D.R. Horton (DHI) 10-K risk factor changes: FY2025 vs FY2024

They describe various risks and uncertainties we are or may become subject to, many of which are difficult to predict [removed: or] [added: and] beyond our control.

Risks Related to our Business [removed: Operations][added: and our Industry]

Our homebuilding, rental and land development operations are cyclical and [added: significantly] affected by changes in economic, real estate or other conditions that could adversely affect our business and financial results.

In [removed: response] [added: an effort] to [removed: increased] [added: lower the rate of] inflation, the Federal Reserve [removed: has] raised interest rates [removed: significantly in recent years, which, notwithstanding the recent reduction,] [added: significantly, which] has resulted in higher mortgage interest rates.

Our homebuilding operations utilize a [removed: $2.19] [added: $2.305] billion senior unsecured revolving credit facility with an uncommitted accordion feature that could increase the size of the facility to $3.0 billion, subject to certain conditions and availability of additional bank commitments.

Our homebuilding revolving credit facility and our homebuilding senior [removed: unsecured] notes are guaranteed by D.R. Horton, Inc.’s significant [removed: wholly-owned] [added: wholly owned] homebuilding subsidiaries.

[added: As of September 30, 2025,] Forestar [removed: has] [added: had] a [removed: $410] [added: $640] million senior unsecured revolving credit facility with an uncommitted accordion feature that could increase the size of the facility to [removed: $600 million,] [added: $1.0 billion,] subject to certain conditions and availability of additional bank commitments.

The maturity date of the [added: committed mortgage repurchase] facility is [removed: October 28,] [added: May 6,] 2026.

The Forestar revolving credit facility is guaranteed by Forestar’s [removed: wholly-owned] [added: wholly owned] subsidiaries that are not immaterial subsidiaries and have not been designated as unrestricted subsidiaries.

The rental revolving credit facility is guaranteed by DRH Rental’s [removed: wholly-owned] [added: wholly owned] subsidiaries that are not immaterial subsidiaries and have not been designated as unrestricted subsidiaries.

Our mortgage subsidiary, DHI Mortgage, utilizes a [removed: $1.6] [added: $1.4] billion committed mortgage repurchase facility to finance the majority of the loans it originates.

DHI Mortgage also utilizes an uncommitted mortgage repurchase facility, which had a capacity of $500 million at September 30, [removed: 2024.][added: 2025.]

We regularly assess our projected capital requirements to fund growth in our business, repay debt obligations, pay dividends, repurchase our common stock under our [removed: $4.0] [added: $5.0] billion stock repurchase authorization and support other general corporate and operational needs, and we regularly evaluate our opportunities to raise additional capital.

Forestar also has an effective shelf registration statement filed with the SEC in September 2024, registering $750 million of equity [removed: securities.][added: securities, of which $300 million is reserved for sales under its at-the-market equity offering program that was entered into in November 2024.]

During fiscal [removed: 2024,] [added: 2025,] approximately [removed: 73%] [added: 71%] of our mortgage loans were sold directly to Fannie Mae, Freddie Mac or into securities backed by Ginnie Mae, and [removed: 26%] [added: 27%] were sold to one other major financial entity.

[removed: During] [added: In] the [removed: last few years,] [added: recent past,] we experienced multiple disruptions in our supply chain, which resulted in shortages of certain building materials and tightness in the labor market.

[removed: We began to see improvements in our] [added: Our] construction cycle [removed: time in fiscal 2023 and our cycle] times have [added: since improved and] recently normalized; however, if shortages and cost increases in building materials and tightness in the labor market increase, our construction cycle time and profit margins could be adversely impacted.

In addition, [added: newly imposed or increased] tariffs, duties and/or trade [removed: restrictions] [added: restrictions, such as those] imposed [removed: or increased] [added: 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.

In the event of a widespread, prolonged, actual or perceived outbreak of any contagious disease, [removed: such as COVID-19,] our operations could be negatively impacted.

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 [removed: operations and which have experienced recent natural disasters,] [added: operations,] present increased risks of adverse weather or natural [removed: disasters.][added: disasters, such as wildfires and hurricanes.]

[removed: Homebuilding] [added: Our business] is subject to home warranty and construction defect claims [removed: in the ordinary course of business] [added: and other litigation] that can be significant.

At September 30, [removed: 2024,] [added: 2025,] we had $3.5 billion of outstanding surety bonds.

Further, existing and prospective regulatory and societal initiatives intended to reduce potential climate change impacts may [removed: increase the] [added: lead to higher] upfront costs of purchasing a home, [removed: costs] [added: increased expenses] to maintain the home and its [removed: systems,] [added: systems and greater ongoing] energy and utility [removed: costs and the cost to obtain homeowner and various hazard and flood insurance, or limit homeowners’ ability to obtain these insurance policies altogether.][added: costs.]

Although these [removed: items] [added: factors] have [added: not] had [removed: no] [added: a] material effect on our [removed: business,] [added: business to date,] they could adversely [removed: affect] [added: impact] our business in the future.

Information technology failures, [removed: data security breaches,] [added: cybersecurity incidents,] and the failure to satisfy privacy and data protection laws and regulations could harm our business.

We use information technology and other computer [removed: resources] [added: resources, including artificial intelligence,] to carry out important operational and marketing activities and to maintain our business records.

These information technology systems are dependent upon global communications providers, web browsers, third-party software and data storage providers and other aspects of the Internet infrastructure that have experienced [removed: security breaches, cyber] [added: cybersecurity] incidents, [removed: ransomware attacks,] significant systems failures and service outages in the past.

Additionally, phishing attacks, whereby perpetrators attempt to fraudulently induce employees, customers, vendors or other users of a company’s systems to disclose [removed: sensitive] [added: personal] information to gain access to its data, have increased significantly in recent years.

The use of remote work environments and virtual platforms may increase our risk of cyber incidents [removed: or data security breaches.][added: that could compromise our data.]

Further, geopolitical tensions or conflicts may create a heightened risk of [removed: cyber incidents or other data security breaches.][added: these incidents.]

The unintended or unauthorized disclosure of personal identifying and confidential information as a result of a [removed: security breach] [added: cybersecurity incident] by any means could lead to litigation or other proceedings against us by the affected individuals or business partners, or by regulators.

We may also be required to incur significant costs to protect against damages caused by information technology failures, [removed: security breaches,] [added: cybersecurity incidents,] and the failure to satisfy [removed: privacy and] [added: privacy,] data [removed: protection] [added: protection, and artificial intelligence] laws and regulations in the future as legal requirements continue to increase.

The European Union and other international regulators, as well as state governments, have enacted or enhanced [added: privacy,] data [removed: privacy] [added: protection, and artificial intelligence] regulations, such as the California Privacy Rights [added: Act and the Colorado Privacy] Act, and other governments are considering establishing similar or stronger protections.

[removed: These] [added: Among other things, these] regulations impose certain obligations for handling specified personal information in our systems, including notifying individuals regarding information we have collected from them.

Any loss of [removed: sensitive] [added: personal] information and failure to comply with these requirements or other applicable laws and regulations in this area could result in substantial penalties, reputational damage or litigation.

Although past cybersecurity incidents have not had a material effect on our business or operations to date, in the future, a [removed: data security breach, a] significant and extended disruption in the functioning of our information technology systems or a breach of any of our data security controls could disrupt our business operations, damage our reputation and cause us to lose customers.

We cannot provide assurances that a [removed: security breach,] cyber incident, [added: including] data theft or other significant systems or security failures will not occur in the future, and such occurrences could have a material and adverse effect on our consolidated results of operations or financial position.

Additionally, actual or perceived [removed: ESG and other] sustainability matters and our response to these matters could harm our business.

Increasing governmental and societal attention to [removed: ESG] [added: sustainability] matters, including expanding mandatory and voluntary reporting, diligence and disclosure on topics such as climate change, human capital, labor, cybersecurity and risk oversight, could expand the nature, [removed: scope,] [added: scope] and complexity of matters that we are required to control, assess and report.

[removed: Though these rules are currently being challenged in legal proceedings and their effectiveness has been stayed by] [added: In March 2025,] the [removed: SEC, these rules,] [added: SEC terminated its defense of the rules; however,] if they become effective, [added: they] would require public companies to make a wide range of climate-related disclosures.

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The facility includes bank commitments of $2.04 billion maturing on December 18, 2029 and $265 million maturing on October 28, 2027.

In October 2025, Forestar utilized the accordion feature and increased the size of its revolving credit facility to $665 million through an additional commitment.

The facility includes bank commitments of $600 million maturing on December 18, 2029 and $65 million maturing on October 28, 2026.

Borrowings under the revolving credit facility are subject to a borrowing base calculation based on the book value of Forestar’s real estate assets and unrestricted cash.

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In addition, other types of lawsuits, claims and proceedings have been and may in the future be instituted or asserted against us.

Some of these claims may result in significant defense costs and potentially significant judgments against us, some of which are not, or cannot be, insured against.

We intend to defend ourselves vigorously in any litigation that has been or may be instituted or asserted against us; however, litigation is inherently uncertain and we cannot be certain of the ultimate outcomes of any claims that have arisen or may arise.

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Additionally, in certain regions, the cost to obtain homeowner and various hazard and flood insurance has risen significantly in recent years, reflecting the increasing frequency and severity of damage caused by severe weather and natural disasters.

In some areas, these events have limited the ability of homeowners to secure insurance coverage.

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These rules were subsequently challenged in legal proceedings, and their effectiveness was stayed by the SEC pending judicial review.

Changes in income tax and securities laws could adversely affect our business and financial results.

We are subject to income taxes at the federal, state and local levels, and any changes in tax legislation could adversely affect our future effective tax rates and the value of our deferred tax assets.

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The maturity date of the facility is October 28, 2027.

The maturity date of the committed mortgage repurchase facility is May 9, 2025.

This section discusses the results of operations for fiscal [removed: 2024] [added: 2025] compared to [removed: 2023.][added: 2024.]

For similar operating and financial data and discussion of our fiscal [removed: 2023] [added: 2024] results compared to our fiscal [removed: 2022] [added: 2023] results, refer to Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” under Part II of our annual report on Form 10-K for the fiscal year ended September 30, [removed: 2023,] [added: 2024,] which was filed with the SEC on November [removed: 17, 2023.][added: 19, 2024.]

Fiscal [removed: 2024] [added: 2025] Operating Results

In fiscal [removed: 2024,] [added: 2025,] our number of homes closed and [added: our] home sales revenues [removed: increased 8%] [added: decreased 5%] and 7%, respectively, compared to the prior year, and our consolidated revenues [removed: increased 4%] [added: decreased 7%] to [removed: $36.8] [added: $34.3] billion compared to [removed: $35.5 billion in the prior year.][added: $36.8 billion.]

Our pre-tax income was [added: $4.7 billion in fiscal 2025 compared to] $6.3 billion in [removed: both] fiscal [removed: 2024 and 2023,] [added: 2024,] and our pre-tax operating margin was [removed: 17.1%] [added: 13.8%] compared to [removed: 17.8%.][added: 17.1%.]

Net income was [added: $3.6 billion in fiscal 2025 compared to] $4.8 billion in [removed: both years,] [added: fiscal 2024,] and our diluted earnings per share [removed: was $14.34] [added: were $11.57] compared to [removed: $13.82.][added: $14.34.]

Consolidated net cash provided by operating activities was [removed: $2.2] [added: $3.4] billion in fiscal [removed: 2024] [added: 2025] and [removed: $4.3] [added: $2.2] billion in fiscal [removed: 2023,] [added: 2024,] and cash provided by our homebuilding operations was [removed: $2.2] [added: $3.4] billion in fiscal [removed: 2024] [added: 2025] compared to [removed: $3.1] [added: $2.2] billion in fiscal [removed: 2023.][added: 2024.]

In fiscal [removed: 2024,] [added: 2025,] our return on equity (ROE) was [removed: 19.9%] [added: 14.6%] compared to [removed: 22.7%] [added: 19.9%] in fiscal [removed: 2023, our homebuilding pre-tax return on inventory (ROI) was 27.8% compared to 29.7%,] [added: 2024,] and our return on assets (ROA) was [removed: 13.9%] [added: 10.0%] compared to [removed: 15.1%.][added: 13.9%.]

We [removed: believe we are well-positioned] [added: strive] to [removed: meet changing market conditions] [added: remain well positioned] with [removed: our] affordable product offerings and [added: a flexible] lot supply and will [added: continue to] manage our home pricing, sales incentives and number of homes in inventory based on the level of [removed: homebuyer demand.][added: demand in each of our local markets.]

We expect our incentive levels to [removed: remain elevated, assuming similar] [added: stay elevated during fiscal 2026, the extent to which will depend on] market conditions and [removed: no significant] changes in mortgage interest rates.

We remain focused on our relationships with land developers across the country [removed: in order] to maximize [removed: our] returns and capital efficiency.

Within our homebuilding land and lot portfolio, [removed: our] lots controlled through purchase contracts [removed: represent 76%] [added: represented 75%] of the lots owned and controlled at September 30, [removed: 2024] [added: 2025] compared to [removed: 75%] [added: 76%] at September 30, [removed: 2023.][added: 2024.]

We [removed: are prioritizing] [added: continue to prioritize] the purchase of finished lots from Forestar and other land developers when possible.

During fiscal [removed: 2024, 63%] [added: 2025, 65%] of the homes we closed were on lots developed by either Forestar or a third [removed: party.][added: party compared to 63% in fiscal 2024.]

We believe our strong balance sheet and liquidity provide us with [removed: the] flexibility to operate effectively through changing economic conditions.

Our operating strategy focuses on consistently enhancing long-term value to our shareholders by leveraging our financial and competitive [removed: position] [added: positions] to maximize the returns on our inventory investments and generate [removed: consistent, sustainable profitability] [added: strong profits] and cash [removed: flows,] [added: flows from operations,] while managing risk and maintaining financial flexibility to navigate changing economic conditions.

- Investing in [removed: the construction and leasing of single-family and multi-family] [added: our] rental [removed: properties] [added: operations] to meet rental demand in high growth suburban markets and selling these properties profitably.

However, we cannot provide any [removed: assurances] [added: assurance] that the initiatives listed above will continue to be successful, and we may need to adjust parts of our strategy to meet future market conditions.

Key financial results as of and for our fiscal year ended September 30, [removed: 2024,] [added: 2025,] as compared to fiscal [removed: 2023,] [added: 2024,] were as follows:

- Consolidated revenues [removed: increased 4%] [added: decreased 7%] to [removed: $36.8] [added: $34.3] billion compared to [removed: $35.5] [added: $36.8] billion.

- Consolidated pre-tax income [removed: was $6.3] [added: decreased 25% to $4.7] billion [removed: in both years.][added: compared to $6.3 billion.]

- Consolidated pre-tax income was [removed: 17.1%] [added: 13.8%] of consolidated revenues compared to [removed: 17.8%.][added: 17.1%.]

- Income tax expense was [removed: $1.5] [added: $1.1] billion [removed: in both years,] [added: compared to $1.5 billion,] and our effective tax rate was [removed: 23.5%] [added: 23.6%] compared to [removed: 24.1%.][added: 23.5%.]

- Net income attributable to D.R. Horton was [removed: $4.8] [added: $3.6] billion compared to [removed: $4.7] [added: $4.8] billion.

- [removed: Diluted net] [added: Net] income [removed: per common share] attributable to D.R. Horton [removed: increased 4%] [added: per diluted share decreased 19%] to [removed: $14.34] [added: $11.57] compared to [removed: $13.82.][added: $14.34.]

- Net cash provided by operations was [removed: $2.2] [added: $3.4] billion compared to [removed: $4.3] [added: $2.2] billion.

- Stockholders’ equity was [removed: $25.3] [added: $24.2] billion compared to [removed: $22.7] [added: $25.3] billion.

- Book value per [removed: common] share increased to [removed: $78.12] [added: $82.15] compared to [removed: $67.78.][added: $78.12.]

- Debt to total capital was [removed: 18.9%] [added: 19.8%] compared to [removed: 18.3%,] [added: 18.9%,] and net debt to total capital was [removed: 5.2%] [added: 11.0%] compared to [removed: 5.1%.][added: 5.2%.]

- Homebuilding revenues [removed: increased] [added: decreased] 7% to [removed: $34.0] [added: $31.5] billion compared to [removed: $31.7] [added: $34.0] billion.

- Homes closed [removed: increased 8%] [added: decreased 5%] to [removed: 89,690] [added: 84,863] homes, [removed: while] [added: and] the average closing price of those homes decreased [removed: 1%] [added: 2%] to [removed: $378,000.][added: $370,400.]

- Net sales orders [removed: increased 10%] [added: decreased 4%] to [removed: 86,561] [added: 83,423] homes, and the value of net sales orders [removed: increased 11%] [added: decreased 6%] to [removed: $32.7] [added: $30.8] billion.

- Sales order backlog decreased [removed: 20%] [added: 11%] to [removed: 12,180] [added: 10,785] homes, and the value of sales order backlog decreased [removed: 19%] [added: 14%] to [removed: $4.8] [added: $4.1] billion.

- Home sales gross margin was [removed: 23.5% in both years.][added: 21.5% compared to 23.5%.]

- Homebuilding SG&A expense was [removed: 7.5%] [added: 8.3%] of homebuilding revenues compared to [removed: 7.1%.][added: 7.5%.]

- Homebuilding pre-tax income was [removed: $5.5] [added: $4.1] billion compared to [removed: $5.3] [added: $5.5] billion.

- Homebuilding pre-tax income was [removed: 16.1%] [added: 13.1%] of homebuilding revenues compared to [removed: 16.6%.][added: 16.1%.]

- Net cash provided by homebuilding operations was [removed: $2.2] [added: $3.4] billion compared to [removed: $3.1] [added: $2.2] billion.

- Homebuilding cash and cash equivalents totaled [removed: $3.6] [added: $2.2] billion compared to [removed: $2.9] [added: $3.6] billion.

- Homebuilding inventories totaled [removed: $20.0] [added: $20.3] billion compared to [removed: $18.2] [added: $20.0] billion.

During fiscal 2025, new home demand continued to be impacted by ongoing affordability constraints and cautious consumer sentiment.

As a result, the value of our net sales orders and homebuilding revenues in fiscal 2025 decreased 6% and 7%, respectively, compared to fiscal 2024, and our home sales gross margin decreased to 21.5% as we increased sales incentives, such as buydowns of mortgage rates for our homebuyers.

We expect to maintain an elevated level of sales incentives to support demand and may increase them further, depending on market conditions and changes in mortgage interest rates.

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- Forestar’s revenue from tract acres sold increased to $103.5 million compared to $27.0 million, of which $91.2 million and $15.2 million, respectively, related to acreage sold to D.R. Horton.

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| Northwest | | | | | | 4,938 | | | | | | 5,391 | | | | | | (8) | | % | | | | $ | 2,679.2 | | | | | $ | 2,750.8 | | | | | (3) | | % | | | | $ | 542,600 | | | | | $ | 510,300 | | | | | 6 | | % |

| East | | | | | | 17,290 | | | | | | 16,425 | | | | | | 5 | | % | | | | 5,958.3 | | | | | | 5,830.8 | | | | | | 2 | | % | | | | 344,600 | | | | | | 355,000 | | | | | | (3) | | % |

| North | | | | | | 10,170 | | | | | | 9,272 | | | | | | 10 | | % | | | | 4,315.9 | | | | | | 3,876.1 | | | | | | 11 | | % | | | | 424,400 | | | | | | 418,000 | | | | | | 2 | | % |

| | | | | | | 83,423 | | | | | | 86,561 | | | | | | (4) | | % | | | | $ | 30,760.5 | | | | | $ | 32,714.0 | | | | | (6) | | % | | | | $ | 368,700 | | | | | $ | 377,900 | | | | | (2) | | % |

_______________

| | | | | | | 2025 | | | | | | 2024 | | | | | | 2025 | | | | | | 2024 | | | | | | 2025 | | | | | | 2024 | | |

| | | | | | | 18,098 | | | | | | 19,011 | | | | | | $ | 6,833.0 | | | | | $ | 7,165.7 | | | | | 18 | | % | | | | 18 | | % |

_______________

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The value of net sales orders was $30.8 billion (83,423 homes) in fiscal 2025 compared to $32.7 billion (86,561 homes) in fiscal 2024.

The decrease in value was primarily attributable to a 4% decrease in sales order volume, along with a 2% decrease in the average selling price.

In regions where sales order volume decreased, the markets contributing most to the decrease in fiscal 2025 were the Salt Lake City market in the Northwest, the Phoenix and California markets in the Southwest, the Dallas and Fort Worth markets in the South Central and the Florida markets (particularly Tampa and Jacksonville) in the Southeast.

During fiscal 2025, new home demand continued to be impacted by ongoing affordability constraints and cautious consumer sentiment.

We remain well positioned with affordable product offerings and a flexible lot supply and will continue to manage our home pricing, sales incentives and number of homes in inventory based on the level of new home demand in each of our local markets.

| Northwest | | | | | | 476 | | | | | | 535 | | | | | | (11) | | % | | | | $ | 277.8 | | | | | $ | 284.2 | | | | | (2) | | % | | | | $ | 583,600 | | | | | $ | 531,200 | | | | | 10 | | % |

| Southwest | | | | | | 1,035 | | | | | | 1,214 | | | | | | (15) | | % | | | | 486.4 | | | | | | 623.6 | | | | | | (22) | | % | | | | 470,000 | | | | | | 513,700 | | | | | | (9) | | % |

| Southeast | | | | | | 2,405 | | | | | | 3,095 | | | | | | (22) | | % | | | | 821.9 | | | | | | 1,135.5 | | | | | | (28) | | % | | | | 341,700 | | | | | | 366,900 | | | | | | (7) | | % |

| North | | | | | | 2,111 | | | | | | 1,883 | | | | | | 12 | | % | | | | 941.4 | | | | | | 842.3 | | | | | | 12 | | % | | | | 445,900 | | | | | | 447,300 | | | | | | — | | % |

| | | | | | | 10,785 | | | | | | 12,180 | | | | | | (11) | | % | | | | $ | 4,120.1 | | | | | $ | 4,770.3 | | | | | (14) | | % | | | | $ | 382,000 | | | | | $ | 391,700 | | | | | (2) | | % |

| | | | | | | 2025 | | | | | | 2024 | | | | | | % Change | | | | | | 2025 | | | | | | 2024 | | | | | | % Change | | | | | | 2025 | | | | | | 2024 | | | | | | % Change | | |

| Northwest | | | | | | 4,997 | | | | | | 5,403 | | | | | | (8) | | % | | | | $ | 2,685.7 | | | | | $ | 2,744.6 | | | | | (2) | | % | | | | $ | 537,500 | | | | | $ | 508,000 | | | | | 6 | | % |

| East | | | | | | 17,711 | | | | | | 17,062 | | | | | | 4 | | % | | | | 6,131.1 | | | | | | 6,070.9 | | | | | | 1 | | % | | | | 346,200 | | | | | | 355,800 | | | | | | (3) | | % |

| North | | | | | | 9,942 | | | | | | 8,920 | | | | | | 11 | | % | | | | 4,216.7 | | | | | | 3,681.8 | | | | | | 15 | | % | | | | 424,100 | | | | | | 412,800 | | | | | | 3 | | % |

| | | | | | | 84,863 | | | | | | 89,690 | | | | | | (5) | | % | | | | $ | 31,432.0 | | | | | $ | 33,903.6 | | | | | (7) | | % | | | | $ | 370,400 | | | | | $ | 378,000 | | | | | (2) | | % |

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

The decrease in revenues was primarily attributable to a 5% decrease in closings volume, along with a 2% decrease in the average selling price.

In regions where homes closed decreased, the markets contributing most were the Salt Lake City market in the Northwest, the Phoenix and California markets in the Southwest, the Dallas and Fort Worth markets in the South Central and the Florida markets (particularly Tampa and Jacksonville) in the Southeast.

| | | | | | | 2025 | | | | | | 2024 | | |

Gross profit from home sales decreased to $6.8 billion in fiscal 2025 from $8.0 billion in fiscal 2024 and decreased 200 basis points to 21.5% as a percentage of home sales revenues.

The percentage decrease resulted from a decrease of 170 basis points due to the average cost of our homes closed increasing along with a decrease in the average selling price of those homes, 20 basis points due to an increase in warranty and construction defect costs and 10 basis points due to an increase in the amortization of capitalized interest.

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

Business Acquisition

Homebuilding ROI is calculated as homebuilding pre-tax income for the year divided by average inventory, where average inventory is the sum of ending homebuilding inventory balances for the trailing five quarters divided by five.

Despite elevated mortgage interest rates and inflationary pressures during fiscal 2024, demand for new homes remained solid, and our net sales orders increased 10% compared to fiscal 2023.

The disruptions in the supply chain for certain building materials and tightness in the labor market we experienced in recent years have largely subsided, and our average construction cycle time has returned to historical norms.

The supply of both new and existing homes at affordable price points is still limited, and demographics supporting housing demand remain favorable; however, we are continuing to use incentives and pricing adjustments to adapt to current market conditions.

- Homebuilding pre-tax return on inventory was 27.8% compared to 29.7%.

| Northwest | | | | | | 5,391 | | | | | | 4,622 | | | | | | 17 | | % | | | | $ | 2,750.8 | | | | | $ | 2,425.1 | | | | | 13 | | % | | | | $ | 510,300 | | | | | $ | 524,700 | | | | | (3) | | % |

| East | | | | | | 16,425 | | | | | | 15,013 | | | | | | 9 | | % | | | | 5,830.8 | | | | | | 5,361.4 | | | | | | 9 | | % | | | | 355,000 | | | | | | 357,100 | | | | | | (1) | | % |

| North | | | | | | 9,272 | | | | | | 7,838 | | | | | | 18 | | % | | | | 3,876.1 | | | | | | 3,170.4 | | | | | | 22 | | % | | | | 418,000 | | | | | | 404,500 | | | | | | 3 | | % |

| | | | | | | 86,561 | | | | | | 78,342 | | | | | | 10 | | % | | | | $ | 32,714.0 | | | | | $ | 29,527.9 | | | | | 11 | | % | | | | $ | 377,900 | | | | | $ | 376,900 | | | | | — | | % |

_____________

| | | | | | | 2024 | | | | | | 2023 | | | | | | 2024 | | | | | | 2023 | | | | | | 2024 | | | | | | 2023 | | |

| | | | | | | 19,011 | | | | | | 19,793 | | | | | | $ | 7,165.7 | | | | | $ | 7,594.9 | | | | | 18 | | % | | | | 20 | | % |

The number of net sales orders increased 10% during 2024 compared to 2023, and the value of net sales orders increased 11% to $32.7 billion (86,561 homes) in 2024 from $29.5 billion (78,342 homes) in 2023.

The average selling price of net sales orders during 2024 was $377,900, up slightly from the prior year.

Our sales order cancellation rate (cancelled sales orders divided by gross sales orders for the period) was 18% in 2024 compared to 20% in 2023.

| Northwest | | | | | | 535 | | | | | | 547 | | | | | | (2) | | % | | | | $ | 284.2 | | | | | $ | 278.1 | | | | | 2 | | % | | | | $ | 531,200 | | | | | $ | 508,400 | | | | | 4 | | % |

| Southwest | | | | | | 1,214 | | | | | | 1,407 | | | | | | (14) | | % | | | | 623.6 | | | | | | 681.3 | | | | | | (8) | | % | | | | 513,700 | | | | | | 484,200 | | | | | | 6 | | % |

| Southeast | | | | | | 3,095 | | | | | | 4,816 | | | | | | (36) | | % | | | | 1,135.5 | | | | | | 1,873.7 | | | | | | (39) | | % | | | | 366,900 | | | | | | 389,100 | | | | | | (6) | | % |

| North | | | | | | 1,883 | | | | | | 1,458 | | | | | | 29 | | % | | | | 842.3 | | | | | | 617.7 | | | | | | 36 | | % | | | | 447,300 | | | | | | 423,700 | | | | | | 6 | | % |

| | | | | | | 12,180 | | | | | | 15,197 | | | | | | (20) | | % | | | | $ | 4,770.3 | | | | | $ | 5,923.3 | | | | | (19) | | % | | | | $ | 391,700 | | | | | $ | 389,800 | | | | | — | | % |

| Northwest | | | | | | 5,403 | | | | | | 4,799 | | | | | | 13 | | % | | | | $ | 2,744.6 | | | | | $ | 2,574.1 | | | | | 7 | | % | | | | $ | 508,000 | | | | | $ | 536,400 | | | | | (5) | | % |

| East | | | | | | 17,062 | | | | | | 14,718 | | | | | | 16 | | % | | | | 6,070.9 | | | | | | 5,323.9 | | | | | | 14 | | % | | | | 355,800 | | | | | | 361,700 | | | | | | (2) | | % |

| North | | | | | | 8,920 | | | | | | 7,749 | | | | | | 15 | | % | | | | 3,681.8 | | | | | | 3,141.7 | | | | | | 17 | | % | | | | 412,800 | | | | | | 405,400 | | | | | | 2 | | % |

| | | | | | | 89,690 | | | | | | 82,917 | | | | | | 8 | | % | | | | $ | 33,903.6 | | | | | $ | 31,641.0 | | | | | 7 | | % | | | | $ | 378,000 | | | | | $ | 381,600 | | | | | (1) | | % |

The number of homes closed increased 8% compared to the prior year.

The average selling price of homes closed during 2024 was $378,000, down 1% from the prior year.

| | | | | | | 2024 | | | | | | 2023 | | |

Gross profit from home sales increased to $8.0 billion in 2024 from $7.4 billion in 2023 and was 23.5% of home sales revenues in both years.

These costs increased 10% in fiscal 2024 from the prior year.

| | | | | | | 2024 | | | | | | | | | | | | | | | | | | 2023 | | | | | | | | | | | | | | |

| | | | | | | $ | 33,961.8 | | | | | $ | 5,455.1 | | | | | 16.1 | | % | | | | $ | 31,743.2 | | | | | $ | 5,266.3 | | | | | 16.6 | | % |

________

*South Central Region* — Homebuilding revenues increased 1% in fiscal 2024 compared to fiscal 2023.

*Southeast Region* — Homebuilding revenues increased 1% in fiscal 2024 compared to fiscal 2023.

Home sales gross profit percentage increased by 290 basis points in 2024 compared to 2023, primarily due to the average cost of homes closed decreasing while the average selling price of those homes increased.

| | | | September 30, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Northwest | | | $ | 819.5 | | | | | $ | 1,087.5 | | | | | $ | — | | | | | $ | 0.5 | | | | | $ | 1,907.5 | |

| Southwest | | | 1,280.0 | | | | | | 1,845.0 | | | | | | 6.7 | | | | | | 1.3 | | | | | | 3,133.0 | | |

| South Central | | | 2,040.2 | | | | | | 1,769.6 | | | | | | 0.3 | | | | | | 0.4 | | | | | | 3,810.5 | | |

| Southeast | | | 2,390.5 | | | | | | 1,549.8 | | | | | | 13.2 | | | | | | 5.0 | | | | | | 3,958.5 | | |

The fair value change related to [removed: the] hedging instruments generally offsets the fair value change in the uncommitted loans.

The net fair value change, which for the years ended September 30, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] was not significant, is recognized in current earnings.

At September 30, [removed: 2024,] [added: 2025,] hedging instruments used to mitigate interest rate risk related to uncommitted mortgage loans held for sale and uncommitted IRLCs totaled a notional amount of [removed: $3.8] [added: $4.2] billion.

Uncommitted IRLCs totaled a notional amount of approximately $2.0 billion and uncommitted mortgage loans held for sale totaled a notional amount of approximately [removed: $1.9] [added: $2.3] billion at September 30, [removed: 2024.][added: 2025.]

At September 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] we had MBS totaling [removed: $637.9] [added: $677.5] million and [removed: $1.1 billion,] [added: $637.9 million,] respectively, that did not yet have IRLCs or closed loans created or assigned and recorded an asset of [removed: $2.4] [added: $1.9] million and [removed: $15.7] [added: $2.4] million, respectively, for the fair value of such MBS position.

The following table sets forth principal cash flows by scheduled maturity, effective weighted average interest rates and estimated fair value of our debt obligations as of September 30, [removed: 2024.][added: 2025.]

The interest rate for our variable rate debt represents the weighted average interest rate in effect at September 30, [removed: 2024.][added: 2025.]

| | | | | | | Fiscal Year Ending September 30, | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value at September 30, [removed: 2024] [added: 2025] | | |

| | | | | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2026] [added: 2027] | | | | | | [removed: 2027] [added: 2028] | | | | | | [removed: 2028] [added: 2029] | | | | | | [removed: 2029] [added: 2030] | | | | | | Thereafter | | | | | | Total | | | | | | | | |

| Average interest rate | | | | | | [removed: 3.1] [added: 4.9] | | % | | | | [removed: 3.4] [added: 1.5] | | % | | | | [removed: 1.5] [added: 3.0] | | % | | | | [removed: 3.0] [added: 6.0] | | % | | | | [removed: 6.0] [added: —] | | % | | | | [removed: 5.3] [added: 5.7] | | % | | | | [removed: 3.3] [added: 4.5] | | % | | | | | | |

| Fixed rate | | | | | | $ | 168.3 | | | | | $ | 604.7 | | | | | $ | 800.0 | | | | | $ | 17.5 | | | | | $ | — | | | | | $ | 2,400.0 | | | | | $ | 3,990.5 | | | | | $ | 4,001.6 | |

| Variable rate | | | | | | $ | 1,408.3 | | | | | $ | — | | | | | $ | 600.0 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,008.3 | | | | | $ | 2,008.3 | |

| Average interest rate | | | | | | 5.7 | | % | | | | — | | % | | | | 6.2 | | % | | | | — | | % | | | | — | | % | | | | — | | % | | | | 5.9 | | % | | | | | | |

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

| Fixed rate | | | | | | $ | 633.6 | | | | | $ | 910.3 | | | | | $ | 600.4 | | | | | $ | 800.0 | | | | | $ | 17.5 | | | | | $ | 700.0 | | | | | $ | 3,661.8 | | | | | $ | 3,575.5 | |

| Variable rate | | | | | | $ | 1,533.8 | | | | | $ | — | | | | | $ | — | | | | | $ | 745.0 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,278.8 | | | | | $ | 2,278.8 | |

| Average interest rate | | | | | | 6.4 | | % | | | | — | | % | | | | — | | % | | | | 6.9 | | % | | | | — | | % | | | | — | | % | | | | 6.6 | | % | | | | | | |

We construct and sell homes through our operating divisions in [removed: 125] [added: 126] markets across 36 states.

[removed: Our common stock is included in the S&P 500 Index and listed on the New York Stock Exchange (NYSE) under the ticker symbol “DHI.”] Unless the context otherwise requires, the terms “D.R. Horton,” the “Company,” “we” and “our” used herein refer to D.R. Horton, Inc., a Delaware corporation, and its predecessors and subsidiaries.

We have expanded and diversified our homebuilding operations geographically over the years by investing capital and building teams of people in our existing markets, [removed: start-up] [added: starting new] operations in [removed: new] [added: additional] markets and [removed: acquisitions of] [added: acquiring] other homebuilding companies.

We have closed more than [removed: 1.1] [added: 1.2] million homes during our [removed: 46-year] [added: 47-year] history, and we have been the largest volume homebuilder in the United States [removed: each] [added: every] year since 2002.

[removed: Our homebuilding operations are] [added: Homebuilding is] our core business, generating 92% of consolidated revenues of [added: $34.3 billion and] $36.8 billion in fiscal [added: 2025 and] 2024, [added: respectively, and] 90% of consolidated revenues of $35.5 billion in fiscal [removed: 2023 and 95% of consolidated revenues of $33.5 billion in fiscal 2022.][added: 2023.]

[removed: Our homebuilding operations generate most] [added: Most] of [removed: their revenues] [added: our homebuilding revenue is generated] from the sale of completed homes and to a lesser extent from the sale of land and lots.

Approximately [removed: 87%] [added: 84%] of our home sales revenue in fiscal [removed: 2024] [added: 2025] was generated from the sale of single-family detached homes, with the remainder from the sale of attached homes, such as [removed: townhomes, duplexes] [added: townhomes] and [removed: triplexes.][added: duplexes.]

Our homes generally range in size from 1,000 to 4,000 square feet and in price from [removed: $200,000] [added: $250,000] to more than $1,000,000.

For the year ended September 30, [removed: 2024,] [added: 2025,] our homebuilding operations closed [removed: 89,690] [added: 84,863] homes with an average closing price of [removed: $378,000.][added: $370,400.]

The single-family rental operations construct and lease single-family homes within a community and [removed: then generally] market each community for a bulk sale of rental homes.

For the year ended September 30, [removed: 2024,] [added: 2025,] our rental operations closed [removed: 3,970] [added: 3,460] single-family rental homes and [removed: 2,202] [added: 2,947] multi-family rental units.

At September 30, [removed: 2024,] [added: 2025,] we owned 62% of the outstanding shares of Forestar Group Inc. (Forestar), a publicly traded residential lot development company listed on the NYSE [added: and NYSE Texas] under the ticker symbol “FOR.” Forestar operates across many of our homebuilding operating markets and is a key part of our homebuilding strategy to maintain relationships with land developers and [removed: to] control a large portion of our land and lot position through land purchase contracts.

For the year ended September 30, [removed: 2024,] [added: 2025,] Forestar sold [removed: 15,068 lots to homebuilders, including 13,267 lots] [added: 14,240 lots, of which 83% were] sold to D.R. Horton.

DHI Mortgage, our [removed: wholly-owned] [added: 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.

For the year ended September 30, [removed: 2024,] [added: 2025,] DHI Mortgage originated or brokered [removed: 70,693] [added: 68,982] mortgage loans.

Our [removed: wholly-owned] [added: wholly owned] subsidiary title companies [removed: serve as title insurance agents by providing] [added: issue] title insurance [removed: policies,] [added: policies and provide] examination, underwriting and closing services primarily to our homebuilding customers.

We make available, as soon as reasonably practicable, on our website, [removed: *www.drhorton.com*,] [added: www.drhorton.com,] all of our reports filed with or furnished to the Securities and Exchange Commission (SEC).

In addition to our SEC filings, our corporate governance documents, including our Code of Ethical Conduct for the Chief Executive Officer, Chief Financial Officer and senior financial officers, are available on the “Investor Relations” section of our website under [removed: “ESG.”] [added: “Corporate Governance.”] Our stockholders may also obtain these documents in paper format free of charge upon request made to our Investor Relations department.

Our homebuilding business operates in [removed: 125] [added: 126] markets across 36 states, which provides us with geographic diversification in our homebuilding inventory investments and our sources of revenues and earnings.

We believe our geographic diversification lowers our operational risks by mitigating the effects of local and regional economic cycles, and it also enhances our earnings potential by providing more diverse opportunities to invest in our [removed: business.][added: business and provide a strong platform for us to consolidate market share.]

| | | | | | | Portland/Salem | | | | | | Florida | | | | | | [removed: Fort Myers/Naples] [added: Cape Coral/Fort Myers] | | | | | | Iowa | | | | | | Des Moines | | |

| Utah | | | | | | Salt Lake [removed: City] [added: City/Provo/Ogden] | | | | | | | | | | | | [removed: Gainesville] [added: Deltona/Daytona Beach] | | | | | | | | | | | | Iowa City/Cedar Rapids | | |

| | | | | | | St. George | | | | | | | | | | | | [removed: Jacksonville] [added: Gainesville] | | | | | | Kansas/Missouri | | | | | | Kansas City | | |

| Washington | | | | | | Bremerton | | | | | | | | | | | | [removed: Lakeland] [added: Jacksonville] | | | | | | Kentucky | | | | | | Louisville | | |

| | | | | | | Central Washington | | | | | | | | | | | | [removed: Melbourne/Vero Beach] [added: Lakeland] | | | | | | Maryland | | | | | | Baltimore | | |

| | | | | | | Vancouver | | | | | | | | | | | | [removed: Panama City] [added: Palm Bay/Melbourne] | | | | | | Minnesota | | | | | | Minneapolis/St. Paul | | |

| | | | | | | | | | | | | | | | | | | [removed: Pensacola] [added: Panama City] | | | | | | Nebraska | | | | | | Omaha | | |

| | | | | | | Southwest Region | | | | | | | | | | | | [removed: Port St. Lucie] [added: Pensacola] | | | | | | New Jersey | | | | | | Northern New Jersey | | |

| Arizona | | | | | | Phoenix | | | | | | | | | | | | [removed: Tallahassee] [added: Port St. Lucie] | | | | | | | | | | | | Southern New Jersey | | |

| | | | | | | Tucson | | | | | | | | | | | | [removed: Tampa/Sarasota] [added: Tallahassee] | | | | | | Ohio | | | | | | Cincinnati/Dayton | | |

| | | | | | | Bay Area | | | | | | [removed: Louisiana] | | | | | | [removed: Baton Rouge] [added: West Palm Beach] | | | | | | Pennsylvania | | | | | | Central Pennsylvania | | |

| | | | | | | Los Angeles County | | | | | | [removed: Mississippi] | | | | | | [removed: Gulf Coast] [added: Lake Charles/Lafayette] | | | | | | | | | | | | Pittsburgh | | |

| | | | | | | Modesto/Merced/Stockton | | | | | | [added: Mississippi] | | | | | | [removed: Hattiesburg] [added: Gulf Coast] | | | | | | Virginia | | | | | | Northern Virginia | | |

| | | | | | | Redding/Chico/Yuba City | | | | | | | | | | | | [removed: Jackson] [added: Hattiesburg] | | | | | | | | | | | | Richmond | | |

| | | | | | | Riverside County | | | | | | | | | | | | [added: Jackson] | | | | | | | | | | | | Virginia Beach/Williamsburg | | |

| | | | | | | Sacramento | | | | | | | | | | | | [removed: East Region] | | | | | | | | | | | | Western Virginia | | |

| | | | | | | San Bernardino County | | | | | | [removed: Georgia] | | | | | | [removed: Atlanta] [added: East Region] | | | | | | West Virginia | | | | | | Eastern West Virginia | | |

| Hawaii | | | | | | Oahu | | | | | | [added: Georgia] | | | | | | [removed: Augusta] [added: Atlanta] | | | | | | | | | | | | Northern West Virginia | | |

| Nevada | | | | | | Las Vegas | | | | | | | | | | | | [removed: Central Georgia] [added: Augusta] | | | | | | Wisconsin | | | | | | Southeast Wisconsin | | |

| New Mexico | | | | | | Albuquerque | | | | | | | | | | | | [removed: Valdosta] [added: Savannah/Brunswick] | | | | | | | | | | | | | | |

Our common stock is included in the S&P 500 Index and listed on the New York Stock Exchange (NYSE) and NYSE Texas under the ticker symbol “DHI.” Our listing on NYSE Texas became effective in June 2025.

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

| California | | | | | | Bakersfield | | | | | | | | | | | | Tampa/Sarasota/Punta Gorda | | | | | | | | | | | | Columbus | | |

| | | | | | | Fresno/Tulare | | | | | | Louisiana | | | | | | Baton Rouge | | | | | | | | | | | | Philadelphia | | |

| | | | | | | Reno | | | | | | | | | | | | Central Georgia | | | | | | | | | | | | | | |

| | | | | | | Santa Fe | | | | | | | | | | | | Valdosta | | | | | | | | | | | | | | |

| Arkansas | | | | | | Little Rock | | | | | | | | | | | | Greensboro/Winston-Salem | | | | | | | | | | | | | | |

| | | | | | | Tulsa | | | | | | | | | | | | Wilmington | | | | | | | | | | | | | | |

| | | | | | | Austin | | | | | | | | | | | | Columbia | | | | | | | | | | | | | | |

| | | | | | | Corpus Christi | | | | | | | | | | | | Myrtle Beach | | | | | | | | | | | | | | |

| | | | | | | Houston | | | | | | | | | | | | Nashville | | | | | | | | | | | | | | |

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

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[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

We believe that when people feel included and have ample opportunities for professional growth, they bring forward a variety of perspectives and ideas that strengthen our company.

Additionally, our Leadership Development Program provides internal training designed to equip future leaders for roles across all areas of our operations.

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

Sustainability

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

| California | | | | | | Bakersfield | | | | | | | | | | | | Volusia County | | | | | | | | | | | | Columbus | | |

| | | | | | | Fresno/Tulare | | | | | | | | | | | | Lake Charles/Lafayette | | | | | | | | | | | | Philadelphia | | |

| | | | | | | Reno | | | | | | | | | | | | Savannah | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | Charlotte | | | | | | | | | | | | | | |

| Oklahoma | | | | | | Oklahoma City | | | | | | | | | | | | Wilmington | | | | | | | | | | | | | | |

| Texas | | | | | | Abilene | | | | | | | | | | | | Columbia | | | | | | | | | | | | | | |

| | | | | | | Beaumont | | | | | | | | | | | | Hilton Head | | | | | | | | | | | | | | |

| | | | | | | Dallas | | | | | | | | | | | | Knoxville | | | | | | | | | | | | | | |

| | | | | | | Houston | | | | | | | | | | | | Northeast Tennessee | | | | | | | | | | | | | | |

We believe diversity in the workplace produces unique perspectives and fresh ideas and helps us better serve our customers.

Environmental, Social & Governance (ESG)

- Diversity, equity and inclusion;

In addition to a [removed: stipulated monetary] [added: $400,000 civil] penalty, we agreed to complete a supplemental environmental project intended to provide a tangible environmental benefit.

The Consent Decree also provides for ongoing reporting obligations and stipulated penalties for [removed: any] future noncompliance with the Consent Decree in EPA Region 4.

We do not believe it is reasonably possible that [removed: any future obligations related to] this matter would result in a loss that would have a material effect on our consolidated financial position, results of operations or cash flows.

While the aggregate costs of the civil penalty, the project and stipulated penalties have exceeded $1 million, we do not believe it is reasonably possible that any future obligations related to this matter would result in a loss that would have a material effect on our consolidated financial position, results of operations or cash flows.

In September 2024, the Maryland Department of Environment (MDE) filed suit in the Circuit Court for Harford County, Maryland against D.R. Horton, Inc. and Forestar regarding various alleged stormwater compliance issues and violations at a project in Maryland dating from 2022 through 2024, seeking injunctive relief, including restoration of impacted waters, and civil penalties.

We are seeking to resolve these matters through further discussions with MDE.

On April 29, 2025, a verified stockholder of Forestar filed a derivative complaint in the Delaware Court of Chancery, on behalf of Forestar, against D.R. Horton, Inc., Forestar’s Executive Chairman, and certain of Forestar’s directors.

The complaint, which is captioned Mississippi Public Employees’ Retirement System v.

D.R. Horton, Inc., C.A. No. 2025-0465-MTZ, asserts claims for breach of fiduciary duty arising out of lot sale transactions between Forestar and D.R. Horton.

The complaint seeks judgment awarding Forestar damages against the defendants and awarding the plaintiff the costs and disbursements of the action, including reasonable attorneys’ and experts’ fees.

The Company disputes the allegations of wrongdoing in this matter.

The outcome of this lawsuit is uncertain; however, we do not anticipate this matter would have a material adverse effect on our business, financial condition, results of operations or liquidity.

Collectively, the cost of the penalty and the project is not expected to exceed $1 million.

For the Fiscal Year Ended September 30, [removed: 2024][added: 2025]

[removed: ][added: ]

As of March [removed: 28, 2024,] [added: 31, 2025,] the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was approximately [removed: $53.3] [added: $39.0] billion based on the closing price as reported on the New York Stock Exchange.

As of November [removed: 14, 2024,] [added: 13, 2025,] there were [removed: 321,169,526] [added: 292,060,538] shares of the registrant’s common stock outstanding.

Portions of the registrant’s definitive Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Stockholders are incorporated herein by reference (to the extent indicated) in Part III.

[removed: 2024] [added: 2025] ANNUAL REPORT ON FORM 10-K

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| [ITEM [removed: 15.](#i8ac8b4d73f884b87bfd847686ac03854_193)] [added: 15.](#ie5b7da964870462b8a4f7cc6551505a6_196)] | | | [Exhibits and Financial Statement [removed: Schedules](#i8ac8b4d73f884b87bfd847686ac03854_193)] [added: Schedules](#ie5b7da964870462b8a4f7cc6551505a6_196)] | | | [removed: [112](#i8ac8b4d73f884b87bfd847686ac03854_193)] [added: [110](#ie5b7da964870462b8a4f7cc6551505a6_196)] | | |

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

| | | | | | | | | | | | | NYSE Texas | | |

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

| | | | [PART I](#ie5b7da964870462b8a4f7cc6551505a6_10) | | | | | |

| | | | [PART II](#ie5b7da964870462b8a4f7cc6551505a6_34) | | | | | |

| | | | [PART III](#ie5b7da964870462b8a4f7cc6551505a6_175) | | | | | |

| | | | [PART IV](#ie5b7da964870462b8a4f7cc6551505a6_193) | | | | | |

| [ITEM 16.](#ie5b7da964870462b8a4f7cc6551505a6_199) | | | [10-K Summary](#ie5b7da964870462b8a4f7cc6551505a6_199) | | | [116](#ie5b7da964870462b8a4f7cc6551505a6_199) | | |

| [SIGNATURES](#ie5b7da964870462b8a4f7cc6551505a6_202) | | | | | | [117](#ie5b7da964870462b8a4f7cc6551505a6_202) | | |

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

| | | | [PART I](#i8ac8b4d73f884b87bfd847686ac03854_10) | | | | | |

| | | | [PART II](#i8ac8b4d73f884b87bfd847686ac03854_31) | | | | | |

| | | | [PART III](#i8ac8b4d73f884b87bfd847686ac03854_172) | | | | | |

| | | | [PART IV](#i8ac8b4d73f884b87bfd847686ac03854_190) | | | | | |

| [ITEM 16.](#i8ac8b4d73f884b87bfd847686ac03854_196) | | | [10-K Summary](#i8ac8b4d73f884b87bfd847686ac03854_196) | | | [117](#i8ac8b4d73f884b87bfd847686ac03854_196) | | |

| [SIGNATURES](#i8ac8b4d73f884b87bfd847686ac03854_199) | | | | | | [118](#i8ac8b4d73f884b87bfd847686ac03854_199) | | |

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

Our CIO has [removed: more than 35] [added: 36] years of experience working in information technology including roles in the commercial software development, healthcare, industrial and professional services sectors.

Our CSRO has [removed: more than 23] [added: 24] years of experience working in information technology and cybersecurity roles including software development, identity and access management projects, privilege account management and multi-factor authentication implementations.

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

We also own office buildings totaling approximately [removed: 1.8] [added: 2.1] million square feet, and we lease approximately [removed: 750,000] [added: 760,000] square feet of office space under leases expiring through [removed: August] [added: September] 2032.

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

Our common stock is listed on the NYSE [added: and NYSE Texas] under the symbol “DHI.” As of November [removed: 14, 2024,] [added: 13, 2025,] the closing price of our common stock [removed: on the NYSE] was [removed: $163.74,] [added: $143.40,] and there were approximately [removed: 240] [added: 228] holders of record.

In October [removed: 2024,] [added: 2025,] our Board of Directors approved a quarterly cash dividend of [removed: $0.40] [added: $0.45] per [removed: common] share, payable on November [removed: 19, 2024] [added: 20, 2025] to stockholders of record on November [removed: 12, 2024.][added: 13, 2025.]

We may repurchase shares of our common stock from time to time pursuant to our [removed: $4.0] [added: $5.0] billion common stock repurchase authorization, which was approved by our Board effective [removed: July 18, 2024] [added: April 17, 2025] and replaced our prior [removed: $1.5] [added: $4.0] billion [removed: common stock] repurchase authorization that was effective as of [removed: October 31, 2023.][added: July 18, 2024.]

During fiscal [removed: 2024,] [added: 2025,] we purchased [removed: 12.5] [added: 30.7] million shares of our common stock at a total cost, including commissions and excise taxes, of [removed: $1.8] [added: $4.3] billion, of which [removed: $1.4] [added: $2.6] billion was repurchased under [added: the] previous [removed: authorizations.][added: authorization.]

At September 30, [removed: 2024,] [added: 2025,] there was [removed: $3.6] [added: $3.3] billion remaining on the repurchase authorization.

The following table sets forth information concerning our common stock repurchases during the three months ended September 30, [removed: 2024.][added: 2025.]

Shares repurchased in July [removed: 2024] [added: 2025] included [removed: 1,404,544] [added: 1,236,092] shares purchased pursuant to a trading plan under Rule 10b5-1 of the Exchange Act.

During fiscal years [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022,] [added: 2023,] we did not sell any equity securities that were not registered under the Securities Act of 1933, as amended (Securities Act).

The following graph illustrates the cumulative total stockholder return on D.R. Horton common stock for the last five fiscal years through September 30, [removed: 2024,] [added: 2025,] compared to the S&P 500 Index and the S&P 1500 Homebuilding Index.

The comparison assumes a hypothetical investment in D.R. Horton common stock and in each of the foregoing indices of $100 at September 30, [removed: 2019] [added: 2020] and assumes that all dividends were reinvested.

[removed: ][added: ]

| | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2024] [added: 2025] | | |

| July 2025 | | | | | | 2,599,304 | | | | | | $ | 140.69 | | | | | 2,599,304 | | | | | | $ | 3,607.1 | |

| August 2025 | | | | | | 1,529,310 | | | | | | 160.98 | | | | | | 1,529,310 | | | | | | 3,360.9 | | |

| September 2025 | | | | | | 432,700 | | | | | | 177.77 | | | | | | 432,700 | | | | | | 3,284.0 | | |

| Total | | | | | | 4,561,314 | | | | | | $ | 151.01 | | | | | 4,561,314 | | | | | | $ | 3,284.0 | |

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

| D.R. Horton, Inc. | | | $ | 100.00 | | | | | $ | 112.08 | | | | | $ | 90.89 | | | | | $ | 146.46 | | | | | $ | 262.12 | | | | | $ | 235.46 | |

| S&P 500 Index | | | 100.00 | | | | | | 130.00 | | | | | | 109.89 | | | | | | 133.65 | | | | | | 182.23 | | | | | | 214.30 | | |

| S&P 1500 Homebuilding Index | | | 100.00 | | | | | | 112.30 | | | | | | 88.95 | | | | | | 145.19 | | | | | | 256.82 | | | | | | 218.81 | | |

| July 2024 (1) | | | | | | 1,985,844 | | | | | | $ | 151.73 | | | | | 1,985,844 | | | | | | $ | 3,896.6 | |

| August 2024 | | | | | | 1,155,312 | | | | | | 178.73 | | | | | | 1,155,312 | | | | | | 3,690.1 | | |

| September 2024 | | | | | | 281,800 | | | | | | 189.71 | | | | | | 281,800 | | | | | | 3,636.7 | | |

| Total | | | | | | 3,422,956 | | | | | | $ | 163.97 | | | | | 3,422,956 | | | | | | $ | 3,636.7 | |

_________________________

(1)Our $4.0 billion common stock repurchase authorization was in effect for much of the quarter; however, share repurchases in July 2024 included 1,404,544 shares purchased for $197.9 million under the previous authorization.

| D.R. Horton, Inc. | | | $ | 100.00 | | | | | $ | 145.26 | | | | | $ | 162.81 | | | | | $ | 132.03 | | | | | $ | 212.75 | | | | | $ | 380.76 | |

| S&P 500 Index | | | 100.00 | | | | | | 115.15 | | | | | | 149.70 | | | | | | 126.54 | | | | | | 153.89 | | | | | | 209.83 | | |

| S&P 1500 Homebuilding Index | | | 100.00 | | | | | | 133.20 | | | | | | 149.58 | | | | | | 118.48 | | | | | | 193.38 | | | | | | 342.07 | | |

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

| [Reports of Independent Registered Public Accounting [removed: Firm](#i8ac8b4d73f884b87bfd847686ac03854_97)] [added: Firm](#ie5b7da964870462b8a4f7cc6551505a6_100)] (PCAOB ID: 42) | | | [removed: [65](#i8ac8b4d73f884b87bfd847686ac03854_97)] [added: [63](#ie5b7da964870462b8a4f7cc6551505a6_100)] | | |

| [Consolidated Balance [removed: Sheets](#i8ac8b4d73f884b87bfd847686ac03854_100)] [added: Sheets](#ie5b7da964870462b8a4f7cc6551505a6_103)] | | | [removed: [68](#i8ac8b4d73f884b87bfd847686ac03854_100)] [added: [66](#ie5b7da964870462b8a4f7cc6551505a6_103)] | | |

| [Consolidated Statements of [removed: Operations](#i8ac8b4d73f884b87bfd847686ac03854_103)] [added: Operations](#ie5b7da964870462b8a4f7cc6551505a6_106)] | | | [removed: [69](#i8ac8b4d73f884b87bfd847686ac03854_103)] [added: [67](#ie5b7da964870462b8a4f7cc6551505a6_106)] | | |

| [Consolidated Statements of Total [removed: Equity](#i8ac8b4d73f884b87bfd847686ac03854_106)] [added: Equity](#ie5b7da964870462b8a4f7cc6551505a6_109)] | | | [removed: [70](#i8ac8b4d73f884b87bfd847686ac03854_106)] [added: [68](#ie5b7da964870462b8a4f7cc6551505a6_109)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i8ac8b4d73f884b87bfd847686ac03854_109)] [added: Flows](#ie5b7da964870462b8a4f7cc6551505a6_112)] | | | [removed: [71](#i8ac8b4d73f884b87bfd847686ac03854_109)] [added: [69](#ie5b7da964870462b8a4f7cc6551505a6_112)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i8ac8b4d73f884b87bfd847686ac03854_112)] [added: Statements](#ie5b7da964870462b8a4f7cc6551505a6_115)] | | | [removed: [73](#i8ac8b4d73f884b87bfd847686ac03854_112)] [added: [71](#ie5b7da964870462b8a4f7cc6551505a6_115)] | | |

We have audited the accompanying consolidated balance sheets of D.R. Horton, Inc. and subsidiaries (the Company) as of September 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, total equity and cash flows for each of the three years in the period ended September 30, [removed: 2024,] [added: 2025,] and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at September 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended September 30, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of September 30, [removed: 2024,] [added: 2025,] based on criteria established in Internal [removed: Control-Integrated] [added: Control*—*Integrated] Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 [removed: framework)] [added: framework),] and our report dated November 19, [removed: 2024] [added: 2025] expressed an unqualified opinion thereon.

| *Description of the Matter* | | | At September 30, [removed: 2024,] [added: 2025,] the Company’s reserve for legal claims related to construction defect matters was [removed: $926 million.] [added: $1.1 billion.] As explained in Note L to the consolidated financial statements, the Company has established reserves for construction defect matters based on the estimated costs of pending legal claims and the estimated costs of anticipated future legal claims related to previously closed homes, and this liability is included within the accrued expenses and other liabilities account in the consolidated balance sheet. This reserve estimate is subject to a high degree of variability and ongoing revision as the circumstances of individual pending claims and historical data and trends change. Management applies judgment in determining the key assumptions used in calculating the reserve for construction defect matters. Auditing the reserve for construction defect matters is complex and especially challenging due to the judgmental nature of the key assumptions related to projections of the frequency of future claims and the costs to resolve claims in consideration of historical claims information. These assumptions are developed by management, are subjective in nature and have a significant effect on the determined amount of the reserve for construction defect matters. | | |

We have audited D.R. Horton, Inc. and subsidiaries’ internal control over financial reporting as of September 30, [removed: 2024,] [added: 2025,] based on criteria established in Internal [removed: Control-Integrated] [added: Control*—*Integrated] Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, D.R. Horton, Inc. and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of September 30, [removed: 2024,] [added: 2025,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of September 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, total equity and cash flows for each of the three years in the period ended September 30, [removed: 2024,] [added: 2025,] and the related notes and our report dated November 19, [removed: 2024] [added: 2025] expressed an unqualified opinion thereon.

| | | | [added: 2025 | | | | | |] 2024 | | | | | | 2023 | | |

| | | | [added: | | |] (In millions) | | | | | | | | | [added: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| Cash and cash equivalents | | | $ | [removed: 4,516.4] [added: 2,985.4] | | | | | $ | [removed: 3,873.6] [added: 4,516.4] | |

| Restricted cash | | | [removed: 27.6] [added: 47.9] | | | | | | [removed: 26.5] [added: 27.6] | | |

| Total cash, cash equivalents and restricted cash | | | [removed: 4,544.0] [added: 3,033.3] | | | | | | [removed: 3,900.1] [added: 4,544.0] | | |

| Construction in progress and finished homes | | | [removed: 8,875.8] [added: 7,648.5] | | | | | | [removed: 9,001.4] [added: 8,875.8] | | |

| Residential land and lots — developed and under development | | | [removed: 12,948.1] [added: 14,695.8] | | | | | | [removed: 10,621.9] [added: 12,948.1] | | |

| Land held for development | | | [removed: 160.6] [added: 218.3] | | | | | | [removed: 50.0] [added: 160.6] | | |

| Land held for sale | | | [removed: 12.7] [added: 21.4] | | | | | | [removed: 8.7] [added: 12.7] | | |

| Rental properties | | | [removed: 2,906.0] [added: 2,703.3] | | | | | | [removed: 2,691.3] [added: 2,906.0] | | |

| Total inventory | | | [removed: 24,903.2] [added: 25,287.3] | | | | | | [removed: 22,373.3] [added: 24,903.2] | | |

| Mortgage loans held for sale | | | [removed: 2,477.5] [added: 2,566.5] | | | | | | [removed: 2,519.9] [added: 2,477.5] | | |

| Deferred income taxes, net of valuation allowance of [removed: $14.9] [added: $14.6] million and [removed: $14.8] [added: $14.9] million at September 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively | | | [removed: 167.5] [added: 44.5] | | | | | | [removed: 187.2] [added: 167.5] | | |

| Property and equipment, net | | | [removed: 531.0] [added: 578.9] | | | | | | [removed: 445.4] [added: 531.0] | | |

| Other assets | | | [removed: 3,317.6] [added: 3,797.2] | | | | | | [removed: 2,993.0] [added: 3,317.6] | | |

| Total assets | | | $ | [removed: 36,104.3] [added: 35,471.2] | | | | | $ | [removed: 32,582.4] [added: 36,104.3] | |

| Accounts payable | | | $ | [removed: 1,345.5] [added: 1,221.9] | | | | | $ | [removed: 1,246.2] [added: 1,345.5] | |

| Accrued expenses and other liabilities | | | [removed: 3,016.7] [added: 3,541.6] | | | | | | [removed: 3,103.8] [added: 3,016.7] | | |

| Notes payable | | | [removed: 5,917.7] [added: 5,965.5] | | | | | | [removed: 5,094.5] [added: 5,917.7] | | |

| Total liabilities | | | [removed: 10,279.9] [added: 10,729.0] | | | | | | [removed: 9,444.5] [added: 10,279.9] | | |

| Common stock, $.01 par value, 1,000,000,000 shares authorized, [removed: 402,848,342] [added: 404,031,443] shares issued and [removed: 324,027,360] [added: 294,475,153] shares outstanding at September 30, [removed: 2024] [added: 2025] and [removed: 401,202,253] [added: 402,848,342] shares issued and [removed: 334,848,565] [added: 324,027,360] shares outstanding at September 30, [removed: 2023] [added: 2024] | | | 4.0 | | | | | | 4.0 | | |

| Additional paid-in capital | | | [removed: 3,490.7] [added: 3,576.1] | | | | | | [removed: 3,432.2] [added: 3,490.7] | | |

| Retained earnings | | | [removed: 27,951.0] [added: 31,041.4] | | | | | | [removed: 23,589.8] [added: 27,951.0] | | |

| Treasury stock, [removed: 78,820,982] [added: 109,556,290] shares and [removed: 66,353,688] [added: 78,820,982] shares at September 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively, at cost | | | [removed: (6,132.9)] [added: (10,431.1)] | | | | | | [removed: (4,329.8)] [added: (6,132.9)] | | |

| Stockholders’ equity | | | [removed: 25,312.8] [added: 24,190.4] | | | | | | [removed: 22,696.2] [added: 25,312.8] | | |

| Noncontrolling interests | | | [removed: 511.6] [added: 551.8] | | | | | | [removed: 441.7] [added: 511.6] | | |

| Total equity | | | [removed: 25,824.4] [added: 24,742.2] | | | | | | [removed: 23,137.9] [added: 25,824.4] | | |

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

November 19, 2025

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

November 19, 2025

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

| | | | 2025 | | | | | | 2024 | | |

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

| Net income per share attributable to D.R. Horton, Inc. | | | | | | | | | | | | | | | | | |

| Basic | | | $ | 11.62 | | | | | $ | 14.44 | | | | | $ | 13.93 | |

| Diluted | | | $ | 11.57 | | | | | $ | 14.34 | | | | | $ | 13.82 | |

| Weighted average shares outstanding | | | | | | | | | | | | | | | | | |

| Basic | | | 308.5 | | | | | | 329.5 | | | | | | 340.7 | | |

| Diluted | | | 309.9 | | | | | | 331.6 | | | | | | 343.3 | | |

[Table of](#ie5b7da964870462b8a4f7cc6551505a6_7) [Contents](#ie5b7da964870462b8a4f7cc6551505a6_7)

| Net income | | | — | | | | | | — | | | | | | 3,585.2 | | | | | | — | | | | | | 35.7 | | | | | | 3,620.9 | | |

| Balances at September 30, 2025 (294,475,153 shares) | | | $ | 4.0 | | | | | $ | 3,576.1 | | | | | $ | 31,041.4 | | | | | $ | (10,431.1) | | | | | $ | 551.8 | | | | | $ | 24,742.2 | |

No variable interest entities were consolidated in the Company’s balance sheets at September 30, 2025 or 2024 because, with regard to each entity, the Company determined it did not control the activities that most significantly impact the variable interest entity’s economic performance.

In October 2025, the Company acquired the homebuilding operations of SK Builders for approximately $80 million in cash.

SK Builders operates in and around Greenville, South Carolina.

The assets acquired included approximately 160 homes in inventory, 260 lots and a sales order backlog of 110 homes.

The Company also obtained control of approximately 1,320 additional lots through land purchase contracts.

| | | | 2025 | | | | | | 2024 | | |

Recent Accounting Pronouncements

The Company adopted this standard for the annual reporting period ended September 30, 2025, with retrospective disclosure of prior periods presented.

See Note B for the related disclosures.

The Company’s Chief Executive Officer, Chief Operating Officer and Chief Financial Officer are its Chief Operating Decision Makers (CODMs).

The CODMs evaluate segment performance primarily based on revenues, pre-tax income and inventories for all reporting segments.

Revenues, pre-tax income and inventories at the segment level are compared to forecasted results to evaluate the performance of each segment and assist in decision making regarding capital allocation between segments.

The tables that follow present financial information pertaining to the Company’s reporting segments.

| | | | | | | September 30, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Cash and cash equivalents | | | | | | $ | 2,210.5 | | | | | $ | 140.8 | | | | | $ | 379.2 | | | | | $ | 244.5 | | | | | $ | 10.4 | | | | | $ | 2,985.4 | |

| Restricted cash | | | | | | 25.5 | | | | | | 2.5 | | | | | | — | | | | | | 19.9 | | | | | | — | | | | | | 47.9 | | |

| Rental properties | | | | | | — | | | | | | 2,710.4 | | | | | | — | | | | | | — | | | | | | (7.1) | | | | | | 2,703.3 | | |

| | | | | | | 20,316.5 | | | | | | 2,710.4 | | | | | | 2,645.1 | | | | | | — | | | | | | (384.7) | | | | | | 25,287.3 | | |

| Property and equipment, net | | | | | | 543.0 | | | | | | 0.6 | | | | | | 8.1 | | | | | | 4.3 | | | | | | 22.9 | | | | | | 578.9 | | |

| Other assets | | | | | | 3,344.1 | | | | | | 38.9 | | | | | | 104.6 | | | | | | 220.6 | | | | | | 89.0 | | | | | | 3,797.2 | | |

| | | | | | | $ | 26,699.6 | | | | | $ | 2,851.0 | | | | | $ | 3,137.0 | | | | | $ | 3,055.8 | | | | | $ | (272.2) | | | | | $ | 35,471.2 | |

| Accounts payable | | | | | | $ | 1,016.8 | | | | | $ | 230.6 | | | | | $ | 71.0 | | | | | $ | 0.7 | | | | | $ | (97.2) | | | | | $ | 1,221.9 | |

| Accrued expenses and other liabilities | | | | | | 3,122.1 | | | | | | 34.7 | | | | | | 494.3 | | | | | | 294.7 | | | | | | (404.2) | | | | | | 3,541.6 | | |

November 19, 2024

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Weighted average number of common shares | | | 329.5 | | | | | | 340.7 | | | | | | 351.7 | | |

| Adjusted weighted average number of common shares | | | 331.6 | | | | | | 343.3 | | | | | | 354.8 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balances at September 30, 2021 (356,015,843 shares) | | | $ | 4.0 | | | | | $ | 3,274.8 | | | | | $ | 13,644.3 | | | | | $ | (2,036.6) | | | | | $ | 329.7 | | | | | $ | 15,216.2 | |

| Net income | | | — | | | | | | — | | | | | | 5,857.5 | | | | | | — | | | | | | 38.1 | | | | | | 5,895.6 | | |

| Exercise of stock options (292,290 shares) | | | — | | | | | | 7.0 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7.0 | | |

| Noncontrolling interest acquired | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18.0 | | | | | | 18.0 | | |

There was one variable interest entity consolidated for $118.8 million in the Company’s balance sheet at September 30, 2023.

During fiscal 2024, the Company determined that it no longer controlled the activities that most significantly impacted the variable interest entity’s economic performance, and the variable interest entity is no longer consolidated.

Pending Accounting Standards

This standard will impact the Company’s disclosures but will not impact its consolidated financial statements.

The standard is effective for the Company beginning October 1, 2025, with early adoption permitted.

Financial information relating to the Company’s reporting segments is as follows:

_____________

| | | | | | | September 30, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Cash and cash equivalents | | | | | | $ | 2,920.2 | | | | | $ | 136.1 | | | | | $ | 616.0 | | | | | $ | 189.1 | | | | | $ | 12.2 | | | | | $ | 3,873.6 | |

| Restricted cash | | | | | | 6.5 | | | | | | 3.3 | | | | | | — | | | | | | 16.7 | | | | | | — | | | | | | 26.5 | | |

| Rental properties | | | | | | — | | | | | | 2,708.4 | | | | | | — | | | | | | — | | | | | | (17.1) | | | | | | 2,691.3 | | |

| | | | | | | 18,155.8 | | | | | | 2,708.4 | | | | | | 1,790.3 | | | | | | — | | | | | | (281.2) | | | | | | 22,373.3 | | |

| Property and equipment, net | | | | | | 415.0 | | | | | | 2.4 | | | | | | 5.9 | | | | | | 4.1 | | | | | | 18.0 | | | | | | 445.4 | | |

| Other assets | | | | | | 2,838.5 | | | | | | 29.8 | | | | | | 58.5 | | | | | | 250.3 | | | | | | (184.1) | | | | | | 2,993.0 | | |

| | | | | | | $ | 24,700.1 | | | | | $ | 2,860.1 | | | | | $ | 2,470.7 | | | | | $ | 2,980.1 | | | | | $ | (428.6) | | | | | $ | 32,582.4 | |

| Accounts payable | | | | | | $ | 1,033.7 | | | | | $ | 698.6 | | | | | $ | 68.4 | | | | | $ | 0.1 | | | | | $ | (554.6) | | | | | $ | 1,246.2 | |

| Accrued expenses and other liabilities | | | | | | 2,585.5 | | | | | | 43.2 | | | | | | 337.4 | | | | | | 280.4 | | | | | | (142.7) | | | | | | 3,103.8 | | |

| Notes payable | | | | | | 2,329.9 | | | | | | 400.0 | | | | | | 695.0 | | | | | | 1,669.6 | | | | | | — | | | | | | 5,094.5 | | |

| | | | | | | $ | 5,949.1 | | | | | $ | 1,141.8 | | | | | $ | 1,100.8 | | | | | $ | 1,950.1 | | | | | $ | (697.3) | | | | | $ | 9,444.5 | |

| Land/lot sales and other | | | | | | 61.4 | | | | | | — | | | | | | 1,519.1 | | | | | | — | | | | | | (1,267.4) | | | | | | 313.1 | | |

| | | | | | | 31,923.1 | | | | | | 510.2 | | | | | | 1,519.1 | | | | | | 795.0 | | | | | | (1,267.4) | | | | | | 33,480.0 | | |

| Home sales (2) | | | | | | 22,715.6 | | | | | | — | | | | | | — | | | | | | — | | | | | | (197.9) | | | | | | 22,517.7 | | |

| Land/lot sales and other | | | | | | 39.1 | | | | | | — | | | | | | 1,182.7 | | | | | | — | | | | | | (1,072.3) | | | | | | 149.5 | | |

| Rental property sales | | | | | | — | | | | | | 243.4 | | | | | | — | | | | | | — | | | | | | (5.1) | | | | | | 238.3 | | |

| | | | | | | 22,811.9 | | | | | | 244.2 | | | | | | 1,195.1 | | | | | | — | | | | | | (1,275.3) | | | | | | 22,975.9 | | |

| Selling, general and administrative expense | | | | | | 2,186.7 | | | | | | 91.1 | | | | | | 93.6 | | | | | | 547.6 | | | | | | 14.7 | | | | | | 2,933.7 | | |

| Other (income) expense | | | | | | (16.4) | | | | | | (27.1) | | | | | | (5.4) | | | | | | (43.2) | | | | | | 32.8 | | | | | | (59.3) | | |

| Income before income taxes | | | | | | $ | 6,940.9 | | | | | $ | 202.0 | | | | | $ | 235.8 | | | | | $ | 290.6 | | | | | $ | (39.6) | | | | | $ | 7,629.7 | |

| Depreciation and amortization | | | | | | $ | 62.5 | | | | | $ | 1.0 | | | | | $ | 2.7 | | | | | $ | 1.9 | | | | | $ | 13.3 | | | | | $ | 81.4 | |

Based on that evaluation, the CEO and CFO concluded that the Company’s disclosure controls and procedures as of September 30, [removed: 2024] [added: 2025] were effective in providing reasonable assurance that information required to be disclosed in the reports the Company files, furnishes, submits or otherwise provides the Securities and Exchange Commission (SEC) under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that information required to be disclosed in reports filed by the Company under the Exchange Act is accumulated and communicated to the Company’s management, including the CEO and CFO, in such a manner as to allow timely decisions regarding the required disclosure.

There have been no changes in the Company’s internal controls over financial reporting during the quarter ended September 30, [removed: 2024] [added: 2025] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Based on this evaluation, management concluded that the Company’s internal control over financial reporting was effective as of September 30, [removed: 2024.][added: 2025.]

Ernst & Young LLP, an independent registered public accounting firm, has audited the effectiveness of our internal control over financial reporting as of September 30, [removed: 2024,] [added: 2025,] as stated in their report included herein.

During the three months ended September 30, [removed: 2024,] [added: 2025,] no director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K).

The information required by this item is set forth under the captions *“Proposal One — Election of Directors,” “Corporate Governance and Board Matters”* and *“Delinquent Section 16(a) Reports”* in the registrant’s definitive Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Stockholders and incorporated herein by reference.

The information required by this item is set forth under the captions *“Executive Compensation”* and *“CEO Pay Ratio”* in the registrant’s definitive Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Stockholders and incorporated herein by reference.

The following table summarizes our equity compensation plans as of September 30, [removed: 2024.][added: 2025.]

(3)Amount includes [removed: 2,269,236] [added: 2,109,776] shares reserved for issuance under the Company’s Employee Stock Purchase Plan.

Under the Employee Stock Purchase Plan, employees purchased [removed: 137,347] [added: 159,460] shares of common stock in fiscal [removed: 2024.][added: 2025.]

The remaining information required by this item is set forth under the caption *“Beneficial Ownership of Common Stock”* in the registrant’s definitive Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Stockholders and incorporated herein by reference.

| Equity compensation plans approved by stockholders | | | 3,108,305 | | | (1) | | | | | | $ | — | | (2) | | | | | | 5,218,081 | | | (3) | | |

| Total | | | 3,108,305 | | | | | | | | | $ | — | | | | | | | | 5,218,081 | | | | | |

_______________

(1)Amount represents the total number of restricted stock units (RSUs) and performance stock units (PSUs) outstanding.

The number of PSUs outstanding is based on the number of performance shares issuable at target.

(2)RSUs and PSUs have no exercise price.

| Equity compensation plans approved by stockholders | | | 3,617,516 | | | (1) | | | | | | $ | — | | (2) | | | | | | 5,886,752 | | | (3) | | |

| Total | | | 3,617,516 | | | | | | | | | $ | — | | | | | | | | 5,886,752 | | | | | |

______________

(1)Amount includes outstanding restricted stock unit awards.

The number of outstanding performance-based restricted stock unit awards is based on the target number of units granted.

(2)Restricted stock units have no exercise price.

The information required by this item is set forth under the captions *“Certain Relationships and Related Person Transactions”* and *“Corporate Governance and Board Matters”* in the registrant’s definitive Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Stockholders and incorporated herein by reference.

The information required by this item is set forth under the caption *“Independent Registered Public Accountants”* in the registrant’s definitive Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Stockholders and incorporated herein by reference.

| 3.2 | | | | | | | | | [Amended and Restated Bylaws of the [removed: Company](https://www.sec.gov/Archives/edgar/data/882184/000088218424000043/exhibit31amendedbylaws.htm)[,](https://www.sec.gov/Archives/edgar/data/882184/000088218424000043/exhibit31amendedbylaws.htm) [effective] [added: Company, effective] as of August 23, [removed: 2024](https://www.sec.gov/Archives/edgar/data/882184/000088218424000043/exhibit31amendedbylaws.htm) [(incorporated] [added: 2024 (incorporated] by reference from Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC [removed: on](https://www.sec.gov/Archives/edgar/data/882184/000088218424000043/exhibit31amendedbylaws.htm) [August 28,](https://www.sec.gov/Archives/edgar/data/882184/000088218424000043/exhibit31amendedbylaws.htm) [](https://www.sec.gov/Archives/edgar/data/882184/000088218424000043/exhibit31amendedbylaws.htm)[2024](https://www.sec.gov/Archives/edgar/data/882184/000088218424000043/exhibit31amendedbylaws.htm)[).](https://www.sec.gov/Archives/edgar/data/882184/000088218424000043/exhibit31amendedbylaws.htm)] [added: on August 28, 2024).](https://www.sec.gov/Archives/edgar/data/882184/000088218424000043/exhibit31amendedbylaws.htm)] | | |

| 4.3 | | | | | | | | | [removed: [Second] [added: [Third] Supplemental Indenture, dated as of [removed: May 5,] [added: October 2,] 2020, among the Company, the guarantors named therein and [added: Truist Bank (formerly known as] Branch Banking and Trust [removed: Company,] [added: Company),] as trustee, relating to the [removed: 2.600%] [added: 1.400%] Senior Notes Due [removed: 2025] [added: 2027] issued by the Company (incorporated by reference from Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on [removed: May 5, 2020).](https://www.sec.gov/Archives/edgar/data/882184/000119312520133727/d792024dex41.htm)] [added: October 2, 2020).](https://www.sec.gov/Archives/edgar/data/882184/000119312520262510/d32970dex41.htm)] | | |

| 4.4 | | | | | | | | | [removed: [Third] [added: [Fourth] Supplemental Indenture, dated as of [removed: October 2, 2020,] [added: August 5, 2021,] among the Company, the guarantors named therein and Truist Bank (formerly known as Branch Banking and Trust Company), as trustee, relating to the [removed: 1.400%] [added: 1.300%] Senior Notes [removed: Due 2027 issued] [added: due 2026](https://www.sec.gov/Archives/edgar/data/882184/000119312521237701/d201320dex41.htm) [issued] by the [removed: Company (incorporated] [added: Company](https://www.sec.gov/Archives/edgar/data/882184/000119312521237701/d201320dex41.htm) [(incorporated] by reference from Exhibit 4.1 [removed: to] [added: of] the Company’s Current Report on Form 8-K filed with the SEC on [removed: October 2, 2020).](https://www.sec.gov/Archives/edgar/data/882184/000119312520262510/d32970dex41.htm)] [added: August 5, 2021).](https://www.sec.gov/Archives/edgar/data/882184/000119312521237701/d201320dex41.htm)] | | |

| 4.5 | | | | | | | | | [removed: [Fourth] [added: [Fifth] Supplemental Indenture, dated as of August 5, 2021, among the Company, the guarantors named therein and Truist Bank (formerly known as Branch Banking and Trust Company), as [removed: trustee, relating to the 1.300% Senior Notes due 2026 of D.R. Horton, Inc.] [added: trustee] (incorporated by reference from Exhibit [removed: 4.1] [added: 4.3] of the Company’s Current Report on Form 8-K filed with the SEC on August 5, [removed: 2021).](https://www.sec.gov/Archives/edgar/data/882184/000119312521237701/d201320dex41.htm)] [added: 2021).](https://www.sec.gov/Archives/edgar/data/882184/000119312521237701/d201320dex43.htm)] | | |

| 4.6 | | | | | | | | | [removed: [Fifth] [added: [Sixth] Supplemental Indenture, dated as of August [removed: 5, 2021, among the Company,] [added: 14, 2024, among](https://www.sec.gov/Archives/edgar/data/882184/000119312524200279/d852065dex41.htm) [the Company](https://www.sec.gov/Archives/edgar/data/882184/000119312524200279/d852065dex41.htm)[,] the guarantors named therein and Truist Bank (formerly known as Branch Banking and Trust Company), as [removed: trustee (incorporated] [added: trustee, relating to the 5.000% Senior Notes due 2034](https://www.sec.gov/Archives/edgar/data/882184/000119312524200279/d852065dex41.htm) [issued] by [added: the Company](https://www.sec.gov/Archives/edgar/data/882184/000119312524200279/d852065dex41.htm) [(incorporated by] reference from Exhibit [removed: 4.3] [added: 4.1] of the Company’s Current Report on Form 8-K filed with the SEC on August [removed: 5, 2021).](https://www.sec.gov/Archives/edgar/data/882184/000119312521237701/d201320dex43.htm)] [added: 14, 2024).](https://www.sec.gov/Archives/edgar/data/882184/000119312524200279/d852065dex41.htm)] | | |

| 4.7 | | | | | | | | | [removed: [Sixth] [added: [Seventh] Supplemental Indenture, dated as of [removed: August 14, 2024,] [added: February 26, 2025,] among [removed: D.R. Horton, Inc.,] the [added: Company, the] guarantors named therein and Truist Bank (formerly known as Branch Banking and Trust Company), as trustee, relating to the [removed: 5.000%] [added: 5.500%] Senior Notes due [removed: 2034 of D.R. Horton, Inc.] [added: 2035 issued by the Company] (incorporated by reference from Exhibit 4.1 of the Company’s Current Report on Form 8-K filed with the SEC on [removed: August 14, 2024).](https://www.sec.gov/Archives/edgar/data/882184/000119312524200279/d852065dex41.htm)] [added: February 26, 2025).](https://www.sec.gov/Archives/edgar/data/882184/000119312525036846/d924227dex41.htm)] | | |

| [removed: 4.8] [added: 4.9] | | | | | | | | | [Indenture, dated as of February 25, 2020, by and among Forestar Group Inc., the subsidiary guarantors party thereto and U.S. Bank National Association, as trustee (incorporated by reference from Exhibit 4.1 of Forestar’s Current Report on Form 8-K filed with the SEC on February 25, 2020).](https://www.sec.gov/Archives/edgar/data/1406587/000119312520047692/d884928dex41.htm) | | |

| [removed: 4.9] [added: 4.10] | | | | | | | | | [Indenture, dated as of [removed: April 21, 2021,] [added: March 14, 2025,] by and among Forestar Group Inc., the subsidiary guarantors party thereto and U.S. Bank [added: Trust Company,] National Association, as trustee (incorporated by reference from Exhibit 4.1 of Forestar’s Current Report on Form 8-K filed with the SEC on [removed: April 21, 2021).](https://www.sec.gov/Archives/edgar/data/1406587/000119312521124943/d147723dex41.htm)] [added: March 14, 2025).](https://www.sec.gov/Archives/edgar/data/1406587/000119312525054826/d937355dex41.htm)] | | |

| [removed: 10.19] [added: 10.20] | | | † | | | | | | D.R. Horton, Inc. Supplemental Executive Retirement Plan No. 1 (incorporated by reference from the Company’s Transitional Report on Form 10-K for the period from January 1, 1993 to September 30, 1993, filed with the SEC on December 28, 1993 (file number 1-14122)). | | |

| [removed: 10.20] [added: 10.21] | | | † | | | | | | [D.R. Horton, Inc. Amended and Restated Deferred Compensation Plan (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on December 16, 2008).](https://www.sec.gov/Archives/edgar/data/882184/000136231008008261/c78340exv10w1.htm) | | |

| [removed: 10.21] [added: 10.22] | | | † | | | | | | [D.R. Horton, Inc. Amended and Restated Supplemental Executive Retirement Plan No. 2 (incorporated by reference from Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on December 16, 2008).](https://www.sec.gov/Archives/edgar/data/882184/000136231008008261/c78340exv10w2.htm) | | |

| [removed: 10.22] [added: 10.23] | | | † | | | | | | [D.R. Horton, Inc. 2018 Incentive Bonus Plan, dated November 6, 2018 (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on November 9, 2018).](https://www.sec.gov/Archives/edgar/data/882184/000088218418000112/exhibit1012018incentivebon.htm) | | |

| [removed: 10.23] [added: 10.24] | | | † | | | | | | [Summary of Executive Compensation Notification [removed: -](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023exhibit1027execs.htm) [Executive Vice Chair, CEO](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023exhibit1027execs.htm)[,] [added: - Executive Chairman, CEO,] COO and CFO (fiscal [removed: 2024)](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023exhibit1027execs.htm) [(incorporated] [added: 2025) (incorporated] by reference from Exhibit [removed: 10.2](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023exhibit1027execs.htm)[7](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023exhibit1027execs.htm) [to] [added: 10.25 to] the Company’s Annual Report on Form 10-K for the year ended September 30, [removed: 202](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023exhibit1027execs.htm)[3](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023exhibit1027execs.htm)[,] [added: 2024,] filed with the SEC on November [removed: 1](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023exhibit1027execs.htm)[7](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023exhibit1027execs.htm)[, 202](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023exhibit1027execs.htm)[3](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023exhibit1027execs.htm)[).](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023exhibit1027execs.htm)] [added: 19, 2024).](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024exhibit1025execs.htm)] | | |

| [removed: 10.24] [added: 10.25] | | | † | | | | | | [Summary [removed: of](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023ex1028directors.htm) [Director Com](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023ex1028directors.htm)[pensation](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023ex1028directors.htm) [(fiscal 202](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023ex1028directors.htm)[4](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023ex1028directors.htm)[)] [added: of Director Compensation (fiscal 2025)] (incorporated by reference from Exhibit [removed: 10.2](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023ex1028directors.htm)[8](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023ex1028directors.htm) [to] [added: 10.26 to] the Company’s Annual Report on Form 10-K for the year ended September 30, [removed: 202](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023ex1028directors.htm)[3](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023ex1028directors.htm)[,] [added: 2024,] filed with the SEC on November [removed: 1](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023ex1028directors.htm)[7](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023ex1028directors.htm)[, 202](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023ex1028directors.htm)[3](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023ex1028directors.htm)[).](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023ex1028directors.htm)] [added: 19, 2024).](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex1026directors.htm)] | | |

| [removed: 10.25] [added: 10.26] | | | *† | | | | | | [Summary of Executive Compensation Notification - [removed: Executive](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024exhibit1025execs.htm) [Chair](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024exhibit1025execs.htm)[man](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024exhibit1025execs.htm)[,] [added: Executive Chairman,] CEO, COO and CFO (fiscal [removed: 202](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024exhibit1025execs.htm)[5](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024exhibit1025execs.htm)[).](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024exhibit1025execs.htm)] [added: 202](https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/a9302025exhibit1026execs.htm)[6](https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/a9302025exhibit1026execs.htm)[).](https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/a9302025exhibit1026execs.htm)] | | |

| [removed: 10.26] [added: 10.27] | | | *† | | | | | | [Summary of Director Compensation (fiscal [removed: 202](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex1026directors.htm)[5](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex1026directors.htm)[)](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex1026directors.htm).] [added: 202](https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/a9302025ex1027directors.htm)[6](https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/a9302025ex1027directors.htm)[)](https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/a9302025ex1027directors.htm)[.](https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/a9302025ex1027directors.htm)] | | |

| [removed: 10.27] [added: 10.28] | | | | | | | | | [Grantor Trust Agreement, dated June 21, 2002, by and between the Company and Wachovia Bank, National Association, as Trustee (incorporated by reference from Exhibit 10.34 to the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2002, filed with the SEC on December 13, 2002).](https://www.sec.gov/Archives/edgar/data/882184/000093066102004301/dex1034.txt) | | |

| [removed: 10.28] [added: 10.29] | | | | | | | | | [Credit Agreement, dated September 7, 2012, among the Company, the Lenders named therein and The Royal Bank of Scotland PLC, as Administrative Agent (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 10, 2012).](https://www.sec.gov/Archives/edgar/data/882184/000119312512386201/d407372dex101.htm) | | |

| [removed: 10.29] [added: 10.30] | | | | | | | | | [Amendment No.1 to Credit Agreement, dated November 1, 2012, among the Company, The Royal Bank of Scotland PLC, as Administrative Agent, and the Lenders named therein (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on November 5, 2012).](https://www.sec.gov/Archives/edgar/data/882184/000119312512451766/d433316dex101.htm) | | |

| [removed: 10.30] [added: 10.31] | | | | | | | | | [Amendment No. 2 to Credit Agreement, dated August 8, [removed: 2013](https://www.sec.gov/Archives/edgar/data/882184/000088218413000056/exhibit101.htm)[,](https://www.sec.gov/Archives/edgar/data/882184/000088218413000056/exhibit101.htm) [by] [added: 2013, by] and among the Company, The Royal Bank of Scotland PLC, as Administrative Agent, and the Lenders named therein (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on August 13, 2013).](https://www.sec.gov/Archives/edgar/data/882184/000088218413000056/exhibit101.htm) | | |

| [removed: 10.31] [added: 10.32] | | | | | | | | | [Amendment No. 3 to Credit Agreement, dated August 22, [removed: 2014](https://www.sec.gov/Archives/edgar/data/882184/000088218414000073/a3rdamend-exh101.htm)[,](https://www.sec.gov/Archives/edgar/data/882184/000088218414000073/a3rdamend-exh101.htm) [by] [added: 2014, by] and [removed: among Company,] [added: among](https://www.sec.gov/Archives/edgar/data/882184/000088218414000073/a3rdamend-exh101.htm) [the](https://www.sec.gov/Archives/edgar/data/882184/000088218414000073/a3rdamend-exh101.htm) [Company,] The Royal Bank of Scotland PLC, as Administrative Agent, and the Lenders named therein (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on August 25, 2014).](https://www.sec.gov/Archives/edgar/data/882184/000088218414000073/a3rdamend-exh101.htm) | | |

| [removed: 10.32] [added: 10.33] | | | | | | | | | [Amendment No. 5 to Credit Agreement, dated August 26, [removed: 2015](https://www.sec.gov/Archives/edgar/data/882184/000088218415000069/a5thamend-exh101.htm)[,](https://www.sec.gov/Archives/edgar/data/882184/000088218415000069/a5thamend-exh101.htm) [by] [added: 2015, by] and [removed: among Company,] [added: among](https://www.sec.gov/Archives/edgar/data/882184/000088218415000069/a5thamend-exh101.htm) [the](https://www.sec.gov/Archives/edgar/data/882184/000088218415000069/a5thamend-exh101.htm) [Company,] Mizuho Bank, Ltd., as successor Administrative Agent, and the Lenders named therein (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on August 27, 2015).](https://www.sec.gov/Archives/edgar/data/882184/000088218415000069/a5thamend-exh101.htm) | | |

| [removed: 10.33] [added: 10.34] | | | | | | | | | [Amendment No. 6 to Credit Agreement, dated September 25, [removed: 2017](https://www.sec.gov/Archives/edgar/data/882184/000088218417000095/a6thamend-exh101.htm)[,](https://www.sec.gov/Archives/edgar/data/882184/000088218417000095/a6thamend-exh101.htm) [by] [added: 2017, by] and among the Company, Mizuho Bank, Ltd., as successor Administrative Agent, and the Lenders named therein (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 28, 2017).](https://www.sec.gov/Archives/edgar/data/882184/000088218417000095/a6thamend-exh101.htm) | | |

| [removed: 10.34] [added: 10.35] | | | | | | | | | [Amendment No. 7 to Credit Agreement, dated September 25, [removed: 2018](https://www.sec.gov/Archives/edgar/data/882184/000088218418000086/a7thamend-exh101.htm)[,](https://www.sec.gov/Archives/edgar/data/882184/000088218418000086/a7thamend-exh101.htm) [by] [added: 2018, by] and among the Company, Mizuho Bank, Ltd., as successor Administrative Agent, and the Lenders named therein (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 26, 2018).](https://www.sec.gov/Archives/edgar/data/882184/000088218418000086/a7thamend-exh101.htm) | | |

| [removed: 10.35] [added: 10.36] | | | | | | | | | [Amendment No. 8 to Credit Agreement, dated February 15, [removed: 2019](https://www.sec.gov/Archives/edgar/data/882184/000088218419000096/a3312019exhibit101.htm)[,](https://www.sec.gov/Archives/edgar/data/882184/000088218419000096/a3312019exhibit101.htm) [by] [added: 2019, by] and among the Company, Mizuho Bank, Ltd., as successor Administrative Agent, and the Lenders named therein (incorporated by reference from Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, filed with the SEC on April 30, 2019).](https://www.sec.gov/Archives/edgar/data/882184/000088218419000096/a3312019exhibit101.htm) | | |

| [removed: 10.36] [added: 10.37] | | | | | | | | | [Amendment No. 9 to Credit Agreement, dated October 2, [removed: 2019](https://www.sec.gov/Archives/edgar/data/882184/000119312519261783/d808352dex101.htm)[,](https://www.sec.gov/Archives/edgar/data/882184/000119312519261783/d808352dex101.htm) [by] [added: 2019, by] and among the Company, Mizuho Bank, Ltd., as successor Administrative Agent, and the Lenders named therein (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 4, 2019).](https://www.sec.gov/Archives/edgar/data/882184/000119312519261783/d808352dex101.htm) | | |

| [removed: 10.37] [added: 10.38] | | | | | | | | | [Amendment No. 10 to Credit Agreement, dated April 20, [removed: 2021](https://www.sec.gov/Archives/edgar/data/882184/000119312521126852/d102877dex101.htm)[,](https://www.sec.gov/Archives/edgar/data/882184/000119312521126852/d102877dex101.htm) [by] [added: 2021, by] and among the Company, Mizuho Bank, Ltd., as successor Administrative Agent, and the Lenders named therein (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on April 22, 2021).](https://www.sec.gov/Archives/edgar/data/882184/000119312521126852/d102877dex101.htm) | | |

| [removed: 10.38] [added: 10.39] | | | | | | | | | [Amendment No. 11 to Credit Agreement, dated October 28, [removed: 2022](https://www.sec.gov/Archives/edgar/data/882184/000119312522275030/d296095dex101.htm)[,](https://www.sec.gov/Archives/edgar/data/882184/000119312522275030/d296095dex101.htm) [by] [added: 2022, by] and among the Company, Mizuho Bank, Ltd., as successor Administrative Agent, and the Lenders named therein (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on November 1, 2022).](https://www.sec.gov/Archives/edgar/data/882184/000119312522275030/d296095dex101.htm) | | |

| [removed: 10.39] [added: 10.41] | | | | | | | | | [Second Amended and Restated Master Repurchase Agreement, dated February 27, 2015, among DHI Mortgage Company, Ltd., U.S. Bank National Association, as Administrative Agent, Sole Book Runner, Lead Arranger, and a Buyer, and all other buyers (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 4, 2015).](https://www.sec.gov/Archives/edgar/data/882184/000088218415000024/mortrepurch2015-exh101.htm) | | |

| [removed: 10.40] [added: 10.42] | | | | | | | | | [First Amendment to Second Amended and Restated Master Repurchase Agreement, dated February 26, 2016, among DHI Mortgage Company, Ltd., U.S. Bank National Association, as Administrative Agent, Sole Book Runner, Lead Arranger, and a Buyer, and all other buyers (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 2, 2016).](https://www.sec.gov/Archives/edgar/data/882184/000088218416000135/mortrepurch2016-exh101.htm) | | |

| [removed: 10.41] [added: 10.43] | | | | | | | | | [Third Amendment to Second Amended and Restated Master Repurchase Agreement, dated September 23, 2016, among DHI Mortgage Company, Ltd., U.S. Bank National Association, as Administrative Agent, Sole Book Runner, Lead Arranger, and a Buyer, and all other buyers (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 27, 2016).](https://www.sec.gov/Archives/edgar/data/882184/000088218416000187/mortrepurchsep2016-exh101.htm) | | |

| [removed: 10.42] [added: 10.44] | | | | | | | | | [Fourth Amendment to Second Amended and Restated Master Repurchase Agreement, dated February 24, 2017, among DHI Mortgage Company, Ltd., U.S. Bank National Association, as Administrative Agent, Sole Book Runner, Lead Arranger, and a Buyer, and all other Buyers (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 28, 2017).](https://www.sec.gov/Archives/edgar/data/882184/000088218417000046/mortrepurch2017-exh101.htm) | | |

| [removed: 10.43] [added: 10.45] | | | | | | | | | [Fifth Amendment to Second Amended and Restated Master Repurchase Agreement, dated February 23, 2018, among DHI Mortgage Company, Ltd., U.S. Bank National Association, as Administrative Agent, Sole Book Runner, Lead Arranger, and a Buyer, and all other Buyers (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 28, 2018).](https://www.sec.gov/Archives/edgar/data/882184/000088218418000050/mortrepurch2018-exh101.htm) | | |

| [removed: 10.44] [added: 10.46] | | | | | | | | | [Sixth Amendment to Second Amended and Restated Master Repurchase Agreement, dated February 22, 2019, among DHI Mortgage Company, Ltd., U.S. Bank National Association, as Administrative Agent, Sole Book Runner, Lead Arranger, and a Buyer, and all other Buyers (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 22, 2019).](https://www.sec.gov/Archives/edgar/data/882184/000088218419000056/mortrepurch2019-exh101.htm) | | |

| [removed: 10.45] [added: 10.47] | | | | | | | | | [Seventh Amendment to Second Amended and Restated Master Repurchase Agreement, dated March 26, 2019, among DHI Mortgage Company, Ltd., U.S. Bank National Association, as Administrative Agent, Sole Book Runner, Lead Arranger, and a Buyer, and all other Buyers (incorporated by reference from Exhibit 10.44 to the Company’s Annual Report on Form 10-K for the year ended September 30, 2019, filed with the SEC on November 25, 2019).](https://www.sec.gov/Archives/edgar/data/882184/000088218419000147/a2019930-10kexhibit1044.htm) | | |

| [removed: 10.46] [added: 10.48] | | | | | | | | | [Eighth Amendment to Second Amended and Restated Master Repurchase Agreement, dated June 21, 2019, among DHI Mortgage Company, Ltd., U.S. Bank National Association, as Administrative Agent, Sole Book Runner, Lead Arranger, and a Buyer, and all other Buyers (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on June 26, 2019).](https://www.sec.gov/Archives/edgar/data/882184/000088218419000099/mortrepurchjune2019-exh101.htm) | | |

| [removed: 10.47] [added: 10.49] | | | | | | | | | [Ninth Amendment to Second Amended and Restated Master Repurchase Agreement, dated February 21, 2020, among DHI Mortgage Company, Ltd., U.S. Bank National Association, as Administrative Agent, Sole Book Runner, Lead Arranger, and a Buyer, and all other Buyers (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 26, 2020).](https://www.sec.gov/Archives/edgar/data/882184/000088218420000044/mortrepurchfeb2020-exh.htm) | | |

| [removed: 10.48] [added: 10.50] | | | | | | | | | [Tenth Amendment to Second Amended and Restated Master Repurchase Agreement, dated May 15, 2020, among DHI Mortgage Company, Ltd., U.S. Bank National Association, as Administrative Agent, Sole Book Runner, Lead Arranger, and a Buyer, and all other Buyers (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 21, 2020).](https://www.sec.gov/Archives/edgar/data/882184/000088218420000104/mortrepurchmay2020-exh.htm) | | |

| [removed: 10.49] [added: 10.51] | | | | | | | | | [Third Amended and Restated Master Repurchase Agreement, dated February 19, 2021, among DHI Mortgage Company, Ltd., U.S. Bank National Association, as Administrative Agent, Sole Book Runner, Lead Arranger, and a Buyer and all other Buyers (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 23, 2021).](https://www.sec.gov/Archives/edgar/data/882184/000088218421000047/mortrepurchexh101-feb2021.htm) | | |

| [removed: 10.50] [added: 10.52] | | | | | | | | | [Fourth Amended and Restated Master Repurchase Agreement, dated February 18, 2022, among DHI Mortgage Company, Ltd., U.S. Bank National Association, as Administrative Agent, Sole Book Runner, Lead Arranger, and a Buyer, and all other Buyers (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 18, 2022).](https://www.sec.gov/Archives/edgar/data/882184/000088218422000046/mortrepurchexh101-feb2022.htm) | | |

| 4.8 | | | | | | | | | [Eighth Supplemental Indenture, dated as of May 5, 2025, among the Company, the guarantors named therein and Truist Bank (formerly known as Branch Banking and Trust Company), as trustee, relating to the 4.850% Senior Notes due 2030 issued by the Company (incorporated by reference from Exhibit 4.1 of the Company’s Current Report on Form 8-K filed with the SEC on May 5, 2025).](https://www.sec.gov/Archives/edgar/data/882184/000119312525112166/d934713dex41.htm) | | |

| 4.11 | | | | | | | | | [Description of Securities](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex410descriptionof.htm) [](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex410descriptionof.htm)[(incorporated by reference from Exhibit 4.1](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex410descriptionof.htm)[0](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex410descriptionof.htm) [](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex410descriptionof.htm)[of](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex410descriptionof.htm) [](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex410descriptionof.htm)[the Company](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex410descriptionof.htm)[’s](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex410descriptionof.htm) [Annual Report on Form](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023exhibit971clawback.htm) [](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023exhibit971clawback.htm)[10-K](https://www.sec.gov/Archives/edgar/data/882184/000088218423000115/a9302023exhibit971clawback.htm) [](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex410descriptionof.htm)[for the fisc](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex410descriptionof.htm)[al year ended September 30, 2024,](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex410descriptionof.htm) [filed with the SEC on](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex410descriptionof.htm) [November 19](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex410descriptionof.htm)[, 202](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex410descriptionof.htm)[4](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex410descriptionof.htm)[).](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex410descriptionof.htm) | | |

| 10.19 | | | † | | | | | | [Form of Performance Stock Units Award Agreement pursuant to the Company’s 2024 Stock Incentive Plan (incorporated by reference from Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024](https://www.sec.gov/Archives/edgar/data/882184/000088218425000024/a3312025exhibit101.htm)[,](https://www.sec.gov/Archives/edgar/data/882184/000088218425000024/a3312025exhibit101.htm) [filed with the SEC on April 23, 2025).](https://www.sec.gov/Archives/edgar/data/882184/000088218425000024/a3312025exhibit101.htm) | | |

| 10.40 | | | | | | | | | [Amendment No. 12 to Credit Agreement, dated December 18, 2024, by and among the Company, Mizuho Bank, Ltd., as successor Administrative Agent, and the Lenders named therein (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on December 23, 2024).](https://www.sec.gov/Archives/edgar/data/882184/000119312524284294/d918416dex101.htm) | | |

| 10.56 | | | | | | | | | [Fourth Amendment to Fourth Amended and Restated Master Repurchase Agreement, dated May 8, 2025, among DHI Mortgage Company, Ltd., U.S. Bank National Association, as Administrative Agent, Sole Book Runner, Lead Arranger, and a Buyer, and all other Buyers (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 9, 2025).](https://www.sec.gov/Archives/edgar/data/882184/000088218425000028/mortrepurchexh101-may2025.htm) | | |

| 10.67 | | | | | | | | | [Amendment No. 4 to Credit Agreement, dated December 18, 2024 by and among Forestar Group Inc., JPMorgan Chase Bank, N.A., as administrative agent, and the Lenders named therein (incorporated by reference from Exhibit 10.1 to Forestar’s Current Report on Form 8-K filed with the SEC on December 23, 2024).](https://www.sec.gov/Archives/edgar/data/1406587/000119312524284300/d834684dex101.htm) | | |

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Exhibit Number | | | | | | | | | Exhibit | | |

| | | | | | | | | | | | |

| 4.10 | | | * | | | | | | [Description of Securities.](https://www.sec.gov/Archives/edgar/data/882184/000088218424000057/a9302024ex410descriptionof.htm) | | |

| Date: | | | November 19, [removed: 2024] [added: 2025] | | | | | | By: | | | /s/ Bill W. Wheat | | |

| /s/ David V. Auld | | | | | | | | | | | | Executive Chairman and Director | | | | | | November 19, [removed: 2024] [added: 2025] | | |

| /s/ Paul J. Romanowski | | | | | | | | | | | | President and Chief Executive Officer and Director (Principal Executive Officer) | | | | | | November 19, [removed: 2024] [added: 2025] | | |

| /s/ Bill W. Wheat | | | | | | | | | | | | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | | | | | | November 19, [removed: 2024] [added: 2025] | | |

| /s/ Aron M. Odom | | | | | | | | | | | | Senior Vice President and Controller (Principal Accounting Officer) | | | | | | November 19, [removed: 2024] [added: 2025] | | |

| /s/ Barbara [removed: K. Allen] [added: R. Smith] | | | | | | | | | | | | Director | | | | | | November 19, [removed: 2024] [added: 2025] | | |

| /s/ Brad S. Anderson | | | | | | | | | | | | Director | | | | | | November 19, [removed: 2024] [added: 2025] | | |

| /s/ Michael R. Buchanan | | | | | | | | | | | | Director | | | | | | November 19, [removed: 2024] [added: 2025] | | |

| /s/ Benjamin S. Carson, Sr. | | | | | | | | | | | | Director | | | | | | November 19, [removed: 2024] [added: 2025] | | |

| /s/ M. Chad Crow | | | | | | | | | | | | Director | | | | | | November 19, [removed: 2024] [added: 2025] | | |

| /s/ Elaine D. Crowley | | | | | | | | | | | | Director | | | | | | November 19, [removed: 2024] [added: 2025] | | |

| /s/ Maribess L. Miller | | | | | | | | | | | | Director | | | | | | November 19, [removed: 2024] [added: 2025] | | |

| | | | | | | | | | | | | | | | | | | | | |

| Barbara K. Allen | | | | | | | | | | | | | | | | | | | | |

| /s/ Barbara R. Smith | | | | | | | | | | | | Director | | | | | | November 19, 2024 | | |