DHI
D.R. Horton, Inc.155.12
-1.35-0.86%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q1 '26
Q&A details incentives, demand uptick
Q&A largely reaffirmed prepared remarks and guidance, clarifying Q2 gross margins of 19-19.5% reflect elevated incentives exited in December—high single to low double digits of sales—despite 3% order growth. Rates near 6% are spurring sales office traffic into spring, while land sellers remain patient but development terms and pacing improve modestly. Management dismissed FHFA buyback critiques, reiterating $2.5B repurchases alongside housing supply ramp. Rental ops shift to forward sales in purpose-built communities, sidestepping institutional buyer ban risks. Incentives climbed through Q1. Investors will track demand response to lower rates and policy clarity.
Key Stats
Market Cap
45.30BP/E (TTM)
13.41Basic EPS (TTM)
11.57Dividend Yield
0.01%Recent Filings
10-Q
Q1 FY2026 results
D.R. Horton posted Q1 FY2026 revenues of $6.9B, down 10% y/y, with homebuilding dropping 9% on 7% fewer closings at a 3% lower average price; pre-tax income fell 28% to $798.1M while gross margins slipped to 20.4% from sales incentives and cost pressures. Diluted EPS landed at $2.03 on 293.3M shares, off 22% y/y. Operating cash flow jumped to $854M, yet free cash flow not disclosed in the 10-Q; cash sits at $2.5B with $5.5B debt and $2.1B homebuilding revolver availability. Closed SK Builders acquisition in Oct 2025 for $80M cash, adding 160 homes, 260 lots, and control of 1,320 more lots. Stockholders face construction defect claims pressure.
8-K
Q1 earnings down, orders up
D.R. Horton reported fiscal 2026 Q1 net income down 30% to $594.8 million ($2.03/share) on $6.9 billion revenue, as home closings fell 7% to 17,818 homes amid affordability headwinds—yet net sales orders rose 3% to 18,300 homes. Cash flow hit $854 million; repurchased $669.7 million in shares. Reiterated FY26 guidance: $33.5-35B revenue, 86-88K homes closed. Incentives stay elevated.
8-K
Stockholders approve directors, pay
D.R. Horton stockholders overwhelmingly elected all eight director nominees at the January 15, 2026 Annual Meeting, with votes exceeding 240 million 'for' each amid 21.6 million broker non-votes. They approved executive compensation (230M for, 18M against) and ratified Ernst & Young as auditors for fiscal 2026 (268M for). Board continuity locked in.
10-K
FY2025 results
D.R. Horton closed FY2025 ended September 30, 2025 with homebuilding revenues down 7% y/y to $31.5B on 84,863 homes at $370,400 average price, versus 89,690 homes at $378,000 prior year; pre-tax income fell 25% to $4.7B (13.8% margin) as home sales gross margin compressed 200bps to 21.5% from elevated incentives amid affordability headwinds. Q4 momentum softened with backlog shrinking 14% y/y to $4.1B (10,785 homes) at $382,000 average, reflecting 18% cancellation rate steady y/y, while Southeast and Southwest regions bore the brunt of 17% and 6% closings drops. Homes in inventory tightened to 29,600 from 37,400 y/y. Yet cash from homebuilding operations doubled to $3.4B, funding $4.3B buybacks leaving $3.3B authorized; debt-to-capital edged to 19.8% with $2.2B homebuilding cash. Elevated mortgage rates crimp demand.
8-K
D.R. Horton FY25 earnings dip
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.
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