D.R. Horton, Inc. (DHI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la construcción de viviendas, D.R. Horton, Inc. (DHI) se erige como un titán de innovación y destreza estratégica, transformando el panorama de la vivienda estadounidense con su modelo de negocio meticulosamente elaborado. Al integrar a la perfección en todo el alcance nacional, las soluciones de vivienda asequible y las tecnologías de construcción de vanguardia, este líder de la industria ha revolucionado cómo las familias modernas encuentran y crean sus hogares de ensueño. Sumérgete en el intrincado lienzo de modelo de negocio que impulsa el notable éxito de DHI, revelando el plan estratégico detrás de una de las empresas de construcción de viviendas más influyentes de Estados Unidos.

DR. Horton, Inc. (DHI) - Modelo de negocios: asociaciones clave

Palabres y proveedores de materiales de construcción

DR. Horton se asocia con los principales proveedores de madera y material de construcción para garantizar una cadena de suministro constante para proyectos de construcción. Los proveedores clave incluyen:

Proveedor	Valor anual del contrato	Volumen de suministro
84 Lumber Company	$ 325 millones	1.2 millones de pies de tablero anualmente
Constructores de primera parte	$ 412 millones	1.5 millones de pies de tablero anualmente
BMC Stock Holdings	$ 287 millones	1,1 millones de pies de tablero anualmente

Desarrolladores de tierras y propietarios

Las asociaciones estratégicas de adquisición de tierras incluyen:

• Brookfield Properties
• Lennar Corporation
• Howard Hughes Corporation

Asociación	Adquisición de tierras	Inversión anual
Brookfield Properties	3,200 acres	$ 525 millones
Lennar Corporation	2.700 acres	$ 442 millones

Instituciones financieras y proveedores de hipotecas

Asociaciones de hipotecas principales:

Institución financiera	Volumen hipotecario	Valor anual del préstamo
Wells Fargo	12,500 hipotecas	$ 3.2 mil millones
Banco de América	9.800 hipotecas	$ 2.7 mil millones
Chase Bank	8.600 hipotecas	$ 2.3 mil millones

Fabricantes de equipos de construcción

Partnias de fabricación de equipos principales:

Fabricante	Tipo de equipo	Valor de equipo anual
Oruga	Equipo de construcción pesado	$ 42 millones
John Deere	Maquinaria de construcción	$ 35 millones

Gobierno local y autoridades de zonificación

Asociaciones gubernamentales clave para las aprobaciones de zonificación y desarrollo:

• Autoridades municipales de Texas
• Juntas de zonificación del condado de Florida
• Comisiones de Desarrollo Estatal de Arizona

Región	Proyectos de desarrollo activo	Permisos aprobados
Texas	87 proyectos	142 permisos
Florida	63 proyectos	98 permisos
Arizona	52 proyectos	76 Permisos

DR. Horton, Inc. (DHI) - Modelo de negocio: actividades clave

Construcción de viviendas residenciales

En 2023, D.R. Horton completó 86,709 casas en los Estados Unidos. La compañía opera en 106 mercados en 33 estados.

Métrica de construcción	2023 datos
Total de casas completadas	86,709
Mercados atendidos	106
Estados operados	33

Adquisición y desarrollo de tierras

DR. Horton invirtió $ 5.8 mil millones en adquisiciones de tierras y lotes durante el año fiscal 2023.

• Inversión total de tierras: $ 5.8 mil millones
• Inventario de lotes propiedad y controlado: 276,900 lotes
• Costo promedio de lote por unidad: $ 76,000

Diseño del hogar y planificación arquitectónica

La compañía mantiene múltiples carteras de diseño de viviendas en diferentes segmentos de precios.

Segmento de inicio	Gama de precios
Casas expresas	$250,000 - $350,000
DR. Casas de horton	$350,000 - $500,000
Casas esmeraldas	$500,000 - $750,000

Ventas y marketing de nuevas viviendas

En 2023, D.R. Horton reportó ventas netas de $ 33.6 mil millones con un aumento del 27% respecto al año anterior.

• Ventas netas: $ 33.6 mil millones
• Crecimiento de ventas año tras año: 27%
• Precio de venta promedio: $ 387,000

Administración de propiedades y atención al cliente

La compañía mantiene una infraestructura integral de atención al cliente en sus mercados operativos.

Métrica de soporte al cliente	2023 datos
Centros de servicio al cliente	106
Reclamaciones de garantía procesadas	42,354
Tiempo de resolución promedio	14 días

DR. Horton, Inc. (DHI) - Modelo de negocio: recursos clave

Cartera extensa del banco de tierras

A partir del año fiscal 2023, D.R. Horton poseía aproximadamente 454,000 lotes en 33 estados, con un inventario total de tierras valorado en $ 8.3 mil millones. El desglose del banco de tierras estratégico de la compañía incluye:

Categoría de inventario de tierras	Número de lotes	Porcentaje de cartera total
Lotes de propiedad	454,000	100%
Lotes con derecho y listo para el desarrollo	178,000	39.2%
Mots bajo control	276,000	60.8%

Fuerte capital financiero y líneas de crédito

Recursos financieros a partir del cuarto trimestre 2023:

• Efectivo total y equivalentes de efectivo: $ 2.1 mil millones
• Facilidad de crédito disponible: $ 1.5 mil millones
• Deuda total: $ 6.8 mil millones
• Relación de deuda / capital: 41.7%

Fuerza laboral de construcción calificada

Estadísticas de la fuerza laboral para D.R. Horton en 2023:

Categoría de empleado	Número de empleados
Total de empleados	12,300
Trabajadores de la construcción	7,850
Personal administrativo y administrativo	4,450

Tecnología de construcción avanzada

Inversiones tecnológicas en 2023:

• Software de diseño digital: $ 18.5 millones de inversión
• Plataformas de gestión de la construcción: $ 12.3 millones
• Sistemas de construcción automatizados: $ 9.7 millones

Reputación de marca establecida

Métricas de rendimiento de la marca:

Métrico de marca	Valor
Cuota de mercado en la construcción de viviendas	8.2%
Calificación de satisfacción del cliente	4.3/5
Valor de marca	$ 1.2 mil millones

DR. Horton, Inc. (DHI) - Modelo de negocio: propuestas de valor

Casas unifamiliares asequibles y de alta calidad

DR. Precio promedio de la vivienda de Horton: $ 428,000 en el cuarto trimestre 2023. Los precios de las viviendas oscilan entre $ 200,000 y $ 600,000 en diferentes mercados. Las casas totales cerradas en 2023: 68,713 unidades.

Segmento de precios	Precio medio	Cuota de mercado
Casas de nivel de entrada	$250,000 - $350,000	42% de las ventas totales
Casas mudadas	$350,000 - $500,000	35% de las ventas totales
Casas de lujo	$500,000+	23% de las ventas totales

Opciones de vivienda diversas en rangos de precios

• Comunidades totales de vivienda: 440 comunidades activas
• Tipos de productos: unifamiliar, casas adosadas, condominios
• Cobertura geográfica: 32 estados en los Estados Unidos

Diseños de casas de eficiencia energética y moderna

Inversiones de eficiencia energética: $ 15.2 millones en 2023. Energy Star Certified Hogares: 68% de la cartera total del hogar.

Característica de eficiencia energética	Implementación estándar
Iluminación LED	100% de nuevas construcciones
Sistemas HVAC de alta eficiencia	95% de las casas
Advanced Insulation	90% of homes

Presencia geográfica a nivel nacional

Total de mercados servidos: 106 mercados en 32 estados. Ingresos por región en 2023:

Región	Ganancia	Porcentaje
Sudeste	$ 4.8 mil millones	28%
Suroeste	$ 3.6 mil millones	21%
Oeste	$ 3.2 mil millones	19%
Otras regiones	$ 5.4 mil millones	32%

Soluciones para el hogar personalizables

• Opciones de personalización disponibles en el 85% de las comunidades
• Gasto promedio de personalización por hogar: $ 25,000
• Segmentos de compradores Servidos: compradores de viviendas por primera vez, compradores de mudanza, compradores de vivienda de lujo

DR. Horton, Inc. (DHI) - Modelo de negocios: relaciones con los clientes

Consultas de ventas personales

DR. Horton mantiene 426 centros de ventas en 33 estados a partir del cuarto trimestre de 2023. El tiempo promedio de consulta de ventas es de 2.3 horas por cliente. La tasa de conversión del cliente de la consulta a la compra es del 37.6%.

Métrica de consulta de ventas	Valor
Centros de ventas totales	426
Duración de consulta promedio	2.3 horas
Tasa de conversión del cliente	37.6%

Plataformas de selección de inicio en línea

El tráfico de la plataforma digital alcanzó 3.2 millones de visitantes únicos mensualmente en 2023. La plataforma en línea genera el 24.7% de las transacciones totales de ventas de viviendas.

• Descargas de aplicaciones móviles: 612,000
• Tiempo promedio dedicado a la plataforma digital: 18.4 minutos
• Tasa de finalización de la gira virtual: 42.3%

Atención al cliente posterior a la venta

El equipo de atención al cliente maneja 87,500 consultas posteriores a la venta mensualmente. El tiempo de resolución promedio es de 1.6 días. Calificación de satisfacción del cliente: 4.5/5.

Programas de garantía del hogar

Cobertura de garantía estándar: estructural de 10 años, mecánica a 2 años, 1 año integral. Tasa de reclamo de garantía: 12.3% de las casas vendidas.

Tipo de garantía	Duración
Structural Warranty	10 años
Garantía mecánica	2 años
Garantía integral	1 año

Canales de comunicación digital

La comunicación digital incluye correo electrónico, aplicación móvil, chat de sitios web y plataformas de redes sociales. Tiempo de respuesta en todos los canales: 3.2 horas.

• Tasa de respuesta por correo electrónico: 94.7%
• Compromiso de las redes sociales: 125,000 interacciones mensuales
• Compromiso del usuario de la aplicación móvil: 42.6%

DR. Horton, Inc. (DHI) - Modelo de negocio: canales

Oficinas de ventas directas

DR. Horton opera 449 oficinas de ventas en 31 estados a partir de 2023. Estas oficinas generaron $ 33.7 mil millones en ingresos por ventas de viviendas en el año fiscal 2023.

Región	Número de oficinas de ventas	Volumen de ventas anual
Sudeste	127	$ 9.2 mil millones
Suroeste	98	$ 7.5 mil millones
Oeste	86	$ 6.8 mil millones
Este	72	$ 5.6 mil millones
Central	66	$ 4.6 mil millones

Sitio web de la empresa y aplicación móvil

La plataforma digital de DHI registró 12.4 millones de visitantes únicos en 2023, con el 37% de los clientes potenciales generados a través de canales en línea.

• Descargas de aplicaciones móviles: 2.1 millones
• Uso del configurador de inicio en línea: 865,000 usuarios
• Virtual Home Tours: 423,000 completados

Agentes y corredores inmobiliarios

DR. Horton colabora con 6.200 agentes y corredores inmobiliarios independientes en todo el país.

Tipo de socio	Número de socios	Tarifa de comisión
Agentes independientes	5,400	2.5% - 3%
Empresas de corretaje	800	3% - 3.5%

Plataformas de marketing digital

Gastos de marketing digital: $ 47.3 millones en 2023.

• Gasto en los anuncios de Google: $ 18.6 millones
• Publicidad en las redes sociales: $ 12.7 millones
• Anuncios programáticos de visualización: $ 9.4 millones
• Campañas de reorientación: $ 6.6 millones

Centros de origen modelo

DR. Horton mantiene 287 centros de origen modelo en sus mercados operativos.

Región	Número de centros modelo	Visitantes diarios promedio
Sudeste	89	1,250
Suroeste	72	980
Oeste	58	750
Este	42	520
Central	26	350

DR. Horton, Inc. (DHI) - Modelo de negocio: segmentos de clientes

Compradores de vivienda por primera vez

DR. La marca de nivel de entrada de Horton, Express Homes, se dirige a compradores de vivienda por primera vez con opciones de vivienda asequible. A partir del cuarto trimestre de 2023, este segmento representaba el 38.2% del total de cierres de viviendas de la compañía.

Características demográficas	Datos estadísticos
Edad promedio	32-38 años
Ingreso mediano	$75,000 - $95,000
Rango de precios de la vivienda	$200,000 - $350,000

Familias de ingresos medios

DR. La División Core Homebuilder de Horton se centra en las familias de ingresos medios, representando el 45.7% del cierre total del hogar en 2023.

• Rango de ingresos del hogar: $ 85,000 - $ 125,000
• Tamaño del hogar preferido: 1.800 - 2,500 pies cuadrados
• Mercados primarios: Texas, Florida, California, Carolina del Norte

Profesionales suburbanos y urbanos

DR. Las marcas activas de Horton para adultos y Emerald Homes se dirigen a profesionales suburbanos y urbanos, que representan el 12.5% ​​de los cierres de viviendas en 2023.

Características de segmento	Detalles
Rango de edad	35-55 años
Precio promedio de la casa	$400,000 - $600,000
Concentración geográfica	Áreas metropolitanas en los mercados del crecimiento

Inversores inmobiliarios

DR. El segmento de construcción a alquiler de Horton creció al 3.6% del cierre total en 2023, dirigido a inversores inmobiliarios institucionales e individuales.

• Precio promedio de propiedad de inversión: $ 300,000 - $ 450,000
• Rendimiento de alquiler: 5.2% - 6.8%
• Mercados de inversores primarios: regiones del sudeste y suroeste

Reubicando trabajadores y familias

DR. Horton sirve a los trabajadores y familias de reubicación, capturando oportunidades en los mercados laborales de alto crecimiento.

Características de reubicación	Ideas estadísticas
Volumen de reubicación anual	Aproximadamente 4.8 millones de hogares
Los principales mercados de reubicación	Texas, Florida, Arizona, Carolina del Norte
Compra promedio de la casa	$350,000 - $500,000

DR. Horton, Inc. (DHI) - Modelo de negocio: Estructura de costos

Gastos de adquisición de tierras

En el año fiscal 2023, D.R. Horton gastó $ 3.8 mil millones en adquisiciones de tierras y lotes. La compañía adquirió aproximadamente 47,600 lotes durante este período.

Año fiscal	Gasto de adquisición de tierras	Lotes adquiridos
2023	$ 3.8 mil millones	47,600

Costos de material de construcción

Gastos de material de construcción para D.R. Horton en 2023 totalizó aproximadamente $ 5.2 mil millones. El desglose del costo del material clave incluye:

• Madera: $ 1.3 mil millones
• Concreto: $ 780 millones
• Materiales para techos: $ 420 millones
• Componentes eléctricos: $ 350 millones

Salarios laborales y de la fuerza laboral

Costos laborales totales para D.R. Horton en el año fiscal 2023 fue de $ 1.6 mil millones, que cubrió aproximadamente 13,500 empleados.

Categoría de empleado	Salario anual promedio	Gastos laborales totales
Trabajadores de la construcción	$68,500	$ 925 millones
Personal administrativo	$95,000	$ 675 millones

Gastos de marketing y ventas

Costos de marketing y ventas para D.R. Horton en 2023 alcanzó los $ 420 millones, lo que representa el 2.1% de los ingresos totales.

Gastos generales operativos y administrativos

Sobrecoss operativos y administrativos para D.R. Horton en el año fiscal 2023 ascendió a $ 780 millones.

Categoría de gastos generales	Gastos
Oficinas corporativas	$ 230 millones
Infraestructura tecnológica	$ 180 millones
Cumplimiento y legal	$ 140 millones
Gestión de seguros y riesgos	$ 230 millones

DR. Horton, Inc. (DHI) - Modelo de negocios: flujos de ingresos

Ingresos de ventas de viviendas

Para el año fiscal 2023, D.R. Horton reportó ingresos totales de ventas de viviendas de $ 33.7 mil millones. La compañía cerró 71,773 casas durante este período.

Segmento	Ingresos ($)	Hogares cerrados
Este	8.9 mil millones	19,253
Oeste	7.600 millones	16,892
Sudeste	6.5 mil millones	15,422
Central	5.7 mil millones	13,206

Servicios de hipotecas y financiamiento

DR. La subsidiaria hipotecaria de Horton, DHI Mortgage, generó $ 523 millones en ingresos en 2023. La compañía originó 26,496 préstamos hipotecarios durante este período.

Tarifas de personalización del hogar

Las tarifas de personalización promediaron $ 15,000 a $ 25,000 por casa, contribuyendo con aproximadamente $ 1.08 mil millones a ingresos totales en 2023.

Ventas de desarrollo de tierras

Las ventas de desarrollo de tierras para 2023 alcanzaron $ 642 millones. La compañía vendió 12.345 lotes desarrollados durante este año fiscal.

Ingresos potenciales de administración de propiedades

Los ingresos por administración de propiedades fueron de $ 87 millones en 2023, que representa un segmento menor pero creciente de las fuentes de ingresos de la compañía.

Flujo de ingresos	Ingresos totales ($)	Porcentaje de total
Ventas de viviendas	33,700,000,000	95.2%
Servicios hipotecarios	523,000,000	1.5%
Personalización del hogar	1,080,000,000	3.1%
Desarrollo de la tierra	642,000,000	1.8%
Administración de propiedades	87,000,000	0.2%

• Precio promedio de venta de vivienda: $ 470,000
• Margen bruto en ventas de viviendas: 22.3%
• Ingresos totales para el año fiscal 2023: $ 35.4 mil millones

D.R. Horton, Inc. (DHI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why D.R. Horton, Inc. (DHI) remains America's largest homebuilder by volume, even when the market gets tight. Their value proposition isn't just about putting up houses; it's about making the entire process accessible and efficient for a massive segment of the US population.

Most Affordable New Home Construction in the US Market

D.R. Horton, Inc. prioritizes the entry-level and move-up buyer, which is a strategic choice to maintain volume when affordability is strained. This focus translates directly into their pricing strategy. For the full fiscal year 2025, the company closed on 84,863 homes, generating consolidated revenues of $34.3 billion.

The commitment to affordability is quantified by their pricing structure:

• Average closing price for FY2025 was approximately $370,400.
• In fiscal 2025, D.R. Horton, Inc. closed nearly 70% of its homes at an average sales price below $400,000.
• Approximately 43,000 first-time homebuyers were provided with homeownership in fiscal 2025.

To give you context on how this compares, the average sales price of $369,600 reported in Q3 2025 was roughly 28% below the national average new home price of $513,200 during that same period. This aggressive positioning is how they keep inventory turning.

Streamlined, One-Stop-Shop Homebuying via DHI Mortgage

The integration of financial services is a major value driver, simplifying what is often the most complex part of buying a home. DHI Mortgage, the wholly owned subsidiary, captures a significant portion of the financing business from D.R. Horton, Inc.'s home closings.

Here are the numbers for their integrated financial services in FY2025:

Metric	Value (FY2025)
Percentage of Homes Financed by DHI Mortgage	81%
Mortgage Loans Originated or Brokered	68,982
Financial Services Segment Pre-Tax Income	$170.0 million

Also, their title companies provide insurance and closing services primarily to their homebuilding customers, completing the end-to-end transaction.

Diverse Product Lines for Every Stage of Life

D.R. Horton, Inc. doesn't just build one type of house; they cover a wide spectrum of buyer needs across their 126 markets in 36 states. This diversity helps manage risk when one specific segment of the market slows down.

Their product offerings include:

• Homes for entry-level buyers.
• Homes for move-up buyers.
• Homes for active adult buyers.
• Luxury homes.

Generally, their homes range in size from 1,000 to 4,000 square feet, with prices spanning from $250,000 to over $1,000,000. This breadth ensures they have a product that fits the financial reality of many different households.

Quick Move-in Homes Due to Efficient Construction Cycle Times

While I don't have a specific metric for 'construction cycle time' in days for FY2025, the company's operational efficiency is evident in its ability to maintain high volume and its stated strategy of prioritizing pace. Their decentralized operating model supports this efficiency across their vast footprint.

The focus on maintaining sales velocity, even with incentive spending, shows a commitment to efficient inventory turnover. For instance, their homebuilding segment generated home sales revenues of $31.4 billion from the 84,863 homes closed in the fiscal year. That scale, achieved while managing margin pressure, points to a disciplined construction and delivery process.

D.R. Horton, Inc. (DHI) - Canvas Business Model: Customer Relationships

You're looking at how D.R. Horton, Inc. keeps the sales engine running, especially when affordability is tight. It's a high-volume, relationship-driven model, but the 'relationship' is heavily transactional, focused on closing the deal today.

Transactional sales model driven by price and incentives

D.R. Horton, Inc. operates on a model where price and incentives are the primary levers to move volume, which is critical since they closed 84,863 homes in fiscal 2025. Their consolidated pre-tax profit margin for the full fiscal year 2025 was 13.8% on revenues of $34.3 billion. However, the pressure from the market shows in the quarterly margins; for instance, the home sales gross margin in Q4 2025 fell to 20%, down from 23.6% in Q4 2024. Honestly, the data shows that increased incentive spending was responsible for 61% of the margin compression D.R. Horton saw in that fourth quarter. The average closing price for the 84,863 homes closed in fiscal 2025 was $370,400. They are definitely using incentives to keep the pace up.

Direct sales teams in community models and online

The scale of D.R. Horton, Inc. requires a massive, decentralized sales effort across 126 markets in 36 states as of late 2025. While the exact number of direct sales associates isn't explicitly broken out, the company employs 14,341 people overall to support operations, which includes the sales function across their numerous communities. The sales process is managed community-by-community, where local operators use all available levers to balance sales pace and margin. The customer journey starts at the community level, whether through in-person visits or initial online inquiries.

High use of mortgage rate buydowns and closing cost incentives

The focus on affordability, especially with the average 30-year mortgage rate hovering near 6.26% around October 2025, drives the heavy use of financial incentives. D.R. Horton, Inc. has leaned heavily into offering a 3.99% mortgage rate buydown. This strategy is working to drive traffic; in fiscal Q4 2025, 73% of their homebuyers received a mortgage rate buydown, a slight increase from 72% the prior quarter. This emphasis on lowering the monthly payment is clearly aimed at their core buyer base, which included approximately 43,000 first-time homebuyers in fiscal 2025. Closing cost assistance and free upgrades are also part of the incentive toolkit they expect to keep elevated into fiscal 2026.

Here's a quick look at the vertical integration and incentive usage:

Metric	Fiscal 2025 Value	Context/Period
Homes Closed (Homebuilding)	84,863	Full Fiscal Year 2025
DHI Mortgage Capture Rate	81%	Fiscal Year 2025
Homebuyers Receiving Rate Buydown	73%	Fiscal Q4 2025
Home Sales Gross Margin	20.0%	Fiscal Q4 2025
Incentive Spend Contribution to Margin Compression	61%	Fiscal Q4 2025

Integrated customer journey through in-house financial services

The integration with DHI Mortgage is a key part of securing the customer relationship and capturing revenue. DHI Mortgage financed 81% of D.R. Horton, Inc.'s home closings in fiscal 2025, a step up from 78% the year before. This captive financing channel helps D.R. Horton, Inc. manage the customer experience end-to-end, especially for first-time buyers. For the first quarter of fiscal 2025, first-time homebuyers represented 60% of the closings handled by the mortgage company. The company also provides title services (DHI Title) and insurance agency services, further embedding the customer within the D.R. Horton, Inc. ecosystem.

• DHI Mortgage financed 81% of the 84,863 homes closed in FY2025.
• First-time homebuyers accounted for 60% of DHI Mortgage closings in Q1 FY2025.
• The company also offers title and insurance agency services.
• Total liquidity at year-end FY2025 was $6.6 billion, supporting these operations.

Post-sale home warranty and customer service support

The relationship extends past closing with a formal warranty process. D.R. Horton, Inc. offers a Limited Warranty, often administered through Residential Warranty Company, LLC ("RWC") for major structural defects. You can't just call anytime; the process is structured around specific timelines to ensure homeowners report issues correctly. This structure helps D.R. Horton, Inc. manage service costs, which are a component of overall operational expenses. The customer service support is definitely structured around these key touchpoints:

• 60 days post-closing: Initial warranty service request submission.
• Six-month review: Request warranty service near the end of the sixth month.
• Eleventh-month review: Final warranty request before the one-year coverage ends.

If you have an emergency like a severe leak, you use a different procedure, but for standard warranty items, you must follow the documented steps. Finance: draft 13-week cash view by Friday.

D.R. Horton, Inc. (DHI) - Canvas Business Model: Channels

You're looking at how D.R. Horton, Inc. gets its homes and services in front of buyers as of late 2025. The channels are a mix of physical presence, digital reach, and integrated financial services.

On-site model homes and community sales offices remain the primary point of sale, where the direct sales team engages customers face-to-face. This is where the majority of the 84,863 homes closed in fiscal year 2025 were sold.

D.R. Horton's corporate and community websites (strong digital presence) serve as a massive lead generation and information hub. The digital footprint supports the physical sales effort significantly.

• www.drhorton.com organic keywords: 371K+
• Monthly website traffic: around 559K+
• Facebook followers: 3.5M

The real estate broker network for buyer referrals is a key secondary channel, working alongside the direct sales force to reach a broader market.

Vertical integration through DHI Mortgage and DHI Title for financing and closing captures a significant portion of the transaction value. DHI Mortgage originated or brokered 68,982 mortgage loans for homebuyers in fiscal year 2025. This represents an 81% capture rate of the 84,863 total home closings for the year.

The single-family and multi-family rental management platforms represent a distinct channel for a portion of their production, selling completed rental inventory rather than just closing owner-occupied homes.

Here's a look at the volume and revenue flowing through the main segments in fiscal year 2025:

Channel/Segment	Homes Closed (Units)	Revenue (USD)	Pre-tax Income (USD)
Homebuilding Operations (Direct/Broker Sales)	84,863	$31.4 billion	$4.7 billion (Consolidated Pre-tax Income)
Rental Operations (Inventory Sales)	6,407 (3,460 SF + 2,947 MF)	$1.6 billion	$170.0 million
DHI Mortgage Originations/Brokered Loans	68,982 loans originated/brokered	(Part of Financial Services Revenue)	(Included in overall profitability)

The average closing sales price for the 84,863 homes closed in fiscal 2025 was $370,400. For the fourth quarter alone, 23,368 homes closed, generating $8.5 billion in home sales revenues.

The company's overall consolidated revenues for fiscal 2025 reached $34.3 billion.

D.R. Horton, Inc. (DHI) - Canvas Business Model: Customer Segments

You're looking at the core buyers D.R. Horton, Inc. targets across its operations as of late 2025. The company's strategy hinges on serving a broad spectrum of the market, from those buying their very first house to investors looking for rental assets. This diversity helps D.R. Horton manage cycles, though recent market softness has put more pressure on the entry-level buyer segment.

The primary focus remains on affordability, which directly serves the entry-level and first-time homebuyer pool. A significant portion of the business is dedicated here, as evidenced by the fact that over 50% of D.R. Horton, Inc.'s sales are for homes priced at or below $350,000. This aligns with the company's Express Series℠, which is specifically focused on offering an entry-level option.

The overall homebuilding operation closed 85,142 homes during the twelve-month period ended June 30, 2025. The company's product portfolio generally has sales prices ranging from $250,000 to over $1,000,000. To give you a sense of the current pricing environment, the average sales price in the third quarter of fiscal year 2025 was $369,600.

D.R. Horton, Inc. segments its customer base into several key groups:

• Entry-level homebuyers.
• Move-up buyers seeking larger or better-located homes.
• Active adult buyers in specific lifestyle communities.
• Institutional investors buying single-family and multi-family rental properties.
• First-time homebuyers.

The institutional investor segment is served through the construction and sale of both single-family and multi-family rental properties. During the twelve-month period ending June 30, 2025, D.R. Horton, Inc. closed 3,587 single-family rental homes and 2,000 multi-family rental units in its rental operations. This shows a clear, quantifiable commitment to the build-to-rent space.

Understanding where the volume is coming from geographically helps you see where these segments are most active. For instance, in the third quarter of fiscal 2025, the South Central region accounted for the largest share of net new orders.

Geographic Division	Percentage of Q3 2025 Net New Orders
South Central	27%
East	21%
Southeast	24%
North	13%
Southwest	10%
Northwest	6%

The Southeast division, which includes Florida, saw a 10.1% year-over-year drop in net sales in Q3 2025, indicating softness in that particular market segment for the builder. Still, the North division saw flat year-over-year net orders. The company localizes its product mix and pricing to meet the specific demands of these varied customer segments in each market. Finance: draft 13-week cash view by Friday.

D.R. Horton, Inc. (DHI) - Canvas Business Model: Cost Structure

You're looking at the major drains on D.R. Horton, Inc.'s cash flow, which are heavily weighted toward the direct costs of building homes. The cost structure is dominated by expenses that fluctuate directly with the volume of homes sold.

Dominantly variable costs: Land, materials, and labor (cost of sales) represent the largest portion of the cost base. For the second fiscal quarter of 2025, D.R. Horton, Inc. reported home sales revenues of $7.2 billion on 19,276 homes closed. The homebuilding pre-tax income for that quarter was $935.0 million, reflecting a pre-tax profit margin of 13.0% for the segment. This margin directly reflects the cost of sales against the home sales revenue.

The national scale of D.R. Horton, Inc. necessitates significant overhead, captured in General and administrative expenses (SG&A). While a specific SG&A dollar amount for the relevant period isn't directly available here, the scale is managed across operations in 126 markets in 36 states.

Sales incentives, like mortgage rate buydowns, are a significant investment area, especially when homebuyers face affordability constraints, as noted by management in Q2 2025. Specific figures for these incentives are typically embedded within SG&A or as a direct reduction to revenue, but the focus on affordability suggests this line item is material.

Maintaining a controlled lot pipeline requires substantial upfront capital commitments, often through land option costs. This strategy helps D.R. Horton, Inc. manage its land, lot and rental inventory risk, a key factor management watches closely.

Interest expense on corporate debt is a fixed cost component that must be serviced regardless of sales volume. As of March 31, 2025 (Q2 2025), D.R. Horton, Inc.'s total debt was reported at $6.5 billion. By June 30, 2025 (Q3 2025), total debt had increased to $7.2 billion. The debt to total capital ratio stood at 21.1% at the end of Q2 2025, moving to 23.2% by the end of Q3 2025.

Here's a snapshot of the key financial metrics relevant to the cost structure as of the mid-2025 reporting periods:

Metric	Value (Q2 FY2025 End Date: 3/31/2025)	Value (Q3 FY2025 End Date: 6/30/2025)
Total Debt	$6.5 billion	$7.2 billion
Debt to Total Capital Ratio	21.1%	23.2%
Home Sales Revenue	$7.2 billion (Q2)	N/A
Homebuilding Pre-Tax Profit Margin	13.0% (Q2)	N/A

The company's overall financial flexibility is supported by its liquidity position. At June 30, 2025, D.R. Horton, Inc. had $5.5 billion of consolidated liquidity, comprising $2.6 billion of cash and $2.9 billion of available capacity on its credit facilities.

Cash flow from operations also reflects these cost outlays:

• Home building cash provided by operations for the first nine months of fiscal 2025: $1.7 billion.
• Consolidated cash provided by operations for the first nine months of fiscal 2025: $950.0 million.

The full-year fiscal 2025 guidance for consolidated revenues was projected to be between $33.7 billion and $34.2 billion, with an expected income tax rate of approximately 24%.

D.R. Horton, Inc. (DHI) - Canvas Business Model: Revenue Streams

You're looking at how D.R. Horton, Inc. actually brings in the money, which is key to understanding their whole operation. Honestly, it's still overwhelmingly about building and selling houses, but the other pieces are important for stability and margin.

The core engine is clear:

• Home sales revenue: $31.4 billion in FY2025.
• Total consolidated revenues reached $34.3 billion in FY2025.

This means homebuilding accounted for about 92% of the total revenue for D.R. Horton in fiscal 2025. They closed a massive 84,863 homes that year. That's a lot of keys to hand over.

Home Sales and Rental Operations Breakdown

The revenue streams are segmented, showing how D.R. Horton structures its top line. The rental segment is a distinct, though smaller, part of the overall picture, often involving building homes specifically for their build-to-rent portfolio before deciding to sell some off.

Revenue Component	FY2025 Amount	Context/Detail
Home Sales Revenue	$31.4 billion	Generated from closing 84,863 homes.
Rental Operations Revenue	$1.6 billion	Revenue from the rental segment operations.
Financial Services Revenue	$841.2 million	Revenue from DHI Mortgage/Title operations for the full year.
Total Consolidated Revenues	$34.3 billion	The final top-line number for the fiscal year.

The Financial Services arm, which includes DHI Mortgage and Title, is a high-margin business. For the full fiscal year 2025, this segment brought in $841.2 million in revenue, achieving a pre-tax profit margin of 33.1%. That's a healthy margin you want to see.

Sale of Rental Properties Activity

D.R. Horton also generates revenue by selling assets from its rental operations, which diversifies the income away from just new home sales cycles. While the total rental operations revenue was $1.6 billion, the sales component within that shows specific activity, particularly in the fourth quarter.

Here's what they moved in Q4 of fiscal 2025 as an example of this revenue source:

• Sale of single-family rental homes: $411.6 million (from 1,565 homes sold in Q4).
• Sale of multi-family rental units: $393.8 million (from 1,815 units sold in Q4).

This activity shows they are actively managing the scale and composition of their rental portfolio, realizing gains from completed rental assets. The mortgage capture rate is also a key part of this ecosystem; they managed to capture mortgage financing on 81% of their total home closings in 2025.

Finance: draft 13-week cash view by Friday.