D.R. Horton, Inc. (DHI) SEC Filings & Earnings Calls
EquiReason read 12 D.R. Horton, Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-09-15 — Board authorized $5.0B additional share repurchase with no expiration; expects FY2026 repurchases of at least $3.25B, up from $53M remaining under prior authorization..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 41.3B
- P/E TTM
- 14.0
- Dividend yield
- 1.2%
- 52-week
- —
- Next earnings
- 29 Oct, in 5 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
23 Jul 202610-QD.R. Horton reported Q3 2026 results with flat consolidated revenues, a 12% decline in net income, and home sales gross margin down 110bps, reflecting affordability constraints and higher incentives.earningsopen
Figures in the filing · each found in the filing text
| Consolidated revenues · Q3-2026 | $9.20B | 0% y/y |
| Net income attributable to D.R. Horton · Q3-2026 | $905M | -10% y/y |
| Diluted earnings per share · Q3-2026 | $3.20 | -5% y/y |
| Home sales gross margin · Homebuilding · Q3-2026 | 20.7% | |
| Net sales orders (homes) · Homebuilding · Q3-2026 | 23,084 | +0% y/y |
| Net sales orders value · Homebuilding · Q3-2026 | $8.44B | +0% y/y |
| Sales order backlog (homes) · Homebuilding · Q3-2026 | 15,983 | +14% y/y |
| Sales order backlog value · Homebuilding · Q3-2026 | $6.18B | +16% y/y |
| Homes closed · Homebuilding · Q3-2026 | 23,983 | +4% y/y |
| Average closing price · Homebuilding · Q3-2026 | $362000.00 | -2% y/y |
Risks flagged
Affordability constraints and elevated incentives
“We currently expect sales incentives to remain elevated during the remainder of fiscal 2026 and into fiscal 2027, and we will continue to adjust incentive levels based on changes in market conditions and mortgage interest rates.” · word for word
Higher cancellation rates
“Cancellation Rate (2) 2026 20 % 2025 17 %”
Declining homebuilding margins
“Home sales gross margin was 20.7% compared to 21.8%.” · word for word
21 Jul 20268-K · 2.02Q3 FY2026: Net income $904.9M (-12% YoY), EPS $3.20 (-5% YoY), revenues $9.2B. Home closings 23,983 (+4% YoY) at high end of guidance. Orders flat at 23,084. Pre-tax margin 13.3%. Guidance reiterated: FY rev $32.5-33.0B, closings 83,800-84,earningsopen
Figures in the filing · each found in the filing text
| Net income attributable to D.R. Horton · Q3-2026 | $905M | -12% y/y |
| Earnings per diluted share · Q3-2026 | $3.20 | -5% y/y |
| Consolidated revenues · Q3-2026 | $9.20B | |
| Home sales revenues · Homebuilding · Q3-2026 | $8.70B | +1% y/y |
| Homes closed · Homebuilding · Q3-2026 | 23,983 | +4% y/y |
| Net sales orders (homes) · Homebuilding · Q3-2026 | 23,084 | 0% y/y |
| Net sales order value · Homebuilding · Q3-2026 | $8.40B | 0% y/y |
| Pre-tax profit margin · Q3-2026 | 13.3% | |
| Home sales gross margin · Homebuilding · Q3-2026 | 20.7% | |
| Book value per share · Q3-2026 | $84.85 | +5% y/y |
Guidance
FY2026: consolidated revenues $32.5B-$33.0B; homes closed 83,800-84,300; income tax rate ~25.0%; cash flow from operations at least $3.0B; share repurchases ~$2.5B; dividends ~$500M
Guidance reiterated with slight caution on demand and margins due to affordability constraints.
Risks flagged
Affordability constraints and cautious consumer sentiment impacting demand
“Affordability constraints and cautious consumer sentiment continue to impact new home demand” · word for word
Elevated cancellation rate (20% vs 17% prior year)
“cancellation rate for the quarter was 20% compared to 17% in the prior year quarter”
Expectation of continued elevated sales incentives
“we expect sales incentives to remain elevated during the fourth quarter” · word for word
12 May 20268-K · 1.01, 2.03DHI Mortgage increased its repurchase facility commitment to $1.925B and extended maturity to May 2029, enhancing liquidity for mortgage loan purchases.open
Figures in the filing · each found in the filing text
| Maximum Aggregate Commitment · DHI Mortgage · Q2-2026 | $1.93B |
Risks flagged
Increased leverage via repurchase facility; off-balance-sheet obligation.
“Amounts outstanding under the Amended Repurchase Facility are not guaranteed by D.R. Horton, Inc.” · word for word
23 Apr 202610-QConsolidated revenues $7.60B (-2% y/y); Net income attributable to D.R. Horton $648M (-20% y/y); Homes closed 19,486 (+1% y/y)open
Figures in the filing · each found in the filing text
| Consolidated revenues · Q2-2026 | $7.60B | -2% y/y |
| Net income attributable to D.R. Horton · Q2-2026 | $648M | -20% y/y |
| Homes closed · homebuilding · Q2-2026 | 19,486 | +1% y/y |
| Net sales orders (homes) · homebuilding · Q2-2026 | 24,992 | +11% y/y |
| Home sales gross margin · homebuilding · Q2-2026 | 20.1% | |
| Sales order backlog (homes) · homebuilding · Q2-2026 | 16,882 | +19% y/y |
| Homebuilding pre-tax income · homebuilding · Q2-2026 | $758M | -19% y/y |
| Rental revenues · rental · Q2-2026 | $212M | -7% y/y |
| Forestar revenues · forestar · Q2-2026 | $374M | +7% y/y |
| Financial services pre-tax income · financial_services · Q2-2026 | $52M | -29% y/y |
Guidance
No explicit quantitative guidance; expects elevated incentives to persist; backlog strength provides some visibility.
Risks flagged
Affordability-driven demand pressure
“During the second quarter, new home demand continued to be impacted by affordability constraints and cautious consumer sentiment.” · word for word
Margin compression from incentives
“We expect our incentive levels to stay elevated during fiscal 2026, the extent to which will depend on market conditions and changes in mortgage interest rates.” · word for word
21 Apr 20268-K · 2.02Earnings per diluted share $2.24 (-13% y/y); Net income attributable to D.R. Horton $648M (-20% y/y); Consolidated revenues $7.60B; Guidance: On track to deliver results within original fiscal 2026 guidanceearningsopen
Figures in the filing · each found in the filing text
| Earnings per diluted share · Q2-2026 | $2.24 | -13% y/y |
| Net income attributable to D.R. Horton · Q2-2026 | $648M | -20% y/y |
| Consolidated revenues · Q2-2026 | $7.60B | |
| Home sales revenues · Homebuilding · Q2-2026 | $7.00B | -2% y/y |
| Homes closed · Homebuilding · Q2-2026 | 19,486 | +1% y/y |
| Net sales orders · Homebuilding · Q2-2026 | 24,992 | +11% y/y |
| Pre-tax profit margin · Q2-2026 | 11.5% | |
| Book value per share · Q2-2026 | $82.91 | +5% y/y |
| Debt to total capital · Q2-2026 | 21.7% |
Guidance
On track to deliver results within original fiscal 2026 guidance
Management reaffirmed original FY2026 guidance; pre-tax margin above high end of guidance range.
Risks flagged
Affordability constraints and cautious consumer sentiment impacting demand
“Affordability constraints and cautious consumer sentiment continue to impact new home demand” · word for word
Elevated sales incentives expected to continue
“We expect our sales incentives to remain elevated in fiscal 2026, with incentive levels dependent on demand, mortgage interest rates and other market conditions.” · word for word
22 Jan 202610-QD.R. Horton reported a 10% decline in consolidated revenue and a 30% drop in net income for Q1 fiscal 2026, with home sales gross margin contracting 230 bps due to increased incentives amid affordability constraints.earningsopen
Figures in the filing · each found in the filing text
| Consolidated revenues · Q1-2026 | $6.90B | -10% y/y |
| Net income attributable to D.R. Horton · Q1-2026 | $595M | -30% y/y |
| Diluted earnings per share · Q1-2026 | $2.03 | -22% y/y |
| Home sales revenue · homebuilding · Q1-2026 | $6.51B | -9% y/y |
| Homes closed · homebuilding · Q1-2026 | 17,818 | -7% y/y |
| Home sales gross margin · homebuilding · Q1-2026 | 20.4% | |
| Net sales orders (homes) · homebuilding · Q1-2026 | 18,300 | +3% y/y |
| Sales order backlog (homes) · homebuilding · Q1-2026 | 11,376 | +3% y/y |
| Homebuilding pre-tax income · homebuilding · Q1-2026 | $708M | -30% y/y |
| Rental revenues · rental · Q1-2026 | $110M | -50% y/y |
Risks flagged
Affordability constraints and cautious consumer sentiment
“During the first quarter, new home demand continued to be impacted by ongoing affordability constraints and cautious consumer sentiment.” · word for word
Elevated sales incentives compressing margins
“We expect our incentive levels to stay elevated during fiscal 2026, the extent to which will depend on market conditions and changes in mortgage interest rates.” · word for word
Regional concentration weakness
“Southwest Region — Homebuilding revenues decreased 22% ... particularly in our Las Vegas and California markets.”
20 Jan 20268-K · 2.02Net income attributable to D.R. Horton $595M (-30% y/y); Earnings per diluted share $2.03 (-22% y/y); Consolidated revenues $6.90B; Guidance: Exceeded high end of closings and revenue guidanceearningsopen
Figures in the filing · each found in the filing text
| Net income attributable to D.R. Horton · Q1-2026 | $595M | -30% y/y |
| Earnings per diluted share · Q1-2026 | $2.03 | -22% y/y |
| Consolidated revenues · Q1-2026 | $6.90B | |
| Home sales revenues · homebuilding · Q1-2026 | $6.50B | -9% y/y |
| Homes closed · homebuilding · Q1-2026 | 17,818 | -7% y/y |
| Net sales orders · homebuilding · Q1-2026 | 18,300 | +3% y/y |
| Net sales order value · homebuilding · Q1-2026 | $6.70B | |
| Cash provided by operations · Q1-2026 | $854M | |
| Pre-tax profit margin · consolidated · Q1-2026 | 11.6% | |
| Homebuilding pre-tax profit margin · homebuilding · Q1-2026 | 10.8% |
Guidance
Exceeded high end of closings and revenue guidance
Company exceeded Q1 guidance for closings and revenue; expects elevated incentives in FY2026; maintains disciplined capital allocation.
Risks flagged
Affordability constraints and cautious consumer sentiment continue to impact new home demand; sales incentives expected to remain elevated.
“Affordability constraints and cautious consumer sentiment continue to impact new home demand. We expect our sales incentives to remain elevated in fiscal 2026” · word for word
10 Dec 2025DEF 14AD.R. Horton filed its definitive proxy statement for the 2026 annual meeting, disclosing executive compensation, governance, and related party transactions.open
Figures in the filing · each found in the filing text
| Revenue · FY2025 | $34.30B | |
| Net Income · FY2025 | $3.62B | |
| Diluted Earnings Per Share · FY2025 | $11.57 | -19% y/y |
| Pre-Tax Income · FY2025 | $4.74B | |
| Operating Cash Flow · FY2025 | $3.40B | +56% y/y |
| Closed Homes · FY2025 | 88,323 | |
| Pre-Tax Profit Margin · FY2025 | 13.8% | |
| Return on Equity · FY2025 | 14.6% | |
| Return on Assets · FY2025 | 10.0% | |
| Book Value Per Share · FY2025 | $82.15 | +5% y/y |
Risks flagged
Housing Affordability Constraints
“The D.R. Horton team achieved solid financial results in fiscal 2025 despite housing market conditions that remained challenging due to ongoing affordability constraints and cautious consumer sentiment.” · word for word
Interest Rate Sensitivity
“ongoing affordability constraints” · word for word
19 Nov 202510-KConsolidated revenues $34.30B (-7% y/y); Net income attributable to D.R. Horton $3.60B (-25% y/y); Net cash provided by operating activities $3.40B (+54% y/y); Guidance: Expects elevated incentive levels in fiscal 2026; no specific revenueopen
Figures in the filing · each found in the filing text
| Consolidated revenues · FY2025 | $34.30B | -7% y/y |
| Net income attributable to D.R. Horton · FY2025 | $3.60B | -25% y/y |
| Net cash provided by operating activities · FY2025 | $3.40B | +55% y/y |
| Homes closed · FY2025 | 84,863 | -5% y/y |
| Net sales orders (homes) · FY2025 | 83,423 | -4% y/y |
| Sales order backlog value · FY2025 | $4.10B | -14% y/y |
| Home sales gross margin · FY2025 | 21.5% | |
| Homebuilding SG&A as % of homebuilding revenues · FY2025 | 8.3% | |
| Homebuilding pre-tax income · FY2025 | $4.10B | -25% y/y |
| Homes in inventory · FY2025 | 29,600 | -21% y/y |
Guidance
Expects elevated incentive levels in fiscal 2026; no specific revenue or EPS guidance provided
Management expects to maintain elevated sales incentives in fiscal 2026 to support demand, indicating continued margin pressure. No explicit revenue or earnings guidance was provided, but the tone reflects cautious optimism with a focus on managing through affordability constraints.
Risks flagged
Affordability-driven demand slowdown
“During fiscal 2025, new home demand continued to be impacted by ongoing affordability constraints and cautious consumer sentiment.” · word for word
Margin compression from incentives
“home sales gross margin decreased to 21.5% as we increased sales incentives, such as buydowns of mortgage rates for our homebuyers.” · word for word
Backlog decline reduces future revenue visibility
“Sales order backlog decreased 11% to 10,785 homes, and the value of sales order backlog decreased 14% to $4.1 billion.” · word for word
Increased land contract write-offs
“earnest money and pre-acquisition cost write-offs related to our homebuilding segment’s land purchase contracts that we have terminated or expect to terminate were $114.3 million and $54.9 million, respectively.” · word for word
28 Oct 20258-K · 2.02Net income attributable to D.R. Horton $905M (-29% y/y); Earnings per diluted share $3.04 (-22% y/y); Consolidated revenues $9.70Bearningsopen
Figures in the filing · each found in the filing text
| Net income attributable to D.R. Horton · Q4-2025 | $905M | -29% y/y |
| Earnings per diluted share · Q4-2025 | $3.04 | -22% y/y |
| Consolidated revenues · Q4-2025 | $9.70B | |
| Home sales revenues · Homebuilding · Q4-2025 | $8.50B | -4% y/y |
| Homes closed · Homebuilding · Q4-2025 | 23,368 | -1% y/y |
| Net sales orders (homes) · Homebuilding · Q4-2025 | 20,078 | +5% y/y |
| Net sales orders (value) · Homebuilding · Q4-2025 | $7.30B | +3% y/y |
| Pre-tax profit margin · Q4-2025 | 12.4% | |
| Cancellation rate · Homebuilding · Q4-2025 | 20.0% |
Risks flagged
Affordability constraints and cautious consumer sentiment impacting demand; elevated incentives expected to continue.
“New home demand is still being impacted by ongoing affordability constraints and cautious consumer sentiment; we expect our sales incentives to remain elevated in fiscal 2026.” · word for word
Declining profitability with pre-tax margin down to 12.4% from prior year.
“Consolidated pre-tax income of $1.2 billion, with a pre-tax profit margin of 12.4%.” · word for word
D.R. Horton, Inc. — questions
- What did D.R. Horton, Inc. file recently?
- 12 SEC filings in the last 12 months. Latest: 8-K on 2026-09-15 — Board authorized $5.0B additional share repurchase with no expiration; expects FY2026 repurchases of at least $3.25B, up from $53M remaining under prior authorization.
Every figure on this page comes from D.R. Horton, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.