FWP


CUSIP/ISIN Numbers	CUSIP: 23331A BU2	ISIN: US23331ABU25

Denominations/Multiple	$2,000 / $1,000

Joint Book-Running Managers	Mizuho Securities USA LLC J.P. Morgan Securities LLC TD Securities (USA) LLC BofA Securities, Inc. U.S. Bancorp Investments, Inc. Wells Fargo Securities, LLC PNC Capital Markets LLC Truist Securities, Inc.

Co-Managers	Citizens JMP Securities, LLC Comerica Securities, Inc. Fifth Third Securities, Inc. Huntington Securities, Inc. Regions Securities LLC Samuel A. Ramirez & Company, Inc. TCBI Securities, Inc.

Additional Disclosure under “Underwriting – Other Relationships”	One of the underwriters, Truist Securities, Inc., is an affiliate of the trustee for the notes, Truist Bank.

*	A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time and each rating should be evaluated independently of any other rating.

The issuer has filed a registration statement (including a prospectus and a related prospectus supplement) with the United States Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the prospectus supplement and other documents D.R. Horton, Inc. has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, copies of the prospectus supplement and accompanying prospectus may be obtained by calling any of the representatives of the underwriters:


Mizuho Securities USA LLC		866-271-7403 (toll free)

J.P. Morgan Securities LLC		212-834-4533 (collect)

TD Securities (USA) LLC		855-495-9846 (toll free)

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.

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Issuer		D.R. Horton, Inc.

Title of Securities		5.500% Senior Notes due 2035

Expected Ratings*		Moody’s: A3 (stable) S&P: BBB+ (stable) Fitch: A- (stable)

Aggregate Principal Amount		$700,000,000

Maturity Date		October 15, 2035

Coupon		5.500%

Public Offering Price		99.964% of the principal amount

Benchmark Treasury		4.625% US Treasury due February 15, 2035

Benchmark Treasury Price / Yield		100-23+ / 4.533%

Spread to Benchmark Treasury		T+97 basis points

Yield to Maturity		5.503%

Interest Payment Dates		April 15 and October 15 of each year, beginning on October 15, 2025

Record Dates		April 1 and October 1 of each year

Optional Redemption		Make-whole call at T+15 basis points prior to July 15, 2035; 100% of principal amount on or after July 15, 2035, in either case, plus accrued and unpaid interest on the principal amount of the notes being redeemed.

Change of Control Triggering Event		101% of principal plus accrued and unpaid interest

Underwriting Discount		0.65%

Trade Date		February 19, 2025

Settlement Date		February 26, 2025 (T+5). It is expected that delivery of the notes will be made to investors on or about February 26, 2025, which will be the fifth business day following the date of this pricing supplement (such settlement being referred to as “T+5”). Under Rule 15c6-1 of the Exchange Act as currently in effect, trades in the secondary market are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the notes prior to one business day before the notes are delivered will be required, by virtue of the fact that the notes initially settle in T+5, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to trade such notes prior to their date of delivery hereunder should consult their advisors.