HORTON D R INC /DE/ Annual Report, Year Ended Sep 30, 2021

D.R. Horton, Inc. (DHI) reported a strong fiscal year ending September 30, 2021, demonstrating significant growth and profitability. As the largest homebuilder in the U.S., DHI experienced a 37% increase in consolidated revenues to $27.8 billion, driven by a 25% rise in homes closed and a 35% increase in home sales revenue. This robust performance translated into a 78% surge in diluted earnings per share to $11.41 and a substantial improvement in pre-tax operating margin to 19.3%. The company's strategic focus on entry-level and move-up buyers, combined with its extensive geographic diversification across 98 markets in 31 states, positions it well to capitalize on sustained demand. The company's financial services and rental operations also contributed positively to overall results, showcasing a well-diversified business model. Despite industry-wide challenges like supply chain disruptions and labor shortages that lengthened construction cycles, DHI effectively managed its sales pace and inventory to maintain profitability and shareholder value. Looking ahead, D.R. Horton remains committed to its strategy of leveraging its strong financial position and operational scale to maximize returns, manage risk, and maintain financial flexibility. The company continues to invest in land and lot development through its majority-owned subsidiary, Forestar Group Inc., and maintains a strong focus on customer satisfaction and operational efficiency. DHI also demonstrated a commitment to returning capital to shareholders through significant share repurchases and consistent dividend payments, underscoring its confidence in its long-term growth prospects and financial stability.