D.R. HORTON, INC., AMERICA’S BUILDER, REPORTS FOURTH QUARTER AND FISCAL 2026
D.R. HORTON, INC., AMERICA’S BUILDER, REPORTS FOURTH QUARTER AND FISCAL 2026 EARNINGS AND INCREASES QUARTERLY DIVIDEND TO $0.50 PER SHARE
ARLINGTON, Texas (Business Wire) - October 29, 2026 - D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today reported fourth quarter and fiscal 2026 results. All comparisons in this release are to the respective prior year period, unless noted otherwise.
• Net income attributable to D.R. Horton of $741.8 million or $2.67 per diluted share
• Consolidated pre-tax income of $1.0 billion, with a pre-tax profit margin of 10.8%
• Net income attributable to D.R. Horton of $2.9 billion or $10.11 per diluted share
• Consolidated pre-tax income of $3.9 billion, with a pre-tax profit margin of 11.8%
• Repurchased 24.0 million shares of common stock for $3.6 billion, reducing outstanding share count by 8%, and paid cash dividends of $513.3 million
Net income attributable to D.R. Horton for its fourth fiscal quarter decreased 18% to $741.8 million, and earnings per diluted share decreased 12% to $2.67. Consolidated pre-tax income was $1.0 billion on revenues of $9.4 billion, resulting in a pre-tax profit margin of 10.8%. Results for the quarter include $91.4 million of inventory impairment charges to cost of sales in the Company’s rental segment.
For the fiscal year, net income attributable to D.R. Horton decreased 19% to $2.9 billion, and earnings per diluted share decreased 13% to $10.11. Consolidated pre-tax income was $3.9 billion on revenues of $33.0 billion, resulting in a pre-tax profit margin of 11.8%.
Cash provided by operations was $3.5 billion in fiscal 2026 and consisted primarily of $2.7 billion, $289.5 million, $271.1 million and $148.6 million of cash provided by the homebuilding, Forestar, financial services and rental segments. Total liquidity at year end was $7.2 billion. The Company repaid $600 million principal amount of its 1.3% homebuilding senior notes at maturity in October 2026 and has no other senior note maturities in fiscal 2027. At September 30, 2026, the Company's debt to total capital ratio was 20.8%. Debt to total capital ratio consists of notes payable divided by stockholders' equity plus notes payable.
In fiscal 2026, the Company's return on equity (ROE) was 12.2%, and return on assets (ROA) was 8.2%. ROE is calculated as net income attributable to D.R. Horton for the year divided by average stockholders' equity, where average stockholders' equity is the sum of ending stockholders' equity balances of the trailing five quarters divided by five. ROA is calculated as net income attributable to D.R. Horton for the year divided by average consolidated assets, where average consolidated assets is the sum of total asset balances for the trailing five quarters divided by five.
"The D.R. Horton team completed our 25th consecutive year as America's largest builder by volume, and we are proud to have provided homeownership to more than 84,000 individuals and families during fiscal 2026, including approximately 43,500 first-time homebuyers. Consolidated pre-tax income for the year totaled $3.9 billion on $33.0 billion of revenues, resulting in a pre-tax profit margin of 11.8%. We generated $3.5 billion of cash from operations in fiscal 2026 and returned $4.1 billion to shareholders through repurchases and dividends while maintaining a strong financial position.
"Housing market conditions became more challenging during the fourth quarter as rising mortgage rates, affordability constraints and cautious consumer sentiment continued to pressure new home demand. Our experienced operators responded with discipline by adjusting incentives, pricing and starts on a community-by- community basis to align our inventory levels with current demand. We expect incentives to remain elevated in fiscal 2027, the extent of which will depend on market conditions throughout the year.
"Our strong liquidity, low leverage, local market expertise and national scale provide us with significant financial and operational flexibility to adapt to changing market conditions and deliver attractive shareholder returns. Over the past 5 years, we have made significant investments in our housing platform as we entered 30 new markets and 7 new states and increased our community count by 65%. Over that same period, book value per share grew at a 15% compound annual rate, while we generated $14.0 billion of operating cash flow and returned all of it to shareholders through repurchases and dividends, reflecting our consistent execution, operational efficiency and disciplined, balanced capital allocation.
"Based on our solid financial position and cash flow, our Board recently increased our quarterly cash dividend by 11% to $0.50 per share, making fiscal 2027 our thirteenth consecutive year of dividend growth. We will continue to focus on delivering value to our homebuyers, gaining market share and generating compelling returns for our shareholders over the long term."
Homebuilding revenue for the fourth quarter decreased 2% to $8.4 billion, and homes closed decreased 2% to 22,915 homes. Homebuilding pre-tax income decreased 11% to $891.0 million, and pre-tax profit margin was 10.6%. Net sales orders decreased 7% to 18,619 homes and 9% in value to $6.6 billion. The Company’s cancellation rate (cancelled sales orders divided by gross sales orders) was 23% compared to 20% in the prior year quarter.
Homebuilding revenue for the fiscal year decreased 3% to $30.7 billion, and homes closed decreased 1% to 84,202 homes. Homebuilding pre-tax income decreased 17% to $3.4 billion, and pre-tax profit margin was 11.2%. Net sales orders increased 2% to 84,995 homes and were unchanged in value at $30.9 billion. The cancellation rate was 19% compared to 18% in the prior year.
At fiscal year end, the Company had 28,200 homes in inventory, of which 17,700 were unsold. 8,800 of the Company’s unsold homes were completed, including 600 that had been completed for greater than six months. Of the Company’s homes closed during fiscal 2026, 68% were on lots developed by Forestar or third parties, up from 65% during fiscal 2025.
The Company’s homebuilding return on inventory (ROI) for fiscal 2026 was 16.6%. 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.
Rental: Rental revenues were $647.1 million with a pre-tax loss of $25.3 million, which includes $91.4 million of inventory impairment charges to cost of sales related to nine multi-family rental projects. The Company's rental operations sold 509 single-family rental homes for $134.3 million and 2,182 multi-family rental units for $512.8 million.
• Forestar: Forestar sold 5,004 lots and generated $580.8 million of revenues and $78.6 million of pre-tax income, resulting in a pre-tax profit margin of 13.5%.
• Financial Services: Financial services revenues were $219.2 million with pre- tax income of $78.2 million, resulting in a pre-tax profit margin of 35.7%.
Rental: Rental revenues were $1.2 billion with pre-tax income of $18.2 million, which includes $91.4 million of inventory impairment charges to cost of sales. The Company's rental operations sold 2,073 single-family rental homes for $560.0 million and 2,737 multi-family rental units for $666.5 million. At year end, the consolidated balance sheet included $291.3 million of single-family rental property inventory and $2.3 billion of multi-family rental property inventory.
• Forestar: Forestar sold 13,545 lots and generated $1.6 billion of revenues and $192.1 million of pre-tax income, resulting in a pre-tax profit margin of 11.7%.
Financial Services: Financial services revenues were $817.3 million with pre-tax income of $258.1 million, resulting in a pre-tax profit margin of 31.6%.
During the fourth quarter of fiscal 2026, the Company repurchased 9.4 million shares of common stock for $1.4 billion, for a total of 24.0 million shares repurchased for $3.6 billion during the year. Common shares outstanding at September 30, 2026 totaled 271.4 million, down 8% from a year ago, and the remaining stock repurchase authorization was $4.7 billion.
The Company paid cash dividends of $125.0 million during the fourth quarter of fiscal 2026, for a total of $513.3 million of dividends paid during the year. Subsequent to year-end, the Company declared a quarterly cash dividend of $0.50 per share, an increase of 11% from its most recent dividend paid. The dividend is payable on November 19, 2026 to stockholders of record on November 12, 2026.
Based on current market conditions, D.R. Horton is providing initial guidance for fiscal 2027 including:
The Company plans to also provide guidance for its first quarter of fiscal 2027 on its conference call today.
The Company will host a conference call today (Thursday, October 29) at 8:30 a.m. Eastern Time. The dial-in number is 888-506-0062 (reference entry code 356495), and the call will also be webcast from the Company's website at investor.drhorton.com.
The Company plans to release financial results for each quarter of fiscal 2027 before the market opens, with a conference call to begin at 8:30 a.m. Eastern Time, on the following dates. Details on how to access the conference calls will be available at a later date.
D.R. Horton, Inc., America’s Builder, has closed more than 1.3 million homes in its 48-year history and has been the largest homebuilder in the United States by volume since 2002. D.R. Horton has operations in 128 markets in 38 states across the United States and is engaged in the construction and sale of high-quality homes through its diverse product portfolio with sales prices generally ranging from $200,000 to $700,000. The Company also constructs and sells both single- family and multi-family rental properties. During its fiscal year ended September 30, 2026, D.R. Horton closed 84,202 homes in its homebuilding operations, in addition to 2,073 single-family rental homes and 2,737 multi- family rental units in its rental operations. D.R. Horton also provides mortgage financing, title services and insurance agency services for its homebuyers and is the majority-owner of Forestar Group Inc., a publicly traded national residential lot development company.
Portions of this document may constitute "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Although D.R. Horton believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. All forward- looking statements are based upon information available to D.R. Horton on the date this release was issued. D.R. Horton does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements in this release include that we expect incentives to remain elevated in fiscal 2027, the extent of which will depend on market conditions throughout the year; our strong liquidity, low leverage, local market expertise and national scale provide us with significant financial and operational flexibility to adapt to changing market conditions and deliver attractive shareholder returns; based on our solid financial position and cash flow, our Board recently increased our quarterly cash dividend by 11% to $0.50 per share, making fiscal 2027 our thirteenth consecutive year of dividend growth; and we will continue to focus on delivering value to our homebuyers, gaining market share and generating compelling returns for our shareholders over the long term. The forward-looking statements also include all metrics in the Guidance section. Factors that may cause the actual results to be materially different from the future results expressed by the forward-looking statements include, but are not limited to:
• the cyclical nature of the homebuilding, rental and land development operations and changes in economic, real estate or other conditions;
• adverse developments affecting the capital markets and financial institutions, which could limit our ability to access capital, increase our cost of capital and impact our liquidity and capital resources;
• reductions in the availability of mortgage financing provided by government agencies, changes in government financing programs, a decrease in our ability to sell mortgage loans on attractive terms or an increase in mortgage interest rates;
• our ability to effect our growth strategies, acquisitions, investments or other strategic initiatives successfully;
• the impact of an inflationary, deflationary or higher interest rate environment;
• risks of acquiring land, building materials and skilled labor and challenges obtaining regulatory approvals;
• the effects of public health issues such as a major epidemic or pandemic on the economy and our businesses;
• the effects of weather conditions and natural disasters on our business and financial results;
• the effects of information technology failures, cybersecurity incidents, and the failure to satisfy privacy and data protection laws and regulations;
• risks related to the use of artificial intelligence in our business operations;
• the effects of governmental regulations and environmental matters on our land development and housing operations;
• the effects of competitive conditions within the industries in which we operate;
• our ability to manage and service our debt and comply with related debt covenants, restrictions and limitations;
Additional information about issues that could lead to material changes in performance is contained in D.R. Horton’s annual report on Form 10-K and its most recent quarterly report on Form 10-Q, both of which are filed with the Securities and Exchange Commission.
September 30, 2026 ASSETS (In millions) 2025 ────────────────────────────────────────────────────────────────────────────── Cash and cash equivalents $ 2,060.4 $ 2,985.4 Restricted cash 55.0 47.9 Total cash, cash equivalents and 2,115.4 3,033.3 restricted cash Inventories: Construction in progress and finished 7,519.9 7,648.5 homes Residential land and lots — developed, under development, 14,913.3 14,935.5 held for development and held for sale Rental properties 2,632.6 2,703.3 Total inventory 25,065.8 25,287.3 Mortgage loans held for sale 2,570.0 2,566.5 Deferred tax asset, net — 44.5 Property and equipment, net 633.5 578.9 Other assets 4,270.1 3,797.2 Goodwill 163.5 163.5 Total assets $ 34,818.3 $ 35,471.2 LIABILITIES Accounts payable $ 1,114.6 $ 1,221.9 Deferred tax liability, net 99.2 — Accrued expenses and other 3,836.4 3,541.6 liabilities Notes payable 6,053.9 5,965.5 Total liabilities 11,104.1 10,729.0 EQUITY Common stock, $.01 par value, 1,000,000,000 shares authorized, 404,975,758 shares issued and 271,435,610 shares outstanding at September 30, 4.0 4.0 2026 and 404,031,443 shares issued and 294,475,153 shares outstanding at September 30, 2025 Additional paid-in capital 3,670.4 3,576.1 Retained earnings 33,417.5 31,041.4 Treasury stock, 133,540,148 shares and 109,556,290 shares -13,982.4 -10,431.1 at September 30, 2026 and 2025, respectively, at cost Stockholders’ equity 23,109.5 24,190.4 Noncontrolling interests 604.7 551.8 Total equity 23,714.2 24,742.2 Total liabilities and equity $ 34,818.3 $ 35,471.2
Year Ended September 30, 2026 2025 ────────────────────────────────────────────────────────────────────────────── -In millions OPERATING ACTIVITIES Net income $ 2,937.4 $ 3,620.9 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 116.5 101.3 Stock-based compensation expense 134.0 131.0 Deferred income taxes 143.9 123.2 Inventory and land option charges 199.6 158.1 Changes in operating assets and liabilities: Decrease in construction in progress and 146.3 1,228.8 finished homes Decrease (increase) in residential land and lots – 21.2 -1,884.3 developed, under development, held for development and held for sale (Increase) decrease in rental -23.8 195.4 properties Increase in other assets -421.0 -248.2 Increase in mortgage loans held -3.5 -89.0 for sale Increase in accounts payable, accrued 256.6 83.7 expenses and other liabilities Net cash provided by operating 3,507.2 3,420.9 activities INVESTING ACTIVITIES Expenditures for property and -160.4 -137.4 equipment Proceeds from sale of assets — 22.9 Payments related to business -124.1 -53.1 acquisitions, net of cash acquired Other investing activities -27.3 -1.1 Net cash used in investing -311.8 -168.7 activities FINANCING ACTIVITIES Proceeds from notes payable 5,423.6 3,272.0 Repayment of notes payable -5,378.5 -3,142.8 Repayments on mortgage repurchase -36.3 -125.5 facilities, net Proceeds from stock associated with 18.3 18.5 certain employee benefit plans Cash paid for shares withheld for -55.4 -64.2 taxes Cash dividends paid -513.3 -494.8 Repurchases of common stock -3,523.8 -4,281.6 Net other financing activities -47.9 55.5 Net cash used in financing -4,113.3 -4,762.9 activities Net decrease in cash, cash equivalents -917.9 -1,510.7 and restricted cash Cash, cash equivalents and restricted 3,033.3 4,544.0 cash at beginning of year Cash, cash equivalents and restricted $ 2,115.4 $ 3,033.3 cash at end of year SUPPLEMENTAL CASH FLOW INFORMATION Income taxes paid, net $ 869.4 $ 1,020.5 SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES Notes payable issued for inventory $ — $ 5.5 Stock issued under employee incentive $ 114.7 $ 147.6 plans Repurchases of common stock not $ 34.6 $ — settled
(1) Amounts include the balances of the Company's other businesses and the elimination of intercompany transactions.
(1) Amounts include the results of the Company's other businesses and the elimination of intercompany transactions.
(2) Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers.
(3) Other (income) expense primarily includes interest income but also consists of various other types of ancillary income, gains, expenses and losses not directly associated with sales of homes, land and lots.
(1) Amounts include the results of the Company's other businesses and the elimination of intercompany transactions.
(2) Amount in the Eliminations and Other column represents the recognition of profit on lots sold from Forestar to the homebuilding segment. Intercompany profit is eliminated in the consolidated financial statements when Forestar sells lots to the homebuilding segment and is recognized in the consolidated financial statements when the homebuilding segment closes homes on the lots to homebuyers.
(3) Other (income) expense primarily includes interest income but also consists of various other types of ancillary income, gains, expenses and losses not directly associated with sales of homes, land and lots.
(1) Land/lots owned included 77,300 and 78,400 owned lots that are fully developed and ready for home construction at September 30, 2026 and 2025, respectively.
(2) Lots controlled at September 30, 2026 included 38,400 lots owned or controlled by Forestar, 19,800 of which our homebuilding divisions had under contract to purchase and 18,600 of which our homebuilding divisions had a right of first offer to purchase. Lots controlled at September 30, 2025 included 40,400 lots owned or controlled by Forestar, 22,800 of which our homebuilding divisions had under contract to purchase and 17,600 of which our homebuilding divisions had a right of first offer to purchase.
(1) Homes in inventory exclude model homes and homes related to our rental operations.
Full text with the tables
Exhibit 99.1
D.R. HORTON, INC., AMERICA’S BUILDER, REPORTS FOURTH QUARTER AND FISCAL 2026
EARNINGS AND INCREASES QUARTERLY DIVIDEND TO $0.50 PER SHARE
ARLINGTON, Texas (Business Wire) - October 29, 2026 - D.R. Horton, Inc.
(NYSE:DHI), America’s Builder, today reported fourth quarter and fiscal 2026
results. All comparisons in this release are to the respective prior year
period, unless noted otherwise.
Fiscal 2026 Fourth Quarter Highlights
• Net income attributable to D.R. Horton of $741.8 million or $2.67 per diluted
share
• Consolidated pre-tax income of $1.0 billion, with a pre-tax profit margin of
10.8%
• Consolidated revenues of $9.4 billion
• Home sales revenues of $8.4 billion on 22,915 homes closed
Fiscal 2026 Highlights
• Net income attributable to D.R. Horton of $2.9 billion or $10.11 per diluted
share
• Consolidated pre-tax income of $3.9 billion, with a pre-tax profit margin of
11.8%
• Consolidated revenues of $33.0 billion
• Home sales revenues of $30.6 billion on 84,202 homes closed
• Cash provided by operations totaled $3.5 billion
• Debt to total capital of 20.8%
• Book value per share increased 4% to $85.14
• Repurchased 24.0 million shares of common stock for $3.6 billion, reducing
outstanding share count by 8%, and paid cash dividends of $513.3 million
• Return on equity was 12.2% and return on assets was 8.2%
Consolidated Results
Three months ended September 30, 2026
Net income attributable to D.R. Horton for its fourth fiscal quarter decreased
18% to $741.8 million, and earnings per diluted share decreased 12% to $2.67.
Consolidated pre-tax income was $1.0 billion on revenues of $9.4 billion,
resulting in a pre-tax profit margin of 10.8%. Results for the quarter include
$91.4 million of inventory impairment charges to cost of sales in the Company’s
rental segment.
Fiscal year ended September 30, 2026
For the fiscal year, net income attributable to D.R. Horton decreased 19% to
$2.9 billion, and earnings per diluted share decreased 13% to $10.11.
Consolidated pre-tax income was $3.9 billion on revenues of $33.0 billion,
resulting in a pre-tax profit margin of 11.8%.
Cash provided by operations was $3.5 billion in fiscal 2026 and consisted
primarily of $2.7 billion, $289.5 million, $271.1 million and $148.6 million of
cash provided by the homebuilding, Forestar, financial services and rental
segments. Total liquidity at year end was $7.2 billion. The Company repaid $600
million principal amount of its 1.3% homebuilding senior notes at maturity in
October 2026 and has no other senior note maturities in fiscal 2027. At
September 30, 2026, the Company's debt to total capital ratio was 20.8%. Debt to
total capital ratio consists of notes payable divided by stockholders' equity
plus notes payable.
In fiscal 2026, the Company's return on equity (ROE) was 12.2%, and return on
assets (ROA) was 8.2%. ROE is calculated as net income attributable to D.R.
Horton for the year divided by average stockholders' equity, where average
stockholders' equity is the sum of ending stockholders' equity balances of the
trailing five quarters divided by five. ROA is calculated as net income
attributable to D.R. Horton for the year divided by average consolidated assets,
where average consolidated assets is the sum of total asset balances for the
trailing five quarters divided by five.
David Auld, Executive Chairman, said:
"The D.R. Horton team completed our 25th consecutive year as America's largest
builder by volume, and we are proud to have provided homeownership to more than
84,000 individuals and families during fiscal 2026, including approximately
43,500 first-time homebuyers. Consolidated pre-tax income for the year totaled
$3.9 billion on $33.0 billion of revenues, resulting in a pre-tax profit margin
of 11.8%. We generated $3.5 billion of cash from operations in fiscal 2026 and
returned $4.1 billion to shareholders through repurchases and dividends while
maintaining a strong financial position.
"Housing market conditions became more challenging during the fourth quarter as
rising mortgage rates, affordability constraints and cautious consumer sentiment
continued to pressure new home demand. Our experienced operators responded with
discipline by adjusting incentives, pricing and starts on a community-by-
community basis to align our inventory levels with current demand. We expect
incentives to remain elevated in fiscal 2027, the extent of which will depend on
market conditions throughout the year.
"Our strong liquidity, low leverage, local market expertise and national scale
provide us with significant financial and operational flexibility to adapt to
changing market conditions and deliver attractive shareholder returns. Over the
past 5 years, we have made significant investments in our housing platform as we
entered 30 new markets and 7 new states and increased our community count by
65%. Over that same period, book value per share grew at a 15% compound annual
rate, while we generated $14.0 billion of operating cash flow and returned all
of it to shareholders through repurchases and dividends, reflecting our
consistent execution, operational efficiency and disciplined, balanced capital
allocation.
"Based on our solid financial position and cash flow, our Board recently
increased our quarterly cash dividend by 11% to $0.50 per share, making fiscal
2027 our thirteenth consecutive year of dividend growth. We will continue to
focus on delivering value to our homebuyers, gaining market share and generating
compelling returns for our shareholders over the long term."
Homebuilding
Three months ended September 30, 2026
Homebuilding revenue for the fourth quarter decreased 2% to $8.4 billion, and
homes closed decreased 2% to 22,915 homes. Homebuilding pre-tax income decreased
11% to $891.0 million, and pre-tax profit margin was 10.6%. Net sales orders
decreased 7% to 18,619 homes and 9% in value to $6.6 billion. The Company’s
cancellation rate (cancelled sales orders divided by gross sales orders) was 23%
compared to 20% in the prior year quarter.
Fiscal year ended September 30, 2026
Homebuilding revenue for the fiscal year decreased 3% to $30.7 billion, and
homes closed decreased 1% to 84,202 homes. Homebuilding pre-tax income decreased
17% to $3.4 billion, and pre-tax profit margin was 11.2%. Net sales orders
increased 2% to 84,995 homes and were unchanged in value at $30.9 billion. The
cancellation rate was 19% compared to 18% in the prior year.
At fiscal year end, the Company had 28,200 homes in inventory, of which 17,700
were unsold. 8,800 of the Company’s unsold homes were completed, including 600
that had been completed for greater than six months. Of the Company’s homes
closed during fiscal 2026, 68% were on lots developed by Forestar or third
parties, up from 65% during fiscal 2025.
The Company’s homebuilding return on inventory (ROI) for fiscal 2026 was 16.6%.
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.
Non-Homebuilding Segments
Three months ended September 30, 2026
•
Rental: Rental revenues were $647.1 million with a pre-tax loss of $25.3
million, which includes $91.4 million of inventory impairment charges to cost of
sales related to nine multi-family rental projects. The Company's rental
operations sold 509 single-family rental homes for $134.3 million and 2,182
multi-family rental units for $512.8 million.
• Forestar: Forestar sold 5,004 lots and generated $580.8 million of revenues
and $78.6 million of pre-tax income, resulting in a pre-tax profit margin of
13.5%.
• Financial Services: Financial services revenues were $219.2 million with pre-
tax income of $78.2 million, resulting in a pre-tax profit margin of 35.7%.
Fiscal year ended September 30, 2026
•
Rental: Rental revenues were $1.2 billion with pre-tax income of $18.2 million,
which includes $91.4 million of inventory impairment charges to cost of sales.
The Company's rental operations sold 2,073 single-family rental homes for $560.0
million and 2,737 multi-family rental units for $666.5 million. At year end, the
consolidated balance sheet included $291.3 million of single-family rental
property inventory and $2.3 billion of multi-family rental property inventory.
• Forestar: Forestar sold 13,545 lots and generated $1.6 billion of revenues and
$192.1 million of pre-tax income, resulting in a pre-tax profit margin of 11.7%.
•
Financial Services: Financial services revenues were $817.3 million with pre-tax
income of $258.1 million, resulting in a pre-tax profit margin of 31.6%.
Share Repurchases and Dividends
During the fourth quarter of fiscal 2026, the Company repurchased 9.4 million
shares of common stock for $1.4 billion, for a total of 24.0 million shares
repurchased for $3.6 billion during the year. Common shares outstanding at
September 30, 2026 totaled 271.4 million, down 8% from a year ago, and the
remaining stock repurchase authorization was $4.7 billion.
The Company paid cash dividends of $125.0 million during the fourth quarter of
fiscal 2026, for a total of $513.3 million of dividends paid during the year.
Subsequent to year-end, the Company declared a quarterly cash dividend of $0.50
per share, an increase of 11% from its most recent dividend paid. The dividend
is payable on November 19, 2026 to stockholders of record on November 12, 2026.
Guidance
Based on current market conditions, D.R. Horton is providing initial guidance
for fiscal 2027 including:
• Consolidated revenues in the range of $30.0 billion to $32.0 billion
• Homes closed by homebuilding operations of 79,000 homes to 84,000 homes
• Income tax rate of approximately 25.5%
• Consolidated cash flow provided by operations of approximately $3.5 billion
• Share repurchases of approximately $3.0 billion
• Dividend payments of approximately $500 million
The Company plans to also provide guidance for its first quarter of fiscal 2027
on its conference call today.
Conference Call and Webcast Details
The Company will host a conference call today (Thursday, October 29) at 8:30
a.m. Eastern Time. The dial-in number is 888-506-0062 (reference entry code
356495), and the call will also be webcast from the Company's website at
investor.drhorton.com.
Fiscal 2027 Conference Calls
The Company plans to release financial results for each quarter of fiscal 2027
before the market opens, with a conference call to begin at 8:30 a.m. Eastern
Time, on the following dates. Details on how to access the conference calls will
be available at a later date.
• First quarter: Tuesday, January 19, 2027
• Second quarter: Tuesday, April 20, 2027
• Third quarter: Thursday, July 22, 2027
• Fourth quarter and fiscal year: Tuesday, October 26, 2027
About D.R. Horton, Inc.
D.R. Horton, Inc., America’s Builder, has closed more than 1.3 million homes in
its 48-year history and has been the largest homebuilder in the United States by
volume since 2002. D.R. Horton has operations in 128 markets in 38 states across
the United States and is engaged in the construction and sale of high-quality
homes through its diverse product portfolio with sales prices generally ranging
from $200,000 to $700,000. The Company also constructs and sells both single-
family and multi-family rental properties. During its fiscal year ended
September 30, 2026, D.R. Horton closed 84,202 homes in its homebuilding
operations, in addition to 2,073 single-family rental homes and 2,737 multi-
family rental units in its rental operations. D.R. Horton also provides mortgage
financing, title services and insurance agency services for its homebuyers and
is the majority-owner of Forestar Group Inc., a publicly traded national
residential lot development company.
Forward-Looking Statements
Portions of this document may constitute "forward-looking statements" as defined
by the Private Securities Litigation Reform Act of 1995. Although D.R. Horton
believes any such statements are based on reasonable assumptions, there is no
assurance that actual outcomes will not be materially different. All forward-
looking statements are based upon information available to D.R. Horton on the
date this release was issued. D.R. Horton does not undertake any obligation to
publicly update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. Forward-looking statements in this
release include that we expect incentives to remain elevated in fiscal 2027, the
extent of which will depend on market conditions throughout the year; our strong
liquidity, low leverage, local market expertise and national scale provide us
with significant financial and operational flexibility to adapt to changing
market conditions and deliver attractive shareholder returns; based on our solid
financial position and cash flow, our Board recently increased our quarterly
cash dividend by 11% to $0.50 per share, making fiscal 2027 our thirteenth
consecutive year of dividend growth; and we will continue to focus on delivering
value to our homebuyers, gaining market share and generating compelling returns
for our shareholders over the long term. The forward-looking statements also
include all metrics in the Guidance section. Factors that may cause the actual
results to be materially different from the future results expressed by the
forward-looking statements include, but are not limited to:
• the cyclical nature of the homebuilding, rental and land development
operations and changes in economic, real estate or other conditions;
• adverse developments affecting the capital markets and financial institutions,
which could limit our ability to access capital, increase our cost of capital
and impact our liquidity and capital resources;
• reductions in the availability of mortgage financing provided by government
agencies, changes in government financing programs, a decrease in our ability to
sell mortgage loans on attractive terms or an increase in mortgage interest
rates;
• the risks associated with our land, lot and rental inventory;
• our ability to effect our growth strategies, acquisitions, investments or
other strategic initiatives successfully;
• the impact of an inflationary, deflationary or higher interest rate
environment;
• risks of acquiring land, building materials and skilled labor and challenges
obtaining regulatory approvals;
• the effects of public health issues such as a major epidemic or pandemic on
the economy and our businesses;
• the effects of weather conditions and natural disasters on our business and
financial results;
• home warranty and construction defect claims;
• the effects of health and safety incidents;
• reductions in the availability of performance bonds;
• increases in the costs of owning a home;
• the effects of information technology failures, cybersecurity incidents, and
the failure to satisfy privacy and data protection laws and regulations;
• risks related to the use of artificial intelligence in our business
operations;
• the effects of governmental regulations and environmental matters on our land
development and housing operations;
• the effects of changes in income tax and securities laws;
• the effects of governmental regulations on our financial services operations;
• the effects of competitive conditions within the industries in which we
operate;
• our ability to manage and service our debt and comply with related debt
covenants, restrictions and limitations;
• the effects of negative publicity;
• the effects of the loss of key personnel; and
• the effects of actions by activist stockholders.
Additional information about issues that could lead to material changes in
performance is contained in D.R. Horton’s annual report on Form 10-K and its
most recent quarterly report on Form 10-Q, both of which are filed with the
Securities and Exchange Commission.
Contact
D.R. Horton, Inc.
Jessica Hansen, 817-390-8200
Senior Vice President - Communications
InvestorRelations@drhorton.com
D.R. HORTON, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September 30,
2026
ASSETS (In millions) 2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash equivalents $ 2,060.4 $ 2,985.4
Restricted cash 55.0 47.9
Total cash, cash equivalents
and 2,115.4 3,033.3
restricted cash
Inventories:
Construction in progress and
finished 7,519.9 7,648.5
homes
Residential land and lots —
developed, under development, 14,913.3 14,935.5
held for development and held
for sale
Rental properties 2,632.6 2,703.3
Total inventory 25,065.8 25,287.3
Mortgage loans held for sale 2,570.0 2,566.5
Deferred tax asset, net — 44.5
Property and equipment, net 633.5 578.9
Other assets 4,270.1 3,797.2
Goodwill 163.5 163.5
Total assets $ 34,818.3 $ 35,471.2
LIABILITIES
Accounts payable $ 1,114.6 $ 1,221.9
Deferred tax liability, net 99.2 —
Accrued expenses and other 3,836.4 3,541.6
liabilities
Notes payable 6,053.9 5,965.5
Total liabilities 11,104.1 10,729.0
EQUITY
Common stock, $.01 par value,
1,000,000,000 shares
authorized,
404,975,758 shares issued and
271,435,610 shares
outstanding at September 30, 4.0 4.0
2026 and
404,031,443 shares issued and
294,475,153 shares
outstanding at September 30,
2025
Additional paid-in capital 3,670.4 3,576.1
Retained earnings 33,417.5 31,041.4
Treasury stock, 133,540,148
shares and 109,556,290 shares -13,982.4 -10,431.1
at September 30, 2026 and
2025, respectively, at cost
Stockholders’ equity 23,109.5 24,190.4
Noncontrolling interests 604.7 551.8
Total equity 23,714.2 24,742.2
Total liabilities and equity $ 34,818.3 $ 35,471.2
D.R. HORTON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three
Months Year
Ended Ended
Septem… Septem…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
-In
millio…
except
per
share
data
Reven… $ 9,371.3 $ 9,677.8 $ 33,043… $ 34,25…
Cost
of 7,454.7 7,581.1 25,682… 26,13…
sales
Selli…
gener…
and 989.0 970.9 3,748.6 3,692…
admin…
expen…
Other
(inco… -87.0 -79.0 -294.1 -315.7
expen…
Income
before 1,014.6 1,204.8 3,906.2 4,739…
income
taxes
Income
tax 255.3 288.0 968.8 1,119…
expen…
Net 759.3 916.8 2,937.4 3,620…
income
Net
income
attri… 17.5 11.5 48.0 35.7
to
nonco…
inter…
Net
income
attri…
to $ 741.8 $ 905.3 $ 2,889.4 $ 3,585…
D.R.
Horto…
Inc.
Net
income
per
share
attri…
to
D.R.
Horto…
Inc.
Basic $ 2.68 $ 3.06 $ 10.14 $ 11.62
Dilut… $ 2.67 $ 3.04 $ 10.11 $ 11.57
Weigh…
avera…
shares
outst…
Basic 277.0 296.2 284.8 308.5
Dilut… 277.9 297.4 285.8 309.9
Other
Conso…
Finan…
Data
Inter…
charg…
to $ 67.0 $ 57.2 $ 182.5 $ 158.1
cost
of
sales
Depre…
and $ 31.7 $ 27.4 $ 116.5 $ 101.3
amort…
Inter… $ 67.9 $ 68.5 $ 257.8 $ 241.7
incur…
D.R. HORTON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Year Ended
September 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
-In millions
OPERATING ACTIVITIES
Net income $ 2,937.4 $ 3,620.9
Adjustments to reconcile net
income to
net cash provided by operating
activities:
Depreciation and amortization 116.5 101.3
Stock-based compensation expense 134.0 131.0
Deferred income taxes 143.9 123.2
Inventory and land option charges 199.6 158.1
Changes in operating assets and
liabilities:
Decrease in construction in
progress and 146.3 1,228.8
finished homes
Decrease (increase) in residential
land and lots – 21.2 -1,884.3
developed, under development, held
for development and held for sale
(Increase) decrease in rental -23.8 195.4
properties
Increase in other assets -421.0 -248.2
Increase in mortgage loans held -3.5 -89.0
for sale
Increase in accounts payable,
accrued 256.6 83.7
expenses and other liabilities
Net cash provided by operating 3,507.2 3,420.9
activities
INVESTING ACTIVITIES
Expenditures for property and -160.4 -137.4
equipment
Proceeds from sale of assets — 22.9
Payments related to business -124.1 -53.1
acquisitions, net of cash acquired
Other investing activities -27.3 -1.1
Net cash used in investing -311.8 -168.7
activities
FINANCING ACTIVITIES
Proceeds from notes payable 5,423.6 3,272.0
Repayment of notes payable -5,378.5 -3,142.8
Repayments on mortgage repurchase -36.3 -125.5
facilities, net
Proceeds from stock associated
with 18.3 18.5
certain employee benefit plans
Cash paid for shares withheld for -55.4 -64.2
taxes
Cash dividends paid -513.3 -494.8
Repurchases of common stock -3,523.8 -4,281.6
Net other financing activities -47.9 55.5
Net cash used in financing -4,113.3 -4,762.9
activities
Net decrease in cash, cash
equivalents -917.9 -1,510.7
and restricted cash
Cash, cash equivalents and
restricted 3,033.3 4,544.0
cash at beginning of year
Cash, cash equivalents and
restricted $ 2,115.4 $ 3,033.3
cash at end of year
SUPPLEMENTAL CASH FLOW INFORMATION
Income taxes paid, net $ 869.4 $ 1,020.5
SUPPLEMENTAL DISCLOSURES OF
NON-CASH
ACTIVITIES
Notes payable issued for inventory $ — $ 5.5
Stock issued under employee
incentive $ 114.7 $ 147.6
plans
Repurchases of common stock not $ 34.6 $ —
settled
D.R. HORTON, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(UNAUDITED)
Se…
30,
20…
──────────────────────────────────────────────────────────────────────────────
Eli…
Ho… Re… Fo… Fi… and Con…
Se… Oth…
(1)
-In
mi…
A…
C…
a… $ 1,… $ 10… $ 65… $ 24… $ 18… $ 2,…
c…
e…
R… 30… 3.9 — 20… — 55…
c…
I…
C…
in
p… 7,… — — — -9… 7,…
a…
f…
h…
R…
l… 12… — 2,… — -3… 14…
a…
l…
R… — 2,… — — -8… 2,…
p…
20… 2,… 2,… — -4… 25…
M…
l…
h… — — — 2,… — 2,…
f…
s…
P…
a… 58… 0.3 6.9 3.9 39… 63…
e…
n…
O… 3,… 57… 11… 40… -1… 4,…
a…
G… 13… — — — 29… 16…
$ 25… $ 2,… $ 3,… $ 3,… $ -3… $ 34…
L…
A… $ 96… $ 27… $ 64… $ — $ -1… $ 1,…
p…
D…
t… -1… 51… 10… 8.1 -4… 99…
l…
n…
A…
e…
a… 3,… 65… 43… 53… -3… 3,…
o…
l…
N… 3,… 41… 79… 1,… — 6,…
p…
$ 7,… $ 79… $ 1,… $ 1,… $ -5… $ 11…
Se…
30,
20…
──────────────────────────────────────────────────────────────────────────────
Eli…
Ho… Re… Fo… Fi… and Con…
Se… Oth…
(1)
-In
mi…
A…
C…
a… $ 2,… $ 14… $ 37… $ 24… $ 10… $ 2,…
c…
e…
R… 25… 2.5 — 19… — 47…
c…
I…
C…
in
p… 7,… — — — -9… 7,…
a…
f…
h…
R…
l… 12… — 2,… — -2… 14…
a…
l…
R… — 2,… — — -7… 2,…
p…
20… 2,… 2,… — -3… 25…
M…
l…
h… — — — 2,… — 2,…
f…
s…
D…
t… 12… -4… — — -3… 44…
a…
n…
P…
a… 54… 0.6 8.1 4.3 22… 57…
e…
n…
O… 3,… 38… 10… 22… 89… 3,…
a…
G… 13… — — — 29… 16…
$ 26… $ 2,… $ 3,… $ 3,… $ -2… $ 35…
L…
A… $ 1,… $ 23… $ 71… $ 0.7 $ -9… $ 1,…
p…
A…
e…
a… 3,… 34… 49… 29… -4… 3,…
o…
l…
N… 3,… 60… 80… 1,… — 5,…
p…
$ 7,… $ 86… $ 1,… $ 1,… $ -5… $ 10…
_________________
(1) Amounts include the balances of the Company's other businesses and the
elimination of intercompany transactions.
D.R. HORTON, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(UNAUDITED)
Th…
Mo…
En…
Se…
30,
20…
──────────────────────────────────────────────────────────────────────────────
El…
Ho… Re… Fo… Fi… and Co…
Se… Ot…
(1)
-In
mi…
R…
H… $ 8,… $ — $ — $ — $ — $ 8,3…
s…
L…
s… 5.2 — 58… — -45… 127…
a…
o…
R…
p… — 64… — — — 647…
s…
F… — — — 21… — 219…
s…
8,… 64… 58… 21… -45… 9,3…
C…
of
s…
H…
s… 6,… — — — -80… 6,6…
(…
L…
s… 2.6 — 46… — -37… 95.1
a…
o…
R…
p… — 56… — — -0.5 563…
s…
I…
a…
l… 29… 94… 11… — — 134…
o…
c…
6,… 65… 47… — -45… 7,4…
S…
g…
a… 72… 53… 38… 16… 4.9 989…
a…
e…
O…
(… -1… -3… -1… -2… -0.5 -87…
e…
(…
I…
(…
b… $ 89… $ -2… $ 78… $ 78… $ -7.9 $ 1,0…
i…
t…
Ye…
En…
Se…
30,
20…
──────────────────────────────────────────────────────────────────────────────
El…
Ho… Re… Fo… Fi… and Co…
Se… Ot…
(1)
-In
mi…
R…
H… $ 30… $ — $ — $ — $ — $ 30,…
s…
L…
s… 43… — 1,… — -1,… 373…
a…
o…
R…
p… — 1,… — — — 1,2…
s…
F… — — — 81… — 817…
s…
30… 1,… 1,… 81… -1,… 33,…
C…
of
s…
H…
s… 24… — — — -27… 24,…
(…
L…
s… 32… — 1,… — -1,… 263…
a…
o…
R…
p… — 1,… — — -4.3 1,0…
s…
I…
a…
l… 86… 94… 19… — 0.2 199…
o…
c…
24… 1,… 1,… — -1,… 25,…
S…
g…
a… 2,… 20… 15… 64… 18.5 3,7…
a…
e…
O…
(… -4… -1… -2… -8… 0.6 -29…
e…
(…
I…
b… $ 3,… $ 18… $ 19… $ 25… $ 14.2 $ 3,9…
i…
t…
S…
C…
F…
I…
C…
p…
by $ 2,… $ 14… $ 28… $ 27… $ 81.8 $ 3,5…
o…
a…
_________________
(1) Amounts include the results of the Company's other businesses and the
elimination of intercompany transactions.
(2) Amount in the Eliminations and Other column represents the recognition of
profit on lots sold from Forestar to the homebuilding segment. Intercompany
profit is eliminated in the consolidated financial statements when Forestar
sells lots to the homebuilding segment and is recognized in the consolidated
financial statements when the homebuilding segment closes homes on the lots to
homebuyers.
(3) Other (income) expense primarily includes interest income but also consists
of various other types of ancillary income, gains, expenses and losses not
directly associated with sales of homes, land and lots.
D.R. HORTON, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(UNAUDITED)
Th…
Mo…
En…
Se…
30,
20…
──────────────────────────────────────────────────────────────────────────────
El…
Ho… Re… Fo… Fi… and Co…
Se… Ot…
(1)
-In
mi…
R…
H… $ 8,… $ — $ — $ — $ — $ 8,5…
s…
L…
s… 20… — 67… — -58… 110…
a…
o…
R…
p… — 80… — — — 805…
s…
F… — — — 21… — 218…
s…
8,… 80… 67… 21… -58… 9,6…
C…
of
s…
H…
s… 6,… — — — -62… 6,7…
(…
L…
s… 16… — 51… — -45… 77.2
a…
o…
R…
p… — 67… — — -3.6 672…
s…
I…
a…
l… 51… 3.0 3.3 — — 57.3
o…
c…
6,… 67… 52… — -52… 7,5…
S…
g…
a… 67… 79… 42… 16… 4.3 970…
a…
e…
O…
(… -1… -3… -6… -2… 2.5 -79…
e…
(…
I…
b… $ 1,… $ 80… $ 11… $ 75… $ -65… $ 1,2…
i…
t…
Ye…
En…
Se…
30,
20…
──────────────────────────────────────────────────────────────────────────────
El…
Ho… Re… Fo… Fi… and Co…
Se… Ot…
(1)
-In
mi…
R…
H… $ 31… $ — $ — $ — $ — $ 31,…
s…
L…
s… 83… — 1,… — -1,… 336…
a…
o…
R…
p… — 1,… — — — 1,6…
s…
F… — — — 84… — 841…
s…
31… 1,… 1,… 84… -1,… 34,…
C…
of
s…
H…
s… 24… — — — -22… 24,…
(…
L…
s… 50… — 1,… — -1,… 209…
a…
o…
R…
p… — 1,… — — -4.2 1,3…
s…
I…
a…
l… 14… 7.3 7.2 — -0.6 158…
o…
c…
24… 1,… 1,… — -1,… 26,…
S…
g…
a… 2,… 24… 15… 65… 17.9 3,6…
a…
e…
O…
(… -1… -1… -1… -8… 0.6 -31…
e…
(…
I…
b… $ 4,… $ 17… $ 21… $ 27… $ -63… $ 4,7…
i…
t…
S…
C…
F…
I…
C…
p…
by
(… $ 3,… $ 10… $ -1… $ 17… $ -67… $ 3,4…
i…
o…
a…
_________________
(1) Amounts include the results of the Company's other businesses and the
elimination of intercompany transactions.
(2) Amount in the Eliminations and Other column represents the recognition of
profit on lots sold from Forestar to the homebuilding segment. Intercompany
profit is eliminated in the consolidated financial statements when Forestar
sells lots to the homebuilding segment and is recognized in the consolidated
financial statements when the homebuilding segment closes homes on the lots to
homebuyers.
(3) Other (income) expense primarily includes interest income but also consists
of various other types of ancillary income, gains, expenses and losses not
directly associated with sales of homes, land and lots.
D.R. HORTON, INC. AND SUBSIDIARIES
SALES, CLOSINGS AND BACKLOG
HOMEBUILDING SEGMENT
(Dollars in millions)
…
… …
… …
… …
… …
… … … …
──────────────────────────────────────────────────────────────────────────────
… … … … … … … …
… $ … … $ … 4… $ 2… 4… $ 2…
… … … … 9… 4… 9… 4…
… … … … 2… 6… 2… 6…
… … … … 1… 6… 1… 6…
… … … … 1… 6… 1… 5…
… … … … 1… 4… 1… 4…
… $ … … $ … 8… $ 3… 8… $ 3…
…
… …
… …
… …
… …
… … … …
──────────────────────────────────────────────────────────────────────────────
… … … … … … … …
… $ … … $ … 4… $ 2… 4… $ 2…
… … … … 9… 4… 9… 4…
… … … … 2… 6… 2… 6…
… … … … 1… 6… 2… 6…
… … … … 1… 6… 1… 6…
… … … … 1… 4… 9… 4…
… $ … … $ … 8… $ 3… 8… $ 3…
As of
Septe…
SALES 30,
ORDER 2026 2025
BACK… Homes Value Homes Value
──────────────────────────────────────────────────────────────────────────────
Nort… 343 $ 183.9 476 $ 277.8
Sout… 1,118 562.6 1,035 486.4
South 2,701 839.8 2,435 753.1
Cent…
Sout… 2,635 923.8 2,405 821.9
East 2,341 813.6 2,323 839.5
North 2,576 1,13… 2,111 941.4
11,714 $ 4,45… 10,785 $ 4,12…
D.R. HORTON, INC. AND SUBSIDIARIES
LAND AND LOT POSITION AND HOMES IN INVENTORY
HOMEBUILDING SEGMENT
…
… S… …
… 3… …
… 2… …
──────────────────────────────────────────────────────────────────────────────
… L…
… C…
… T… T… …
L… … L… … L… …
O… … O… … a… …
(… … a… … L… …
… C… P… …
… C…
… (…
… 1… … 2… … 1… …
… 1… … 4… … 3… …
… 3… … 1… … 1… …
…
… 2… … 1… … 1… …
… 2… … 1… … 1… …
… 1… … 8… … 6… …
1… … 5… … 4… …
… % 77 % … % 25 % … % 1… %
_____________
(1) Land/lots owned included 77,300 and 78,400 owned lots that are fully
developed and ready for home construction at September 30, 2026 and 2025,
respectively.
(2) Lots controlled at September 30, 2026 included 38,400 lots owned or
controlled by Forestar, 19,800 of which our homebuilding divisions had under
contract to purchase and 18,600 of which our homebuilding divisions had a right
of first offer to purchase. Lots controlled at September 30, 2025 included
40,400 lots owned or controlled by Forestar, 22,800 of which our homebuilding
divisions had under contract to purchase and 17,600 of which our homebuilding
divisions had a right of first offer to purchase.
HOMES IN INVENTORY(1)
September 30,
2026 2025
Northwest 1,600 1,700
Southwest 2,600 3,200
South Central 7,000 7,700
Southeast 6,200 6,300
East 6,000 6,300
North 4,800 4,400
28,200 29,600
_____________
(1) Homes in inventory exclude model homes and homes related to our rental
operations.