D.R. Horton, based in Fort Worth, Texas is one of the largest homebuilders in the U.S., with homebuilding revenue of $19.6 billion on 65,388 closings for the fiscal year ended September 30, 2020. To be sure, DHI may be number one based on deliveries while Lennar, whose average selling price is $100,000 higher than DHI's may be tops on revenue. The company offers homes in 90 markets within 29 states, mostly under its flagship D.R. Horton brand (63% of closings), and entry-level Express Homes (32%), as well as its high-end Emerald Homes and recently introduced Freedom Homes. The Southeast was the biggest revenue contributor, with 30% of the total in FY20. About 90% of revenue is from single-family detached homes. The average home price was about $300,000 in FY20. The company's financial services segment also provides mortgage financing and title agency services. The company's fiscal year ends on September 30. The business is seasonal with the highest revenues and operating income generally delivered in the third (ending in June) and fourth (September) quarters than in the first (December) and second (March) quarters.
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Chris Graja, CFASenior Analyst: Retail