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

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for HORTON D R INC /DE/.

Analyst Coverage

Research analysts who have asked questions during HORTON D R INC /DE/ earnings calls.

Alan Ratner

Zelman & Associates

7 questions for DHI

Also covers: BZH, CCS, FPH +9 more

John Lovallo

UBS Group AG

7 questions for DHI

Also covers: AWI, AZEK, BLDR +14 more

Michael Rehaut

JPMorgan Chase & Co.

7 questions for DHI

Also covers: AZEK, BECN, BLD +17 more

Rafe Jadrosich

Bank of America

7 questions for DHI

Also covers: AWI, BLD, BLDR +14 more

Stephen Kim

Evercore ISI

7 questions for DHI

Also covers: AWI, BLD, FBIN +11 more

Jade Rahmani

Keefe, Bruyette & Woods

6 questions for DHI

Also covers: ABR, ACRE, AMH +22 more

Trevor Allinson

Wolfe Research, LLC

6 questions for DHI

Also covers: AMWD, AZEK, BECN +18 more

Anthony Pettinari

Citigroup Inc.

5 questions for DHI

Also covers: AMBP, AMCR, AVY +26 more

Eric Bosshard

Cleveland Research Company

5 questions for DHI

Also covers: LOW, MHK, SHW +3 more

Jay McCanless

Wedbush Securities

5 questions for DHI

Also covers: BLDR, BZH, CCS +20 more

Kenneth Zener

Seaport Research Partners

5 questions for DHI

Also covers: BLD, CCS, FPH +7 more

Matthew Bouley

Barclays PLC

5 questions for DHI

Also covers: AZEK, BLDR, CNM +18 more

Mike Dahl

RBC Capital Markets

5 questions for DHI

Also covers: BECN, BLDR, CNM +13 more

Sam Reid

Wells Fargo

5 questions for DHI

Also covers: CNM, CSWI, FERG +8 more

Alex Rygiel

Texas Capital Securities

4 questions for DHI

Also covers: BLDR, BWMN, BZH +10 more

Alex Barron

Housing Research Center

3 questions for DHI

Also covers: BZH, CCS, FOR +9 more

Carl Reichardt

BTIG, LLC

3 questions for DHI

Also covers: BV, CCS, FOR +7 more

Susan Maklari

Goldman Sachs Group Inc.

3 questions for DHI

Also covers: ALH, AOS, AWI +24 more

Charles Perron-Piché

Goldman Sachs

2 questions for DHI

Also covers: AZEK, BLDR, LEG +5 more

Matthew Bouley

Barclays

2 questions for DHI

Also covers: CNM, FERG, LEN +5 more

Richard Reid

Wells Fargo & Company

2 questions for DHI

Also covers: CNM, FERG, MAS +5 more

Buck Horne

Raymond James Financial, Inc.

1 question for DHI

Also covers: CLPR, FPI, MAA +8 more

Paul Prizbilski

Wolfe Research

1 question for DHI

Latest news

Recent press releases and 8-K filings for DHI.

D.R. Horton reports Q1 2026 results and declares dividend

DHI

Earnings

Dividends

Share Buyback

Net income attributable to D.R. Horton was $594.8 million ( $2.03 per diluted share) on $6.9 billion in revenues, delivering an 11.6% pre-tax profit margin.
Home sales revenues of $6.5 billion from 17,818 homes closed, while net sales orders rose 3% to 18,300 homes (order value of $6.7 billion).
Generated $854.0 million in operating cash flow, ended the quarter with $6.6 billion of liquidity and a debt-to-capital ratio of 18.8%.
Returned $801.2 million to shareholders via $669.7 million in share repurchases (4.4 million shares) and $131.5 million in dividends, and declared a $0.45 per share quarterly dividend.
Reiterated fiscal 2026 guidance: consolidated revenues of $33.5 billion–$35.0 billion, 86,000–88,000 homes closed, and at least $3.0 billion in operating cash flow.

Jan 20, 2026, 4:30 PM

8-K

D.R. Horton reports Q1 2026 results

DHI

Earnings

Guidance Update

Share Buyback

Net income of $595 million ($2.03 EPS) on $6.9 billion revenue, with a 11.6% pre-tax margin; home sales revenues were $6.5 billion on 17,818 homes closed and net sales orders rose 3% year-over-year.
Gross home sales margin of 20.4%, up 40 bps sequentially (20% ex-warranty benefit), SG&A at 9.7% of revenues, and an average closing price of $365,500, down 3% year-over-year.
Generated $3.6 billion cash from operations over the past 12 months and returned $4.4 billion to shareholders (including $670 million of buybacks and $132 million of dividends); consolidated liquidity of $6.6 billion and leverage at 18.8%.
Q2 guidance: $7.3–7.8 billion revenues (19,700–20,200 home closings); FY consolidated revenue of $33.5–35 billion (86,000–88,000 closings), with cash flow > $3 billion and $2.5 billion of share repurchases planned.

Jan 20, 2026, 1:30 PM

Transcript

D.R. Horton reports Q1 2026 results

DHI

Earnings

Guidance Update

D.R. Horton posted Q1 FY2026 consolidated revenues of $6.9 B and pre-tax income of $798 M, yielding an 11.6% pre-tax margin.
Net income was $595 M, or $2.03 per diluted share, on $6.5 B of home sales revenues from 17,818 homes closed at an average price of $365,500.
Home sales gross margin was 20.4% (20.0% excluding a 40 bp warranty recovery), while home building SG&A expenses were 9.7% of revenues.
Net sales orders increased 3% YoY to 18,300 homes (order value $6.7 B), with an 18% cancellation rate.
Q2 FY2026 guidance calls for $7.3–7.8 B in revenues, 19,700–20,200 homes closed, home sales gross margin of 19–19.5%, and consolidated pre-tax margin of 10.6–11.1%.

Jan 20, 2026, 1:30 PM

Transcript

D.R. Horton reports Q1 2026 results

DHI

Earnings

Guidance Update

Share Buyback

Consolidated pre-tax income of $798 million on $6.9 billion of revenues, delivering an 11.6% pre-tax profit margin in Q1 2026.
Net income of $595 million and EPS of $2.03; home sales revenue of $6.5 billion from 17,818 closings at an average price of $365,500.
Net sales orders rose 3% year-over-year to 18,300 homes (value $6.7 billion) with an 18% cancellation rate.
Home sales gross margin improved to 20.4%, up 40 bps sequentially; Q2 gross margin is guided to 19%–19.5%.
Q2 revenue guidance of $7.3 billion–$7.8 billion and 19,700–20,200 home closings; FY2026 targets include $33.5 billion–$35 billion in revenues, 86,000–88,000 closings, ≥$3 billion operating cash flow, $2.5 billion in share repurchases, and $500 million of dividends.

Jan 20, 2026, 1:30 PM

Transcript

D.R. Horton reports fiscal 2026 first quarter earnings and declares dividend

DHI

Earnings

Dividends

Share Buyback

D.R. Horton reported fiscal 2026 Q1 net income attributable of $594.8 million and $2.03 diluted EPS, declines of 30% and 22% year-over-year.
Consolidated revenues were $6.9 billion, with pre-tax income of $798.1 million and an 11.6% pre-tax profit margin.
Homebuilding segment closed 17,818 homes generating $6.5 billion in revenue; net sales orders rose 3% to 18,300 homes valued at $6.7 billion.
Operations provided $854.0 million of cash from operations; debt-to-total capital was 18.8% and book value per share increased 5% to $82.60.
Returned $801.2 million to shareholders through repurchasing 4.4 million shares for $669.7 million and paying $131.5 million in dividends; declared an additional $0.45 per share dividend.

Jan 20, 2026, 11:30 AM

Press Release

D.R. Horton posts Q1 fiscal 2026 EPS and revenue beat

DHI

Earnings

Guidance Update

D.R. Horton beat Street estimates with Q1 EPS of $2.03 (vs. $1.92–$1.93 expected) and consolidated revenue of $6.9 billion (vs. ~$6.6 billion).
Net income fell ~30% to $594.8 million, with a pre-tax margin of 11.6% (including ~40 bps from prior-period warranty cost recovery).
Home sales revenue was $6.5 billion on 17,818 closings; net sales orders rose 3% to 18,300 homes (order value $6.7 billion).
The company reaffirmed FY 2026 guidance: $33.5 billion–$35.0 billion in revenue, 86,000–88,000 home closings, and an expected tax rate of ~24.5%.

Jan 19, 2026, 6:22 AM

Barron's

D.R. Horton reports Q4 2025 earnings and raises dividend

DHI

Earnings

Dividends

Share Buyback

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.