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

Q 2 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 COVID-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 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 P A N D E M I C ( “ C - 1 9 ” )

• Economic fundamentals remained solid in the housing market throughout most of Q2 FY20; however, during the latter part of March and into April, the

impacts of C-19 and the related widespread reductions in economic activity began to negatively affect the Company’s business operations and the

demand for its homes across all of its operating markets

• The Company has experienced increases in sales cancellations and decreases in sales orders in late March and April as compared to the same period

in the prior year

• In almost all municipalities across the U.S. where the Company operates, residential construction and financial services have been designated as

essential businesses as part of critical infrastructure, and D.R. Horton has continued its homebuilding, lot development and financial services

operations in those markets where allowed while implementing operational protocols to comply with social distancing and other health and safety

standards

• The Company’s mortgage subsidiary has experienced lower pricing and gains on sales of mortgage loans and servicing rights in late March and April

due to disruption in the secondary mortgage market, and many purchasers and servicers of mortgages have limited their purchases and tightened their

credit standards due to liquidity and operational challenges caused by C-19 and the uncertainty of the impact of the borrower forbearance provisions of

the federal CARES Act enacted in late March 2020

• The extent to which C-19 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 it is well positioned to operate in this uncertain environment, with experienced operating teams, low leverage and a strong

liquidity position, and the Company intends to maintain its flexible operational and financial position by generating strong cash flows from its

homebuilding operations, limiting land acquisition and land development spending and adjusting its 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

$18.5 billionConsolidated revenues

$10.5 billionStockholders’ equity

$2.4 billionConsolidated pre-tax income

$28.77Book value per common share

20.2% & 19.1%ROI (HB) & ROE, respectively*

19.2%Homebuilding leverage*

As of or for the twelve-month period ended March 31, 2020*See slides 16 and 17 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

59,493 Homes Closed during TTM ended 3/31/20202019 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

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

8

S A L E S A N D C L O S I N G S – Q 2 A N D M O N T H O F M A R C H

Net Sales Orders and Homes Closed increased 20% and 8%, respectively, in Q2 FY 2020 compared to Q2 FY 2019

0

2,500

5,000

7,500

10,000

12,500

15,000

17,500

20,000

Sales Closings

2Q FY 2019 2Q FY 2020

# of Homes

0

2,500

5,000

7,500

10,000

Sales Closings

March 2019 March 2020

# of Homes

9

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

10

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 withstand difficult economic conditions

• Invest in homebuilding business

• Currently, due to uncertain market conditions, cautiously managing inventory of homes under construction, temporarily stopped purchases of raw land in late March and closely managing all finished lot purchases and development spending

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

• Continuing lease-up and construction of four active projects

• Delaying new acquisitions and deferring starting construction on other projects until clearer visibility into market conditions

• Maintain conservative homebuilding leverage

• $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 until there is better visibility to future market conditions and the company’s expected operating results

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

• The Company’s strategy remains consistent, while making operational adjustments and

limiting capital investments as a result of C-19

• 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

• 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

12

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 9 MARKE T S | 2 9 S TATE S

HomebuildingRevenue

Inventory

As of or for the twelve-month period ended March 31, 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

29%

24%21%

14%

7% 5%

28%

26%20%

12%

8% 6%

13

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 3/31/20

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

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

8% 33% 26% 28% 5%

14

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

As of or for the twelve months ended March 31, 2020

Homes Sold

Homes Closed

Home Sales

Revenue

Average Selling Price

# of Markets

# of States

62% 61% 65% $317k 89 29

33% 34% 28% $248k 59 19

3% 3% 3% $287k 27 13

2% 2% 4% $563k 25 14

15

F O R E S T A R ( “ F O R ” )

• FOR is a publicly traded residential lot manufacturer with operations in 50 markets and 21 states

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

• Delivered 4,373 lots and generated $406.4 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 $790 million: $440 million of unrestricted cash and $350 million available capacity on revolving

credit facility

• Net debt to capitalization of 19.5%; 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 3/31/2020 unless otherwise noted

16

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%18.6% 18.1%

20.2%

0%

5%

10%

15%

20%

FY 2017 FY 2018 TTM 3/31/19 FY 2019 TTM 3/31/20

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.

17

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% 17.6% 17.2%

19.1%

0%

10%

20%

30%

40%

0%

5%

10%

15%

20%

FY 2017 FY 2018 TTM 3/31/19 FY 2019 TTM 3/31/20

ROE Leverage

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

18

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

$20.66

$23.88$25.09

$27.20$28.77

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

9/30/2017 9/30/2018 3/31/2019 9/30/2019 3/31/2020

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

19

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

20

O U T L O O K *

*Based on current market conditions as noted on the Company’s Q2 FY20 conference call on 4/28/20

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

• The Company expects to provide new annual guidance when it has clearer visibility into the business

• The extent to which the pandemic 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 it is well positioned to operate in this uncertain environment, with experienced operating teams, low leverage and a strong liquidity position

• The Company intends to maintain its flexible operational and financial position by generating strong cash flows from its homebuilding operations, limiting land acquisition and land development spending and adjusting its 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

21

S E C O N D Q U A R T E R D A T A

22

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

• Net income per diluted share increased 40% to $1.30

• Net income attributable to D.R. Horton increased 37% to $482.7 million

• Consolidated revenues increased 9% to $4.5 billion

• Consolidated pre-tax income increased 34% to $621.3 million

• Consolidated pre-tax profit margin improved 260 basis points to 13.8%

• Net homes sold and homes closed increased by 20% and 8%, respectively

• 6,491 net homes sold and 6,677 homes closed in the month of March 2020

• Repurchased 4.0 million shares of common stock for $197.3 million

Comparisons to prior year quarter

23

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

$ in millions except per share data

YEAR ENDED3/31/2020 3/31/2019 3/31/2020 3/31/2019 9/30/2019

Homes closed 14,539 13,480 27,498 24,980 56,975

HomebuildingRevenues: Home sales $ 4,363.3 $ 3,980.5 $ 8,226.6 $ 7,391.2 $ 16,925.0 Land/lot sales 15.5 14.9 35.2 21.7 91.9

4,378.8 3,995.4 8,261.8 7,412.9 17,016.9 Gross profit: Home sales 927.8 766.3 1,739.6 1,447.8 3,417.9 Land/lot sales and other 4.2 5.6 10.5 7.2 16.8 Inventory and land option charges (8.8) (13.8) (12.4) (21.8) (53.2)

923.2 758.1 1,737.7 1,433.2 3,381.5 SG&A 361.8 359.3 720.2 683.9 1,482.3 Interest and other (income) (4.1) (1.6) (9.6) (5.5) (11.5)

Homebuilding pre-tax income 565.5 400.4 1,027.1 754.8 1,910.7 Financial services, Forestar and other pre-tax income 55.8 62.4 117.4 83.7 214.6 Pre-tax income 621.3 462.8 1,144.5 838.5 2,125.3 Income tax expense 137.3 108.4 228.1 197.4 506.7 Net income 484.0 354.4 916.4 641.1 1,618.6 Net income (loss) attributable to noncontrolling interests 1.3 3.1 2.4 2.7 0.1 Net income attributable to D.R. Horton, Inc. $ 482.7 $ 351.3 $ 914.0 $ 638.4 $ 1,618.5

Net income per diluted share $ 1.30 $ 0.93 $ 2.46 $ 1.68 $ 4.29

3 MONTHS ENDED 6 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%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

22%

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

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 Q2 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 70 basis points to 8.3% in Q2 FY 2020

Fiscal YTD 3/31 Second Fiscal Quarter

9.2%8.7%

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 %

9.0%8.3%

7%

8%

9%

10%

11%

12%

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

Q2 FY19 Q2 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

$838.5

$1,144.5

$0

$250

$500

$750

$1,000

$1,250

$1,500

$1,750

$2,000

$2,250

2019 2020

11.0%

13.4%

Fiscal YTD 3/31Second Fiscal Quarter

Consolidated pre-tax profit margin improved 260 basis points to 13.8% in Q2 FY 2020

$462.8

$621.3

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

Q2 FY19 Q2 FY20

11.2%13.8%

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 $7.8 million, $8.0 million, and $9.4 million of restricted cash for the periods ended 3/31/20, 9/30/19 and 3/31/19, respectively.

3/31/2020 9/30/2019 3/31/2019Homebuilding

$ 1,020.4 $ 1,051.0 $ 566.7 Construction in progress and finished homes 6,003.8 5,249.0 6,086.1 Land inventories 5,084.6 5,036.6 4,990.7

11,088.4 10,285.6 11,076.8 Other assets 1,353.0 1,232.9 1,087.3

Deferred income taxes, net 149.5 163.1 171.9Financial services, Forestar and other assets 3,518.7 2,874.0 2,104.3 Total assets $ 17,130.0 $ 15,606.6 $ 15,007.0

HomebuildingNotes payable $ 2,480.0 $ 2,047.6 $ 2,777.2 Other liabilities 1,836.3 1,751.1 1,733.9

Financial services, Forestar and other liabilities 2,078.9 1,512.8 961.9Stockholders’ equity 10,458.0 10,020.9 9,360.3 Noncontrolling interests 276.8 274.2 173.7 Total equity 10,734.8 10,295.1 9,534.0 Total liabilities and equity $ 17,130.0 $ 15,606.6 $ 15,007.0

Debt to total capital – consolidated 29.2% 25.3% 27.9%Debt to total capital – homebuilding 19.2% 17.0% 22.9%Common shares outstanding 363.54 368.43 373.13Book value per common share $ 28.77 $ 27.20 $ 25.09

Cash and cash equivalents

28

24,600

27,900

32,100

27,700

33,400

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

9/30/17 9/30/18 3/31/19 9/30/19 3/31/20

Sold Specs

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

Well-positioned to deliver homes both during and after the pandemic

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

125,000 124,300 120,900 121,400 118,700

124,000164,200*

195,500* 185,900*210,600*

249,000

288,500

316,400 307,300329,300

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

9/30/17 9/30/18 3/31/19 9/30/19 3/31/20Owned Controlled

Controlled lot position increased 8% from a year ago

36% owned / 64% controlled at 3/31/20

*Includes lots owned or controlled by FOR that DHI has under contract or the right of first offer to purchase of 28,600, 23,400, 21,700 and 13,600 at 3/31/20, 9/30/19, 3/31/19 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

4.750%

$350

4.375%

5.750%

$700

$ in millions

$400

2.550%

$500

2.500%

$400 million of senior note maturities in next 12 months