D. R. Horton
Sector unknown·DHI · USA (SEC 10-K)·Fiscal year to 30/09/2025
We have closed more than 1.2 million homes during our 47-year history, and we have been the largest volume homebuilder in the United States every year since 2002. Our business operations consist of homebuilding, rental, a majority-owned residential lot development company, financial services and other activities. Homebuilding is our core business, generating 92% of consolidated revenues of $34.3 billion and $36.8 billion in fiscal 2025 and 2024, respectively, and 90% of consolidated revenues of $35.5 billion in fiscal 2023.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Construction
End markets
DriverNegative impact: weakens
“We compete based on price, location, quality and design of our homes and on mortgage financing terms.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Table of Contents Our financial services business is closely related to our homebuilding business, as it originates mortgage loans principally to purchasers of the homes we build. A decrease in the demand for our homes because of the foregoing matters will also adversely affect the financial results of this segment of our business.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Economies of Scale We are the largest homebuilding company in the United States as measured by number of homes closed in fiscal 2025, and we are also one of the largest builders in most of the markets in which we operate.”
Annual report 2025A · The company itself
Market
“We have closed more than 1.2 million homes during our 47-year history, and we have been the largest volume homebuilder in the United States every year since 2002. Our business operations consist of homebuilding, rental, a majority-owned residential lot development company, financial services and other activities. Homebuilding is our core business, generating 92% of consolidated revenues of $34.3 billion and $36.8 billion in fiscal 2025 and 2024, respectively, and 90% of consolidated revenues of $35.5 billion in fiscal 2023.”
Annual report 2025A · The company itself
Market
“Approximately 84% of our home sales revenue in fiscal 2025 was generated from the sale of single-family detached homes, with the remainder from the sale of attached homes, such as townhomes and duplexes. Our product offerings include a broad range of homes for entry-level, move-up, active adult and luxury buyers.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Real estate
End markets
Market
“Most of our homebuilding revenue is generated from the sale of completed homes and to a lesser extent from the sale of land and lots.”
Annual report 2025A · The company itself
Market
“The multi-family rental operations develop, construct, lease and sell residential rental properties, the majority of which are apartment communities.”
Annual report 2025A · The company itself
Market
“Our multi-family rental operations develop, construct, lease and sell residential rental properties. We primarily focus on constructing garden style apartment communities in high growth suburban markets.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens
Residential rental
End markets
Market
“Our rental segment consists of single-family and multi-family rental operations. The single-family rental operations construct and lease single-family homes within a community and market each community for a bulk sale of rental homes.”
Annual report 2025A · The company itself
Market
“Rental Properties Our single-family rental operations construct and lease single-family homes within a community and market each community for a bulk sale of rental homes. We sold 3,460 single-family rental homes in fiscal 2025 compared to 3,970 homes in fiscal 2024.”
Annual report 2025A · The company itself
Market
“In recent years, we have primarily grown our business by increasing our investments in land, lot and home inventories in our existing homebuilding markets. We have also expanded through investments in new product offerings, new geographic markets and the growth of our rental property operations. Investments in land, lots, home inventories and rental properties can expose us to risks of economic loss and asset impairments if housing conditions weaken or if we are unsuccessful in implementing our growth strategies.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens
Digital payments and fintech
Technology
Market
“Our financial services operations provide mortgage financing and title agency services to homebuyers in many of our homebuilding markets. DHI Mortgage, our wholly owned subsidiary, provides mortgage financing services primarily to our homebuyers and sells substantially all of the mortgages it originates and the related servicing rights to third-party purchasers after origination.”
Annual report 2025A · The company itself
Market
“Customer Mortgage Financing We provide mortgage financing services primarily to purchasers of our homes in the majority of our homebuilding markets through DHI Mortgage, our wholly owned subsidiary. DHI Mortgage assists in the sales transaction by coordinating the mortgage application, mortgage commitment and home closing processes to facilitate a timely and efficient experience for our homebuyers.”
Annual report 2025A · The company itself
Steel
Raw materials and inputs
InputNegative impact: weakens
“In addition, newly imposed or increased tariffs, duties and/or trade restrictions, such as those imposed by the current administration, on imported materials and goods that are used in connection with the construction and delivery of our homes, including steel, aluminum and lumber, may raise our costs for these items or for the products made with them. These factors may cause construction delays or cause us to incur more costs building our homes.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We believe that our national, regional and local scale provides us with benefits that may not be available to the same degree to some other smaller homebuilders, such as: •Greater access to and lower cost of capital due to our balance sheet strength and our lending and capital markets relationships; •Volume discounts and rebates from national, regional and local materials suppliers and lower labor rates from certain subcontractors; and •Enhanced leverage of our general and administrative activities, which allows us flexibility to adjust to changes in market conditions and compete effectively across our markets.”
Annual report 2025A · The company itself
Chains in: Wind power strengthens
Premium consumers
End markets
Market
“We offer various floor plans and product types with a primary focus on the first time and first time move-up homebuyer, which account for the majority of our home closings.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Residential construction
End markets
Market
“In recent years, we have primarily grown our business by increasing our investments in land, lot and home inventories in our existing homebuilding markets. We have also expanded through investments in new product offerings, new geographic markets and the growth of our rental property operations. Investments in land, lots, home inventories and rental properties can expose us to risks of economic loss and asset impairments if housing conditions weaken or if we are unsuccessful in implementing our growth strategies.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens
Semiconductors and electronic components
Raw materials and inputs
StrategyPositive impact: strengthens
“We believe that our national, regional and local scale provides us with benefits that may not be available to the same degree to some other smaller homebuilders, such as: •Greater access to and lower cost of capital due to our balance sheet strength and our lending and capital markets relationships; •Volume discounts and rebates from national, regional and local materials suppliers and lower labor rates from certain subcontractors; and •Enhanced leverage of our general and administrative activities, which allows us flexibility to adjust to changes in market conditions and compete effectively across our markets.”
Annual report 2025A · The company itself
Chains in: Artificial intelligence strengthens
Interest rates
Macro
DriverNegative impact: weakens
“Sales Contracts and Backlog Our sales contracts require an earnest money deposit which varies in amount across our markets and communities. Additionally, customers are generally required to pay additional deposits if they select options or upgrade features for their homes. Our sales contracts include a financing contingency which permits customers to cancel and receive a refund of their deposit if they cannot obtain mortgage financing at prevailing or specified interest rates within a defined period.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Risks Related to our Business and our Industry Our homebuilding, rental and land development operations are cyclical and significantly affected by changes in economic, real estate or other conditions that could adversely affect our business and financial results. Our homebuilding, rental and land development operations are cyclical and are significantly affected by changes in general and local economic and real estate conditions, such as: •employment levels; •consumer confidence and spending; •housing demand; •availability of financing for homebuyers; •availability of financing for companies that purchase our rental properties; •interest rates; •inflation; •availability and prices of new homes and existing homes for sale and availability and market values of rental properties; and •demographic trends.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In an effort to lower the rate of inflation, the Federal Reserve raised interest rates significantly, which has resulted in higher mortgage interest rates. The increase in mortgage interest rates has reduced the affordability of our homes and has required us to use pricing adjustments and incentives to adapt to current market conditions.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Changes in prevailing interest rates may affect the cost of our debt service obligations, because borrowings under the homebuilding, rental and Forestar revolving credit facilities and mortgage repurchase facilities bear interest at floating rates.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“As of September 30, 2025, our consolidated debt was $6.0 billion, which consisted of $3.2 billion related to our homebuilding segment, $1.4 billion related to our financial services segment, $803 million related to our Forestar segment and $600 million related to our rental segment.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Business cycle and GDP growth
Macro
DriverNegative impact: weakens
“Risks Related to our Business and our Industry Our homebuilding, rental and land development operations are cyclical and significantly affected by changes in economic, real estate or other conditions that could adversely affect our business and financial results. Our homebuilding, rental and land development operations are cyclical and are significantly affected by changes in general and local economic and real estate conditions, such as: •employment levels; •consumer confidence and spending; •housing demand; •availability of financing for homebuyers; •availability of financing for companies that purchase our rental properties; •interest rates; •inflation; •availability and prices of new homes and existing homes for sale and availability and market values of rental properties; and •demographic trends.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Our revenues and earnings vary with the level of general economic activity in the markets we serve.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Labour and wages
Raw materials and inputs
InputNegative impact: weakens
“Our businesses compete with other companies across all industries to attract and retain highly skilled and experienced employees, managers and executives. Competition for the services of these individuals increases as business conditions improve in the industries in which we operate and in the general economy.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Inflation can adversely affect us by increasing costs of land, materials, labor and our cost of capital.”
Annual report 2025A · The company itself
Subcontractors and haulage capacity
Raw materials and inputs
DriverNegative impact: weakens
“We also negotiate pricing from our subcontractors and suppliers based on the volume of services and products we purchase on a local, regional and national basis.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Land Development and Home Construction Substantially all of our land development and home construction work is performed by subcontractors. Subcontractors typically are selected after a competitive bidding process and are retained for a specific subdivision or series of house plans pursuant to a contract that obligates the subcontractor to complete the scope of work at an agreed-upon price.”
Annual report 2025A · The company itself
Building codes and fire safety
Regulation
DriverNegative impact: weakens
“We are subject to extensive and complex regulations that affect land development and home construction, including zoning, density restrictions, building design and building standards. These regulations often provide broad discretion to the administering governmental authorities as to the conditions we must meet prior to development or construction being approved, if approved at all.”
Annual report 2025A · The company itself
Consumer spending
Macro
DriverNegative impact: weakens
“Risks Related to our Business and our Industry Our homebuilding, rental and land development operations are cyclical and significantly affected by changes in economic, real estate or other conditions that could adversely affect our business and financial results. Our homebuilding, rental and land development operations are cyclical and are significantly affected by changes in general and local economic and real estate conditions, such as: •employment levels; •consumer confidence and spending; •housing demand; •availability of financing for homebuyers; •availability of financing for companies that purchase our rental properties; •interest rates; •inflation; •availability and prices of new homes and existing homes for sale and availability and market values of rental properties; and •demographic trends.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Aluminium
Raw materials and inputs
InputNegative impact: weakens
“In addition, newly imposed or increased tariffs, duties and/or trade restrictions, such as those imposed by the current administration, on imported materials and goods that are used in connection with the construction and delivery of our homes, including steel, aluminum and lumber, may raise our costs for these items or for the products made with them. These factors may cause construction delays or cause us to incur more costs building our homes.”
Annual report 2025A · The company itself
Cement and building materials
Raw materials and inputs
InputNegative impact: weakens
“We typically do not maintain significant inventories of land development or construction materials, except for work in progress materials for active development projects and homes under construction. Generally, the construction materials used in our operations have been readily available from numerous sources, and we have contracts exceeding one year with certain suppliers of building materials that are cancelable at our option.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Reconstruction of Ukraine strengthens
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“The climates and geology of many of the states in which we operate, including California, Florida, Texas and other coastal areas where we have some of our larger operations, present increased risks of adverse weather or natural disasters, such as wildfires and hurricanes. Any such events can temporarily delay our development work, home construction and home closings, unfavorably affect the cost or availability of materials or labor, damage homes under construction, lead to changing consumer preferences and/or negatively impact demand for new homes in affected areas.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Additionally, phishing attacks, whereby perpetrators attempt to fraudulently induce employees, customers, vendors or other users of a company’s systems to disclose personal information to gain access to its data, have increased significantly in recent years. With the use of artificial intelligence, these phishing attacks may contain highly convincing language making them difficult to distinguish from legitimate messages. The use of remote work environments and virtual platforms may increase our risk of cyber incidents that could compromise our data. Further, geopolitical tensions or conflicts may create a heightened risk of these incidents.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Equity and capital markets
Macro
DriverNegative impact: weakens
“Adverse developments affecting the capital markets and financial institutions could limit our ability to access capital, increase our cost of capital and impact our liquidity and capital resources. During past economic and housing downturns, the credit markets constricted and reduced some sources of liquidity that were previously available to us.”
Annual report 2025A · The company itself
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Deployments of U.S. military personnel to foreign regions, terrorist attacks, other acts of violence or threats to national security and any corresponding response by the United States or others, domestic or international instability or social or political unrest may cause an economic slowdown in the markets where we operate, which could adversely affect our business. If we experience any of the foregoing, potential customers may be less willing or able to buy our homes or our rental properties.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Pandemics and outbreaks
Macro
DriverNegative impact: weakens
“Public health issues such as a major epidemic or pandemic could adversely affect our business and financial results. The U.S. and other countries have experienced, and may experience in the future, outbreaks of contagious diseases that affect public health and public perception of health risk. In the event of a widespread, prolonged, actual or perceived outbreak of any contagious disease, our operations could be negatively impacted. Such events have had, and could in the future have, an effect on our operations, including a reduction in customer traffic, a disruption in our supply chain, tightness in the labor market or other factors, all of which could reduce demand for our homes.”
Annual report 2025A · The company itself
Chains out: this weakens Aviation and travel, strengthens Vaccines (travel health and preparedness)
United States
Geography
Geography
“Homebuilding Markets Our homebuilding business operates in 126 markets across 36 states, which provides us with geographic diversification in our homebuilding inventory investments and our sources of revenues and earnings.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 34.25 bn USD |
| Revenue growth vs. the year before, same method | -6.9 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 11.57 USD |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✗ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.