D.R. Horton Files 2024 10-K

Ticker: DHI · Form: 10-K · Filed: 2024-11-19T00:00:00.000Z

Sentiment: neutral

Topics: 10-K, annual-report, real-estate

TL;DR

DHI filed its 2024 10-K. All systems go.

AI Summary

D.R. Horton, Inc. filed its 2024 10-K report for the fiscal year ending September 30, 2024. The company, a major homebuilder, reported on its financial performance and operational activities. Key financial data and disclosures regarding its business segments, market presence, and incorporation in Delaware were included in the filing.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of D.R. Horton's financial health and strategic positioning for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Numbers

Key Players & Entities

FAQ

What was D.R. Horton's fiscal year end for this filing?

The fiscal year end was September 30, 2024.

When was this 10-K filing submitted to the SEC?

The filing was submitted on November 19, 2024.

What is the company's Central Index Key (CIK)?

The CIK for D.R. Horton, Inc. is 0000882184.

Where is D.R. Horton, Inc. headquartered?

The company's business address is in Arlington, Texas.

What is the Standard Industrial Classification (SIC) code for D.R. Horton?

The SIC code is 1531 for Operative Builders.

Filing Stats: 4,290 words · 17 min read · ~14 pages · Grade level 16.3 · Accepted 2024-11-19 15:47:02

Key Financial Figures

Filing Documents

Business

Business 1 ITEM 1A.

Risk Factors

Risk Factors 13 ITEM 1B. Unresolved Staff Comments 25 ITEM 1C. Cybersecurity 26 ITEM 2.

Properties

Properties 28 ITEM 3.

Legal Proceedings

Legal Proceedings 28 ITEM 4. Mine Safety Disclosures 28 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 ITEM 6. [Reserved] 30 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 63 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 64 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 109 ITEM 9A.

Controls and Procedures

Controls and Procedures 109 ITEM 9B. Other Information 109 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 109 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 110 ITEM 11.

Executive Compensation

Executive Compensation 110 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 110 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 111 ITEM 14. Principal Accountant Fees and Services 111 PART IV ITEM 15. Exhibits and Financial Statement Schedules 112 ITEM 16. 10-K Summary 117

SIGNATURES

SIGNATURES 118 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS D.R. Horton, Inc. is the largest homebuilding company in the United States as measured by number of homes closed. We construct and sell homes through our operating divisions in 125 markets across 36 states. 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. Our homebuilding business began in 1978 in Fort Worth, Texas, and our common stock has been publicly traded since 1992. We have expanded and diversified our homebuilding operations geographically over the years by investing capital and building teams of people in our existing markets, start-up operations in new markets and acquisitions of other homebuilding companies. We have closed more than 1.1 million homes during our 46-year history, and we have been the largest volume homebuilder in the United States each year since 2002. Our business operations consist of homebuilding, rental, a majority-owned residential lot development company, financial services and other activities. Our homebuilding operations are our core business, generating 92% of consolidated revenues of $36.8 billion in fiscal 2024, 90% of consolidated revenues of $35.5 billion in fiscal 2023 and 95% of consolidated revenues of $33.5 billion in fiscal 2022. Our homebuilding operations generate most of their revenues from the sale of completed homes and to a lesser extent from the sale of land and lots. Approximately 87% of our home sales revenue in fiscal 2024 was generated from the sale of single-family detached homes, with the remainder from the sale of attached homes, such as townhomes, duplexes and triplexes. Our product offerings include a broad range of homes for entry-level, move-up, active adult and luxury buyers. Our homes generally range in size

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