 3,432.2 | |||||||||
Retained earnings | 25,510.2 | 23,589.8 | |||||||||
Treasury stock, 72,428,648 shares and 66,353,688 shares at March 31, 2024 and September 30, 2023, respectively, at cost | (5,130.3) | (4,329.8) | |||||||||
Stockholders’ equity | 23,815.5 | 22,696.2 | |||||||||
Noncontrolling interests | 480.9 | 441.7 | |||||||||
Total equity | 24,296.4 | 23,137.9 | |||||||||
Total liabilities and equity | $ | 34,398.2 | $ | 32,582.4 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||||||
Revenues | $ | 9,107.2 | $ | 7,972.9 | $ | 16,833.1 | $ | 15,230.6 | |||||||||||||||
Cost of sales | 6,774.3 | 5,996.2 | 12,494.0 | 11,287.5 | |||||||||||||||||||
Selling, general and administrative expense | 880.6 | 773.6 | 1,715.6 | 1,510.5 | |||||||||||||||||||
Other (income) expense | (76.2) | (42.2) | (152.5) | (79.9) | |||||||||||||||||||
Income before income taxes | 1,528.5 | 1,245.3 | 2,776.0 | 2,512.5 | |||||||||||||||||||
Income tax expense | 344.8 | 295.7 | 636.6 | 594.6 | |||||||||||||||||||
Net income | 1,183.7 | 949.6 | 2,139.4 | 1,917.9 | |||||||||||||||||||
Net income attributable to noncontrolling interests | 11.6 | 7.4 | 19.9 | 17.0 | |||||||||||||||||||
Net income attributable to D.R. Horton, Inc. | $ | 1,172.1 | $ | 942.2 | $ | 2,119.5 | $ | 1,900.9 | |||||||||||||||
Basic net income per common share attributable to D.R. Horton, Inc. | $ | 3.54 | $ | 2.75 | $ | 6.38 | $ | 5.54 | |||||||||||||||
Weighted average number of common shares | 330.9 | 342.1 | 332.1 | 343.2 | |||||||||||||||||||
Diluted net income per common share attributable to D.R. Horton, Inc. | $ | 3.52 | $ | 2.73 | $ | 6.34 | $ | 5.50 | |||||||||||||||
Adjusted weighted average number of common shares | 333.3 | 344.9 | 334.5 | 345.9 | |||||||||||||||||||
Other Consolidated Financial Data | |||||||||||||||||||||||
Interest charged to cost of sales | $ | 32.8 | $ | 34.0 | $ | 60.8 | $ | 62.5 | |||||||||||||||
Depreciation and amortization | $ | 21.1 | $ | 26.7 | $ | 41.1 | $ | 46.5 | |||||||||||||||
Interest incurred | $ | 50.5 | $ | 50.6 | $ | 93.1 | $ | 96.8 |
Six Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(In millions) | |||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | 2,139.4 | $ | 1,917.9 | |||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization | 41.1 | 46.5 | |||||||||
Stock-based compensation expense | 65.9 | 51.3 | |||||||||
Deferred income taxes | 19.9 | 28.7 | |||||||||
Inventory and land option charges | 19.6 | 51.4 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
(Increase) decrease in construction in progress and finished homes | (709.1) | 537.3 | |||||||||
Increase in residential land and lots – developed, under development, held for development and held for sale | (1,371.1) | (668.7) | |||||||||
Increase in rental properties | (386.9) | (689.2) | |||||||||
Decrease in other assets | 27.6 | 339.8 | |||||||||
(Increase) decrease in mortgage loans held for sale | (152.5) | 262.0 | |||||||||
Decrease in accounts payable, accrued expenses and other liabilities | (164.0) | (403.4) | |||||||||
Net cash (used in) provided by operating activities | (470.1) | 1,473.6 | |||||||||
INVESTING ACTIVITIES | |||||||||||
Expenditures for property and equipment | (71.3) | (79.2) | |||||||||
Proceeds from sale of assets | 9.9 | — | |||||||||
Payments related to business acquisitions, net of cash acquired | (1.0) | (103.5) | |||||||||
Other investing activities | (3.6) | 2.1 | |||||||||
Net cash used in investing activities | (66.0) | (180.6) | |||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from notes payable | 985.0 | 575.0 | |||||||||
Repayment of notes payable | (400.0) | (650.0) | |||||||||
Borrowings (payments) on mortgage repurchase facilities, net | 214.4 | (63.4) | |||||||||
Proceeds from stock associated with certain employee benefit plans | 12.2 | 12.9 | |||||||||
Cash paid for shares withheld for taxes | (81.6) | (55.8) | |||||||||
Cash dividends paid | (199.1) | (171.7) | |||||||||
Repurchases of common stock | (794.5) | (419.8) | |||||||||
Net proceeds from issuance of Forestar common stock | 19.7 | — | |||||||||
Net other financing activities | (26.7) | (18.5) | |||||||||
Net cash used in financing activities | (270.6) | (791.3) | |||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (806.7) | 501.7 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 3,900.1 | 2,572.9 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 3,093.4 | $ | 3,074.6 | |||||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES: | |||||||||||
Notes payable issued for inventory | $ | 18.9 | $ | 31.2 | |||||||
Stock issued under employee incentive plans | $ | 151.3 | $ | 107.4 | |||||||
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||
Homebuilding | Rental | Forestar | Financial Services | Eliminations and Other (1) | Consolidated | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,192.6 | $ | 117.0 | $ | 416.2 | $ | 315.2 | $ | 22.1 | $ | 3,063.1 | ||||||||||||||||||||||||||
Restricted cash | 6.7 | 2.5 | — | 21.1 | — | 30.3 | ||||||||||||||||||||||||||||||||
Inventories: | ||||||||||||||||||||||||||||||||||||||
Construction in progress and finished homes | 9,847.5 | — | — | — | (139.0) | 9,708.5 | ||||||||||||||||||||||||||||||||
Residential land and lots | 10,082.3 | — | 2,115.9 | — | (144.3) | 12,053.9 | ||||||||||||||||||||||||||||||||
Rental properties | — | 3,092.8 | — | — | (15.2) | 3,077.6 | ||||||||||||||||||||||||||||||||
19,929.8 | 3,092.8 | 2,115.9 | — | (298.5) | 24,840.0 | |||||||||||||||||||||||||||||||||
Mortgage loans held for sale | — | — | — | 2,672.4 | — | 2,672.4 | ||||||||||||||||||||||||||||||||
Deferred income taxes, net | 209.1 | (19.9) | — | — | (22.7) | 166.5 | ||||||||||||||||||||||||||||||||
Property and equipment, net | 449.8 | 2.0 | 6.1 | 3.9 | 18.1 | 479.9 | ||||||||||||||||||||||||||||||||
Other assets | 2,630.1 | 33.6 | 60.5 | 200.7 | 57.6 | 2,982.5 | ||||||||||||||||||||||||||||||||
Goodwill | 134.3 | — | — | — | 29.2 | 163.5 | ||||||||||||||||||||||||||||||||
$ | 25,552.4 | $ | 3,228.0 | $ | 2,598.7 | $ | 3,213.3 | $ | (194.2) | $ | 34,398.2 | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,120.0 | $ | 387.1 | $ | 61.7 | $ | 0.1 | $ | (182.4) | $ | 1,386.5 | ||||||||||||||||||||||||||
Accrued expenses and other liabilities | 2,434.5 | 36.4 | 358.3 | 227.8 | (279.6) | 2,777.4 | ||||||||||||||||||||||||||||||||
Notes payable | 2,363.2 | 985.0 | 705.7 | 1,884.0 | — | 5,937.9 | ||||||||||||||||||||||||||||||||
$ | 5,917.7 | $ | 1,408.5 | $ | 1,125.7 | $ | 2,111.9 | $ | (462.0) | $ | 10,101.8 |
September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Homebuilding | Rental | Forestar | Financial Services | Eliminations and Other (1) | Consolidated | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,920.2 | $ | 136.1 | $ | 616.0 | $ | 189.1 | $ | 12.2 | $ | 3,873.6 | ||||||||||||||||||||||||||
Restricted cash | 6.5 | 3.3 | — | 16.7 | — | 26.5 | ||||||||||||||||||||||||||||||||
Inventories: | ||||||||||||||||||||||||||||||||||||||
Construction in progress and finished homes | 9,134.3 | — | — | — | (132.9) | 9,001.4 | ||||||||||||||||||||||||||||||||
Residential land and lots | 9,021.5 | — | 1,790.3 | — | (131.2) | 10,680.6 | ||||||||||||||||||||||||||||||||
Rental properties | — | 2,708.4 | — | — | (17.1) | 2,691.3 | ||||||||||||||||||||||||||||||||
18,155.8 | 2,708.4 | 1,790.3 | — | (281.2) | 22,373.3 | |||||||||||||||||||||||||||||||||
Mortgage loans held for sale | — | — | — | 2,519.9 | — | 2,519.9 | ||||||||||||||||||||||||||||||||
Deferred income taxes, net | 229.8 | (19.9) | — | — | (22.7) | 187.2 | ||||||||||||||||||||||||||||||||
Property and equipment, net | 415.0 | 2.4 | 5.9 | 4.1 | 18.0 | 445.4 | ||||||||||||||||||||||||||||||||
Other assets | 2,838.5 | 29.8 | 58.5 | 250.3 | (184.1) | 2,993.0 | ||||||||||||||||||||||||||||||||
Goodwill | 134.3 | — | — | — | 29.2 | 163.5 | ||||||||||||||||||||||||||||||||
$ | 24,700.1 | $ | 2,860.1 | $ | 2,470.7 | $ | 2,980.1 | $ | (428.6) | $ | 32,582.4 | |||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | 1,033.7 | $ | 698.6 | $ | 68.4 | $ | 0.1 | $ | (554.6) | $ | 1,246.2 | ||||||||||||||||||||||||||
Accrued expenses and other liabilities | 2,585.5 | 43.2 | 337.4 | 280.4 | (142.7) | 3,103.8 | ||||||||||||||||||||||||||||||||
Notes payable | 2,329.9 | 400.0 | 695.0 | 1,669.6 | — | 5,094.5 | ||||||||||||||||||||||||||||||||
$ | 5,949.1 | $ | 1,141.8 | $ | 1,100.8 | $ | 1,950.1 | $ | (697.3) | $ | 9,444.5 |
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||||||||
Homebuilding | Rental | Forestar | Financial Services | Eliminations and Other (1) | Consolidated | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
Home sales | $ | 8,466.7 | $ | — | $ | — | $ | — | $ | — | $ | 8,466.7 | ||||||||||||||||||||||||||
Land/lot sales and other | 6.9 | — | 333.8 | — | (297.1) | 43.6 | ||||||||||||||||||||||||||||||||
Rental property sales | — | 371.3 | — | — | — | 371.3 | ||||||||||||||||||||||||||||||||
Financial services | — | — | — | 225.6 | — | 225.6 | ||||||||||||||||||||||||||||||||
8,473.6 | 371.3 | 333.8 | 225.6 | (297.1) | 9,107.2 | |||||||||||||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||||||||||||||
Home sales (2) | 6,505.6 | — | — | — | (68.3) | 6,437.3 | ||||||||||||||||||||||||||||||||
Land/lot sales and other | 4.2 | — | 250.5 | — | (234.1) | 20.6 | ||||||||||||||||||||||||||||||||
Rental property sales | — | 302.8 | — | — | — | 302.8 | ||||||||||||||||||||||||||||||||
Inventory and land option charges | 13.1 | 0.3 | 0.2 | — | — | 13.6 | ||||||||||||||||||||||||||||||||
6,522.9 | 303.1 | 250.7 | — | (302.4) | 6,774.3 | |||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 614.1 | 61.4 | 29.2 | 171.2 | 4.7 | 880.6 | ||||||||||||||||||||||||||||||||
Other (income) expense | (21.0) | (26.5) | (5.0) | (23.6) | (0.1) | (76.2) | ||||||||||||||||||||||||||||||||
Income before income taxes | $ | 1,357.6 | $ | 33.3 | $ | 58.9 | $ | 78.0 | $ | 0.7 | $ | 1,528.5 | ||||||||||||||||||||||||||
Six Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||||||||
Homebuilding | Rental | Forestar | Financial Services | Eliminations and Other (1) | Consolidated | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
Home sales | $ | 15,743.1 | $ | — | $ | — | $ | — | $ | — | $ | 15,743.1 | ||||||||||||||||||||||||||
Land/lot sales and other | 27.2 | — | 639.7 | — | (561.6) | 105.3 | ||||||||||||||||||||||||||||||||
Rental property sales | — | 566.5 | — | — | — | 566.5 | ||||||||||||||||||||||||||||||||
Financial services | — | — | — | 418.2 | — | 418.2 | ||||||||||||||||||||||||||||||||
15,770.3 | 566.5 | 639.7 | 418.2 | (561.6) | 16,833.1 | |||||||||||||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||||||||||||||
Home sales (2) | 12,113.6 | — | — | — | (122.5) | 11,991.1 | ||||||||||||||||||||||||||||||||
Land/lot sales and other | 17.3 | — | 483.4 | — | (456.7) | 44.0 | ||||||||||||||||||||||||||||||||
Rental property sales | — | 444.1 | — | — | (4.8) | 439.3 | ||||||||||||||||||||||||||||||||
Inventory and land option charges | 18.6 | 0.6 | 0.4 | — | — | 19.6 | ||||||||||||||||||||||||||||||||
12,149.5 | 444.7 | 483.8 | — | (584.0) | 12,494.0 | |||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 1,217.5 | 108.8 | 57.2 | 322.7 | 9.4 | 1,715.6 | ||||||||||||||||||||||||||||||||
Other (income) expense | (50.4) | (51.6) | (11.4) | (48.5) | 9.4 | (152.5) | ||||||||||||||||||||||||||||||||
Income before income taxes | $ | 2,453.7 | $ | 64.6 | $ | 110.1 | $ | 144.0 | $ | 3.6 | $ | 2,776.0 | ||||||||||||||||||||||||||
Summary Cash Flow Information | ||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 408.3 | $ | (653.9) | $ | (216.0) | $ | (40.7) | $ | 32.2 | $ | (470.1) |
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Homebuilding | Rental | Forestar | Financial Services | Eliminations and Other (1) | Consolidated | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
Home sales | $ | 7,449.7 | $ | — | $ | — | $ | — | $ | — | $ | 7,449.7 | ||||||||||||||||||||||||||
Land/lot sales and other | 19.9 | — | 301.5 | — | (238.7) | 82.7 | ||||||||||||||||||||||||||||||||
Rental property sales | — | 224.1 | — | — | — | 224.1 | ||||||||||||||||||||||||||||||||
Financial services | — | — | — | 216.4 | — | 216.4 | ||||||||||||||||||||||||||||||||
7,469.6 | 224.1 | 301.5 | 216.4 | (238.7) | 7,972.9 | |||||||||||||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||||||||||||||
Home sales (2) | 5,843.0 | — | — | — | (61.8) | 5,781.2 | ||||||||||||||||||||||||||||||||
Land/lot sales and other | 13.4 | — | 225.3 | — | (204.3) | 34.4 | ||||||||||||||||||||||||||||||||
Rental property sales | — | 157.6 | — | — | (0.8) | 156.8 | ||||||||||||||||||||||||||||||||
Inventory and land option charges | 14.2 | 0.4 | 20.3 | — | (11.1) | 23.8 | ||||||||||||||||||||||||||||||||
5,870.6 | 158.0 | 245.6 | — | (278.0) | 5,996.2 | |||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 545.6 | 53.5 | 22.0 | 146.9 | 5.6 | 773.6 | ||||||||||||||||||||||||||||||||
Other (income) expense | (14.5) | (22.0) | (2.0) | (16.1) | 12.4 | (42.2) | ||||||||||||||||||||||||||||||||
Income before income taxes | $ | 1,067.9 | $ | 34.6 | $ | 35.9 | $ | 85.6 | $ | 21.3 | $ | 1,245.3 | ||||||||||||||||||||||||||
Six Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Homebuilding | Rental | Forestar | Financial Services | Eliminations and Other (1) | Consolidated | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
Home sales | $ | 14,158.9 | $ | — | $ | — | $ | — | $ | — | $ | 14,158.9 | ||||||||||||||||||||||||||
Land/lot sales and other | 54.7 | — | 518.2 | — | (406.2) | 166.7 | ||||||||||||||||||||||||||||||||
Rental property sales | — | 551.6 | — | — | — | 551.6 | ||||||||||||||||||||||||||||||||
Financial services | — | — | — | 353.4 | — | 353.4 | ||||||||||||||||||||||||||||||||
14,213.6 | 551.6 | 518.2 | 353.4 | (406.2) | 15,230.6 | |||||||||||||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||||||||||||||
Home sales (2) | 10,949.7 | — | — | — | (110.9) | 10,838.8 | ||||||||||||||||||||||||||||||||
Land/lot sales and other | 18.3 | — | 392.1 | — | (352.1) | 58.3 | ||||||||||||||||||||||||||||||||
Rental property sales | — | 341.4 | — | — | (2.4) | 339.0 | ||||||||||||||||||||||||||||||||
Inventory and land option charges | 38.4 | 1.4 | 22.7 | — | (11.1) | 51.4 | ||||||||||||||||||||||||||||||||
11,006.4 | 342.8 | 414.8 | — | (476.5) | 11,287.5 | |||||||||||||||||||||||||||||||||
Selling, general and administrative expense | 1,072.6 | 101.0 | 44.9 | 281.0 | 11.0 | 1,510.5 | ||||||||||||||||||||||||||||||||
Other (income) expense | (27.7) | (37.1) | (5.3) | (31.4) | 21.6 | (79.9) | ||||||||||||||||||||||||||||||||
Income before income taxes | $ | 2,162.3 | $ | 144.9 | $ | 63.8 | $ | 103.8 | $ | 37.7 | $ | 2,512.5 | ||||||||||||||||||||||||||
Summary Cash Flow Information | ||||||||||||||||||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 1,456.4 | $ | (263.3) | $ | 21.3 | $ | 232.2 | $ | 27.0 | $ | 1,473.6 |
NET SALES ORDERS | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Homes | Value | Homes | Value | Homes | Value | Homes | Value | |||||||||||||||||||||||||||||||||||||||||||
Northwest | 1,617 | $ | 833.1 | 1,379 | $ | 724.1 | 2,796 | $ | 1,428.9 | 2,283 | $ | 1,183.9 | ||||||||||||||||||||||||||||||||||||||
Southwest | 3,068 | 1,512.3 | 1,995 | 953.7 | 5,231 | 2,547.3 | 3,249 | 1,534.2 | ||||||||||||||||||||||||||||||||||||||||||
South Central | 7,021 | 2,287.2 | 6,021 | 1,941.5 | 11,853 | 3,841.8 | 9,827 | 3,115.6 | ||||||||||||||||||||||||||||||||||||||||||
Southeast | 6,985 | 2,489.8 | 6,679 | 2,397.5 | 11,786 | 4,194.9 | 10,596 | 3,789.9 | ||||||||||||||||||||||||||||||||||||||||||
East | 4,978 | 1,785.1 | 4,482 | 1,570.8 | 8,279 | 2,960.3 | 6,795 | 2,416.4 | ||||||||||||||||||||||||||||||||||||||||||
North | 2,787 | 1,155.7 | 2,586 | 1,042.3 | 4,580 | 1,879.5 | 3,774 | 1,513.2 | ||||||||||||||||||||||||||||||||||||||||||
26,456 | $ | 10,063.2 | 23,142 | $ | 8,629.9 | 44,525 | $ | 16,852.7 | 36,524 | $ | 13,553.2 |
HOMES CLOSED | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Homes | Value | Homes | Value | Homes | Value | Homes | Value | |||||||||||||||||||||||||||||||||||||||||||
Northwest | 1,476 | $ | 739.9 | 1,280 | $ | 690.7 | 2,610 | $ | 1,313.6 | 2,262 | $ | 1,210.8 | ||||||||||||||||||||||||||||||||||||||
Southwest | 2,665 | 1,282.9 | 1,873 | 905.5 | 4,883 | 2,334.2 | 3,580 | 1,708.2 | ||||||||||||||||||||||||||||||||||||||||||
South Central | 6,098 | 1,958.4 | 5,579 | 1,804.1 | 11,219 | 3,622.4 | 10,416 | 3,440.2 | ||||||||||||||||||||||||||||||||||||||||||
Southeast | 6,118 | 2,185.2 | 5,751 | 2,104.6 | 11,612 | 4,175.4 | 11,038 | 4,099.1 | ||||||||||||||||||||||||||||||||||||||||||
East | 4,060 | 1,441.1 | 3,352 | 1,206.3 | 7,641 | 2,709.1 | 6,367 | 2,349.7 | ||||||||||||||||||||||||||||||||||||||||||
North | 2,131 | 859.2 | 1,829 | 738.5 | 3,923 | 1,588.4 | 3,341 | 1,350.9 | ||||||||||||||||||||||||||||||||||||||||||
22,548 | $ | 8,466.7 | 19,664 | $ | 7,449.7 | 41,888 | $ | 15,743.1 | 37,004 | $ | 14,158.9 |
SALES ORDER BACKLOG | ||||||||||||||||||||||||||
As of March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
Homes | Value | Homes | Value | |||||||||||||||||||||||
Northwest | 733 | $ | 393.3 | 745 | $ | 400.1 | ||||||||||||||||||||
Southwest | 1,755 | 894.4 | 1,429 | 731.0 | ||||||||||||||||||||||
South Central | 4,261 | 1,446.0 | 5,206 | 1,757.7 | ||||||||||||||||||||||
Southeast | 4,990 | 1,893.1 | 6,541 | 2,478.3 | ||||||||||||||||||||||
East | 4,019 | 1,503.7 | 3,514 | 1,281.5 | ||||||||||||||||||||||
North | 2,115 | 908.8 | 1,802 | 751.4 | ||||||||||||||||||||||
17,873 | $ | 7,039.3 | 19,237 | $ | 7,400.0 |
LAND AND LOT POSITION | |||||||||||||||||||||||||||||||||||
March 31, 2024 | September 30, 2023 | ||||||||||||||||||||||||||||||||||
Land/Lots Owned | Lots Controlled Through Land and Lot Purchase Contracts (1) | Total Land/Lots Owned and Controlled | Land/Lots Owned | Lots Controlled Through Land and Lot Purchase Contracts (1) | Total Land/Lots Owned and Controlled | ||||||||||||||||||||||||||||||
Northwest | 13,200 | 19,500 | 32,700 | 14,100 | 20,300 | 34,400 | |||||||||||||||||||||||||||||
Southwest | 22,000 | 27,700 | 49,700 | 22,600 | 30,500 | 53,100 | |||||||||||||||||||||||||||||
South Central | 35,800 | 108,800 | 144,600 | 36,700 | 69,500 | 106,200 | |||||||||||||||||||||||||||||
Southeast | 28,200 | 134,000 | 162,200 | 24,700 | 132,900 | 157,600 | |||||||||||||||||||||||||||||
East | 29,600 | 125,800 | 155,400 | 27,700 | 118,400 | 146,100 | |||||||||||||||||||||||||||||
North | 15,100 | 57,500 | 72,600 | 15,300 | 55,700 | 71,000 | |||||||||||||||||||||||||||||
143,900 | 473,300 | 617,200 | 141,100 | 427,300 | 568,400 | ||||||||||||||||||||||||||||||
23 | % | 77 | % | 100 | % | 25 | % | 75 | % | 100 | % |
HOMES IN INVENTORY (1) | ||||||||||||||
March 31, 2024 | September 30, 2023 | |||||||||||||
Northwest | 2,800 | 2,800 | ||||||||||||
Southwest | 4,500 | 4,700 | ||||||||||||
South Central | 11,900 | 10,800 | ||||||||||||
Southeast | 12,200 | 12,100 | ||||||||||||
East | 8,500 | 7,100 | ||||||||||||
North | 5,100 | 4,500 | ||||||||||||
45,000 | 42,000 |
Document and Entity Information Document |
Apr. 18, 2024 |
---|---|
Entity Information [Line Items] | |
Document Type | 8-K |
Document Period End Date | Apr. 18, 2024 |
Entity Registrant Name | D.R. Horton, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 1-14122 |
Entity Tax Identification Number | 75-2386963 |
Entity Address, Address Line One | 1341 Horton Circle |
Entity Address, City or Town | Arlington |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 76011 |
City Area Code | 817 |
Local Phone Number | 390-8200 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $.01 per share |
Trading Symbol | DHI |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000882184 |
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