D.R. Horton, Inc. (DHI): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le monde dynamique de la construction de maisons, D.R. Horton, Inc. (DHI) est un titan d'innovation et de prouesses stratégiques, transformant le paysage du logement américain avec son modèle commercial méticuleusement conçu. En intégrant de manière transparente la portée nationale, les solutions de logement abordables et les technologies de construction de pointe, ce leader de l'industrie a révolutionné comment les familles modernes trouvent et créent leurs maisons de rêve. Plongez dans la toile du modèle commercial complexe qui alimente le succès remarquable de DHI, révélant le plan stratégique derrière l'une des entreprises de construction de maisons les plus influentes d'Amérique.

D.R. Horton, Inc. (DHI) - Modèle d'entreprise: partenariats clés

Fournisseurs du bois et des matériaux de construction

D.R. Horton s'associe aux principaux fournisseurs de bois et de matériaux de construction pour assurer une chaîne d'approvisionnement cohérente pour les projets de construction. Les fournisseurs clés comprennent:

Fournisseur	Valeur du contrat annuel	Volume d'alimentation
84 Company de bois d'oeuvre	325 millions de dollars	1,2 million de pieds de planche par an
Builders FirstSource	412 millions de dollars	1,5 million de pieds de planche par an
BMC Stock Holdings	287 millions de dollars	1,1 million de pieds de planche par an

Promoteurs fonciers et propriétaires

Les partenariats stratégiques d'acquisition de terrains comprennent:

• Propriétés de Brookfield
• Lennar Corporation
• Howard Hughes Corporation

Partenariat	Acquisition de terres	Investissement annuel
Propriétés de Brookfield	3 200 acres	525 millions de dollars
Lennar Corporation	2 700 acres	442 millions de dollars

Institutions financières et fournisseurs d'hypothèques

Partenariats hypothécaires primaires:

Institution financière	Volume hypothécaire	Valeur annuelle du prêt
Wells Fargo	12 500 hypothèques	3,2 milliards de dollars
Banque d'Amérique	9 800 hypothèques	2,7 milliards de dollars
Chase Bank	8 600 hypothèques	2,3 milliards de dollars

Fabricants d'équipements de construction

Partenariats majeurs de fabrication d'équipements:

Fabricant	Type d'équipement	Valeur annuelle de l'équipement
Chenille	Équipement de construction lourd	42 millions de dollars
John Deere	Machinerie de construction	35 millions de dollars

Gouvernement local et autorités de zonage

Partenariats gouvernementaux clés pour les approbations de zonage et de développement:

• Autorités municipales du Texas
• Boards de zonage du comté de Floride
• Commissions de développement de l'État de l'Arizona

Région	Projets de développement actif	Permis approuvés
Texas	87 projets	142 Permis
Floride	63 projets	98 Permis
Arizona	52 projets	76 Permis

D.R. Horton, Inc. (DHI) - Modèle d'entreprise: activités clés

Construction de maisons résidentielles

En 2023, D.R. Horton a complété 86 709 maisons à travers les États-Unis. La société opère sur 106 marchés dans 33 États.

Métrique de construction	2023 données
Total des maisons terminées	86,709
Marchés servis	106
Les États opéraient	33

Acquisition et développement des terres

D.R. Horton a investi 5,8 milliards de dollars dans les acquisitions de terres et de lots au cours de l'exercice 2023.

• Investissement total des terres: 5,8 milliards de dollars
• Inventaire de lot détenu et contrôlé: 276 900 lots
• Coût moyen de lot par unité: 76 000 $

Conception de la maison et planification architecturale

La société maintient plusieurs portefeuilles de conception de maisons sur différents segments de prix.

Segment de la maison	Fourchette
Maisons expresses	$250,000 - $350,000
D.R. Maisons de Horton	$350,000 - $500,000
Maisons d'émeraude	$500,000 - $750,000

Ventes et commercialisation de nouveaux logements

En 2023, D.R. Horton a déclaré des ventes nettes de 33,6 milliards de dollars avec une augmentation de 27% par rapport à l'année précédente.

• Ventes nettes: 33,6 milliards de dollars
• Croissance des ventes d'une année à l'autre: 27%
• Prix ​​de vente moyen: 387 000 $

Gestion immobilière et support client

La société maintient une infrastructure complète de support client sur ses marchés opérationnels.

Métrique du support client	2023 données
Centres de service à la clientèle	106
Réclamations de garantie traitées	42,354
Temps de résolution moyen	14 jours

D.R. Horton, Inc. (DHI) - Modèle d'entreprise: Ressources clés

Portefeuille de banque terrestre étendue

Depuis l'exercice 2023, D.R. Horton possédait environ 454 000 lots dans 33 États, avec un inventaire total des terres d'une valeur de 8,3 milliards de dollars. La ventilation stratégique de la banque terrestre de l'entreprise comprend:

Catégorie d'inventaire des terres	Nombre de lots	Pourcentage du portefeuille total
Bien possédé	454,000	100%
Beaucoup droit et prêt pour le développement	178,000	39.2%
Beaucoup sous contrôle	276,000	60.8%

Fer solides lignes de capital financier et de crédit

Ressources financières au quatrième trimestre 2023:

• Total des équivalents en espèces et en espèces: 2,1 milliards de dollars
• Créabilité de crédit disponible: 1,5 milliard de dollars
• Dette totale: 6,8 milliards de dollars
• Ratio dette / capital: 41,7%

Travail de construction qualifié

Statistiques de la main-d'œuvre pour D.R. Horton en 2023:

Catégorie des employés	Nombre d'employés
Total des employés	12,300
Travailleurs de la construction	7,850
Personnel de gestion et administratif	4,450

Technologie de construction avancée

Investissements technologiques en 2023:

• Logiciel de conception numérique: 18,5 millions de dollars d'investissement
• Plates-formes de gestion de la construction: 12,3 millions de dollars
• Systèmes de construction automatisés: 9,7 millions de dollars

Réputation de la marque établie

Métriques de performance de la marque:

Métrique de la marque	Valeur
Part de marché dans la construction de maisons	8.2%
Évaluation de satisfaction du client	4.3/5
Valeur de marque	1,2 milliard de dollars

D.R. Horton, Inc. (DHI) - Modèle d'entreprise: propositions de valeur

Maisons unifamiliales abordables et de haute qualité

D.R. Le prix moyen des maisons de Horton: 428 000 $ au T2 2023. Les prix des maisons varient de 200 000 $ à 600 000 $ sur différents marchés. Total des maisons fermées en 2023: 68 713 unités.

Segment des prix	Prix ​​moyen	Part de marché
Maisons d'entrée de gamme	$250,000 - $350,000	42% du total des ventes
Maisons en mouvement	$350,000 - $500,000	35% du total des ventes
Maisons de luxe	$500,000+	23% du total des ventes

Diverses options de logement entre les gammes de prix

• Total des communautés de logement: 440 communautés actives
• Types de produits: unifamilial, maisons de ville, copropriétés
• Couverture géographique: 32 États à travers les États-Unis

Designs de maison économe en énergie et moderne

Investissements d'efficacité énergétique: 15,2 millions de dollars en 2023. Homes certifiés Energy Star: 68% du portefeuille total des maisons.

Fonctionnalité d'efficacité énergétique	Implémentation standard
Éclairage LED	100% des nouvelles constructions
Systèmes CVC à haute efficacité	95% des maisons
Isolation avancée	90% des maisons

Présence géographique à l'échelle nationale

Les marchés totaux ont servi: 106 marchés dans 32 États. Revenus par région en 2023:

Région	Revenu	Pourcentage
Au sud-est	4,8 milliards de dollars	28%
Sud-ouest	3,6 milliards de dollars	21%
Ouest	3,2 milliards de dollars	19%
Autres régions	5,4 milliards de dollars	32%

Solutions domestiques personnalisables

• Options de personnalisation disponibles dans 85% des communautés
• Dépenses de personnalisation moyenne par maison: 25 000 $
• Segments des acheteurs servis: les acheteurs de maisons pour la première fois, les acheteurs de déménagement, les acheteurs de maisons de luxe

D.R. Horton, Inc. (DHI) - Modèle d'entreprise: relations avec les clients

Consultations de vente personnelle

D.R. Horton maintient 426 centres de vente dans 33 États au T2 2023. Le temps de consultation des ventes moyens est de 2,3 heures par client. Le taux de conversion des clients de la consultation à l'achat est de 37,6%.

Métrique de consultation des ventes	Valeur
Total des centres de vente	426
Durée de consultation moyenne	2,3 heures
Taux de conversion des clients	37.6%

Plateformes de sélection de maisons en ligne

Le trafic de plate-forme numérique a atteint 3,2 millions de visiteurs uniques par mois en 2023. La plate-forme en ligne génère 24,7% des transactions totales de ventes de maisons.

• Téléchargements d'applications mobiles: 612 000
• Temps moyen passé sur la plate-forme numérique: 18,4 minutes
• Taux d'achèvement de la visite virtuelle: 42,3%

Support client post-vente

L'équipe de support client gère 87 500 demandes post-vente mensuellement. Le temps de résolution moyen est de 1,6 jours. Évaluation de satisfaction du client: 4.5 / 5.

Programmes de garantie à domicile

Couverture de garantie standard: structurelle à 10 ans, mécanique 2 ans, complète à 1 an. Taux de réclamation de garantie: 12,3% des maisons vendues.

Type de garantie	Durée
Garantie structurelle	10 ans
Garantie mécanique	2 ans
Garantie complète	1 an

Canaux de communication numériques

La communication numérique comprend le courrier électronique, l'application mobile, le chat de site Web et les plateformes de médias sociaux. Temps de réponse entre les canaux: 3,2 heures.

• Taux de réponse par e-mail: 94,7%
• Engagement des médias sociaux: 125 000 interactions mensuelles
• Engagement des utilisateurs de l'application mobile: 42,6%

D.R. Horton, Inc. (DHI) - Modèle d'entreprise: canaux

Bureaux de vente directs

D.R. Horton exploite 449 bureaux de vente dans 31 États en 2023. Ces bureaux ont généré 33,7 milliards de dollars de revenus de ventes de maisons au cours de l'exercice 2023.

Région	Nombre de bureaux de vente	Volume des ventes annuelles
Au sud-est	127	9,2 milliards de dollars
Sud-ouest	98	7,5 milliards de dollars
Ouest	86	6,8 milliards de dollars
Est	72	5,6 milliards de dollars
Central	66	4,6 milliards de dollars

Site Web de l'entreprise et application mobile

La plate-forme numérique de DHI a enregistré 12,4 millions de visiteurs uniques en 2023, avec 37% des prospects générés par le biais de canaux en ligne.

• Téléchargements d'applications mobiles: 2,1 millions
• Utilisation du configurateur à domicile en ligne: 865 000 utilisateurs
• Visites de maison virtuelle: 423 000 achevés

Agents immobiliers et courtiers

D.R. Horton collabore avec 6 200 agents immobiliers indépendants et courtiers à l'échelle nationale.

Type de partenaire	Nombre de partenaires	Taux de commission
Agents indépendants	5,400	2.5% - 3%
Sociétés de courtage	800	3% - 3.5%

Plateformes de marketing numérique

Dépenses de marketing numérique: 47,3 millions de dollars en 2023.

• DES ANDES Google: 18,6 millions de dollars
• Publicité des médias sociaux: 12,7 millions de dollars
• Annonces d'affichage programmatique: 9,4 millions de dollars
• Reciblage campagnes: 6,6 millions de dollars

Modèles de centres d'accueil

D.R. Horton maintient 287 centres de maison modèles sur ses marchés opérationnels.

Région	Nombre de centres modèles	Visiteurs quotidiens moyens
Au sud-est	89	1,250
Sud-ouest	72	980
Ouest	58	750
Est	42	520
Central	26	350

D.R. Horton, Inc. (DHI) - Modèle d'entreprise: segments de clientèle

Acheteurs de maisons pour la première fois

D.R. La marque d'entrée de gamme de Horton, Express Homes, cible les nouveaux acheteurs de maisons avec des options de logement abordables. Au quatrième trimestre 2023, ce segment représentait 38,2% des fermetures totales de la société.

Caractéristiques démographiques	Données statistiques
Âge moyen	32-38 ans
Revenu médian	$75,000 - $95,000
Gamme de prix des maisons	$200,000 - $350,000

Familles à revenu moyen

D.R. La division Core Homebuilder de Horton se concentre sur les familles à revenu intermédiaire, représentant 45,7% du total des fermetures à domicile en 2023.

• Gamme de revenus des ménages: 85 000 $ - 125 000 $
• Taille préférée de la maison: 1 800 - 2500 pieds carrés
• Marchés primaires: Texas, Floride, Californie, Caroline du Nord

Professionnels de la banlieue et urbaine

D.R. Les marques actives de Horton Adult and Emerald Homes ciblent les professionnels de banlieue et urbains, représentant 12,5% des fermetures à domicile en 2023.

Caractéristiques du segment	Détails
Tranche d'âge	35-55 ans
Prix ​​médian des maisons	$400,000 - $600,000
Concentration géographique	Zones métropolitaines sur les marchés de la croissance

Investisseurs immobiliers

D.R. Le segment de construction à loyer de Horton est passé à 3,6% des fermetures totales en 2023, ciblant les investisseurs immobiliers institutionnels et individuels.

• Prix ​​moyen de l'investissement des investissements: 300 000 $ - 450 000 $
• Rendement de location: 5,2% - 6,8%
• Marchés des investisseurs primaires: régions sud-est et sud-ouest

Délocalisation des travailleurs et des familles

D.R. Horton sert à déménager les travailleurs et les familles, capturant des opportunités sur les marchés de l'emploi à forte croissance.

Caractéristiques de réinstallation	Idées statistiques
Volume de réinstallation annuel	Environ 4,8 millions de ménages
Top marchés de relocalisation	Texas, Floride, Arizona, Caroline du Nord
Achat moyen de la maison	$350,000 - $500,000

D.R. Horton, Inc. (DHI) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition des terres

Au cours de l'exercice 2023, D.R. Horton a dépensé 3,8 milliards de dollars pour les acquisitions de terres et de lots. La société a acquis environ 47 600 lots au cours de cette période.

Exercice fiscal	Dépenses d'acquisition des terres	Beaucoup acquis
2023	3,8 milliards de dollars	47,600

Coût des matériaux de construction

Dépenses de matériaux de construction pour D.R. Horton en 2023 a totalisé environ 5,2 milliards de dollars. La rupture des coûts du matériel clé comprend:

• Lumber: 1,3 milliard de dollars
• Béton: 780 millions de dollars
• Matériaux de toiture: 420 millions de dollars
• Composants électriques: 350 millions de dollars

Salle de main-d'œuvre et de main-d'œuvre

Coût total de main-d'œuvre pour D.R. Horton au cours de l'exercice 2023 s'est élevé à 1,6 milliard de dollars, couvrant environ 13 500 employés.

Catégorie des employés	Salaire annuel moyen	Total des frais de main-d'œuvre
Travailleurs de la construction	$68,500	925 millions de dollars
Personnel administratif	$95,000	675 millions de dollars

Dépenses de marketing et de vente

Coûts de marketing et de vente pour D.R. Horton en 2023 a atteint 420 millions de dollars, ce qui représente 2,1% des revenus totaux.

Frais généraux opérationnels et administratifs

Surcharge opérationnelle et administrative pour D.R. Horton au cours de l'exercice 2023 s'est élevé à 780 millions de dollars.

Catégorie aérienne	Frais
Bureaux d'entreprise	230 millions de dollars
Infrastructure technologique	180 millions de dollars
Conformité et légal	140 millions de dollars
Assurance et gestion des risques	230 millions de dollars

D.R. Horton, Inc. (DHI) - Modèle d'entreprise: Strots de revenus

Revenus de ventes de maisons

Pour l'exercice 2023, D.R. Horton a déclaré un chiffre d'affaires total des ventes de maisons de 33,7 milliards de dollars. La société a clôturé 71 773 maisons au cours de cette période.

Segment	Revenus ($)	Les maisons fermées
Est	8,9 milliards	19,253
Ouest	7,6 milliards	16,892
Au sud-est	6,5 milliards	15,422
Central	5,7 milliards	13,206

Services d'hypothèque et de financement

D.R. La filiale hypothécaire de Horton, DHI Mortgage, a généré 523 millions de dollars de revenus en 2023. La société a créé 26 496 prêts hypothécaires au cours de cette période.

Frais de personnalisation de la maison

Les frais de personnalisation étaient en moyenne de 15 000 $ à 25 000 $ par domicile, ce qui contribue à environ 1,08 milliard de dollars aux revenus totaux en 2023.

Ventes de développement des terres

Les ventes de développement foncier pour 2023 ont atteint 642 millions de dollars. La société a vendu 12 345 lots développés au cours de cet exercice.

Revenu potentiel de gestion immobilière

Les revenus de la gestion immobilière se sont élevés à 87 millions de dollars en 2023, représentant un segment mineur mais croissant des sources de revenus de l'entreprise.

Flux de revenus	Revenu total ($)	Pourcentage du total
Ventes à domicile	33,700,000,000	95.2%
Services hypothécaires	523,000,000	1.5%
Personnalisation domestique	1,080,000,000	3.1%
Développement	642,000,000	1.8%
Gestion immobilière	87,000,000	0.2%

• Prix ​​moyen de vente à domicile: 470 000 $
• Marge brute sur les ventes de maisons: 22,3%
• Revenus totaux pour l'exercice 2023: 35,4 milliards de dollars

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.