HORTON D R INC /DE/ (DHI) Company Report

Q4 net income attributable to D.R. Horton was $905.3 million or $3.04 per diluted share, on consolidated revenues of $9.7 billion.
Fiscal 2025 net income was $3.6 billion or $11.57 per diluted share, with revenues of $34.3 billion and a pre-tax profit margin of 13.8%.
The quarterly cash dividend was increased by 13% to $0.45 per share, payable November 20, 2025.
In FY 2025 the company repurchased 30.7 million shares for $4.3 billion, generated $3.4 billion of operating cash flow, and ended with a debt-to-capital ratio of 19.8%.

Oct 28, 2025, 3:28 PM

8-K

D.R. Horton reports Q4 2025 results and FY 2026 outlook

DHI

Earnings

Guidance Update

Share Buyback

Q4 consolidated revenues $9.7 B, pre-tax income $1.2 B (12.4% margin), net income $905.3 M or $3.04 per diluted share.
Net sales orders rose 5% YoY to 20,078 homes, order value +3% to $7.3 B, average order price $364,900, cancellation rate 20%.
FY 2026 guidance: revenues $33.5 B–$35.0 B, homes closed 86,000–88,000; Q1 2026: revenues $6.3 B–$6.8 B, homes closed 17,100–17,600, home sales gross margin 20%–20.5%, pre-tax profit margin 11.3%–11.8%.
FY 2025 operating cash flow $3.4 B after $8.5 B of lot/land investments; returned $4.8 B to shareholders; plans $2.5 B buybacks and $500 M dividends in FY 2026.
Operating metrics: 23,368 homes closed at $365,600 average price, 14,600 starts in Q4, ending inventory 29,600 homes (–21% YoY).

Oct 28, 2025, 12:30 PM

Transcript

D.R. Horton reports Q4 and FY 2025 results

DHI

Earnings

Guidance Update

Share Buyback

D.R. Horton reported Q4 net income of $905.3 million ($3.04 per diluted share) on $9.7 billion of revenue, and FY 2025 net income of $3.6 billion ($11.57 per share) on $34.3 billion of revenue; consolidated pre-tax margins were 12.4% in Q4 and 13.8% for the full year.
Net sales orders rose 5% YoY to 20,078 homes in Q4, with an order value of $7.3 billion and an average order price of $364,900; cancellation rate was 20%.
Inventory management: Q4 starts were 14,600 homes, ending the year with 29,600 homes in inventory (down 21% YoY); homebuilding lot position stood at 592,000 lots (25% owned, 75% controlled).
Capital allocation: generated $3.4 billion of operating cash flow in FY 2025, returned $4.8 billion to shareholders via $4.3 billion of share repurchases and $495 million of dividends; FY 2026 plans call for $2.5 billion in repurchases and $500 million in dividends.
Fiscal 2026 guidance: full-year revenues of $33.5–35 billion, 86,000–88,000 homes closed; Q1 revenues of $6.3–6.8 billion, 17,100–17,600 closes, home sales gross margin 20–20.5%, and consolidated pre-tax margin 11.3–11.8%.

Oct 28, 2025, 12:30 PM

Transcript

D.R. Horton reports Q4 and fiscal 2025 results

DHI

Earnings

Share Buyback

Guidance Update

D.R. Horton delivered Q4 pre-tax income of $1.2 billion on $9.7 billion revenues (12.4% margin), and for fiscal 2025 reported $4.7 billion pre-tax income on $34.3 billion revenues (13.8% margin).
Homebuilding net sales orders in Q4 rose 5% year-over-year to 20,078 homes (order value $7.3 billion) with a 20% cancellation rate; Q4 home sales revenues were $8.5 billion on 23,368 closings at an average price of $365,600.
Generated $3.4 billion of operating cash flow in fiscal 2025 after $8.5 billion of land and development investments, and returned $4.8 billion to shareholders via repurchases and dividends; Q1 FY26 dividend raised 13% to $0.45 per share.
FY 2026 guidance includes $33.5–35 billion revenues, 86,000–88,000 home closings, and at least $3 billion of operating cash flow; Q1 FY26 expects $6.3–6.8 billion revenues, 17,100–17,600 closings, and 20–20.5% home sales gross margin.

Oct 28, 2025, 12:30 PM

Transcript

D.R. Horton reports Q4 2025 results

DHI

Earnings

Guidance Update

Share Buyback

Delivered $9.7 B of revenue and $1.2 B of pretax income in Q4, representing a 12.4% pretax margin; net income was $905.3 M or $3.04 per diluted share.
Net sales orders rose 5% year-over-year to 20,078 homes, with order value of $7.3 B and a cancellation rate of 20%.
Generated $3.4 B of operating cash flow in FY 2025; repurchased 4.6 M shares for $689 M in Q4 (FY repurchases of 30.7 M shares for $4.3 B) and paid $118 M of dividends in Q4 ($495 M for the year).
Fiscal 2026 outlook: revenues of $33.5 B–$35 B, 86,000–88,000 homes closed; Q1 guide of $6.3 B–$6.8 B revenue and 17,100–17,600 closings; home sales gross margin of 20.0%–20.5% and consolidated pretax margin of 11.3%–11.8%; plan to repurchase $2.5 B of stock and pay $500 M of dividends.

Oct 28, 2025, 12:30 PM

Transcript

D.R. Horton announces Q4 FY2025 results

DHI

Earnings

Share Buyback

Dividends

D.R. Horton reported Q4 EPS of $3.04 on net income of $905.3 M, generating $9.7 B in revenues with a 12.4% pre-tax profit margin.
For FY 2025, net income attributable to D.R. Horton was $3.6 B or $11.57 per diluted share, on $34.3 B of revenues with a 13.8% pre-tax margin.
In Q4, the company closed 23,368 homes (FY 2025: 84,863 homes), driving home sales revenues of $8.5 B (FY: $31.4 B).
Returned $4.8 B to shareholders in FY 2025 via repurchases ($4.3 B) and dividends ($494.8 M), reducing share count by 9% year-over-year.

Oct 28, 2025, 12:30 PM

Presentation

Horton reports mixed Q3 2025 sales, raises dividend

DHI

Earnings

Dividends

Share Buyback

D.R. Horton posted $9.68 billion in Q3 2025 revenue, down 3.2% year-over-year.
GAAP EPS missed expectations by 7.7%, reflecting margin pressures after years of growth.
Backlog fell 13.6% y/y to $4.12 billion, signaling weaker future order activity.
Board approved a 12.5% hike in the quarterly dividend to $0.45/share, for an annual yield of about 1.13%.
Repurchased 30.7 million shares during fiscal 2025 and holds no senior note maturities until 2026.

Oct 28, 2025, 10:48 AM

Morningstar

Forestar reports Q4 and FY2025 results

DHI

Earnings

Guidance Update

In Q4, net income rose 7% to $87.0 million ($1.70 per diluted share) and revenues grew 22% to $670.5 million.
For fiscal 2025, net income was $167.9 million ($3.29 per diluted share), down 17%, while revenues increased 10% to $1.7 billion, with a pre-tax margin of 13.2%.
Operationally, lots sold in Q4 decreased 9% to 4,891 and full-year lots sold declined 5% to 14,240.
The company forecasts delivering 14,000–15,000 lots and generating $1.6–$1.7 billion of revenue in fiscal 2026.

Oct 28, 2025, 10:30 AM

Press Release

D.R. Horton reports FY25 Q4 and full-year results and raises dividend

DHI

Earnings

Dividends

Share Buyback

Fiscal 2025 Q4: net income attributable of $905.3 million (diluted EPS $3.04), revenues $9.7 billion, pre-tax margin 12.4%.
Fiscal year 2025: net income $3.6 billion (diluted EPS $11.57), revenues $34.3 billion, pre-tax margin 13.8%, and nearly 85,000 home closings.
Returned capital through repurchases of 30.7 million shares for $4.3 billion and cash dividends of $494.8 million; book value per share increased 5% to $82.15.
Increased quarterly cash dividend to $0.45 per share, a 13% rise.

Oct 28, 2025, 10:30 AM

Press Release

DR Horton Inc. featured in UBS bullish outlook on homebuilder stocks

DHI

UBS notes homebuilder stocks have rallied 20% versus the market’s 3% since the start of earnings season but remain at decade-high dislocation levels, historically preceding 50%+ relative returns.
The firm recommends a barbell approach, favoring entry-level builders like DR Horton alongside luxury names such as Toll Brothers and Pulte Homes.
Recent housing data shows Toll Brothers’ community traffic up 15% year-over-year, online traffic up 5–10%, and the NAHB traffic index rising 2 points, indicating nascent strength.
Consumer intent to purchase a home in the next 12 months has climbed to 37%, above 32% in Q1 and the 30% long-term average, contingent on rate stability and confidence gains.

Aug 22, 2025, 9:32 PM

CNBC Television

Earnings Transcripts

Quarterly earnings call transcripts for HORTON D R INC /DE/.

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