Consolidating Balance Sheet

March 31, 2018



	D.R. Horton, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	372.1	$	114.9	$	523.8	$	—		$	1,010.8
Restricted cash	6.7		2.7		46.0		—			55.4
Investments in subsidiaries	5,753.5		—		—		(5,753.5		)	—
Inventories	3,975.9		5,850.1		320.2		(1.8		)	10,144.4
Investment in unconsolidated entities	—		—		32.1		—			32.1
Mortgage loans held for sale	—		—		658.2		—			658.2
Deferred income taxes	84.8		131.1		4.0		—			219.9
Property and equipment, net	110.8		63.7		212.5		(6.6		)	380.4
Other assets	255.0		286.4		87.7		(21.4		)	607.7
Goodwill	—		80.0		29.2		—			109.2
Intercompany receivables	778.4		—		—		(778.4		)	—
Total Assets	$	11,337.2	$	6,528.9	$	1,913.7	$	(6,561.7	)	$	13,218.1
LIABILITIES & EQUITY
Accounts payable and other liabilities	$	515.0	$	949.2	$	171.6	$	(23.5	)	$	1,612.3
Intercompany payables	—		545.2		233.2		(778.4		)	—
Notes payable	2,616.9		6.3		610.7		—			3,233.9
Total Liabilities	3,131.9		1,500.7		1,015.5		(801.9		)	4,846.2
Stockholders’ equity	8,205.3		5,028.2		725.2		(5,759.8		)	8,198.9
Noncontrolling interests	—		—		173.0		—			173.0
Total Equity	8,205.3		5,028.2		898.2		(5,759.8		)	8,371.9
Total Liabilities & Equity	$	11,337.2	$	6,528.9	$	1,913.7	$	(6,561.7	)	$	13,218.1

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Balance Sheet

September 30, 2017



	D.R. Horton, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	780.9	$	154.5	$	72.4	$	—		$	1,007.8
Restricted cash	7.8		1.5		7.2		—			16.5
Investments in subsidiaries	4,812.6		—		—		(4,812.6		)	—
Inventories	3,540.4		5,579.9		116.8		—			9,237.1
Mortgage loans held for sale	—		—		587.3		—			587.3
Deferred income taxes	138.5		223.6		2.9		—			365.0
Property and equipment, net	104.8		59.7		166.3		(5.8		)	325.0
Other assets	245.5		259.7		60.7		—			565.9
Goodwill	—		80.0		—		—			80.0
Intercompany receivables	1,047.7		—		—		(1,047.7		)	—
Total Assets	$	10,678.2	$	6,358.9	$	1,013.6	$	(5,866.1	)	$	12,184.6
LIABILITIES & EQUITY
Accounts payable and other liabilities	$	483.9	$	956.9	$	126.6	$	(2.0	)	$	1,565.4
Intercompany payables	—		732.2		315.5		(1,047.7		)	—
Notes payable	2,443.4		8.2		420.0		—			2,871.6
Total Liabilities	2,927.3		1,697.3		862.1		(1,049.7		)	4,437.0
Stockholders’ equity	7,750.9		4,661.6		151.0		(4,816.4		)	7,747.1
Noncontrolling interests	—		—		0.5		—			0.5
Total Equity	7,750.9		4,661.6		151.5		(4,816.4		)	7,747.6
Total Liabilities & Equity	$	10,678.2	$	6,358.9	$	1,013.6	$	(5,866.1	)	$	12,184.6

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Three Months Ended March 31, 2018



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Revenues	$	1,288.0		$	2,402.7		$	117.5		$	(13.5	)	$	3,794.7
Cost of sales	1,026.2			1,926.9			19.4			(10.9		)	2,961.6
Selling, general and administrative expense	156.9			164.8			79.2			—			400.9
Equity in earnings of unconsolidated entities	—			—			(0.4		)	—			(0.4		)
Gain on sale of assets	—			—			(1.1		)	—			(1.1		)
Other (income) expense	(1.7		)	(0.7		)	(8.7		)	—			(11.1		)
Income before income taxes	106.6			311.7			29.1			(2.6		)	444.8
Income tax expense	20.7			67.4			5.9			—			94.0
Equity in net income of subsidiaries, net of tax	267.5			—			—			(267.5		)	—
Net income	353.4			244.3			23.2			(270.1		)	350.8
Net loss attributable to noncontrolling interests	—			—			(0.2		)	—			(0.2		)
Net income attributable to D.R. Horton, Inc.	$	353.4		$	244.3		$	23.4		$	(270.1	)	$	351.0

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Six Months Ended March 31, 2018



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Revenues	$	2,451.9		$	4,455.1		$	234.1		$	(13.5	)	$	7,127.6
Cost of sales	1,941.6			3,567.0			44.1			(10.9		)	5,541.8
Selling, general and administrative expense	309.1			316.4			159.6			—			785.1
Equity in earnings of unconsolidated entities	—			—			(2.7		)	—			(2.7		)
Gain on sale of assets	—			—			(14.5		)	—			(14.5		)
Other (income) expense	(2.1		)	(0.7		)	(15.4		)	—			(18.2		)
Income before income taxes	203.3			572.4			63.0			(2.6		)	836.1
Income tax expense	71.8			205.3			19.3			—			296.4
Equity in net income of subsidiaries, net of tax	410.8			—			—			(410.8		)	—
Net income	542.3			367.1			43.7			(413.4		)	539.7
Net loss attributable to noncontrolling interests	—			—			(0.6		)	—			(0.6		)
Net income attributable to D.R. Horton, Inc.	$	542.3		$	367.1		$	44.3		$	(413.4	)	$	540.3

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Three Months Ended March 31, 2017



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Revenues	$	1,094.4		$	2,044.6		$	112.3		$	—		$	3,251.3
Cost of sales	877.9			1,647.3			24.7			—			2,549.9
Selling, general and administrative expense	143.3			149.5			62.4			—			355.2
Other (income) expense	(1.1		)	(0.9		)	(5.7		)	—			(7.7		)
Income before income taxes	74.3			248.7			30.9			—			353.9
Income tax expense	26.1			87.1			11.5			—			124.7
Equity in net income of subsidiaries, net of tax	181.0			—			—			(181.0		)	—
Net income	$	229.2		$	161.6		$	19.4		$	(181.0	)	$	229.2

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Six Months Ended March 31, 2017



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Revenues	$	2,012.5		$	3,940.7		$	202.3		$	—		$	6,155.5
Cost of sales	1,613.3			3,172.0			32.5			—			4,817.8
Selling, general and administrative expense	267.2			292.9			120.9			—			681.0
Other (income) expense	(5.2		)	(0.9		)	(9.3		)	—			(15.4		)
Income before income taxes	137.2			476.7			58.2			—			672.1
Income tax expense	47.9			166.4			21.7			—			236.0
Equity in net income of subsidiaries, net of tax	346.8			—			—			(346.8		)	—
Net income	$	436.1		$	310.3		$	36.5		$	(346.8	)	$	436.1

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Cash Flows

Six Months Ended March 31, 2018



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	(147.3	)	$	269.9		$	(184.4	)	$	(37.0	)	$	(98.8	)
INVESTING ACTIVITIES
Expenditures for property and equipment	(21.4		)	(15.0		)	(47.6		)	5.0			(79.0		)
Proceeds from sale of assets	—			—			253.4			—			253.4
Decrease (increase) in restricted cash	1.1			(1.2		)	(38.8		)	—			(38.9		)
Investment in unconsolidated entities	—			—			(0.1		)	—			(0.1		)
Return of investment in unconsolidated entities	—			—			15.2			—			15.2
Intercompany advances	266.3			—			—			(266.3		)	—
Payments related to business acquisitions, net of cash acquired	(560.0		)	—			401.9			—			(158.1		)
Net cash (used in) provided by investing activities	(314.0		)	(16.2		)	584.0			(261.3		)	(7.5		)
FINANCING ACTIVITIES
Proceeds from notes payable	1,912.3			—			1.3			—			1,913.6
Repayment of notes payable	(1,740.2		)	(2.3		)	(10.0		)	—			(1,752.5		)
Advances on mortgage repurchase facility, net	—			—			69.8			—			69.8
Intercompany advances	—			(291.0		)	24.7			266.3			—
Proceeds from stock associated with certain employee benefit plans	32.7			—			—			—			32.7
Cash paid for shares withheld for taxes	(10.3		)	—			—			—			(10.3		)
Cash dividends paid	(94.1		)	—			(32.0		)	32.0			(94.1		)
Repurchases of common stock	(47.9		)	—			—			—			(47.9		)
Distributions to noncontrolling interests, net	—			—			(2.0		)	—			(2.0		)
Net cash provided by (used in) financing activities	52.5			(293.3		)	51.8			298.3			109.3
(Decrease) increase in cash and cash equivalents	(408.8		)	(39.6		)	451.4			—			3.0
Cash and cash equivalents at beginning of period	780.9			154.5			72.4			—			1,007.8
Cash and cash equivalents at end of period	$	372.1		$	114.9		$	523.8		$	—		$	1,010.8

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Cash Flows

Six Months Ended March 31, 2017



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	(303.6	)	$	130.3		$	87.6		$	(50.0	)	$	(135.7	)
INVESTING ACTIVITIES
Expenditures for property and equipment	(28.4		)	(11.7		)	(17.4		)	—			(57.5		)
Increase in restricted cash	(1.3		)	(0.3		)	(7.3		)	—			(8.9		)
Net principal decrease of other mortgage loans and real estate owned	—			—			1.0			—			1.0
Purchases of debt securities collateralized by residential real estate	(3.9		)	—			—			—			(3.9		)
Intercompany advances	123.8			—			—			(123.8		)	—
Payments related to business acquisitions	(4.1		)	—			—			—			(4.1		)
Net cash provided by (used in) investing activities	86.1			(12.0		)	(23.7		)	(123.8		)	(73.4		)
FINANCING ACTIVITIES
Repayment of notes payable	—			(0.5		)	—			—			(0.5		)
Payments on mortgage repurchase facility, net	—			—			(54.0		)	—			(54.0		)
Intercompany advances	—			(176.6		)	52.8			123.8			—
Proceeds from stock associated with certain employee benefit plans	24.7			—			—			—			24.7
Excess income tax benefit from employee stock awards	8.7			—			—			—			8.7
Cash paid for shares withheld for taxes	(5.1		)	—			—			—			(5.1		)
Cash dividends paid	(74.7		)	—			(50.0		)	50.0			(74.7		)
Net cash used in financing activities	(46.4		)	(177.1		)	(51.2		)	173.8			(100.9		)
(Decrease) increase in cash and cash equivalents	(263.9		)	(58.8		)	12.7			—			(310.0		)
Cash and cash equivalents at beginning of period	1,076.4			154.0			72.8			—			1,303.2
Cash and cash equivalents at end of period	$	812.5		$	95.2		$	85.5		$	—		$	993.2