Consolidating Balance Sheet

June 30, 2018



	D.R. Horton, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Total
	(In millions)
ASSETS
Cash and cash equivalents	$	596.1	$	107.3	$	474.8	$	—		$	1,178.2
Restricted cash	7.9		3.3		47.5		—			58.7
Investments in subsidiaries	6,064.2		—		—		(6,064.2		)	—
Inventories	4,089.8		5,806.0		412.9		(5.4		)	10,303.3
Investment in unconsolidated entities	—		—		32.2		—			32.2
Mortgage loans held for sale	—		—		679.9		—			679.9
Deferred income taxes, net	79.0		121.9		3.7		—			204.6
Property and equipment, net	111.7		63.5		216.6		(6.6		)	385.2
Other assets	269.7		320.8		87.8		(36.2		)	642.1
Goodwill	—		80.0		29.2		—			109.2
Intercompany receivables	425.9		—		—		(425.9		)	—
Total Assets	$	11,644.3	$	6,502.8	$	1,984.6	$	(6,538.3	)	$	13,593.4
LIABILITIES & EQUITY
Accounts payable and other liabilities	$	593.2	$	980.3	$	197.2	$	(40.8	)	$	1,729.9
Intercompany payables	—		175.6		250.3		(425.9		)	—
Notes payable	2,443.0		4.1		646.5		—			3,093.6
Total Liabilities	3,036.2		1,160.0		1,094.0		(466.7		)	4,823.5
Stockholders’ equity	8,608.1		5,342.8		721.4		(6,075.0		)	8,597.3
Noncontrolling interests	—		—		169.2		3.4			172.6
Total Equity	8,608.1		5,342.8		890.6		(6,071.6		)	8,769.9
Total Liabilities & Equity	$	11,644.3	$	6,502.8	$	1,984.6	$	(6,538.3	)	$	13,593.4

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, net	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 June 30, 2018



	D.R. Horton, Inc.			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Revenues	$	1,630.8		$	2,693.9	$	119.5		$	(8.9	)	$	4,435.3
Cost of sales	1,293.3			2,092.5		17.0			(5.6		)	3,397.2
Selling, general and administrative expense	174.4			174.1		86.4			—			434.9
Equity in earnings of unconsolidated entities	—			—		(0.4		)	—			(0.4		)
Other (income) expense	(1.5		)	0.5		(11.6		)	—			(12.6		)
Income before income taxes	164.6			426.8		28.1			(3.3		)	616.2
Income tax expense	43.8			113.6		5.1			—			162.5
Equity in net income of subsidiaries, net of tax	336.2			—		—			(336.2		)	—
Net income	457.0			313.2		23.0			(339.5		)	453.7
Net loss attributable to noncontrolling interests	—			—		(3.5		)	3.4			(0.1		)
Net income attributable to D.R. Horton, Inc.	$	457.0		$	313.2	$	26.5		$	(342.9	)	$	453.8

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Nine Months Ended June 30, 2018



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Revenues	$	4,082.7		$	7,149.0		$	353.6		$	(22.4	)	$	11,562.9
Cost of sales	3,235.0			5,659.4			61.1			(16.5		)	8,939.0
Selling, general and administrative expense	483.4			490.6			245.9			—			1,219.9
Equity in earnings of unconsolidated entities	—			—			(3.1		)	—			(3.1		)
Gain on sale of assets	—			—			(14.5		)	—			(14.5		)
Other (income) expense	(3.5		)	(0.2		)	(27.0		)	—			(30.7		)
Income before income taxes	367.8			999.2			91.2			(5.9		)	1,452.3
Income tax expense	117.0			318.7			24.2			(1.0		)	458.9
Equity in net income of subsidiaries, net of tax	747.5			—			—			(747.5		)	—
Net income	998.3			680.5			67.0			(752.4		)	993.4
Net loss attributable to noncontrolling interests	—			—			(4.1		)	3.4			(0.7		)
Net income attributable to D.R. Horton, Inc.	$	998.3		$	680.5		$	71.1		$	(755.8	)	$	994.1

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Three Months Ended June 30, 2017



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Revenues	$	1,332.0		$	2,352.3		$	92.1		$	—		$	3,776.4
Cost of sales	1,056.7			1,900.9			3.5			—			2,961.1
Selling, general and administrative expense	148.5			159.9			66.1			—			374.5
Other (income) expense	(0.7		)	(0.2		)	(2.8		)	—			(3.7		)
Income before income taxes	127.5			291.7			25.3			—			444.5
Income tax expense	44.4			101.3			9.8			—			155.5
Equity in net income of subsidiaries, net of tax	205.9			—			—			(205.9		)	—
Net income	$	289.0		$	190.4		$	15.5		$	(205.9	)	$	289.0

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Operations

Nine Months Ended June 30, 2017



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
Revenues	$	3,344.5		$	6,293.0		$	294.4		$	—		$	9,931.9
Cost of sales	2,670.0			5,072.9			36.0			—			7,778.9
Selling, general and administrative expense	415.7			452.8			187.0			—			1,055.5
Other (income) expense	(5.9		)	(1.1		)	(12.0		)	—			(19.0		)
Income before income taxes	264.7			768.4			83.4			—			1,116.5
Income tax expense	92.2			267.7			31.5			—			391.4
Equity in net income of subsidiaries, net of tax	552.6			—			—			(552.6		)	—
Net income	$	725.1		$	500.7		$	51.9		$	(552.6	)	$	725.1

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Cash Flows

Nine Months Ended June 30, 2018



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	(17.9	)	$	640.4		$	(254.0	)	$	(62.0	)	$	306.5
INVESTING ACTIVITIES
Expenditures for property and equipment	(29.1		)	(21.5		)	(64.5		)	5.0			(110.1		)
Proceeds from sale of assets	—			—			261.1			—			261.1
Increase in restricted cash	(0.2		)	(1.8		)	(40.2		)	—			(42.2		)
Investment in unconsolidated entities	—			—			(0.1		)	—			(0.1		)
Return of investment in unconsolidated entities	—			—			15.5			—			15.5
Net principal increase of other mortgage loans and real estate owned	—			—			(0.8		)	—			(0.8		)
Intercompany advances	615.7			—			—			(615.7		)	—
Payments related to business acquisitions, net of cash acquired	(560.0		)	—			401.9			—			(158.1		)
Net cash provided by (used in) investing activities	26.4			(23.3		)	572.9			(610.7		)	(34.7		)
FINANCING ACTIVITIES
Proceeds from notes payable	2,162.2			—			2.1			—			2,164.3
Repayment of notes payable	(2,165.2		)	(3.7		)	(10.6		)	—			(2,179.5		)
Advances on mortgage repurchase facility, net	—			—			106.3			—			106.3
Intercompany advances	—			(660.6		)	44.9			615.7			—
Proceeds from stock associated with certain employee benefit plans	36.2			—			—			—			36.2
Cash paid for shares withheld for taxes	(10.3		)	—			—			—			(10.3		)
Cash dividends paid	(141.3		)	—			(57.0		)	57.0			(141.3		)
Repurchases of common stock	(74.9		)	—			—			—			(74.9		)
Distributions to noncontrolling interests, net	—			—			(2.2		)	—			(2.2		)
Net cash (used in) provided by financing activities	(193.3		)	(664.3		)	83.5			672.7			(101.4		)
(Decrease) increase in cash and cash equivalents	(184.8		)	(47.2		)	402.4			—			170.4
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	$	596.1		$	107.3		$	474.8		$	—		$	1,178.2

NOTE O – SUPPLEMENTAL GUARANTOR INFORMATION - (Continued)

Consolidating Statement of Cash Flows

Nine Months Ended June 30, 2017



	D.R. Horton, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Total
	(In millions)
OPERATING ACTIVITIES
Net cash (used in) provided by operating activities	$	(392.7	)	$	239.1		$	42.9		$	(75.0	)	$	(185.7	)
INVESTING ACTIVITIES
Expenditures for property and equipment	(44.6		)	(18.8		)	(40.1		)	—			(103.5		)
Increase in restricted cash	(1.1		)	(0.3		)	(8.5		)	—			(9.9		)
Net principal decrease of other mortgage loans and real estate owned	—			—			5.3			—			5.3
Purchases of debt securities collateralized by residential real estate	(8.8		)	—			—			—			(8.8		)
Intercompany advances	187.3			—			—			(187.3		)	—
Payments related to business acquisitions	(4.1		)	—			—			—			(4.1		)
Net cash provided by (used in) investing activities	128.7			(19.1		)	(43.3		)	(187.3		)	(121.0		)
FINANCING ACTIVITIES
Proceeds from notes payable	700.0			—			—			—			700.0
Repayment of notes payable	(1,050.0		)	(1.4		)	—			—			(1,051.4		)
Advances on mortgage repurchase facility, net	—			—			0.4			—			0.4
Intercompany advances	—			(282.8		)	95.5			187.3			—
Proceeds from stock associated with certain employee benefit plans	34.3			—			—			—			34.3
Excess income tax benefit from employee stock awards	10.5			—			—			—			10.5
Cash paid for shares withheld for taxes	(5.1		)	—			—			—			(5.1		)
Cash dividends paid	(112.2		)	—			(75.0		)	75.0			(112.2		)
Repurchases of common stock	(60.6		)	—			—			—			(60.6		)
Net cash (used in) provided by financing activities	(483.1		)	(284.2		)	20.9			262.3			(484.1		)
(Decrease) increase in cash and cash equivalents	(747.1		)	(64.2		)	20.5			—			(790.8		)
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	$	329.3		$	89.8		$	93.3		$	—		$	512.4