Q 3 2 0 2 0

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

Q 3 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 effects of public health issues such as a major

epidemic or pandemic, including the impact of C-19 on the economy and our businesses; 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, lot development 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 reports on Form 10-Q, all of which

are or will be filed with the Securities and Exchange Commission.

4

C O V I D - 1 9 ( “ C - 1 9 ” )

• During the latter part of March 2020, the impacts of the C-19 pandemic and the related widespread reductions in economic activity across the U.S.

began to negatively affect the Company’s business; however, residential construction and financial services are designated as essential businesses as

part of critical infrastructure in almost all municipalities across the U.S. where the Company operates, and D.R. Horton implemented operational

protocols to comply with social distancing and other health and safety standards

• During April 2020 when restrictive stay-at-home orders were in place for many markets, the Company experienced increases in sales cancellations and

decreases in sales orders, and net sales orders for April were 1% lower than the same month in the prior year; however, as economic activity began to

resume and restrictive orders began to be lifted, the Company’s weekly sales pace during May and June increased significantly and cancellation rates

returned to normal levels

• In both May and June, the Company’s net sales orders increased by more than 50% compared to the prior year periods; however, even with the

resurgence of demand in May and June, the Company remains cautious as to the impact C-19 may have on its operations and on the overall economy

in the future as there is significant uncertainty regarding the extent to which and how long C-19 and its related effects will impact the U.S. economy and

level of employment, capital markets, secondary mortgage markets, consumer confidence, demand for the Company’s homes and availability of

mortgage loans to homebuyers.

• The extent to which this impacts the Company’s operational and financial performance will depend on future developments, including the duration and

spread of C-19 and the impact on D.R. Horton’s customers, trade partners and employees, all of which are highly uncertain and cannot be predicted.

• The Company believes its strong balance sheet and liquidity position provides it with the flexibility to operate effectively through these changing

economic conditions, and the Company plans to continue to generate strong cash flows from its homebuilding operations and manage its land

acquisition and development investments, product offerings, incentives, home pricing, sales pace and inventory levels to optimize the return on its

inventory investments in each of its communities based on local housing market conditions

5

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

$18.9 billionConsolidated revenues

$11.0 billionStockholders’ equity

$2.6 billionConsolidated pre-tax income

$30.38Book value per common share

21.6% & 19.9%ROI (HB) & ROE, respectively*

18.4%Homebuilding leverage*

As of or for the twelve-month period ended June 30, 2020*See slides 15 and 16 for definitions of ROI [Return on Inventory (Homebuilding)], ROE (Return on Equity) and homebuilding leverage

6

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

2011 Closings: 17,176

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

61,164 Homes Closed during TTM ended 6/30/20202019 Closings:

58,434

1992 Closings: 1,231

2006 Closings: 53,410

7

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

11

36

40

44

0

10

20

30

40

50

#1 Top 5 Top 10 Operate In

Top 50 Markets

Source: Builder magazine ‐ 2020 Local Leaders issue, rankings based on homes closed in calendar 2019

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

~27 years

Division Presidents~15 years

City Managers>10 years

Average employee tenure

9

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

• Strong balance sheet, ample liquidity and low leverage provide significant financial flexibility to effectively operate through changing economic conditions

• Invest in homebuilding business

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

• Maintain conservative homebuilding leverage

• In early May, issued $500 million of 2.6% senior notes due 2025

• $400 million of senior note maturities in next twelve months

• Dividends to shareholders

• Repurchases of common stock

• Plan to cautiously manage level of share repurchases in the near-term to maintain financial flexibility until there is better visibility to future market conditions and the company’s expected operating results

10

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, while maintaining affordability for homebuyers

• 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

• Expanding relationships with land developers to increase lots controlled

• Continue to grow Forestar’s lot manufacturing platform

• Control SG&A while ensuring infrastructure supports the business

11

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 8 8 MARKE TS | 2 9 S TATE S

HomebuildingRevenue

Inventory

As of or for the twelve-month period ended June 30, 2020Savannah, 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

30%

25%20%

13%

7% 5%

26%

27%20%

12%

9%6%

12

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 6/30/20

Homes for entry-level, move-up, active adult and luxury buyers66% of homes closed <$300k

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

7% 32% 27% 29% 5%

13

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

As of or for the twelve months ended June 30, 2020

Homes Sold

Homes Closed

Home Sales

Revenue

Average Selling Price

# of Markets

# of States

63% 62% 65% $315k 88 29

32% 33% 28% $251k 60 19

3% 3% 3% $290k 28 14

2% 2% 4% $551k 24 13

14

F O R E S T A R ( “ F O R ” )

• FOR is a publicly traded residential lot manufacturer with operations in 51 markets and 22 states

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

• Delivered 6,396 lots and generated $584.3 million of revenue FYTD

• FOR has raised capital to fund its growth

• In fiscal 2019, issued $350 million of senior unsecured notes due 2024 and $100.7 million of common stock

• In February 2020, issued $300 million of senior unsecured notes due 2028

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

• Liquidity of $704 million: $356 million of unrestricted cash and $348 million available capacity on revolving

credit facility

• Net debt to capitalization of 25.2%; next senior note maturity in fiscal 2024

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

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

As of 6/30/2020 unless otherwise noted

15

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 target of >20%

16.6%

20.2%

18.1% 18.1%

21.6%

0%

5%

10%

15%

20%

FY 2017 FY 2018 TTM 6/30/19 FY 2019 TTM 6/30/20

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.

16

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 (HB) notes payable divided by stockholders’ equity plus homebuilding notes payable.

14.4%

17.6% 17.3% 17.2%

19.9%

0%

10%

20%

30%

40%

0%

5%

10%

15%

20%

FY 2017 FY 2018 TTM 6/30/19 FY 2019 TTM 6/30/20

ROE Leverage

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

17

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

$20.66

$23.88$26.08

$27.20

$30.38

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

9/30/2017 9/30/2018 6/30/2019 9/30/2019 6/30/2020

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

18

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

19

• In April 2020, due to the uncertainty in the U.S. economy and the Company’s business operations resulting from C-19, the Company withdrew its previously issued guidance for fiscal 2020

• Based on today’s market conditions, the Company is now providing its expectations for Q4 FY 2020:

• Consolidated revenues in a range of $5.5 billion to $5.8 billion

• Homes closed between 18,000 homes and 19,000 homes

• Homes sales gross margin similar to Q3 FY 2020 in the mid-21% range

• Homebuilding SG&A of 8.0% to 8.2% of homebuilding revenues

• Financial services pre-tax profit margin of approximately 40%

• Income tax rate of approximately 23%

• The Company expects to provide annual guidance for fiscal 2021 when it has sufficient visibility into market conditions

E X P E C T A T I O N S *

*Based on current market conditions as noted on the Company’s Q3 FY20 conference call on 7/28/20

20

T H I R D Q U A R T E R D A T A

21

Q 3 F Y 2 0 2 0 H I G H L I G H T S

• Net income per diluted share increased 37% to $1.72

• Net income attributable to D.R. Horton increased 33% to $630.7 million

• Consolidated revenues increased 10% to $5.4 billion

• Consolidated pre-tax income increased 25% to $782.4 million

• Consolidated pre-tax profit margin improved 170 basis points to 14.5%

• Net homes sold and homes closed increased by 38% and 10%, respectively

• 21,519 net homes sold and 17,642 homes closed

Comparisons to prior year quarter

22

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

Net Sales Orders and Homes Closed increased 38% and 10%, respectively, in Q3 FY 2020 compared to Q3 FY 2019

0

2,500

5,000

7,500

10,000

12,500

15,000

17,500

20,000

Sales Closings

3Q FY18 3Q FY19 3Q FY20

# of Homes

23

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

$ in millions except per share data

YEAR ENDED6/30/2020 6/30/2019 6/30/2020 6/30/2019 9/30/2019

Homes closed 17,642 15,971 45,140 40,951 56,975

HomebuildingRevenues: Home sales $ 5,207.6 $ 4,734.6 $ 13,434.2 $ 12,125.8 $ 16,925.0 Land/lot sales 14.5 27.5 49.7 49.2 91.9

5,222.1 4,762.1 13,483.9 12,175.0 17,016.9 Gross profit: Home sales 1,125.3 961.6 2,865.0 2,409.3 3,417.9 Land/lot sales and other 4.3 4.3 14.8 11.6 16.8 Inventory and land option charges (4.9) (19.2) (17.3) (41.0) (53.2)

1,124.7 946.7 2,862.5 2,379.9 3,381.5 SG&A 415.1 387.4 1,135.3 1,071.4 1,482.3 Interest and other (income) (0.2) (2.5) (9.7) (8.1) (11.5)

Homebuilding pre-tax income 709.8 561.8 1,736.9 1,316.6 1,910.7 Financial services, Forestar and other pre-tax income 72.6 64.9 190.0 148.6 214.6 Pre-tax income 782.4 626.7 1,926.9 1,465.2 2,125.3 Income tax expense 149.5 153.1 377.6 350.5 506.7 Net income 632.9 473.6 1,549.3 1,114.7 1,618.6 Net income (loss) attributable to noncontrolling interests 2.2 (1.2) 4.6 1.5 0.1 Net income attributable to D.R. Horton, Inc. $ 630.7 $ 474.8 $ 1,544.7 $ 1,113.2 $ 1,618.5

Net income per diluted share $ 1.72 $ 1.26 $ 4.17 $ 2.94 $ 4.29

3 MONTHS ENDED 9 MONTHS ENDED

24

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% 21.3% 21.6%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

22%

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

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 Q3 FY20 Supplementary Data presentation for detailed components of home sales gross margin

25

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

SG&A as a percentage of homebuilding revenues improved 40 basis points to 8.4% for fiscal YTD 2020

Fiscal YTD 6/30 Third Fiscal Quarter

8.8%8.4%

7%

8%

9%

10%

11%

12%

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

2019 2020

HB Rev $ SG&A %

8.1% 7.9%7%

8%

9%

10%

11%

12%

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

Q3 FY19 Q3 FY20

HB Rev $ SG&A %

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

$ in millionsShown as a % of homebuilding revenues

26

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

$1,465.2

$1,926.9

$0

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

$2,000

$2,250

2019 2020

11.7%

13.9%

Fiscal YTD 6/30Third Fiscal Quarter

Consolidated pre-tax profit margin improved 220 basis points to 13.9% for fiscal YTD 2020

$626.7

$782.4

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

Q3 FY19 Q3 FY20

12.8%

14.5%

PTI $ PTI $

$ in millionsShown as a % of consolidated revenues

27

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 $9.0 million, $8.0 million, and $9.8 million of restricted cash for the periods ended 6/30/20, 9/30/19, and 6/30/19 respectively.

6/30/2020 9/30/2019 6/30/2019Homebuilding

$ 1,905.8 $ 1,051.0 $ 587.7 Construction in progress and finished homes 5,886.0 5,249.0 5,723.5 Land inventories 5,030.8 5,036.6 4,954.9

10,916.8 10,285.6 10,678.4 Other assets 1,359.0 1,232.9 1,192.7

Deferred income taxes, net 158.6 163.1 173.9Financial services, Forestar and other assets 3,633.7 2,874.0 2,591.3 Total assets $ 17,973.9 $ 15,606.6 $ 15,224.0

HomebuildingNotes payable $ 2,490.3 $ 2,047.6 $ 2,191.3 Other liabilities 2,143.8 1,751.1 1,796.4

Financial services, Forestar and other liabilities 2,012.7 1,512.8 1,421.6Stockholders’ equity 11,048.0 10,020.9 9,642.4 Noncontrolling interests 279.1 274.2 172.3 Total equity 11,327.1 10,295.1 9,814.7 Total liabilities and equity $ 17,973.9 $ 15,606.6 $ 15,224.0

Debt to total capital – consolidated 28.0% 25.3% 26.4%Debt to total capital – homebuilding 18.4% 17.0% 18.5%Common shares outstanding 363.63 368.43 369.75Book value per common share $ 30.38 $ 27.20 $ 26.08

Cash and cash equivalents

28

24,600

27,90029,200

27,700

32,800

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

9/30/17 9/30/18 6/30/19 9/30/19 6/30/20

Sold Specs

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

Well-positioned to respond to increased new home demand

Homes in inventory excluding model homes

29

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

125,000 124,300 118,500 121,400 115,200

124,000164,200* 184,500* 185,900*

220,300*

249,000

288,500303,000 307,300

335,500

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

9/30/17 9/30/18 6/30/19 9/30/19 6/30/20Owned Controlled

Controlled lot position increased 19% from a year ago

34% owned / 66% controlled at 6/30/20

*Includes lots owned or controlled by FOR that DHI has under contract or the right of first offer to purchase of 29,600, 23,400, 24,100 and 13,600 at 6/30/20, 9/30/19, 6/30/19 and9/30/18, respectively

30

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 21 FY 22 FY 23 FY 24 FY 25 FY 26

4.750%

$350

4.375%

5.750%

$700

$ in millions

$400

2.550%

$500

2.600%

$400 million of senior note maturities in next 12 months

2.500%

$500