D.R. Horton, Inc. files its 2026 proxy statement ahead of the January 15, 2026 annual meeting, where stockholders will vote on eight director nominees, an advisory say‑on‑pay proposal, and ratification of Ernst & Young LLP as auditor.
The company highlights strong fiscal 2025 performance, with revenue of $34.3 billion, consolidated pre‑tax income of $4.7 billion, earnings per diluted share of $11.57 and a pre‑tax profit margin of 13.8%. Homebuilding pre‑tax return on inventory reached 20.1%, return on equity 14.6% and return on assets 10.0%. D.R. Horton closed 88,323 homes and generated $3.4 billion of operating cash flow, all of which was returned to stockholders via buybacks and dividends, a $2.6 billion or 118% increase in stockholder distributions versus the prior year.
The proxy emphasizes governance practices such as a majority‑vote standard for directors, proxy access, separation of Chair and CEO roles, fully independent key board committees, and robust stock ownership, clawback and anti‑hedging policies. Executive pay is heavily performance‑based, with 92% of fiscal 2025 CEO target compensation at risk and a mix focused on profitability‑linked incentives and performance stock units.
D.R. Horton executive David V. Auld reported equity activity involving restricted stock units and common shares. On 12/01/2025, 1,482 restricted stock units converted into the same number of D.R. Horton common shares, as shown by a transaction coded "M." Immediately afterward, 1,482 shares were disposed of in a transaction coded "F" at $157.37 per share to cover tax obligations related to restricted stock units awarded on October 29, 2025.
Following these transactions, Auld directly beneficially owned 945,846 shares of D.R. Horton common stock and 38,238 restricted stock units. The filing notes that each restricted stock unit converts into one share of DHI common stock and that Auld serves as both a director and Executive Chairman of the company.
D.R. Horton director reports routine equity transaction
A director of D.R. Horton, Inc. (DHI) reported a stock transaction dated 11/20/2025. The filing shows that 289 restricted stock units were converted to an equal number of shares of common stock through a transaction coded "M," which typically indicates an exercise or conversion of a derivative security.
After this conversion, the reporting person beneficially owns 553 shares of DHI common stock directly, along with 1,156 restricted stock units that remain outstanding. Each restricted stock unit represents the right to receive one share of DHI common stock upon vesting, so this filing mainly reflects normal vesting and conversion activity rather than a new open‑market purchase or sale.
D.R. Horton director reports vesting of restricted stock units
A director of D.R. Horton, Inc. (DHI) reported an equity transaction involving company stock. On November 20, 2025, 289 restricted stock units converted into 289 shares of D.R. Horton common stock, increasing the director’s directly held common shares to 21,633. These units were part of a grant of 1,445 restricted stock units awarded on November 20, 2024, which vest in five annual installments beginning November 20, 2025. Following this transaction, the director also holds 1,156 derivative securities in the form of restricted stock units, all reported as directly owned.
D.R. Horton director reports restricted stock unit conversion
A director of D.R. Horton, Inc. (DHI) reported an equity transaction involving company stock. On 11/20/2025, 289 restricted stock units were converted into 289 shares of DHI common stock, with the transaction reported as an acquisition. Following this conversion, the reporting person beneficially owned 553 shares of DHI common stock in direct form.
The filing notes that each restricted stock unit converts into one share of DHI common stock. It also states that on November 20, 2024, the reporting person was granted 1,445 restricted stock units, scheduled to vest in five annual installments beginning November 20, 2025.
D.R. Horton director reports an equity award transaction on Form 4. On 11/20/2025, the reporting person exercised 289 restricted stock units, which each converted into one share of DHI common stock, and acquired 289 shares in a transaction coded "M".
After this transaction, the director beneficially owned 687 shares of DHI common stock directly and held 1,156 restricted stock units. These RSUs relate to a prior grant of 1,445 restricted stock units awarded on 11/20/2024, scheduled to vest in five annual installments beginning 11/20/2025.
D.R. Horton, Inc. (DHI) reported an insider equity transaction by one of its directors. On 11/20/2025, the director acquired 289 shares of DHI common stock through the conversion of restricted stock units, recorded as an "M" transaction code. Following this transaction, the director beneficially owns 8,752 shares of DHI common stock directly.
The filing also shows derivative holdings in the form of restricted stock units. After the reported activity, the director holds 1,156 restricted stock units, each convertible into one share of DHI common stock. These RSUs relate to a grant of 1,445 units awarded on November 20, 2024, which vest in five annual installments beginning November 20, 2025.
D.R. Horton, Inc. (DHI) director Michael R. Buchanan reported an equity transaction involving company stock. On 11/20/2025, 289 restricted stock units were converted into 289 shares of DHI common stock at an exercise price of $0, reported with transaction code "M".
After these transactions, Mr. Buchanan directly owns 1,482 shares of DHI common stock and indirectly holds 8,136 shares through his wife. The filing also notes that he had previously been granted 1,445 restricted stock units on November 20, 2024, scheduled to vest in five annual installments beginning November 20, 2025.
D.R. Horton director reports share acquisition from RSU conversion
A director of D.R. Horton, Inc. (DHI) reported a routine equity transaction. On 11/20/2025, 289 restricted stock units were converted into 289 shares of DHI common stock, coded as an "M" transaction, meaning a derivative security was exercised. After this transaction, the director beneficially owned 36,116 shares of common stock in direct form.
The filing also notes that these restricted stock units come from a prior equity award. On November 20, 2024, the reporting person received a grant of 1,445 restricted stock units scheduled to vest in five annual installments beginning November 20, 2025. Following the reported transaction, 1,156 restricted stock units remain beneficially owned directly.
D.R. Horton, Inc. (DHI) reported an equity transaction by its SVP, Controller and Principal Accounting Officer. On November 20, 2025, the officer exercised 430 restricted stock units, which converted one-for-one into shares of D.R. Horton common stock. To cover related tax obligations, 170 shares of common stock were surrendered to the company at a price of $137.32 per share.
After these transactions, the officer directly owned 6,717 shares of D.R. Horton common stock and 1,720 restricted stock units. These RSUs relate to a prior grant of 2,150 units awarded on November 20, 2024, scheduled to vest in five annual installments beginning November 20, 2025.