8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 26, 2007

D.R. Horton, Inc.

(Exact name of registrant as specified in its charter)

Delaware	1-14122	75-2386963
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

301 Commerce Street, Suite 500, Fort Worth, Texas 76102

(Address of principal executive offices)

Registrant’s telephone number, including area code: (817) 390-8200

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On July 26, 2007, D.R. Horton, Inc. issued a press release announcing its net income and related information for the third quarter ended June 30, 2007. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference in its entirety into this Item 2.02.

The information furnished in this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibit

99.1 Press Release dated July 26, 2007 related to the Company’s net income and related information for the third quarter ended June 30, 2007.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	D. R. Horton, Inc.
Date: July 26, 2007	By:	/s/ BILL W. WHEAT
		Bill W. Wheat
		Executive Vice President and
		Chief Financial Officer

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EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release dated July 26, 2007

EX-99.1

Exhibit 99.1

	Stacey Dwyer, EVP
301 Commerce Street, Ste. 500, Fort Worth, Texas 76102
817-390-8200
July 26, 2007

D.R. HORTON, INC., AMERICA’S BUILDER, REPORTS FISCAL 2007 THIRD QUARTER RESULTS

FORT WORTH, TEXAS – D.R. Horton, Inc. (NYSE:DHI), America’s Builder, Thursday (July 26, 2007), reported a net loss for its third fiscal quarter ended June 30, 2007 of $823.8 million, or $2.62 per diluted share. The quarterly results included pre-tax charges to cost of sales of $835.8 million for inventory impairments and $16.2 million for write-offs of deposits and pre-acquisition costs related to land option contracts that the Company does not intend to pursue. Additionally, the results included a pre-tax goodwill impairment charge of $425.6 million. Net income for the same quarter of fiscal 2006 was $292.8 million, or $0.93 per diluted share. Homebuilding revenue for the third quarter of fiscal 2007 totaled $2.5 billion, compared to $3.6 billion in the same quarter of fiscal 2006. Homes closed in the current quarter totaled 9,643, compared to 13,377 homes closed in the year ago quarter.

For the nine months ended June 30, 2007, the Company reported a net loss totaling $662.3 million, or $2.11 per diluted share. The nine-month results included pre-tax charges to cost of sales of $943.9 million for inventory impairments and $66.9 million for write-offs of deposits and pre-acquisition costs related to land option contracts that the Company does not intend to pursue. Additionally, the results included a pre-tax goodwill impairment charge of $425.6 million. Net income for the nine months ended June 30, 2006 was $955.6 million, or $3.02 per diluted share. Homebuilding revenue for the nine months ended June 30, 2007 totaled $8.0 billion, compared to $10.0 billion for the same period of fiscal 2006. Homes closed in the nine-month period totaled 29,637, compared to 35,838 homes closed in the same period of fiscal 2006.

The Company’s sales backlog of homes under contract at June 30, 2007 was 15,801 homes ($4.4 billion), compared to 24,956 homes ($7.4 billion) at June 30, 2006. As previously reported, net sales orders for the third quarter ended June 30, 2007 totaled 8,559 homes ($2.0 billion), compared to 14,316 homes ($3.8 billion) for the same quarter of fiscal 2006. Net sales orders for the first nine months of fiscal 2007 were 27,313 homes ($6.9 billion), compared to 41,550 homes ($11.4 billion) for the same period of fiscal 2006.

Donald R. Horton, Chairman of the Board, said, “Market conditions in the homebuilding industry continue to be challenging as inventory levels of both new and existing homes remain at historically high levels, both as an absolute number and in terms of months’ supply. Increased use of sales incentives continues to put pressure on profit margins. In addition, home price appreciation over the past few years, higher interest rates and tightened credit standards in the mortgage industry are all negatively impacting affordability. Even in the midst of this volatile housing market, we produced an operating profit before impairments this quarter and generated positive cash flow from operations for the fourth consecutive quarter.

“We believe that market conditions will continue to be challenging, and our quarter-end impairment evaluations incorporated our more cautious outlook for the industry. For the remainder of fiscal 2007, we will focus on generating cash, reducing inventory balances and paying down outstanding debt to maintain a strong balance sheet.”

The Company will host a conference call on Thursday, July 26, 2007 at 10:00 a.m. Eastern Daylight Time. The dial-in number is 800-374-9096, and the call will also be webcast from www.drhorton.com on the “Investor Relations” page.

D.R. Horton, Inc., America’s Builder, is the largest homebuilder in the United States. Founded in 1978 in Fort Worth, Texas, D.R. Horton has expanded its presence to include 83 markets in 27 states in the Northeast, Southeast, South Central, Southwest, California and West regions of the United States. The Company is engaged in the construction and sale of high quality homes with sales prices ranging from $90,000 to over $900,000. D.R. Horton also provides mortgage financing and title services for homebuyers through its mortgage and title subsidiaries.

Portions of this document may constitute “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. All forward-looking statements are based upon information available to D.R. Horton on the date this release was issued. D.R. Horton does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking

statements in this release include our expectation that market conditions will continue to be challenging and that during the remainder of fiscal 2007 we will focus on generating cash, reducing inventory balances and paying down outstanding debt to maintain a strong balance sheet. 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: changes in general economic, real estate, construction and other business conditions; changes in interest rates, the availability of mortgage financing or increases in the costs of owning a home; governmental regulations and environmental matters; the Company’s substantial debt; competitive conditions within the industry; the availability of capital to the Company on favorable terms; the Company’s ability to successfully effect its operational strategies; and warranty and product liability claims. 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 most recent quarterly report on Form 10-Q, which are filed with the Securities and Exchange Commission.

WEBSITE ADDRESS: www.drhorton.com

D.R. HORTON, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

	Three Months Ended June 30,						Nine Months Ended June 30,
	2006			2007			2006			2007
	($’s in millions, except per share amounts)
Homebuilding:
Revenues:
Home sales	$	3,581.4		$	2,470.5		$	9,842.7		$	7,753.1
Land/lot sales		12.2			77.6			119.2			212.7
		3,593.6			2,548.1			9,961.9			7,965.8
Cost of sales:
Home sales		2,727.8			2,058.8			7,328.8			6,380.2
Land/lot sales		6.7			65.6			46.2			187.6
Inventory impairments and land option cost write-offs		60.9			852.0			71.8			1,010.8
		2,795.4			2,976.4			7,446.8			7,578.6
Gross profit (loss):
Home sales		853.6			411.7			2,513.9			1,372.9
Land/lot sales		5.5			12.0			73.0			25.1
Inventory impairments and land option cost write-offs		(60.9	)		(852.0	)		(71.8	)		(1,010.8	)
		798.2			(428.3	)		2,515.1			387.2
Selling, general and administrative expense		356.4			267.5			1,046.9			858.9
Goodwill impairment		—			425.6			—			425.6
Loss on early retirement of debt		—			12.1			15.0			12.1
Other (income)		(2.9	)		(3.9	)		(13.4	)		(5.7	)
Operating income (loss) from Homebuilding		444.7			(1,129.6	)		1,466.6			(903.7	)
Financial Services:
Revenues		74.2			50.0			206.6			158.3
General and administrative expense		50.8			36.0			147.6			119.3
Interest expense		8.7			4.1			24.7			20.5
Other (income)		(12.8	)		(8.3	)		(40.4	)		(34.2	)
Operating income from Financial Services		27.5			18.2			74.7			52.7
Income (loss) before income taxes		472.2			(1,111.4	)		1,541.3			(851.0	)
Provision for (benefit from) income taxes		179.4			(287.6	)		585.7			(188.7	)
Net income (loss)	$	292.8		$	(823.8	)	$	955.6		$	(662.3	)
Basic:
Net income (loss) per share	$	0.94		$	(2.62	)	$	3.06		$	(2.11	)
Weighted average number of common shares		312.8			314.3			312.7			313.9
Diluted:
Net income (loss) per share	$	0.93		$	(2.62	)	$	3.02		$	(2.11	)
Weighted average number of common shares		315.8			314.3			316.7			313.9
Other Consolidated Financial Data:
Interest amortized to home and land/lot cost of sales	$	60.1		$	60.8		$	164.5		$	171.5
Depreciation and amortization	$	14.3		$	16.4		$	40.7		$	48.3
Interest incurred	$	94.1		$	80.1		$	260.7		$	253.0

D.R. HORTON, INC.

CONSOLIDATED BALANCE SHEET

(UNAUDITED)

	As of June 30, 2007
	(In millions)
ASSETS
Homebuilding:
Cash and cash equivalents	$	4.9
Inventories:
Construction in progress and finished homes		4,207.5
Residential land and lots - developed and under development		5,869.5
Land held for development		359.4
Land inventory not owned		150.9
		10,587.3
Property and equipment, net		117.9
Deferred income taxes		735.9
Earnest money and other assets		315.3
Goodwill		153.3
		11,914.6
Financial Services:
Cash and cash equivalents		55.9
Mortgage loans held for sale		469.0
Other assets		54.5
		579.4
	$	12,494.0
LIABILITIES
Homebuilding:
Accounts payable	$	807.6
Accrued expenses and other liabilities		982.0
Notes payable		4,598.0
		6,387.6
Financial Services:
Accounts payable and other liabilities		24.8
Notes payable		318.8
		343.6
		6,731.2
Minority interests		85.1
STOCKHOLDERS’ EQUITY
Common stock		3.2
Additional capital		1,686.7
Retained earnings		4,083.5
Treasury stock, at cost		(95.7	)
		5,677.7
	$	12,494.0

D.R. HORTON, INC.

($’s in millions)

NET SALES ORDERS

	Three Months Ended June 30,						Nine Months Ended June 30,
	2006			2007			2006			2007
	Homes	Value		Homes	Value		Homes	Value		Homes	Value
Northeast	1,979	$	510.3	1,148	$	308.3	5,663	$	1,478.0	3,867	$	1,030.6
Southeast	2,010		497.1	1,500		323.7	5,845		1,489.1	4,301		961.1
South Central	4,290		744.2	2,541		443.5	11,178		1,920.8	7,198		1,282.2
Southwest	3,227		880.5	1,894		409.2	9,477		2,535.1	6,364		1,395.0
California	1,708		805.1	804		307.1	6,037		2,754.2	3,247		1,413.2
West	1,102		395.8	672		237.0	3,350		1,185.8	2,336		838.9
	14,316	$	3,833.0	8,559	$	2,028.8	41,550	$	11,363.0	27,313	$	6,921.0

HOMES CLOSED

	Three Months Ended June 30,						Nine Months Ended June 30,
	2006			2007			2006			2007
	Homes	Value		Homes	Value		Homes	Value		Homes	Value
Northeast	2,014	$	561.4	1,404	$	384.8	5,441	$	1,477.9	4,238	$	1,131.8
Southeast	1,998		494.9	1,575		367.6	5,621		1,416.6	4,497		1,076.3
South Central	3,656		623.3	2,746		490.7	9,192		1,551.6	7,936		1,418.7
Southwest	2,839		738.7	2,298		548.0	7,390		1,955.1	7,181		1,733.6
California	1,818		789.3	913		425.1	5,269		2,394.1	3,534		1,597.4
West	1,052		373.8	707		254.3	2,925		1,047.4	2,251		795.3
	13,377	$	3,581.4	9,643	$	2,470.5	35,838	$	9,842.7	29,637	$	7,753.1

SALES ORDER BACKLOG

	As of June 30,
	2006			2007
	Homes	Value		Homes	Value
Northeast	4,116	$	1,149.0	2,531	$	695.6
Southeast	3,343		981.9	1,952		518.6
South Central	4,961		893.4	3,475		641.3
Southwest	7,155		1,962.8	4,937		1,211.6
California	3,690		1,763.9	1,801		857.6
West	1,691		604.5	1,105		428.3
	24,956	$	7,355.5	15,801	$	4,353.0