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D.R. Horton Executive Compensation (FY25)

DHI · Arlington, TX · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): January 16, 2026
234 figures on this page: 224 cited to the filing that reported them, 10 calculated from figures it prints. See the citations
Total compensation for Paul Romanowski, President and Chief Executive Officer, came to $25,128,033 in fiscal 2025, and Romanowski's total moved 0.1% lower from the $25,146,069 reported for fiscal 2024. The company reported a chief executive pay ratio of 194:1 for fiscal 2025, against median employee compensation of $129,775. The say-on-pay proposal drew 92.7% of votes cast including abstentions in favor at the meeting held January 15, 2026 for fiscal 2025. The disclosed peer group names Builders FirstSource, Inc., Carrier Global Corp., Fiserv, Inc., Lowes Companies, Inc. and Mohawk Industries, Inc., among others.
Chief executive, fiscal 2025
◇
Paul Romanowski
Latest say-on-pay support
=
January 15, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Paul Romanowski: $25,146,069 → $25,128,033 (0.1% lower)
Say-on-pay support: 92.6% → 92.7% (0.1 points higher)
CEO pay ratio: 200:1 → 194:1 (3.0% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is D.R. Horton's chief executive and what were they paid?
Total compensation for Paul Romanowski, President and Chief Executive Officer, came to $25,128,033 in fiscal 2025. Romanowski's total moved 0.1% lower from the $25,146,069 reported for fiscal 2024.
What was D.R. Horton's say-on-pay result?
The say-on-pay proposal drew 92.7% of votes cast including abstentions in favor at the meeting held January 15, 2026 for fiscal 2025.
Which companies are in D.R. Horton's peer group?
The disclosed peer group names Builders FirstSource, Inc., Carrier Global Corp., Fiserv, Inc., Lowes Companies, Inc. and Mohawk Industries, Inc., among others. The Performance Peer Group includes KB Home, Lennar Corporation, Meritage Homes Corporation, NVR, Inc. and PulteGroup, Inc., among others.
What is D.R. Horton's chief executive pay ratio?
The company reported a chief executive pay ratio of 194:1 for fiscal 2025, against median employee compensation of $129,775.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Donald Horton
Chairman of the Board
◇—◇—◇◇◇◇
David Auld
Executive Vice Chair (former President and CEO)
◇—◇—◇◇◇◇
Paul Romanowski
President and Chief Executive Officer (former Executive Vice President and Co-Chief Operating Officer)
◇—◇—◇◇◇◇
Michael Murray
Executive Vice President and Co-Chief Operating Officer
◇—◇—◇◇◇◇
Bill Wheat
Executive Vice President and Chief Financial Officer
◇◇◇——◇◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David Auld
Executive Chairman
◇—◇—◇◇◇◇
Paul Romanowski
President and Chief Executive Officer
◇—◇—◇◇◇◇
Michael Murray
Executive Vice President and Chief Operating Officer
◇—◇—◇◇◇◇
Bill Wheat
Executive Vice President and Chief Financial Officer
◇◇◇——◇◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Paul Romanowski
President and Chief Executive Officer
◇—◇—◇◇◇◇
Michael Murray
Executive Vice President and Chief Operating Officer
◇—◇—◇◇◇◇
David Auld
Executive Chairman
◇—◇—◇◇◇◇
Bill Wheat
Executive Vice President and Chief Financial Officer
◇—◇—◇◇◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Paul Romanowski
President and Chief Executive Officer
◇—◇—◇◇◇◇
Michael Murray
Executive Vice President and Chief Operating Officer
◇—◇—◇◇◇◇
David Auld
Executive Chairman
◇—◇—◇◇◇◇
Bill Wheat
Executive Vice President and Chief Financial Officer
◇—◇—◇◇◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Bill W. WheatRSU◇——◇——◇
David V. AuldRSU◇——◇——◇
Michael J. MurrayRSU◇——◇——◇
Paul J. RomanowskiRSU◇——◇——◇
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
David AuldPSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Paul RomanowskiPSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Bill WheatPSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Michael MurrayPSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Maribess L. Miller
◇◇————◇
Brad S. Anderson
◇◇————◇
Benjamin S. Carson, Sr.
◇◇————◇
Benjamin S. Carson Sr
◇◇————◇
M. Chad Crow
◇◇————◇
Elaine D. Crowley
◇◇————◇
Michael R. Buchanan
◇◇————◇
Barbara R. Smith
◇◇————◇
Barbara K. Allen
◇—————◇
David V. Auld and Paul J. Romanowski served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Equity is delivered as restricted stock units.
Stock ownership guideline: 3x annual cash board fee for non-employee directors

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Builders FirstSource, Inc. BLDR
  • Carrier Global Corp. CARR
  • Fiserv, Inc. FISV
  • Lowes Companies, Inc. LOW
  • Mohawk Industries, Inc. MHK
  • NIKE, Inc. NKE
  • PPG Industries, Inc. PPG
  • Quanta Services, Inc. PWR
  • T-Mobile US, Inc. TMUS
  • The Home Depot, Inc. HD
  • The Sherwin-Williams Company SHW
  • Trane Technologies Plc TT
  • Whirlpool Corporation WHR
Performance Peer Group
  • KB Home KBH
  • Lennar Corporation LEN
  • Meritage Homes Corporation MTH
  • NVR, Inc. NVR
  • PulteGroup, Inc. PHM
  • Taylor Morrison Home Corporation TMHC
  • Toll Brothers, Inc. TOL
  • Tri Pointe Homes, Inc. TPH

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025January 15, 2026=◇◇◇
2024January 16, 2025=◇◇◇
2023January 17, 2024=◇◇◇
2022January 18, 2023=◇◇◇
2021January 26, 2022=◇◇◇
2020January 20, 2021=◇◇◇
2019January 22, 2020=◇◇◇
2018January 23, 2019=◇◇◇
2017January 24, 2018=◇◇◇
2016January 19, 2017=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact D.R. Horton disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where D.R. Horton sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
234 figures on this page: 224 cited to the filing that reported them, 10 calculated from figures it prints.
224 cited to the filing
10 calculated from the filing

Documents cited

  1. 0000882184-26-000004
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0000882184-25-000114
    CEO Pay Ratio · Grants of Plan-Based Awards · Non-Employee Director Compensation for · Outstanding Equity Awards at Fiscal Year-End · and 1 more section
  3. 0000882184-25-000004
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001193125-24-278379
    Summary Compensation Table
  5. 0000882184-24-000004
  6. 0001193125-23-296787
    Summary Compensation Table
  7. 0000882184-23-000005
  8. 0000882184-22-000017
  9. 0000882184-21-000009
  10. 0001193125-20-012005
  11. 0000882184-19-000012
  12. 0000882184-18-000010
  13. 0000882184-17-000003
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Velarion, “D.R. Horton executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/DHI (accessed 2026).
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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers D.R. Horton discloses

The companies named in DHI's own disclosed peer group.

NIKE, Inc.The Home Depot, Inc.The Sherwin-Williams CompanyKB HomeLennar CorporationMeritage Homes CorporationNVR, Inc.PulteGroup, Inc.Taylor Morrison Home CorporationToll Brothers, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy