HORTON D R INC /DE/
For the period ended Jan 15, 2026. Filed Dec 10, 2025.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Jan 15, 2026 · Filed Dec 10, 2025
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934
(Amendment No. )
| Filed by the Registrant ý | Filed by a Party other than the Registrant o | |
|---|---|---|
| Check the appropriate box: | ||
| o | Preliminary Proxy Statement | |
| o | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) | |
| ý | Definitive Proxy Statement | |
| o | Definitive Additional Materials | |
| o | Soliciting Material Pursuant to §240.14a-12 | |
D.R. Horton, Inc.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
| Payment of Filing Fee (Check all boxes that apply): | |
|---|---|
| ý | No fee required |
| o | Fee paid previously with preliminary materials |
| o | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 |
NOTICE OF ANNUAL
MEETING AND PROXY
STATEMENT
OUR STORY
We Are America's Builder
Dear Fellow Stockholders,
Fiscal 2025 marked our 47th year in business, and our executive leadership and Board remained focused on our
unwavering commitment to enabling more customers to achieve the dream of homeownership. The D.R. Horton
team achieved solid financial results in fiscal 2025 despite housing market conditions that remained challenging due
to ongoing affordability constraints and cautious consumer sentiment.
Fuelingthe American Dream of Homeownership
At the heart of our success is our purpose: enabling
more customers to achieve the dream of
homeownership. We strive to deliver compelling value
across our broad product offerings to serve a diverse
customer base and provide homes for every stage in
life. With one of the lowest average selling prices in the
industry, we remain focused on affordability,
particularly for entry-level, first-time and first-time
move-up homebuyers.
The D.R. Horton team was privileged to provide
homeownership to nearly 85,000 individuals and
families, including approximately 43,000 first-time
homebuyers in fiscal 2025. In total, our homebuilding
and rental operations provided more than 91,200
households a place to call home during the year.
Financial Excellence Drives Cash Returned to
Stockholders
For fiscal 2025, earnings per diluted share totaled
$11.57, and our consolidated pre-tax income was$4.7
billion on revenues of$34.3 billion, resulting in a pre-tax
profit margin of 13.8%. Our homebuilding pre-tax return
on inventory was 20.1%, return on equity was 14.6% and
return on assets was 10.0%. Over the past three- and
ten-year periods, both our return on assets and total
shareholder returns placed us within the top 20% of all
S&P 500 companies. We generated $3.4 billion of cash
flow from operations during fiscal 2025, and returned
all of it to stockholders through share repurchases and
dividends. Fiscal 2025 stockholder distributions
increased by$2.6 billion or 118% from the prior year.
Our Investments are Paying Off
Over the past five years, we have made significant
investments in our housing platform as we entered 7
new states and 38 markets and increased our
community count by 40%. Over that same period, we
grew consolidated revenues at an 11% compound
annual rate, more than doubled book value per share
and returned$11.0 billion of operating cash flow to
stockholders through share repurchases and
dividends. These results reflect our consistent
execution, operational efficiency and disciplined,
balanced capital allocation.
Our strong liquidity, low leverage, experienced
operators and national scale provide us with significant
financial and operational flexibility. We will continue to
focus on delivering value to our homebuyers,
consistently capturing market share and generating
attractive long-term returns for ourstockholders.
Our Workforce is Committed to the Company and
Community
Our employeesare the foundation of our Company’s
resilience and reputation andcontinue to be the
greatest strength of D.R. Horton. Their expertise,
dedication and commitment to our values is reflected in
our performance, the quality of our homes and through
the positive impact we have in the communities where
we operate. Beyond delivering quality homes at
affordable price points, our employees contribute
meaningfully to their communities through individual
and team volunteer efforts, natural disaster recovery
assistance and initiatives alongside our trade partners
in supporting various charitable causes. Homebuilding
is a local business, and we are proud to support the
places where our employees and customers live and
work.
Looking Ahead
Director Michael Buchanan, who has served on the
Board since 2003, is not standing for re-election at the
2026 Annual Meeting. We are grateful for
Mr. Buchanan's expertise and perspective he has
shared for 22 years, and we thank him for his loyal
service to the Board and Company.
As we look ahead, we remain committed to the highest
standards of corporate governance, risk management
and stakeholder engagement. We will strive to deliver
value for our customers, communities and stockholders
through disciplined growth and responsible
stewardship.
On behalf of the entire D.R. Horton team, thank you for
your continued trust and support.
The D.R. Horton Board of Directors
David V. Auld, Executive Chairman
Paul J. Romanowski, Chief Executive Officer
Brad S. Anderson
Michael R. Buchanan
Benjamin S. Carson, Sr.
M. Chad Crow
Elaine D. Crowley
Maribess L. Miller
Barbara R. Smith
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
To be Held on Thursday, January 15, 2026
Date and Time:
January 15, 2026
11:00 a.m. Central Time
Place:
1341 Horton Circle,Arlington, Texas 76011
| Dear Stockholders of D.R. Horton: | ||
|---|---|---|
| You are invited to attend the 2026 Annual Meeting of Stockholders of D.R. Horton, Inc. Our 2026 Annual Meeting will be held at our corporate offices located at: 1341 Horton Circle, Arlington, Texas 76011, on Thursday, January 15, 2026, at 11:00 a.m. Central Time, for the following purposes: | ||
| Board Recommendation | ||
| 1.To elect the eight director nominees named in our proxy statement; | FOR All Director Nominees | |
| 2. To seek an advisory vote on the approval of our executive compensation; | FOR | |
| 3. To ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for fiscal 2026; and | FOR | |
| 4. To conduct other business properly brought before the meeting. | FOR | |
| Record Date: | ||
| Only stockholders of record at the close of business on Monday, December 1, 2025 are entitled to notice of and to vote at the 2026 Annual Meeting or any adjournment thereof. The Proxy Statement is furnished in connection with the solicitation of proxies by the Board of Directors of D.R. Horton. D.R. Horton expects that the Proxy Statement and the accompanying form of proxy will first be released to our stockholders of record on or about December 10, 2025. | ||
| Whether or not you plan to attend the meeting, your vote is very important. For the convenience of our stockholders, proxies may be submitted either by telephone, electronically through the Internet, or by mail. For casting your vote by mail, a form of proxy on which to indicate your vote and a postage-paid envelope in which to return your proxy are enclosed. WE URGE YOU TO COMPLETE AND RETURN YOUR PROXY BY ONE OF THESE METHODS SO THAT YOUR SHARES WILL BE REPRESENTED. If you decide later to attend the 2026 Annual Meeting, you may revoke your proxy at that time and vote your shares in person. If you desire any additional information concerning the 2026 Annual Meeting, we would be glad to hear from you. | ||
| Sincerely, | ||
| DAVID V. AULD | ||
| Executive Chairman of the Board | ||
| Arlington, Texas | ||
| December 10, 2025 | ||
D.R. HORTON, INC. 2026 PROXY STATEMENT
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