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D.R. Horton, Inc.

DHI

Filing: SEC 10-Q
Period: As of 2026-03-31
Basis: Editorial filing; Read original SEC 10-Q ↗

Sankey diagram of D.R. Horton, Inc.. A complete text table follows the diagram.

D.R. Horton Controls 575,300 Homesites Without Owning Most of Them

Purchase contracts keep 77% of America's largest homebuilder's lot pipeline off the owned-land ledger, letting it adjust supply, prices and incentives as mortgage affordability changes

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Source & review

Read original SEC 10-Q ↗

SEC accession: 0000882184-26-000081
Filed: Date not recorded
Reviewed: 2026-07-26
Status: Individual filing review complete

How to read these figures

The Sankey visualizes the reported lot-control system rather than an income-statement waterfall. All lot counts and regional splits are directly reported as of March 31, 2026; no modeled allocation is used. Quarterly operating results and Forestar relationships are provided as annotations to explain why the land structure matters.

Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.

D.R. Horton owns only 134,100 of the 575,300 lots in its pipeline; purchase contracts provide the remaining 441,200 without the same upfront land commitment.
South Central, Southeast and East hold 73% of all controlled homesites, concentrating the future pipeline in Sun Belt and eastern markets.
Forestar, D.R. Horton's majority-owned lot developer, sold $296M of land and lots to the homebuilding segment during the quarter.
The company purchased 67% of the lots underlying six-month home closings from Forestar or other third parties, up from 65% a year earlier.
Net orders rose 11% to 24,992 homes and backlog rose 19% to 16,882 even as the average order price fell 2%, showing the volume-for-price tradeoff.
Affordability support came at a cost: mortgage-rate buydowns and lower prices compressed home-sales gross margin from 21.8% to 20.1%.

View accessible tables

Financial categories · As of 2026-03-31 · Thousands of lots
Category	Stage	Value	Notes
Northwest pipeline	1	28.7	28,700 lots across western markets
Southwest pipeline	1	47	47,000 lots
South Central pipeline	1	148	Largest region; 79% contract-controlled
Southeast pipeline	1	134	79% contract-controlled
East pipeline	1	139	139,000 lots
North pipeline	1	78.3	78,300 lots
Land and lots owned	2	134	23% of the pipeline requires ownership
Lots controlled by contract	2	441	77% optioned or under purchase contracts
Total homesite pipeline	3	575	About 30 lots controlled per quarterly home closing

Financial flows · Thousands of lots
From	To	Value
Northwest pipeline	Land and lots owned	11.4
Northwest pipeline	Lots controlled by contract	17.3
Southwest pipeline	Land and lots owned	18
Southwest pipeline	Lots controlled by contract	29
South Central pipeline	Land and lots owned	31.1
South Central pipeline	Lots controlled by contract	117
Southeast pipeline	Land and lots owned	28.6
Southeast pipeline	Lots controlled by contract	106
East pipeline	Land and lots owned	29
East pipeline	Lots controlled by contract	110
North pipeline	Land and lots owned	16
North pipeline	Lots controlled by contract	62.3
Land and lots owned	Total homesite pipeline	134
Lots controlled by contract	Total homesite pipeline	441