--- title: "D. R. Horton: Business Model" description: "D. R. Horton revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained." canonical: https://www.getswoopr.com/stocks/companies/d-r-horton/business-model/ source: "Swoopr Investment: https://www.getswoopr.com" --- # D. R. Horton: Business Model & Revenue Engine ## Direct Answer D. R. Horton reports revenue across 4 business segments in its fiscal 2025 Form 10-K. Home Building Ops is the largest, with $31.5 billion of revenue (92% of the total), followed by Forestar Group at $1.7 billion (5%). ## How Does D. R. Horton Make Money? Home Building Ops supplies 92% of revenue, so D. R. Horton's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Forestar Group grew fastest (+10.1%) and Home Building Ops slowest (-7.2%), so the revenue mix tilts toward Forestar Group while that gap lasts. | Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change | | --- | --- | --- | --- | --- | | Home Building Ops | $31.5 billion | $34.0 billion | 92.0% | -7.2% | | Forestar Group | $1.7 billion | $1.5 billion | 4.9% | 10.1% | | Rental | $1.6 billion | $1.7 billion | 4.8% | -2.7% | | Financial Services | $841 million | $883 million | 2.5% | -4.7% | ![Bar chart of D. R. Horton revenue by segment for fiscal 2025: Home Building Ops 92.0%, Forestar Group 4.9%, Rental 4.8%, Financial Services 2.5%.](https://www.getswoopr.com/images/charts/d-r-horton-business-model-segment-mix.webp) *D. R. Horton revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.* ## What the Segment Figures Do Not Show The rows above add up to 104% of D. R. Horton's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin. ## Where These Numbers Come From Every figure on this page is a value D. R. Horton reported in the segment note and revenue disclosures of its Form 10-K filed November 19, 2025 (accession 0000882184-25-000081), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading. Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What are D. R. Horton's business segments? In its fiscal 2025 Form 10-K, D. R. Horton reports revenue for Home Building Ops, Forestar Group, Rental and Financial Services. ### Which part of D. R. Horton brings in the most revenue? Home Building Ops, with $31.5 billion of revenue in fiscal 2025, or 92% of the total. ### Where does D. R. Horton report its segment results? In the segment note to the financial statements in its Form 10-K, most recently filed November 19, 2025, alongside management's discussion of each segment's results. ## References - [SEC EDGAR: HORTON D R INC /DE/ Form 10-K filed November 19, 2025](https://www.sec.gov/Archives/edgar/data/882184/000088218425000081/dhi-20250930.htm) - [SEC EDGAR: HORTON D R INC /DE/ annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=882184&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) - [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets) ## Related Pages - [D. R. Horton company dossier](https://www.getswoopr.com/stocks/companies/d-r-horton/) - [D. R. Horton financial metrics](https://www.getswoopr.com/stocks/companies/d-r-horton/metrics/) - [D. R. Horton financial risk indicators](https://www.getswoopr.com/stocks/companies/d-r-horton/risks/) - [D. R. Horton peer comparison](https://www.getswoopr.com/stocks/companies/d-r-horton/competitors/) - [D. R. Horton business model and revenue mix](https://www.getswoopr.com/stocks/companies/d-r-horton/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).