I N V E S T O R P R E S E N T A T I O N

Q 1 2 0 2 0

2

3

F O R W A R D - L O O K I N G S T A T E M E N T S

This presentation may include “forward‐looking statements” as defined by the Private Securities Litigation Reform Act of 1995.

Although D.R. Horton believes any such statements are based on reasonable assumptions, there is no assurance that actual

outcomes will not be materially different. Factors that may cause the actual results to be materially different from the future results

expressed by the forward‐looking statements include, but are not limited to: the cyclical nature of the homebuilding and lot

development industries and changes in economic, real estate and other conditions; constriction of the credit and public capital

markets, which could limit our ability to access capital and increase our costs of capital; reductions in the availability of mortgage

financing provided by government agencies, changes in government financing programs, a decrease 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; our ability to

effect our growth strategies, acquisitions or investments successfully; the impact of an inflationary, deflationary or higher interest rate

environment; home warranty and construction defect claims; the effects of health and safety incidents; the effects of negative

publicity; supply shortages and other risks of acquiring land, building materials and skilled labor; reductions in the availability of

performance bonds; increases in the costs of owning a home; the effects of governmental regulations and environmental matters on

our homebuilding and land development operations; the effects of governmental regulations on our financial services operations; our

ability to manage and service our debt and comply with related debt covenants, restrictions and limitations; competitive conditions

within the homebuilding and financial services industries; the effects of the loss of key personnel; and information technology failures

and data security breaches. Additional information about issues that could lead to material changes in performance is contained in

D.R. Horton’s annual report on Form 10‐K and subsequent quarterly report on Form 10-Q, both of which are filed with the Securities

and Exchange Commission.

4

D . R . H O R T O N , I N C . TRADED ON NYSE AS DH I

58,434Annual homes closed

18.7% & 18.2%ROI (HB) & ROE, respectively*

$18.1 billionAnnual consolidated revenues

$10.2 billionStockholders’ equity

$2.3 billionAnnual pre‐tax income

$27.92Book value per common share

As of or for the twelve-month period ended December 31, 2019*See slides 12 and 13 for definition of ROI [Return on Inventory (Homebuilding)] and ROE (Return on Equity)

5

G E O G R A P H I C D I V E R S I F I C A T I O N 9 0 MARKE TS | 2 9 S TAT E S

HomebuildingRevenue

Inventory

As of or for the twelve-month period ended December 31, 2019Savannah, Georgia is included in the East Region; Atlanta and Augusta, Georgia are included in the Southeast Region

EASTDelaware, Maryland, New Jersey, North

and South Carolina, Pennsylvania,

Virginia

MIDWESTColorado, Illinois,

Indiana, Iowa, Minnesota, Ohio

SOUTHEASTAlabama, Florida,

Georgia, Mississippi, Tennessee

SOUTH CENTRALLouisianaOklahoma

Texas

SOUTHWESTArizona

New Mexico

WESTCalifornia, Hawaii, Nevada, Oregon, Utah, Washington

29%

25%21%

13%

7% 5%

27%

25%21%

12%

9%6%

6

D I V E R S E P R O D U C T O F F E R I N G S A N D P R I C E P O I N T S

Represents homes closed & price points for the twelve months ended 12/31/19

Homes for entry-level, move-up, active adult and luxury buyers67% of homes closed <$300k

$0 - $200k $200k - $250k $250k - $300k $300k - $500k >$500k

9% 33% 25% 28% 5%

7

F A M I L Y O F B R A N D S

As of or for the twelve months ended December 31, 2019

Homes Sold

Homes Closed

Home Sales

Revenue

Average Selling Price

# of Markets

# of States

61% 61% 64% $316k 90 29

34% 34% 28% $245k 58 19

3% 3% 3% $285k 27 13

2% 2% 5% $593k 26 14

8

M A N A G E M E N T T E N U R E A N D E X P E R I E N C E

Executive Team & Region Presidents

25 years

Division Presidents~15 years

City Managers>10 years

Average employee tenure

9

D H I G R O W T H , C O N S O L I D A T I O N A N D M A R K E T S H A R E

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

0

200

400

600

800

1,000

1,200

1,400

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Total New U.S. Single-Family Houses Sold ('000s)

DHI Homes Closed as a Percentage of U.S. Single-Family New Home Sales

Source: Company filings, CensusNote: Periods represent full calendar year

10

M A R K E T S H A R E D O M I N A N C E

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

DFW Houston Atlanta Phoenix Austin

DHI Market Share Next Ranking Competitor Market Share

D.R. Horton Share and Rankings in Largest U.S. Housing Markets

Top 5 Markets

13

31

38

43

0

10

20

30

40

50

#1 Top 5 Top 10 Operate In

Top 50 Markets

Source: Builder magazine ‐ 2019 Local Leaders issue, rankings based on homes closed in calendar 2018 and proforma for D.R. Horton’s acquisition of Westport Homes, a top 5 builder in Indianapolis, IN and Columbus, OH, which closed in November 2018

11

H O M E B U I L D I N G O P E R A T I O N A L F O C U S

• Maximize returns by managing inventories, sales pace and pricing in each

community

• Consolidate market share while generating strong profits and operating cash flow

• Maintain sufficient inventories of land, lots and homes to support growth plans

• Underwriting expectations for each community:

• Minimum 20% annual pre tax return on inventory (ROI)

• Initial cash investment returned within 24 months or less

• Increase lots controlled by expanding relationships with developers

• Continue to grow Forestar’s lot manufacturing platform

• Control SG&A while ensuring infrastructure supports targeted growth

12

E M P H A S I S O N R E T U R N O N I N V E N T O R Y ( R O I )

Homebuilding ROI expected to remain strong in the 18% to 20% range

16.6%

20.2%19.3%

18.1% 18.7%

0%

5%

10%

15%

20%

FY 2017 FY 2018 TTM 12/31/18 FY 2019 TTM 12/31/19

Homebuilding ROI is calculated as homebuilding pre‐tax income for the year divided by average homebuilding inventory. Average homebuilding inventory in the ROI calculation is thesum of ending homebuilding inventory balances for the trailing five quarters divided by five.

13

R E T U R N O N E Q U I T Y ( R O E )

ROE is calculated as net income divided by average stockholders’ equity. Average stockholders’ equity in the ROE calculation is the sum of ending stockholders’ equity balances for the trailing five quarters divided by five.Leverage is calculated as homebuilding notes payable divided by stockholders’ equity plus homebuilding notes payable.

14.4%

17.6% 18.2%17.2%

18.2%

0%

10%

20%

30%

40%

0%

5%

10%

15%

20%

FY 2017 FY 2018 TTM 12/31/18 FY 2019 TTM 12/31/19

ROE Leverage

ROE has improved to the high-teens while leverage has decreasedROE HB leverage

14

B O O K V A L U E P E R S H A R E

$20.66

$23.88 $24.45

$27.20 $27.92

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

9/30/2017 9/30/2018 12/31/2018 9/30/2019 12/31/2019

Consistent annual double-digit percentage growth in book value per share

15

C A P I T A L A N D C A S H F L O W P R I O R I T I E S

• Balanced, disciplined, flexible and opportunistic; focused on enhancing long-term value

• Invest in homebuilding business, including acquisitions

• Invest in DHI Communities, our multi-family rental company

• Maintain conservative homebuilding leverage

• $500 million senior note maturity in Q2 FY 2020

• Consistent dividends to shareholders

• Increased cash dividend per share by 17% in Q1 FY 2020

• Approximately $250 million annually

• Repurchases of common stock to reduce outstanding shares

• Repurchased 3.0 million shares during Q1 2020 for $163.1 million

• $732.6 million remaining share repurchase authorization with no expiration date

16

C A S H F L O W A T W O R K

$600

$581

$304

$1,002

$1,438

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

FY 2015 FY 2016 FY 2017 FY 2018 FY 2019

Acquisitions Debt Paydown Dividends Share Repurchases HB Cash Flow from Ops

5 Year Cumulative Capital

Cash Flow from Homebuilding Operations

$4.0B

Acquisitions $1.0B

Homebuilding Senior Notes Paydown

$1.4B

Shareholder Return through Dividends and Share Repurchases

$1.4B

Utilization of $4 billion of cash generated by homebuilding operations

17

F O R E S T A R ( “ F O R ” )

• FOR, a majority-owned subsidiary of DHI, is a publicly traded residential lot manufacturer, with operations in 51

markets and 20 states as of December 31, 2019

• Advancing DHI’s strategy of increasing land and lots controlled through purchase contracts

• FOR has begun raising capital to fund long-term growth

• In fiscal 2019, FOR issued $350 million of senior unsecured notes and $100.7 million of common stock

• FOR expects to opportunistically raise additional growth capital in the public debt and equity markets

• DHI’s long-term goal is to deconsolidate FOR from DHI’s financial statements

• DHI’s ownership of FOR is 65% as of 12/31/19 compared to 75% one year ago

• Delivered 2,422 lots and generated $247.2M of revenue in Q1 2020

• Annual lot delivery and revenue expectations*

• Fiscal 2020: 10,000 lot deliveries and $800M to $850M of revenue

• Fiscal 2021: 12,000 lot deliveries and $900M to $1B of revenue

*Expectations are for Forestar’s standalone operations

18

F Y 2 0 2 0 E X P E C T A T I O N S *

• Q2 FY 2020

• Consolidated revenues in a range of $4.25 billion to $4.4 billion

• Homes closed in a range between 13,800 homes and 14,300 homes

• Home sales gross margin of approximately 21%

• Homebuilding SG&A of approximately 9% of homebuilding revenues

• Income tax rate between 23% and 24%

• FY 2020

• Consolidated revenues in a range of $18.5 billion to $19.1 billion

• Homes closed in a range between 60,000 homes and 61,500 homes

• Income tax rate between 23% and 24% for second, third and fourth fiscal quarters

• Outstanding share count at end of fiscal 2020 down 2% from end of fiscal 2019

• Generate homebuilding cash flow from operations in excess of $1 billion

*Based on current market conditions as noted on the Company’s Q1 FY20 conference call on 1/27/20

19

F I R S T Q U A R T E R D A T A

20

Q 1 F Y 2 0 2 0 H I G H L I G H T S

• Net income per diluted share increased 53% to $1.16

• Net income attributable to D.R. Horton increased 50% to $431.3 million

• Consolidated revenues increased 14% to $4.0 billion

• Consolidated pre-tax income increased 39% to $523.3 million

• Consolidated pre-tax profit margin improved 230 basis points to 13.0%

• Net homes sold and homes closed increased by 19% and 13%, respectively

• 13,126 net homes sold and 12,959 homes closed

• Repurchased 3.0 million shares of common stock for $163.1 million

Comparisons to prior year quarter

21

S A L E S A N D C L O S I N G S

Net Sales Orders and Homes Closed increased 19% and 13%, respectively, in Q1 FY 2020 compared to Q1 FY 2019

0

2,500

5,000

7,500

10,000

12,500

15,000

17,500

Sales Closings1Q FY 2018 1Q FY 2019 1Q FY 2020

# of Homes

22

I N C O M E S T A T E M E N T

$ in millions except per share data

12/31/2019 12/31/2018 9/30/2019 9/30/2018Homes closed 12,959 11,500 56,975 51,857

HomebuildingRevenues: Home sales $ 3,863.3 $ 3,410.6 $ 16,925.0 $ 15,502.0 Land/lot sales 19.7 6.7 91.9 121.8

3,883.0 3,417.3 17,016.9 15,623.8 Gross profit: Home sales 811.7 681.4 3,417.9 3,306.5 Land/lot sales and other 6.4 1.6 16.8 22.7 Inventory and land option charges (3.5) (8.0) (53.2) (48.8)

814.6 675.0 3,381.5 3,280.4 SG&A 358.4 324.7 1,482.3 1,346.2 Interest and other (income) (5.4) (4.0) (11.5) (23.0)

Homebuilding pre-tax income 461.6 354.3 1,910.7 1,957.2 Financial services, Forestar and other pre-tax income 61.7 21.4 214.6 102.8 Pre-tax income 523.3 375.7 2,125.3 2,060.0 Income tax expense 90.8 89.0 506.7 597.7 Net income 432.5 286.7 1,618.6 1,462.3 Net income (loss) attributable to noncontrolling interests 1.2 (0.5) 0.1 2.0 Net income attributable to D.R. Horton, Inc. $ 431.3 $ 287.2 $ 1,618.5 $ 1,460.3

Net income per diluted share $ 1.16 $ 0.76 $ 4.29 $ 3.81

3 MONTHS ENDED FISCAL YEAR ENDED

23

H O M E S A L E S G R O S S M A R G I N

20.0%21.3%

20.0% 19.3%20.3% 21.0%

20.2%21.0%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

22%

FY 2017 FY 2018 1Q19 2Q19 3Q19 4Q19 FY 2019 1Q20

Shown as a % of the Company’s homebuilding segment’s home sales revenuesIncludes interest amortized to cost of salesRefer to slide 4 of the Company’s Q1 FY20 Supplementary Data presentation for detailed components of home sales gross margin

24

H O M E B U I L D I N G S G & A

SG&A as a percentage of homebuilding revenues improved 30 basis points to 9.2% in Q1 FY 2020

Fiscal Year First Fiscal Quarter

8.6% 8.7%

7%

8%

9%

10%

11%

12%

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

2018 2019

HB Rev $ SG&A %

9.5% 9.2%

7%

8%

9%

10%

11%

12%

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

Q1 FY19 Q1 FY20

HB Rev $ SG&A %

HB Rev $ SG&A % HB Rev $ SG&A %

$ in millionsShown as a % of homebuilding revenues

25

C O N S O L I D A T E D P R E - T A X I N C O M E

$2,060.0 $2,125.3

$0

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

$2,000

$2,250

2018 2019

12.8% 12.1%

Fiscal Year First Fiscal Quarter

Consolidated pre-tax profit margin improved 230 basis points to 13.0% in Q1 FY 2020

$375.7$523.3

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

Q1 FY19 Q1 FY20

10.7%13.0%

PTI $ PTI $

$ in millionsShown as a % of consolidated revenues

26

B A L A N C E S H E E T

$ in millions except per share metricsHomebuilding cash and cash equivalents presented above includes $6.6 million, $8.0 million, and $8.7 million of restricted cash for the periods ended 12/31/19, 9/30/19 and 12/31/18, respectively.

12/31/2019 9/30/2019 12/31/2018Homebuilding

$ 1,159.5 $ 1,051.0 $ 546.2 Construction in progress and finished homes 5,603.3 5,249.0 5,840.4 Land inventories 5,282.3 5,036.6 5,057.8

10,885.6 10,285.6 10,898.2 Other assets 1,291.5 1,232.9 1,066.7

Deferred income taxes, net 154.1 163.1 181.4Financial services, Forestar and other assets 2,832.2 2,874.0 1,843.3 Total assets $ 16,322.9 $ 15,606.6 $ 14,535.8

HomebuildingNotes payable $ 2,470.0 $ 2,047.6 $ 2,748.7 Other liabilities 1,865.3 1,751.1 1,791.2

Financial services, Forestar and other liabilities 1,484.7 1,512.8 697.7Stockholders’ equity 10,227.4 10,020.9 9,124.7 Noncontrolling interests 275.5 274.2 173.5 Total equity 10,502.9 10,295.1 9,298.2 Total liabilities and equity $ 16,322.9 $ 15,606.6 $ 14,535.8

Debt to total capital – consolidated 27.0% 25.3% 26.8%Debt to total capital – homebuilding 19.5% 17.0% 23.2%Common shares outstanding 366.27 368.43 373.24Book value per common share $ 27.92 $ 27.20 $ 24.45

Cash and cash equivalents

27

24,600

27,900

31,800

27,70030,200

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

9/30/17 9/30/18 12/31/18 9/30/19 12/31/19

Sold Specs

H O M E S I N I N V E N T O R Y

Well-positioned to achieve FY 2020 closings guidance

Homes in inventory excluding model homes

28

H O M E B U I L D I N G L A N D A N D L O T P O S I T I O N

125,000 124,300 128,500 121,400 123,400

124,000164,200*

180,900* 185,900* 195,600*

249,000

288,500309,400 307,300

319,000

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

9/30/17 9/30/18 12/31/18 9/30/19 12/31/19Owned Controlled

Controlled lot position increased 8% from a year ago

39% owned / 61% controlled at 12/31/19

*Includes lots owned or controlled by FOR that DHI has under contract or the right of first offer to purchase of 25,600, 23,400, 18,800 and 13,600 at 12/31/19, 9/30/19, 12/31/18 and9/30/18, respectively

29

H O M E B U I L D I N G P U B L I C D E B T M A T U R I T I E S B Y Y E A R

$0

$100

$200

$300

$400

$500

$600

$700

$800

FY 20 FY 21 FY 22 FY 23 FY 24 FY 25

4.750%

$350

$500*

4.000% 4.375%

5.750%

$700

$ in millions*plan to repay at maturity utilizing cash on hand and revolving credit facility as necessary

$400

2.550%

$500

2.500%