D.R. Horton, Inc. Q2 2026 Earnings Recap

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.