D.R. Horton Marketcap, Net Worth, Revenue, Competitors 2026

Key Stats

$36.8B Revenue FY2024

~$55B Market Cap (early 2026)

1978 Year Founded

~13,000 Employees

~93,300 Homes Closed FY2024

D.R. Horton, Inc. is the largest homebuilder in the United States by volume, delivering homes across 36 states from its headquarters in Arlington, Texas. The company builds and sells single-family detached and attached homes under four consumer brands spanning affordable entry-level, move-up, luxury, and active adult segments, along with mortgage financing and title services.

Founded in 1978 by Donald Ray Horton in Fort Worth, the company grew through aggressive acquisitions in the 1990s and 2000s to become the country’s top homebuilder by closings — a position it has held every year since 2002. In FY2024, D.R. Horton closed 89,690 homes at an average price of $378,000 and posted $36.8 billion in consolidated revenue, roughly double what it recorded in FY2019.

The company is incorporated in Delaware, trades on the New York Stock Exchange under the ticker DHI, and is a member of the S&P 500. Its fiscal year ends September 30.

D.R. Horton Founder

Donald Ray “Don” Horton Born in 1950 in Lamar, Missouri, Don Horton built his first home in 1978 in Fort Worth, Texas, after recognizing that buyers wanted more choice in home design and floor plans than local builders were offering. He sold it while it was still under construction, rolled the profit into the next house, and never stopped. That simple reinvestment model — build, sell, repeat at scale — became the template for the company he formally organized. Horton remained executive chairman through the company’s peak expansion years, and his personal philosophy of keeping homes attainable for ordinary buyers, particularly first-time purchasers, shaped D.R. Horton’s product mix decades after he stepped back from daily operations.

D.R. Horton Brands

D.R. Horton The flagship brand covers the broadest range of price points and geographies, targeting first-time and move-up buyers with practical floor plans and reliable construction.

Express Homes Aimed at buyers prioritizing affordability, Express Homes typically offers lower-priced homes with standard features, designed to bring homeownership within reach for budget-conscious buyers.

Emerald Homes The luxury tier, Emerald Homes focuses on higher-end finishes, elevated architectural design, and premium locations for buyers seeking a more customized product.

Freedom Homes Built for active adults, Freedom Homes emphasizes low-maintenance living — single-story layouts, smaller lots, and community amenities suited to retirees and empty nesters.

D.R. Horton Acquisitions

D.R. Horton grew from a regional Texas builder into a national company primarily through a concentrated run of acquisitions between 1997 and 2002, a period when the company was expanding aggressively to establish a presence in markets it had not yet reached organically.

The defining deal of that era was the 1999 acquisition of Continental Homes, which gave D.R. Horton a strong foothold in the Southwest and helped push it past its rivals in total volume. The following year brought the purchase of Schuler Homes, one of the larger builders in the Pacific Northwest and Midwest, which extended Horton’s geographic reach significantly north and west. Around the same time the company added Cambridge Homes (1998), a builder focused on the Chicago and suburban Illinois market, and secured its own title agency through the Century Title Agency acquisition (1999).

Florida, one of the country’s most active housing markets, was reinforced through back-to-back deals: Emerald Builders and Fortress Homes and Communities of Florida joined the portfolio in 2001, simultaneously giving Horton the Emerald brand name it would later develop into a standalone luxury offering. The early 2000s also brought Pacific Ridge Homes (2015, Pacific Northwest), Wilson Parker Homes (2016, Southeast and Mid-Atlantic), and a cluster of three in 2018 — Terramor Homes, Classic Builders, and Westport Homes — that filled in gaps across the Midwest and Southeast.

Alongside these homebuilding acquisitions, D.R. Horton has built a controlling stake in Forestar Group (NYSE: FOR), a publicly traded residential lot development company. As of FY2024, Horton owns approximately 62% of Forestar, which operates across 59 markets in 24 states and functions as a key part of Horton’s land supply and lot control strategy — providing developed lots that Horton’s homebuilding divisions can draw on without carrying all the land risk on its own balance sheet.

D.R. Horton History

1978 Don Horton builds his first home in Fort Worth, Texas. He sells it before it is finished, uses the proceeds to start the next one, and formalizes the operation as D.R. Horton, Inc. The guiding logic from day one is volume: build homes that working families can actually afford, sell them quickly, and reinvest in the next project.

1991 D.R. Horton completes its initial public offering, listing on the New York Stock Exchange. The IPO gives Horton access to capital markets at a moment when many smaller regional builders are struggling after the savings and loan crisis, allowing Horton to expand while rivals pull back.

1997–2002 An intense five-year acquisition campaign transforms D.R. Horton from a regional builder into a national one. Continental Homes (1997), Cambridge Homes (1998), Century Title Agency (1999), Emerald Builders and Fortress Homes (2001), and Schuler Homes (2002) all join the company in rapid succession, extending its footprint across the Southwest, Midwest, Pacific Northwest, and Florida.

2002 D.R. Horton becomes the largest homebuilder in the United States by closings, a position it has held in every subsequent year. The ranking is based on total homes delivered annually.

2007–2009 The U.S. housing market collapses. D.R. Horton, like every major homebuilder, takes substantial land impairment charges and reports net losses. Revenue falls sharply from its 2006 peak. The company responds by pulling back on land purchases, reducing headcount, and preserving liquidity — a conservative posture that allows it to recover faster than many smaller competitors when demand returns.

2012–2016 The housing recovery gains momentum. D.R. Horton reactivates its acquisition strategy, picking up Pacific Ridge Homes (2015) and Wilson Parker Homes (2016) to fill geographic gaps in the Pacific Northwest and Southeast. The company also launches Express Homes as a formal brand, targeting buyers priced out of its standard product — a move that proves well-timed as millennials enter the housing market in larger numbers.

2017 D.R. Horton acquires a controlling stake in Forestar Group, Inc., a residential lot developer listed on the NYSE. The investment gives Horton a dedicated pipeline of finished lots without requiring it to tie up capital in raw land for years at a time — a structural advantage in a capital-intensive industry.

2018 Three acquisitions close in a single fiscal year: Terramor Homes, Classic Builders, and Westport Homes. All three operate primarily in the Midwest and Southeast, markets where Horton had less penetration relative to its national footprint.

2020–2022 The pandemic-era housing boom drives extraordinary results. Low mortgage rates, remote work flexibility, and pent-up demand push home sales to multi-decade highs. D.R. Horton’s revenue climbs from $19.8 billion in FY2020 to $33.5 billion in FY2022, its fastest multi-year growth in history. The company sets new records for homes closed in each successive year.

2022–2023 Rising mortgage rates — the 30-year fixed rate climbs from near 3% to above 7% — cool demand sharply. D.R. Horton responds by increasing use of mortgage rate buydowns, offering incentives, and leaning on its scale to maintain volume where smaller builders cannot. The strategy works: the company closes 82,917 homes in FY2023, still near record levels, and revenue holds at $35.5 billion.

2024 D.R. Horton closes 89,690 homes in FY2024, another company record, at an average price of $378,000. Consolidated revenue reaches $36.8 billion and net income attributable to the company comes in at $4.8 billion. The company operates in 126 markets across 36 states, with order backlog of 12,284 homes valued at $4.8 billion at fiscal year-end.

D.R. Horton Revenue

Fiscal year ends September 30. The sharp increase from FY2020 to FY2022 reflects the pandemic-era housing boom; moderation in FY2025 reflects higher mortgage rate headwinds.

D.R. Horton Market Cap

D.R. Horton’s market cap expanded roughly seven-fold between 2015 and its 2024 peak, driven by the housing supercycle and the company’s consistent ability to grow volume even in a high-rate environment. The all-time stock price high of $193.73 was reached in September 2024.

D.R. Horton Competitors

D.R. Horton’s two closest rivals by scale are Lennar Corporation and PulteGroup. Lennar ran nearly neck-and-neck with Horton in 2024, posting $33.8 billion in revenue across 80,210 closings, while PulteGroup held third with $17.3 billion. Toll Brothers competes at the luxury end, where D.R. Horton’s Emerald Homes brand also operates. In the affordable and entry-level segments that Horton dominates through Express Homes, its most direct competition comes from regional builders and companies like LGI Homes and Century Communities.

Company	Headquarters	Market Position	Revenue (approx.)
Lennar Corporation	Miami, FL	#2 U.S. homebuilder by volume	~$33.8B (FY2024)
PulteGroup	Atlanta, GA	#3; brands incl. Centex, Del Webb	~$17.3B (FY2024)
NVR, Inc.	Reston, VA	#4; Ryan Homes, NVHomes brands	~$10.3B (FY2024)
Toll Brothers	Fort Washington, PA	Luxury segment leader	~$10.6B (FY2024)
SH Residential Holdings	Denver, CO (U.S. ops)	#6; incl. acquired M.D.C. Holdings	~$7.7B (est. 2024)
Taylor Morrison	Scottsdale, AZ	#8; known for consumer trust rankings	~$7.8B (FY2024)
KB Home	Los Angeles, CA	#7; energy-efficient, customizable homes	~$6.9B (FY2024)
Meritage Homes	Scottsdale, AZ	Energy-efficient focus; Southeast & West	~$6.3B (FY2024)
LGI Homes	The Woodlands, TX	Entry-level; direct competitor to Express	~$2.1B (FY2024)
Century Communities	Greenwood Village, CO	#9; includes online-only Century Complete	~$4.4B (FY2024)

FAQs

Who founded D.R. Horton?

D.R. Horton was founded in 1978 by Donald Ray Horton. He built his first home in Fort Worth, Texas, sold it before completion, and used the proceeds to finance the next project. His focus on affordability and volume over high per-unit margins became the company’s defining competitive approach, and it has been the largest U.S. homebuilder by closings every year since 2002.

What brands does D.R. Horton operate?

The company operates four consumer brands. The flagship D.R. Horton brand covers the broadest segment of the market. Express Homes targets affordability-first buyers at lower price points. Emerald Homes addresses the luxury end, with higher-specification builds and more customization. Freedom Homes is designed for active adults, emphasizing single-story layouts and low-maintenance community living.

How much revenue does D.R. Horton generate?

D.R. Horton reported consolidated revenues of $36.8 billion for its fiscal year ended September 30, 2024, up from $35.5 billion in FY2023. Homebuilding operations accounted for the majority of that total, with the company closing 89,690 homes at an average price of $378,000. FY2025 revenue came in at $34.3 billion, reflecting higher mortgage rate headwinds and softer demand in some markets.

Who are D.R. Horton’s main competitors?

Lennar Corporation is the closest rival in total revenue and closings. PulteGroup holds third place nationally. Toll Brothers competes specifically in the luxury segment. At the affordable end — the segment D.R. Horton addresses through its Express Homes brand — LGI Homes and Century Communities are the most direct competition.

Where is D.R. Horton headquartered?

D.R. Horton is headquartered in Arlington, Texas. The company was originally based in Fort Worth, where Donald Horton built its first homes in 1978 before relocating its corporate offices to nearby Arlington as the operation grew. It operates today across 126 markets in 36 states, spanning every major region of the country.