D.R. Horton is the largest homebuilder in the U.S. by volume, a position it has held every year since 2002. The company builds and sells primarily single-family detached homes, targeting first-time and first-time move-up buyers at affordable price points — homes averaged roughly $370,000 in FY25, well below the national new home average. D.R. Horton operates across 126 markets in 36 states through a decentralized model, with division presidents running local pricing, starts, and incentive decisions, while corporate controls capital allocation and land approvals. The core homebuilding business accounts for roughly 92% of revenue. Beyond homebuilding, D.R. Horton runs a rental segment that builds single-family and multifamily communities and sells them in bulk to institutional buyers rather than retaining them. D.R. Horton also owns 62% of Forestar Group, a publicly traded lot developer that supplies the majority of its finished lots to D.R. Horton. DHI Mortgage, D.R. Horton's captive mortgage originator, financed 81% of D.R. Horton homebuyers in FY25 and sells all loans and servicing rights to third parties after origination. A key to D.R. Horton's capital efficiency is its land strategy: roughly 75% of its lot position is controlled through option contracts rather than owned outright, limiting upfront capital exposure. Most homes are started before a buyer is signed (a "spec" model), enabling faster delivery — a meaningful advantage for first-time buyers. Mortgage rate buydowns, offered to roughly 73% of buyers in FY25, are D.R. Horton's primary tool for maintaining affordability in a high-rate environment.