D.R. Horton, Inc.

D.R. Horton, Inc. Earnings Recaps

DHI Industrials 3 recaps
Q2 2026 Apr 21, 2026

D.R. Horton delivered resilient Q2 2026 results with solid revenue, margins above guidance, and an 11% increase in net sales orders amid ongoing affordability challenges.

Key takeaways
  • Achieved $867 million in pretax income on $7.6 billion revenue, with a pretax profit margin of 11.5%, exceeding guidance.
  • Net sales orders rose 11% YoY to 24,992 homes, driven by disciplined pricing and strategic inventory management.
  • Home sales revenues totaled $7 billion on 19,486 homes, with an average price of $361,600, reflecting continued emphasis on affordability.
  • Homes closed had improved cycle times and a 35% reduction in unsold completed homes YoY, supporting inventory efficiency.
  • Margins remained strong with a gross profit rate of 20.1%, and SG&A increased modestly to 9.2% amid lower average sales prices.
Full recap
Q1 2026 Jan 20, 2026

D.R. Horton reported a solid start to fiscal 2026 with $798 million in pretax income and improved operational efficiency, although challenges in new home demand persist. The company exceeded revenue and closing expectations, with strategic adjustments leading to a 3% increase in net sales orders year-over-year.

Key takeaways
  • Consolidated revenues reached $6.9 billion with a pretax profit margin of 11.6%.
  • Net sales orders totaled 18,300 homes, marking a 3% increase from the prior year, despite an 18% cancellation rate.
  • Earnings per diluted share decreased to $2.03 versus $2.61 in the previous year, reflecting market pressures.
  • Cash generated from operations amounted to $3.6 billion in the past twelve months, with $4.4 billion returned to shareholders.
  • Homebuilder SG&A expenses as a percentage of revenue rose to 9.7%, highlighting the impact of lower closing volumes.
Full recap
Q4 2025 Oct 28, 2025

D.R. Horton reported solid fourth quarter results, with a 5% increase in net sales orders and a consolidated pretax income of $1.2 billion on revenues of $9.7 billion, highlighting strong operational discipline amidst a challenging market.

Key takeaways
  • Fourth quarter net income reached $905.3 million, translating to $3.04 per diluted share, consistent with ongoing profitability amid market constraints.
  • Gross profit margin on home sales declined to 20%, reflecting higher incentive costs and increased litigation expenses.
  • D.R. Horton commenced 14,600 homes in Q4, reducing unsold inventory to 19,600 homes, which positions the company for improved cycle times and efficiency.
  • The company returned $4.8 billion to shareholders through buybacks and dividends, reaffirming its commitment to capital efficiency and value creation.
  • Average sales price of homes decreased by 3% year-over-year, emphasizing D.R. Horton's focus on affordable homeownership in a competitive landscape.
Full recap