Q2 FY2015

Q2 FY2015

Forward-Looking StatementsThis presentation may include “forward-looking statements” as defined by the Private Securities Litigation Reform Actof 1995. Although D.R. Horton believes any such statements are based on reasonable assumptions, there is noassurance that actual outcomes will not be materially different. Factors that may cause the actual results to bematerially different from the future results expressed by the forward-looking statements include, but are not limited to:potential deterioration in homebuilding industry conditions or general economic conditions; the cyclical nature of thehomebuilding industry and changes in economic, real estate and other conditions; constriction of the credit markets,which could limit our ability to access capital and increase our costs of capital; reductions in the availability of mortgagefinancing and the liquidity provided by government-sponsored enterprises, the effects of government programs, adecrease in our ability to sell mortgage loans on attractive terms or an increase in mortgage interest rates; the risksassociated with our land and lot inventory; home warranty and construction defect claims; supply shortages and otherrisks of acquiring land, building materials and skilled labor; reductions in the availability of performance bonds;increases in the costs of owning a home; the impact of an inflationary, deflationary or higher interest rate environment;the effects of governmental regulations and environmental matters on our homebuilding operations; the effects ofgovernmental regulation on our financial services operations; our substantial debt and our ability to comply withrelated debt covenants, restrictions and limitations; competitive conditions within the homebuilding and financialservices industries; our ability to effect our growth strategies or acquisitions successfully; our ability to realize the fullamount of our deferred income tax assets; the effects of the loss of key personnel; the effects of negative publicity; andinformation technology failures and data security breaches. Additional information about issues that could lead tomaterial changes in performance is contained in D.R. Horton’s annual report on Form 10-K and our most recentquarterly report on Form 10-Q, both of which are filed with the Securities and Exchange Commission.

3

Q2 FY2015

D.R. Horton, Inc.

Traded on NYSE as DHI

#1 builder for 13 consecutive years1

$9.3 billion in annual revenues2

32,504 in annual homes closed2

$10.7 billion of total assets3

$5.4 billion of stockholders’ equity3

1 By closings volume for calendar years 2002 to 20142 Twelve months ended March 31, 20153 As of March 31, 2015

4

Q2 FY2015

Geographic Diversification

79 Markets | 27 States

Region States Covered

East Delaware, Georgia, Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina, Virginia

Midwest Colorado, Illinois, Indiana, Minnesota

Southeast Alabama, Florida, Georgia, Mississippi, Tennessee

South Central Louisiana, Oklahoma, Texas

Southwest Arizona, New Mexico

West California, Hawaii, Nevada, Oregon, Utah, Washington

South Central

25%

Southwest3%

West25%

HB Revenue(TTM Ended 3/31/15)

Midwest6%

South Central

25%Southeast26%

Inventory (as of 3/31/15)

East13%

Midwest6%

Southeast28%

West28%

Southwest4%

East11%

5

Q2 FY2015

Broad Range of Product Offerings

Homes for entry-level, move-up and luxury buyers

53% of closings < $250,000 in Q2 FY15, down from 56% in Q2 FY14

Revenues from homes > $500,000 were 15% of home sales revenues in Q2 FY15 flat with Q2 FY14

Under $150k

$200k to $250k

$250k to $300k

$300k to $400k

$400k to $500k

$500k+

$151k to $200k

6

Q2 FY2015

Average employee tenure:

Region Presidents – over 20 years

Division Presidents – 15 years

City Managers – over 10 years

Competitive Advantage

7

10

Q2 FY2015

D.R. Horton

The Heart of our Business

79 markets and 27 states

In the second quarter, accounted for:

79% of homes sold

85% of homes closed

87% of home sales revenue

Q2 Average Closing Price: $289,000

Reported metrics for D.R. Horton include our Breland Homes and Crown Communities operations

8

Q2 FY2015

Emerald Homes

Higher-end move-up and luxury buyer

Introduced in 2013

41 markets and 16 states

In the second quarter, accounted for:

3% of homes sold

2% of homes closed

5% of home sales revenue

Q2 Average Closing Price: $561,000

Higher margin, slower absorption

9

Q2 FY2015

Express Homes

Targeted at the true entry-level buyer

$151k to $200k

Introduced in Spring 2014

44 markets and 13 states

In the second quarter, accounted for:

18% of homes sold

13% of homes closed

8% of home sales revenue

Q2 Average Closing Price: $179,000

Higher absorption, lower margin

Reported metrics for Express include our Regent Homes operations

10

Q2 FY2015

Operational Focus

Current land ownership level is sufficient to support double-digit revenue growth

Underwriting criteria for land and lot purchases and operational expectations for each community: Minimum 20% annual net return on inventory investment

(ROI) for all three brands Net ROI% = Pre-tax Income divided by Average Inventory

Initial cash investment returned within 24 months

Consistently optimize balance of sales absorptions and gross margins to maximize returns in each community

Manage land and home inventory levels efficiently Improve cash flow generation

11

Q2 FY2015

Targeted Market Consolidations

Completed four acquisitions since fiscal 2012

$151k to $200k

Company Date Acquired Market(s) Amount Paid Breland Homes Aug-12 Huntsville, Mobile and Baldwin Co., AL & MS gulf coast $105.9 millionRegent Homes Oct-13 Charlotte, Greensboro & Winston-Salem, North Carolina $34.5 millionCrown Communities May-14 Georgia, South Carolina & eastern Alabama $209.6 millionPacific Ridge Homes Apr-15 Seattle, Washington $72 million

12

Q2 FY2015

Q2 FY 2015 Highlights

The value of net homes sold, homes closed and homes in backlog increased by 33%, 38% and 27%, respectively

11,135 net homes sold and 8,243 homes closed 12,177 homes in backlog at 3/31/15 Consolidated pre-tax income increased 14% to $230.1

million Consolidated pre-tax income margin was 9.6% Net income increased 13% to $147.9 million

13

Q2 FY2015

Sales, Closings & Backlog – Q2 FY15

Net Sales Orders, Homes Closed and Homes in Backlog increased 30%, 33% and 21%, respectively, in Q2 of FY15 compared to Q2 of FY14

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Sales Closings Backlog

2Q FY13 2Q FY14 2Q FY15

14

Q2 FY2015

Income Statement

3/31/2015 3/31/2014 9/30/2014 9/30/2013

Homes closed 16,216 12,382 28,670 24,155

Revenues:Home sales 4,559.4$ 3,310.8$ 7,804.7$ 6,024.8$ Land/lot sales & other 32.1 21.5 53.8 61.1

4,591.5 3,332.3 7,858.5 6,085.9 Gross Profit:

Home sales 899.5 741.3 1,665.6 1,253.3 Land/lot sales & other 4.1 4.6 9.5 10.2 Inventory & land option charges (18.6) (7.1) (85.2) (31.1)

885.0 738.8 1,589.9 1,232.4 SG&A 480.4 371.3 834.2 649.9 Interest and other (income) (10.1) (6.1) (13.1) (9.8) Homebuilding pre-tax income 414.7 373.6 768.8 592.3 Financial Services pre-tax income 36.1 18.0 45.4 65.5 Pre-tax income 450.8 391.6 814.2 657.8 Income tax expense 160.4 137.5 280.7 195.1 Net income 290.4$ 254.1$ 533.5$ 462.7$

$ in millions

6 Months Ended Fiscal Year Ended

15

Q2 FY2015

Home Sales Gross Margin

Shown as a % of home sales revenuesIncludes interest amortized to cost of sales

0%

5%

10%

15%

20%

25%

FY11 FY12 1QFY13

2QFY13

3QFY13

4QFY13

Q1FY14

Q2FY14

Q3FY14

Q4FY14

Q1FY15

Q2FY15

16.1%17.7%

18.8%

20.4%

21.4% 21.9% 22.3% 22.5% 20.7% 20.5% 19.8% 19.7%

Homes sales gross margin of around 20% in a stable housing market

16

Q2 FY2015

Homebuilding SG&A

Long-term annual SG&A goal = 10% of homebuilding revenuesImproved 70 basis points year-over-year in Q2 FY2015

FYTD 3/31 Second Fiscal Quarter 2015

$0

$100

$200

$300

$400

$500

2014 2015

$371.3

$480.4

11.1%

10.5%

$0

$50

$100

$150

$200

$250

Q2 FY14 Q2 FY15

$187.9

$242.4

10.4%

SG&A $ SG&A $

11.1%

Shown as a % of homebuilding revenues$ in millions

17

Q2 FY2015

Homebuilding Pre-tax Income

Homebuilding pre-tax income margin in Q2 2015 was 8.9%

FYTD 3/31 Second Fiscal Quarter 2015

$0

$100

$200

$300

$400

$500

2014 2015

$373.6$414.7

11.2%9.0%

PTI $

$0

$100

$200

$300

$400

$500

Q2 FY14 Q2 FY15

$191.7 $208.6

11.3% 8.9%

PTI $

Shown as a % of homebuilding revenues$ in millions

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Q2 FY2015

Balance Sheet

3/31/15 9/30/14 3/31/14

HB cash and cash equivalents 665.8$ 632.5$ 972.8$ Restricted cash 10.4 10.0 79.8 Inventories 8,136.9 7,700.5 6,783.6 Deferred income taxes, net 547.7 565.0 569.8 Other assets 1,352.3 1,294.5 966.8 Total 10,713.1$ 10,202.5$ 9,372.8$

Notes payable - HB 3,548.0$ 3,323.6$ 3,638.3$ Other liabilities 1,744.1 1,759.2 1,384.9 Equity 5,421.0 5,119.7 4,349.6 Total 10,713.1$ 10,202.5$ 9,372.8$

Homebuilding LeverageGross 39.6% 39.4% 45.5%Net of cash 34.7% 34.5% 38.0%

Book Value/Share $14.78 $14.03 $13.37

$ in millions

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Q2 FY2015

Homes in Inventory

Growing housing inventory to meet increasing sales pace

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

22,000

9/30/11 9/30/12 9/30/13 3/31/14 9/30/14 3/31/15

Models Sold Specs

10,500

13,000

17,000

20,60021,300

17,600

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Q2 FY2015

Robust Lot Position

64,000 of our total lots are finished at 3/31/15

85,800 94,600

126,600 124,700 124,600 121,700

26,900

58,100

54,300 46,90058,900 55,500

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

9/30/11 9/30/12 9/30/13 3/31/14 9/30/14 3/31/15

Optioned Owned

112,700

152,700

180,900 183,500171,600 177,200

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Q2 FY2015

Inactive Land Held for Development

“Mothballed” lot count down 41% from 9/30/13

$699.2

$628.3

$450.2

$332.8

$271.3

43,100

39,400

21,700

14,00012,900

0

5000

10000

15000

20000

25000

30000

35000

40000

45000

50000

$0

$100

$200

$300

$400

$500

$600

$700

$800

9/30/11 9/30/12 9/30/13 9/30/14 3/31/15Carrying Value Lots Held

Land held for development is shown as separate line item on face of balance sheet$ in millions

22

Q2 FY2015

Public Debt Maturities by Year

Balance of public notes outstanding at 3/31/15 of $3.3 billion$ in millions

$0

$100

$200

$300

$400

$500

$600

$700

$800

FY 16 FY 17 FY 18 FY 19 FY 20 FY 22 FY 23

4.750%

$350

$500

$400$350

$543$500

$350$400

5.625%

6.500%

4.750% 3.625% 3.750% 4.375%

$700

5.750%

4.000%

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Q2 FY2015

FY 2015 Expectations*Fiscal Year:

Closings between 35,500 and 37,500 and consolidated revenues between $9.8 billion and $10.5 billion

Home sales gross margin of 19.5% to 20.0% with potential quarterly fluctuations outside of this range

Homebuilding SG&A expense of 9.9% to 10.2% of homebuilding revenues for full year

Financial Services operating margin of 30% to 33%

2015 income tax rate between 35% and 36%

Diluted share count of approximately 370 million shares

Third Quarter:

Backlog conversion rate of 78% to 80%

Home sales gross margin in the range of 19.5% to 20.0%

Homebuilding SG&A expense in the range of 9.9% to 10.2% of homebuilding revenues

*Based on the relatively stable market conditions noted on the Company’s conference call on 4/22/15.

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Slide Number 1Slide Number 2Forward-Looking StatementsD.R. Horton, Inc.Geographic DiversificationBroad Range of Product OfferingsSlide Number 7D.R. HortonEmerald HomesExpress HomesOperational FocusTargeted Market ConsolidationsQ2 FY 2015 HighlightsSales, Closings & Backlog – Q2 FY15Income StatementHome Sales Gross MarginHomebuilding SG&AHomebuilding Pre-tax IncomeBalance SheetHomes in InventoryRobust Lot PositionInactive Land Held for DevelopmentPublic Debt Maturities by YearFY 2015 Expectations*