Q4 FY2015

3Q4 FY2015

This presentation may include “forward-looking statements” as defined by the Private Securities LitigationReform Act of 1995. Although D.R. Horton believes any such statements are based on reasonableassumptions, there is no assurance that actual outcomes will not be materially different. Factors that maycause the actual results to be materially different from the future results expressed by the forward-lookingstatements include, but are not limited to: the cyclical nature of the homebuilding industry and changes ineconomic, real estate and other conditions; constriction of the credit markets, which could limit our abilityto access capital and increase our costs of capital; reductions in the availability of mortgage financing andthe liquidity provided by government-sponsored enterprises, the effects of government programs, adecrease in our ability to sell mortgage loans on attractive terms or an increase in mortgage interest rates;the risks associated with our land and lot inventory; home warranty and construction defect claims; supplyshortages and other risks of acquiring land, building materials and skilled labor; reductions in theavailability of performance bonds; increases in the costs of owning a home; the impact of an inflationary,deflationary or higher interest rate environment; the effects of governmental regulations and environmentalmatters on our homebuilding operations; the effects of governmental regulations on our financial servicesoperations; our substantial debt and our ability to comply with related debt covenants, restrictions andlimitations; competitive conditions within the homebuilding and financial services industries; our ability toeffect our growth strategies or acquisitions successfully; the effects of the loss of key personnel; the effectsof negative publicity; and information technology failures and data security breaches. Additionalinformation about issues that could lead to material changes in performance is contained in D.R. Horton’sannual report on Form 10-K and our most recent quarterly report on Form 10-Q, both of which are filedwith the Securities and Exchange Commission.

Forward-Looking Statements

4Q4 FY2015

Traded on NYSE as DHI

#1 builder for 14 consecutive years1

$10.8 billion in annual revenues2

36,648 in annual homes closed

$11.2 billion of total assets3

$5.9 billion of stockholders’ equity3

1By closings volume for fiscal years 2002 to 20152Twelve months ended September 30, 20153As of September 30, 2015

D.R. Horton, Inc.

5Q4 FY2015

Geographic Diversification

HB Revenue(TTM Ended 9/30/15)

Region States Covered

East Delaware, Georgia, Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina, Virginia

Midwest Colorado, Illinois, Indiana, Minnesota

Southeast Alabama, Florida, Georgia, Mississippi, Tennessee

South Central Louisiana, Oklahoma, Texas

Southwest Arizona, New Mexico

West California, Hawaii, Nevada, Oregon, Utah, Washington

Inventory (as of 9/30/15)

South Central

26%

Southwest3%

West25%

East13%

Midwest6%

Southeast27%

Midwest6%

South Central

25%Southeast25%

East11%

West29%

Southwest4%

79 Markets | 27 States

6Q4 FY2015

Under $150k

$200k to $250k

$250k to $300k

$300k to $400k

$400k to $500k23%

23%18%

17%

7%

Broad Range of Product Offerings

Homes for entry-level, move-up and luxury buyers

$151k to $200k

$500k+

Represents homes closed in fiscal 2015

7%5%

7Q4 FY2015

5,648 homes closed in FY2015, which more than tripled from FY2014 Homes sales revenue

increased by $827 million to $1 billion

Substantial Growth of Brands

1,059 homes closed in FY2015, which more than doubled from FY2014 Homes sales revenue

increased by $344 million to $595 million

8Q4 FY2015

Current land ownership level is sufficient to support double-digit annual growth in both revenues and profits

Consistently optimize balance of sales absorptions and gross margins to maximize returns in each community

Manage land and home inventory levels efficiently to generate consistent positive cash flow from operations

Underwriting criteria for land and lot purchases and operational expectations for each community: Minimum 20% annual net return on inventory investment

(ROI) for all brands Net ROI% = Pre-tax Income divided by Average Inventory

Initial cash investment returned within 24 months

Operational Focus

9Q4 FY2015

Average employee tenure: Region Presidents – over 20 years Division Presidents – 15 years City Managers – over 10 years

Management Tenure & Experience

10Q4 FY2015

The value of net homes sold, homes closed and homes in backlog increased by 29%, 34% and 10%, respectively

37,380 net homes sold and 36,648 homes closed

10,662 homes in backlog at 9/30/15

Consolidated pre-tax income increased 38% to $1.1 billion

Consolidated pre-tax income margin improved 30 basis points to 10.4%

Net income increased 41% to $750.7 million

Cash flow from operations of $700.4 million

Book value per share increased 14% to $15.99

FY 2015 Highlights

11Q4 FY2015

Fiscal Year: Consolidated pre-tax margin in the range of 10.5% to 11.0% Consolidated revenues of $12.0 to $12.5 billion Closings between 39,500 and 41,500 Home sales gross margin in the high 19s to 20% Homebuilding SG&A expense in the range of 9.2% to 9.4% of homebuilding revenues Financial Services operating margin between 30% and 33% Income tax rate between 35.5% and 36% Diluted share count of approximately 375 million shares Cash flow from operations in the range of $300 million to $500 million

First Quarter: Backlog conversion rate in the range of 75% to 78% Homes sales gross margin between the high 19s to 20% Homebuilding SG&A expense in the range of 10.5% to 10.9% of homebuilding revenues

FY 2016 Expectations*

*Based on relatively stable to moderately improved market conditions as noted on the Company’s conference call on 11/10/15

12Q4 FY2015

Increased dividend by 28% compared to most recent dividend paid to $0.08 per share Approximately $120 million annual cost at current rate

Invest in homebuilding business where opportunities to generate acceptable returns exist, including business acquisitions

Pay off debt at maturity

$543 million in maturities over next 12 months – plan to pay off some portion, while refinancing the rest

Be opportunistic, while remaining disciplined

Cash Flow Priorities

13Q4 FY2015

Fourth Quarter Data

14Q4 FY2015

In the fourth quarter, accounted for:

75% of homes sold

76% of homes closed

81% of home sales revenue

Q4 Average Closing Price: $305,000

D.R. Horton

The Heart of our Business

Reported metrics for D.R. Horton include our Crown Communities and Pacific Ridge Homes operations

79 Markets | 27 States

15Q4 FY2015

Introduced in 2013

In the fourth quarter, accounted for:

3% of homes sold

3% of homes closed

6% of home sales revenue

Q4 Average Closing Price: $545,000

Emerald Homes

Higher-end move-up and luxury buyer

46 Markets | 18 States

16Q4 FY2015

Introduced in Spring 2014

In the fourth quarter, accounted for: 22% of homes sold 21% of homes closed 14% of home sales revenue

Q4 Average Closing Price: $191,000

Express Homes

Targeted at the true entry-level buyer

Reported metrics for Express include our Regent Homes operations

48 Markets | 15 States

17Q4 FY2015

The value of net homes sold, homes closed and homes in backlog increased by 22%, 27% and 10%, respectively 8,477 net homes sold and 10,576 homes closed 10,662 homes in backlog at 9/30/15 Consolidated pre-tax income increased 35% to $338.8

million Consolidated pre-tax income margin improved 60 basis

points to 10.7% Net income increased 44% to $238.9 million Cash flow from operations of $511.8 million for the three

months ended September Increased dividend by 28% from most recent dividend paid

to $0.08 per share

Q4 FY 2015 Highlights

18Q4 FY2015

Sales, Closings & Backlog – Q4 FY15

Net Sales Orders, Homes Closed and Homes in Backlog increased 19%, 23% and 8%, respectively, in Q4 of FY2015 compared to Q4 of FY2014

0

2,000

4,000

6,000

8,000

10,000

12,000

Sales Closings Backlog

4Q FY13 4Q FY14 4Q FY15

19Q4 FY2015

Income Statement

$ in millions

9/30/2015 9/30/2014 9/30/2015 9/30/2014

Homes closed 10,576 8,612 36,648 28,670

Revenues:Home sales 3,052.1$ 2,403.6$ 10,469.4$ 7,804.7$ Land/lot sales & other 39.0 19.7 89.6 53.8

3,091.1 2,423.3 10,559.0 7,858.5 Gross Profit:

Home sales 607.3 492.0 2,075.8 1,665.6 Land/lot sales & other 1.3 3.0 7.8 9.5 Inventory & land option charges (26.3) (21.3) (60.3) (85.2)

582.3 473.7 2,023.3 1,589.9 SG&A 275.4 241.0 1,013.6 834.2 Goodwill Impairment 9.8 - 9.8 - Interest and other (income) (4.4) (3.9) (18.4) (13.1) Homebuilding pre-tax income 301.5 236.6 1,018.3 768.8 Financial Services pre-tax income 37.3 14.2 105.1 45.4 Pre-tax income 338.8 250.8 1,123.4 814.2 Income tax expense 99.9 84.5 372.7 280.7 Net income 238.9$ 166.3$ 750.7$ 533.5$

3 Months Ended Fiscal Year Ended

20Q4 FY2015

Home Sales Gross Margin

Homes sales gross margin of around 20% in a stable housing market

0%

5%

10%

15%

20%

25%

FY12 FY13 Q1FY14

Q2FY14

Q3FY14

Q4FY14

Q1FY15

Q2FY15

Q3FY15

Q4FY15

17.7%

20.8%22.3% 22.5%

20.7% 20.5% 19.8% 19.7% 19.9% 19.9%

Shown as a % of home sales revenuesIncludes interest amortized to cost of sales

21Q4 FY2015

Homebuilding SG&A

Long-term annual SG&A goal = 10% of homebuilding revenuesImproved 100 basis points year-over-year in Q4 and FY2015

Fiscal Year

$0

$200

$400

$600

$800

$1,000

$1,200

2014 2015

$834.2 $1,013.6

10.6%

9.6%

$0

$200

$400

$600

$800

$1,000

$1,200

Q4 FY14 Q4 FY15

$241.0 $275.4

8.9%

SG&A $SG&A $

9.9%

Shown as a % of homebuilding revenues$ in millions

Fourth Fiscal Quarter

22Q4 FY2015

Consolidated Pre-tax Income

Consolidated pre-tax income margin in Q4 2015 was 10.7%

Fiscal Year Fourth Fiscal Quarter

$0

$200

$400

$600

$800

$1,000

$1,200

2014 2015

$814.2

$1,123.4

10.1%

10.4%

$0

$200

$400

$600

$800

$1,000

$1,200

Q4 FY14 Q4 FY15

$250.8$338.8

10.1% 10.7%

Shown as a % of consolidated revenues$ in millions

PTI $ PTI $

23Q4 FY2015

Balance Sheet

$ in millions

9/30/15 9/30/14

HB cash and cash equivalents 1,355.9$ 632.5$ Restricted cash 9.7 10.0 Inventories 7,807.0 7,700.5 Deferred income taxes, net 558.1 565.0 Other assets 1,420.3 1,277.4 Total 11,151.0$ 10,185.4$

Notes payable - HB 3,333.6$ 3,306.5$ Other liabilities 1,922.0 1,759.2 Equity 5,895.4 5,119.7 Total 11,151.0$ 10,185.4$

Homebuilding Leverage Gross 36.1% 39.2% Net of cash 25.1% 34.3%

Book Value/Share $15.99 $14.03

24Q4 FY2015

Homes in Inventory

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

22,000

9/30/12 9/30/13 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15Models Sold Specs

17,000

13,000

21,300 21,20019,800

21,30020,600

25Q4 FY2015

Robust Lot Position

94,600

126,600 124,600 124,500 121,700 120,100 118,400

58,100

54,300 58,900 60,200 55,500 53,500 55,500

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

9/30/12 9/30/13 9/30/14 12/31/14 3/31/15 6/30/15 9/30/15

Optioned Owned

177,200

152,700

180,900 183,500 184,700173,600 173,900

67,000 of our total lots are finished at 9/30/15

26Q4 FY2015

$ in millionsLand held for development is shown as separate line item on face of balance sheet

Inactive Land Held for Development

“Mothballed” lot count down 21% from a year ago

$628.3

$450.2

$332.8

$235.4$202.3

39,400

21,700

14,000 12,80011,100

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

$0

$100

$200

$300

$400

$500

$600

$700

9/30/12 9/30/13 9/30/14 6/30/15 9/30/15

Balance

Lots Held

27Q4 FY2015

Public Debt Maturities by Year

$0

$100

$200

$300

$400

$500

$600

$700

$800

FY 16 FY 17 FY 18 FY 19 FY 20 FY 22 FY 23

4.750%

$350

$500$543

$500

$350$400

6.500%

5.625% 4.750% 3.625% 3.750% 4.000% 4.375%

5.750%

$700

$ in millionsBalance of public notes outstanding at 9/30/15 of $3.3 billion