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D.R. Horton (DHI) investor relations material

D.R. Horton Proxy Filing summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Proxy Filing summary10 Dec, 2025

Executive summary

  • Achieved strong financial results in fiscal 2025, closing 88,323 homes and maintaining the position as the largest U.S. homebuilder for 24 consecutive years.

  • Fiscal 2025 revenues reached $34.3 billion, with pre-tax income of $4.7 billion and a pre-tax profit margin of 13.8%.

  • Returned $3.4 billion to stockholders via share repurchases and dividends, a 118% increase in distributions over the prior year.

  • Expanded into 7 new states and 38 markets over five years, growing community count by 40% and revenues by 69%.

  • Maintained strong liquidity, low leverage, and a disciplined capital allocation strategy.

Voting matters and shareholder proposals

  • Election of eight director nominees for one-year terms.

  • Advisory vote on executive compensation (say-on-pay).

  • Ratification of Ernst & Young LLP as independent auditor for fiscal 2026.

  • No poison pill or similar anti-takeover provision in place; one vote per share.

Board of directors and corporate governance

  • Board will reduce from nine to eight directors at the 2026 Annual Meeting; six of eight nominees are independent.

  • Three standing committees (Audit, Compensation, Nominating and Governance) are 100% independent.

  • Board succession planning and refreshment led to five new independent directors since 2018, including three since 2024.

  • Separate roles for Chairman, CEO, and an independent Presiding Director; annual board and committee evaluations.

  • Proxy access bylaw allows stockholders (3% ownership for 3 years) to nominate up to 20% of the board.

R&R land deal terms vs. market terms
Impact of recent board refreshment on oversight
Rationale for 2027 PSU metric changes
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Frequently asked questions

American Homebuilding

D.R. Horton is an American company that specializes in homebuilding and development. The company designs and constructs homes catering to a variety of buyers, ranging from entry-level to luxury homes, under multiple brand names. The company's operations span building single-family detached homes, townhomes, condominiums, and multi-family residences. D.R. Horton is one of the largest homebuilders in America, having built well over one million homes since its foundation. The company is headquartered in Arlington, Texas, and its shares are traded on the NYSE.

Becoming America’s Builder

The company was founded in 1978 by Donald Ray Horton. Its journey began in Fort Worth, Texas, where Horton established his business with a focus on building quality, single-family homes. Over the years, D.R. Horton expanded significantly by focusing on quality and customer satisfaction. Its growth strategy included acquiring various homebuilders, which helped it broaden its geographic footprint and product offerings, eventually making it one of the largest homebuilders in the United States. It has been publicly traded since 1992.

Four Different Brands

D.R. Horton conducts the building of homes under four different brand names. The D.R. Horton brand is by far the largest and accounts for a majority of the homes sold. The homes built by the brand are catered towards first-time buyers, and those looking to purchase their second home and move up in size. The Express brand is also tailored towards first-time buyers but offers smaller houses at lower prices. Under the Emerald Homes brand, the company offers large and luxurious homes, and the Freedom Homes brand offers affordable homes to active adults who are looking for something low-maintenance.

Some similar publicly traded companies are Lennar, PulteGroup, and KB Home.

The Communities

D.R. Horton's communities are typically suburban, characterized by their emphasis on family-friendly environments. These neighborhoods often include basic amenities like playgrounds and community pools, reflecting a focus on residential needs. The layout of these communities usually features streets lined with single-family homes, maintaining a uniform appearance in design and landscaping. While they offer proximity to essential services like schools and shopping centers, these communities generally don’t incorporate advanced infrastructure or unique architectural styles, often reflecting standard suburban residential development patterns.

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