D. R. Horton

D.R. Horton stands as America's undisputed homebuilding leader, having maintained its position as the nation's largest homebuilder by volume for 23 consecutive years since 2002. With operations spanning 125 markets across 36 states, the company has become a household name in the residential construction industry, closing more than 93,000 homes in calendar year 2024 and capturing 13.6% of the national new-home market share. The company's geographic footprint and scale enable it to offer a comprehensive range of housing solutions, from affordable entry-level homes priced around $250,000 to premium luxury residences exceeding $1,000,000.

The company's success is built on a multi-brand strategy that addresses diverse market segments. Operating under four distinct brands—D.R. Horton, Express Homes, Emerald Homes, and Freedom Homes—the organization serves first-time homebuyers, move-up buyers, luxury homebuyers, and active adults. This strategic diversification, combined with vertical integration through its mortgage financing and title services subsidiaries, creates a comprehensive homebuying experience while maintaining operational efficiency. In fiscal year 2024 (ended September 30, 2024), the company reported total revenue of $36.8 billion and net income of $4.8 billion, demonstrating robust financial performance with a 19.9% return on equity.

D.R. Horton's journey began humbly in 1978 when founder Donald R. Horton built his first home in Fort Worth, Texas, with just $3,000 and borrowed capital. The company went public in 1992, raising $40 million in its initial public offering, and embarked on an aggressive acquisition campaign throughout the 1990s and 2000s that transformed it from a regional player into a national powerhouse. Key strategic moves included the 1997 acquisition of Continental Homes for $305 million, the 2002 purchase of Schuler Homes, and the 2015 launch of Express Homes, which specifically targeted the underserved entry-level market segment. The company's headquarters relocated from Fort Worth to Arlington, Texas in 2017, reflecting its evolution from a local builder to a major Fortune 500 corporation, ranking number 120 on the 2024 list.

The company's operational philosophy emphasizes efficiency, disciplined growth, and shareholder value creation. With a gross profit margin of 23.5% and pre-tax profit margin of 17.1% in fiscal 2024, D.R. Horton demonstrates superior operational execution in a competitive industry. The organization employs 14,766 people as of September 2024, representing a 9.78% increase from the prior year, supporting its continued market expansion. Looking forward, the company has guided for 90,000 to 92,000 home closings in fiscal 2025, positioning itself for sustained growth despite market challenges including elevated interest rates. The company's commitment to returning value to shareholders is evident in its practice of distributing all generated cash flow through share repurchases and dividends, with distributions increasing by 44% year-over-year.

Tragically, the company's founder and chairman, Donald R. Horton, passed away suddenly in May 2024 at age 74, marking the end of an era for the organization he built from a single home into America's largest homebuilder. Leadership transitioned smoothly to Executive Chairman David V. Auld and President/CEO Paul J. Romanowski, ensuring continuity of the company's strategic vision and operational excellence. As D.R. Horton continues to evolve, it remains committed to its founding mission of providing quality, affordable housing while adapting to changing market dynamics, consumer preferences, and sustainability expectations in the residential construction industry.