D.R. Horton Business Summary

D.R. Horton, Inc. (DHI) operates as the largest homebuilder by volume in the United States, a position it has maintained since 2002. The company’s vertically integrated business model generates revenue through four primary segments: Homebuilding (accounting for approximately 85% of pre-tax income), Financial Services (mortgage, title, and insurance), Forestar (a majority-owned residential lot development subsidiary), and Rental operations. D.R. Horton focuses on a high-volume, manufacturing-like approach to residential construction, specifically targeting entry-level and first-time homebuyers through its Express Homes brand, while also serving luxury and active-adult markets via Emerald Homes and Freedom Homes. As of early 2026, the company constructs approximately one out of every seven new single-family homes sold in the U.S., maintaining a dominant market position ahead of primary competitors such as Lennar Corporation, PulteGroup, Inc., NVR, Inc., and Meritage Homes. Founded in 1978 by Donald R. Horton in Fort Worth, Texas, the company transitioned to its current leadership structure following the founder's passing in 2024. The executive team is led by President and CEO Paul J. Romanowski, who previously served as Co-COO and has been with the firm since 1999. He is supported by Executive Chairman David V. Auld, the company’s former CEO, and long-tenured executives including EVP and CFO Bill W. Wheat (in role since 2003) and EVP and COO Michael J. Murray (in role since 2014). The company’s governance is further strengthened by a board of directors that includes notable independent members such as Barbara R. Smith (former Chairman of Commercial Metals Company), M. Chad Crow, and Elaine D. Crowley, reflecting a strategic emphasis on operational scale and disciplined capital allocation.