Home Building was Horton D R’s largest segment in fiscal 2025, bringing in $31.52B of $34.25B (92%).
| Segment | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Home Building | $31.92B | $31.74B | $33.96B | $31.52B | |||||||||||||
| Homebuilding | — | — | — | — | |||||||||||||
| Forestar Group | $1.52B | $1.44B | $1.51B | $1.66B | |||||||||||||
| Rental | $510.20M | $2.61B | $1.69B | $1.64B | |||||||||||||
| Financial Services | $795.00M | $801.50M | $882.50M | $841.20M | |||||||||||||
| Eliminations & Other | -$1.27B | -$1.13B | -$1.24B | -$1.41B | |||||||||||||
| Total | $33.48B | $35.46B | $36.80B | $34.25B |
Horton D R brought in $34.25B from its five segments in fiscal 2025, the year ended September 30, 2025. That was down 6.9% from $36.80B in fiscal 2024. Home Building was the largest at $31.52B (92.0%), ahead of Forestar Group at $1.66B (4.9%) and Rental at $1.64B (4.8%). The remaining segment, Financial Services, brought in $841.20M.
Compared with fiscal 2024, Forestar Group grew fastest, up 10.1% to $1.66B, while Home Building fell the most, down 7.2% to $31.52B. From fiscal 2022 to 2025, combined revenue from these segments grew from $33.48B to $34.25B, a compound annual growth rate of 0.8%. Home Building's share of the total fell from 95.3% to 92.0%.
The total is net of Eliminations & Other, which took $1.41B off revenue in fiscal 2025.
Guarantor Subsidiaries was Horton D R’s largest revenue line in fiscal 2017, bringing in $8.94B of $14.10B (63%).
| Consolidated Entities | FY 2015 | FY 2016 | FY 2017 |
|---|---|---|---|
| Guarantor Subsidiaries | $7.22B | $7.93B | $8.94B |
| Parent Company | $3.33B | $3.95B | $4.77B |
| Non-Guarantor Subsidiaries | — | $295.60M | $387.00M |
| Total | $10.56B | $12.17B | $14.10B |
Horton D R brought in $14.10B from its three revenue lines in fiscal 2017, the year ended September 30, 2017. That was up 15.8% from $12.17B in fiscal 2016. Guarantor Subsidiaries was the largest at $8.94B (63.4%), ahead of Parent Company at $4.77B (33.9%) and Non-Guarantor Subsidiaries at $387.00M (2.7%).
Compared with fiscal 2016, Non-Guarantor Subsidiaries grew fastest, up 30.9% to $387.00M. Every revenue line above 2% of revenue grew.
Horton D R began breaking out Non-Guarantor Subsidiaries in fiscal 2016, when it brought in $295.60M.
Guarantor Subsidiaries was Horton D R’s largest revenue line in fiscal 2014, bringing in $5.30B of $7.86B (67%).
| Legal Entity | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 |
|---|---|---|---|---|---|---|
| Guarantor Subsidiaries | $2.52B | $2.83B | $4.09B | $5.30B | ||
| Parent Company | $1.02B | $1.40B | $1.98B | $2.55B | ||
| Non-Guarantor Subsidiaries | $11.80M | $7.90M | $10.20M | $11.20M | ||
| Non Guarantor Subsidiaries | — | — | — | — | ||
| Total | $3.55B | $4.24B | $6.09B | $7.86B |
Horton D R brought in $7.86B from its three revenue lines in fiscal 2014, the year ended September 30, 2014. That was up 29.1% from $6.09B in fiscal 2013. Guarantor Subsidiaries was the largest at $5.30B (67.4%), ahead of Parent Company at $2.55B (32.4%) and Non-Guarantor Subsidiaries at $11.20M (0.1%).
Compared with fiscal 2013, Guarantor Subsidiaries grew 29.5% to $5.30B and Parent Company grew 28.6% to $2.55B. From fiscal 2011 to 2014, combined revenue from these revenue lines grew from $3.55B to $7.86B, a compound annual growth rate of 30.3%. Guarantor Subsidiaries' share of the total fell from 70.9% to 67.4%.
Horton D R (DHI) reports its revenue by segment, by consolidated entities and by legal entity. In fiscal 2025, Home Building was its largest segment, bringing in $31.52B (92.0% of the total), followed by Forestar Group at $1.66B (4.9%).
Home Building was Horton D R's largest segment in fiscal 2025, bringing in $31.52B, or 92.0% of the $34.25B total across its five segments.
Guarantor Subsidiaries was Horton D R's largest revenue line in fiscal 2017, bringing in $8.94B, or 63.4% of the $14.10B total across its three revenue lines.
Among Horton D R's segments that make up at least 2% of revenue, Forestar Group grew fastest in fiscal 2025, up 10.1% from $1.51B to $1.66B.
Every figure comes from Horton D R's annual financial filings, as reported. Each line keeps the name Horton D R gives it, and years follow its fiscal calendar.
Horton D R's revenue by segment goes back to fiscal 2009, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.