Sales Performance - Net sales orders increased by 56% in volume and 62% in value for the three months ended December 31, 2020, compared to the prior year period[121] - Home sales revenues increased by 48% to $5.9 billion for the three months ended December 31, 2020, compared to $4.0 billion in the prior year period[121] - Net sales orders increased 56% to 20,418 homes, and the value of net sales orders increased 62% to $6.4 billion[133] - Sales order backlog increased 107% to 28,487 homes, and the value of sales order backlog increased 111% to $8.9 billion[133] - Net sales orders increased 56% to 20,418 homes, with a value increase of 62% to $6.4 billion in Q4 2020 compared to the prior year period[145] - The average selling price of net sales orders rose 4% to $314,200 in Q4 2020[145] - Sales order cancellation rate decreased to 18% in Q4 2020 from 20% in the prior year period[146] - Home sales revenue increased 48% to $5.7 billion (18,739 homes closed) in Q4 2020 compared to $3.9 billion (12,959 homes closed) in the prior year period[150] Financial Performance - Pre-tax income rose to $1.0 billion with a pre-tax operating margin of 17.4% for the three months ended December 31, 2020, compared to $523.3 million and 13.0% in the prior year period[121] - Net income was $795.2 million for the three months ended December 31, 2020, compared to $432.5 million in the prior year period[121] - Return on equity (ROE) was 24.4% and homebuilding return on inventory (ROI) was 28.0% for the trailing twelve months ended December 31, 2020, compared to 18.2% and 18.7% respectively in the prior year period[122] - Homebuilding revenues increased 47% to $5.7 billion compared to $3.9 billion[133] - Homebuilding pre-tax income increased to $935.2 million, representing 16.4% of homebuilding revenues compared to 11.9%[133] - Consolidated pre-tax income increased 98% to $1.0 billion, representing 17.4% of consolidated revenues[138] - Net income attributable to D.R. Horton increased 84% to $791.8 million, with diluted net income per common share increasing 84% to $2.14[138] - Gross profit from home sales increased to $1.4 billion, representing 24.1% of home sales revenues, up 310 basis points from the prior year period[153] - Pre-tax income for the three months ended December 31, 2020 was $1.0 billion, up from $523.3 million in the prior year period, primarily due to higher homebuilding revenues[202] - Income tax expense for Q4 2020 was $239.1 million, with an effective tax rate of 23.1%, compared to $90.8 million and 17.4% in Q4 2019[203] - Revenues for Q4 2020 were $5.71 billion, with net income of $713.0 million[236] - Revenues for the three months ended December 31, 2020, were $5,714.2 million, with net income of $713.0 million[236] Regional Performance - East Region homebuilding revenues increased by 55% to $809.2 million in Q4 2020, with pre-tax income rising to $132.5 million (16.4% of revenues) compared to $59.9 million (11.5% of revenues) in Q4 2019[168] - Midwest Region homebuilding revenues grew by 46% to $413.1 million in Q4 2020, with pre-tax income increasing to $49.2 million (11.9% of revenues) from $18.6 million (6.6% of revenues) in Q4 2019[169] - Southeast Region homebuilding revenues rose by 55% to $1,778.4 million in Q4 2020, with pre-tax income reaching $305.8 million (17.2% of revenues) compared to $146.3 million (12.7% of revenues) in Q4 2019[170] - South Central Region homebuilding revenues increased by 54% to $1,474.9 million in Q4 2020, with pre-tax income climbing to $264.7 million (17.9% of revenues) from $132.6 million (13.8% of revenues) in Q4 2019[172] - Southwest Region homebuilding revenues grew by 10% to $232.6 million in Q4 2020, with pre-tax income rising to $38.6 million (16.6% of revenues) compared to $34.5 million (16.4% of revenues) in Q4 2019[173] - West Region homebuilding revenues increased by 33% to $1,010.4 million in Q4 2020, with pre-tax income reaching $144.4 million (14.3% of revenues) compared to $69.7 million (9.2% of revenues) in Q4 2019[174] - Total homebuilding revenues across all regions increased by 47% to $5,718.6 million in Q4 2020, with pre-tax income rising to $935.2 million (16.4% of revenues) from $461.6 million (11.9% of revenues) in Q4 2019[166] Inventory and Land Management - Lots controlled under purchase contracts represented 72% of the total lots owned and controlled at December 31, 2020, up from 70% at September 30, 2020 and 61% at December 31, 2019[123] - The company completed its first sale of a single-family rental community, representing 124 homes for $31.8 million, resulting in a gain on sale of $14.0 million during the three months ended December 31, 2020[116] - Homebuilding fixed assets included $106.6 million related to the single-family rental platform, representing 13 communities totaling 890 single-family rental homes and finished lots at December 31, 2020[116] - Multi-family rental assets were $294.3 million at December 31, 2020, up from $246.2 million at September 30, 2020[119] - Total assets related to other business activities were $438.7 million at December 31, 2020, compared to $379.4 million at September 30, 2020[119] - The company acquired Braselton Homes for $23.0 million, gaining 90 homes in inventory, 95 lots, and control of approximately 840 additional lots[164] - Land/lot sales and other revenues were $19.9 million in Q4 2020, with $23.8 million of land held for sale expected to be sold in the next twelve months[155] - Inventory and land option charges included impairment charges of $5.6 million in Q4 2020, with no impairment charges recorded in the prior year period[156] - The company sold a single-family rental community for $31.8 million, resulting in a gain on sale of $13.1 million in the homebuilding segment[162] - Total inventory across all regions increased to $12,138.5 million as of December 31, 2020, up from $11,015.0 million as of September 30, 2020[178][179] - Total land/lots owned and controlled across all regions increased to 440,700 as of December 31, 2020, up from 376,900 as of September 30, 2020[181][182] - Homes in inventory across all regions increased to 42,100 as of December 31, 2020, up from 38,000 as of September 30, 2020[181][182] - Total remaining purchase price of lots controlled through land and lot purchase contracts was $11.9 billion at December 31, 2020, up from $9.9 billion at September 30, 2020[183] - Approximately 34,900 lots were owned or controlled by Forestar at December 31, 2020, with 18,300 under contract to purchase and 16,600 with a right of first offer[184] - Approximately 16,300 homes in inventory were unsold at December 31, 2020, with 1,600 completed and 200 completed for more than six months[185] - Forestar's residential land and lot sales revenue was $307.1 million for the three months ended December 31, 2020, up from $247.2 million in the prior year period[187] - Land and lot purchase contracts at December 31, 2020 included $73.5 million subject to specific performance provisions, with $41.5 million related to contracts between the homebuilding segment and Forestar[234] - Land and lot purchase contracts at December 31, 2020, included $73.5 million of remaining purchase price subject to specific performance provisions[234] Financial Services - Financial services revenues increased 82% to $187.2 million, with pre-tax income increasing 176% to $84.1 million[137] - DHI Mortgage originated or brokered 12,722 first-lien loans for D.R. Horton homebuyers in the three months ended December 31, 2020, a 51% increase from the prior year period[191] - Financial services pre-tax income increased 176% to $84.1 million in the three months ended December 31, 2020, driven by higher mortgage and title operations revenues[191] - The number of loans sold by DHI Mortgage increased 54% to 13,458 in the three months ended December 31, 2020 compared to the prior year period[195] Cash Flow and Financing - Net cash used in operating activities was $252.1 million in Q4 2020, compared to $113.8 million in Q4 2019[225] - Cash used to increase construction in progress and finished home inventory was $591.2 million in Q4 2020, up from $334.8 million in Q4 2019[226] - Cash used to increase residential land and lots was $716.8 million in Q4 2020, compared to $373.1 million in Q4 2019[226] - Net cash used in investing activities was $91.4 million in Q4 2020, compared to $17.8 million in Q4 2019[227] - Net cash used in financing activities for Q4 2020 was $221.7 million, primarily due to repayment of $400 million in senior notes, $163.5 million in mortgage repurchase facility payments, $72.9 million in cash dividends, and $53.8 million in share repurchases, partially offset by $500 million in new senior notes issuance[228] - Net cash provided by financing activities for Q4 2019 was $213.5 million, driven by $500 million in senior notes issuance, partially offset by $163.1 million in share repurchases, $64.6 million in cash dividends, and $38.6 million in mortgage repurchase facility payments[229] - Quarterly cash dividends increased to $0.20 per common share in Q4 2020 and Q1 2021, up from $0.175 per share in fiscal 2020[230] - Homebuilding cash and cash equivalents totaled $2.1 billion at December 31, 2020[211] - Forestar had cash and cash equivalents of $237.4 million at December 31, 2020[217] - Financial services operations had cash and cash equivalents of $65.3 million at December 31, 2020[221] Debt and Liabilities - Debt to total capital ratio decreased to 25.3% at December 31, 2020, from 26.6% at September 30, 2020 and 27.0% at December 31, 2019[209] - Outstanding homebuilding senior notes totaled $2.55 billion as of December 31, 2020[237] - The company had $192.1 million in outstanding letters of credit and $1.9 billion in surety bonds as of December 31, 2020[233] - D.R. Horton, Inc. had outstanding $2.55 billion principal amount of homebuilding senior notes as of December 31, 2020[237] - Fixed-rate debt obligations as of December 31, 2020, totaled $3,281.2 million, with an average interest rate of 4.2%[253] - Variable-rate debt obligations as of December 31, 2020, totaled $969.1 million, with an average interest rate of 2.4%[253] - Fixed rate debt totaled $3,281.2 million with an average interest rate of 4.2% at December 31, 2020[253] - Variable rate debt totaled $969.1 million with an average interest rate of 2.4% at December 31, 2020[253] Assets and Reserves - Total assets as of December 31, 2020 were $16.37 billion, including $2.04 billion in cash and $12.04 billion in inventories[240] - Cash and inventories for D.R. Horton, Inc. and Guarantor Subsidiaries totaled $2,044.8 million and $12,044.0 million, respectively, at December 31, 2020[240] - Total assets for D.R. Horton, Inc. and Guarantor Subsidiaries were $16,374.6 million at December 31, 2020[240] - Reserves for construction defect claims increased to 270 pending claims at December 31, 2020, up from 260 at September 30, 2020[246] - The company established reserves for 30 new construction defect claims and resolved 20 claims at a total cost of $2.3 million during the three months ended December 31, 2020[246] - Reserves for construction defect claims increased to approximately 270 pending claims at December 31, 2020, up from 260 at September 30, 2020[246] Hedging and Risk Management - The company's hedging instruments for uncommitted mortgage loans and IRLCs totaled a notional amount of $2.4 billion at December 31, 2020, with uncommitted IRLCs at $1.5 billion and uncommitted mortgage loans held for sale at $966.5 million[251] - The company had MBS totaling $1.4 billion at December 31, 2020, with a liability of $7.5 million for the fair value of such MBS position[252] - Hedging instruments used to mitigate interest rate risk related to uncommitted mortgage loans and IRLCs totaled a notional amount of $2.4 billion at December 31, 2020[251] - Uncommitted IRLCs totaled a notional amount of approximately $1.5 billion at December 31, 2020[251] - Uncommitted mortgage loans held for sale totaled a notional amount of approximately $966.5 million at December 31, 2020[251] - The company had MBS totaling $1.4 billion at December 31, 2020, up from $1.1 billion at September 30, 2020[252] - The company recorded a liability of $7.5 million for the fair value of MBS positions at December 31, 2020[252] Environmental and Legal Proceedings - The company disclosed that it will report environmental proceedings if monetary sanctions are expected to exceed $1 million[259]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From To Commission file number 1-14122 D.R. Horton, Inc. (Exact name of registrant as specified in its charter) Delaware 75-2386963 (State or other j ...

Table of Contents Title of Each Class Trading Symbol Name of Each Exchange on Which Registered Common Stock, par value $.01 per share DHI New York Stock Exchange 5.750% Senior Notes due 2023 DHI 23A New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE ...

Table of Contents Title of Each Class Trading Symbol Name of Each Exchange on Which Registered Common Stock, par value $.01 per share DHI New York Stock Exchange 5.750% Senior Notes due 2023 DHI 23A New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF TH ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From To Commission File Number: 1-14122 D.R. Horton, Inc. (Exact name of registrant as specified in its charter) Delaware 75-2386963 (State or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________________________________________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended September 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |--------------------------------------------------|--------- ...