DHI Research | Milton Maxwell

DHI

D.R. Horton, Inc.

155.12

-1.35-0.86%

Dec 16, 4:00:02 PM EST

Upcoming Earnings

Report date

Jan 20, 2026

Earnings Call Transcripts

This Quarter (Q4 '25)

No earnings call transcript available yet

Last Quarter (Q3 '25)

No earnings call transcript available

Key Stats

Market Cap

45.30B

P/E (TTM)

13.41

Basic EPS (TTM)

11.57

Dividend Yield

0.01%

Recent Filings

10-K

11/19/25Nov 19, 2025

8-K

D.R. Horton FY25 earnings dip

10/28/25Oct 28, 2025

D.R. Horton reported fiscal 2025 net income of $3.6 billion on $34.3 billion in revenues, down 25% and 7% from prior year amid affordability headwinds, yet boosted its quarterly dividend 13% to $0.45 per share. Home closings fell 5% to 84,863 units, but net sales orders rose 5% in Q4 to 20,078 homes. Strong cash flow of $3.4 billion funded $4.3 billion in repurchases. Elevated incentives loom in 2026.

10-Q

Q3 FY2025 results

7/23/25Jul 23, 2025

D.R. Horton posted Q3 FY2025 revenues of $9.2B, down 7% y/y, as home sales dipped 7% to $8.6B amid affordability headwinds, yet net sales orders held steady at 23,071 homes. Home sales gross margin slipped to 21.8% from 24.0%, reflecting higher incentives and costs, while operating income fell 25% to $1.4B and diluted EPS dropped 18% to $3.36 on 304.9M shares. YTD through June 30, 2025, revenues declined 8% to $24.6B, with net income down 23% to $2.7B and EPS at $8.53 versus $10.43 last year; free cash flow stood at $855.5M (derived), buoyed by $949.1M operating cash flow minus $93.6M capex. Cash reserves hit $2.6B, total debt rose to $7.2B including new issuances, but revolver availability remained robust at $2.1B with no covenant breaches. Forestar lots sold up 11% q/q, supporting supply. Regulatory changes loom with the One Big Beautiful Bill Act ending energy tax credits post-June 2026.

8-K

Q3 earnings down 24%

7/22/25Jul 22, 2025

D.R. Horton reported fiscal 2025 third-quarter net income of $1.0 billion, down 24% from last year, on revenues of $9.2 billion—a 7% drop—amid affordability pressures squeezing home sales. Closings fell 4% to 23,160 homes, yet net orders held steady at 23,071 with a 17% cancellation rate. The company returned $1.3 billion to shareholders via repurchases and dividends. Incentives will rise in Q4 if demand weakens further.

8-K

DHI Mortgage facility amended

5/9/25May 9, 2025

D.R. Horton subsidiary DHI Mortgage amended its master repurchase agreement on May 8, 2025, extending the term to May 6, 2026, and boosting the maximum commitment to $1.4 billion, with potential expansion to $2.0 billion via accordion. This bolsters liquidity for mortgage loan financing without parent guarantees. New buyer Manufacturers and Traders Trust joined the syndicate. Commitments reallocated pro rata among buyers.

About

D.R. Horton, Inc. operates as a homebuilding company in East, North, Southeast, South Central, Southwest, and Northwest regions in the United States. It engages in the acquisition and development of land; and construction and sale of residential homes in 126 markets across 36 states under the names of D.R. Horton. The company also constructs and sells single-family detached homes; and attached homes, such as townhomes and duplexes. In addition, it provides mortgage financing and title agency services; and engages in the residential lot development business. Further, the company develops, constructs, owns, leases, and sells multi-family and single-family rental properties; conducts insurance-related operations; and owns water rights and other water-related assets, as well as non-residential real estate, including ranch land and improvements. It primarily serves homebuyers. D.R. Horton, Inc. was founded in 1978 and is headquartered in Arlington, Texas.

CEO

Mr. David V. Auld

IPO

6/5/1992

Website

https://www.drhorton.com

Employees

14,341

Sector

Consumer Cyclical

Industry

Residential Construction