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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
D.R. Horton
D.R. Horton (DHI) investor relations material
D.R. Horton Q4 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2026 earnings summary29 Oct, 2026
Executive summary
Completed a 25th consecutive year as the largest U.S. homebuilder by volume; closed 84,202 homes and provided homes to more than 89,000 families through homebuilding and rental operations in FY26.
FY26 revenue was $33.0B and net income was $2.9B, down 19% YoY; diluted EPS fell 13% to $10.11.
Q4 net income was $741.8M and diluted EPS was $2.67, down 18% and 12% YoY, respectively; results included rental inventory impairments.
Higher mortgage rates and cautious sentiment pressured demand; starts, incentives and pricing were adjusted to align inventory with sales.
Financial highlights
Q4 consolidated revenue was $9.4B, pre-tax income $1.0B and pre-tax margin 10.8%; home sales revenue was $8.4B on 22,915 closings.
FY26 consolidated pre-tax income was $3.9B with an 11.8% margin; home sales revenue was $30.6B on 84,202 closings.
Q4 net orders fell 7% YoY to 18,619 homes, down 9% in value to $6.6B; cancellations were 23% versus 20% a year earlier.
FY26 net orders increased 2% to 84,995 homes and were unchanged in value at $30.9B; cancellations were 19% versus 18% a year earlier.
FY26 average closing price was $363.6K; 73% of homes closed were priced below $400K.
Outlook and guidance
FY27 guidance: revenue of $30.0B–$32.0B and 79,000–84,000 homebuilding closings; operating cash flow expected at ~$3.5B.
FY27 income tax rate is expected at ~25.5%; planned repurchases are ~$3.0B and dividends ~$500M.
Q1 FY27 revenue guidance is $5.9B–$6.4B and closings 15,500–16,500; home sales gross margin is expected at 18.0%–18.5% and pre-tax margin at 7.0%–8.0%.
Q1 FY27 operating cash flow is estimated at ~$130M; guidance is based on current market conditions.
Incentives are expected to remain elevated, depending on market conditions; guidance reflects mortgage-rate and economic uncertainty.
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Latest events from D.R. Horton
- Q3 net income was $904.9M on $9.2B revenue, with robust capital returns and affordability headwinds.DHI
Q3 2026 - Record share repurchases and an A Moody's rating underscore strong financial positioning.DHIBarclays 42nd Annual Industrial Select Conference
- Q2 net income down 20% to $647.9M; sales orders up 11%; FY26 guidance reaffirmed.DHIQ2 2026
- Revenue and net income declined, but sales orders, cash flow, and shareholder returns stayed strong.DHIQ1 2026
- Record financial results, strong governance, and enhanced ESG drive 2026 proxy agenda.DHIProxy Filing
- 2024 revenue and EPS rose, dividend increased 33%, but Q4 profit and cash flow declined.DHIQ4 2024
- Q3 net income up 1% to $1.4B, EPS up 5%, $4B buyback approved, and strong FY24 outlook.DHIQ3 2024
- Q2 FY2025 net income dropped 31% as sales softened, but liquidity and buybacks remain strong.DHIQ2 2025
- Q1 FY2025 net income fell 11%, but liquidity and shareholder returns remained strong.DHIQ1 2025
Next D.R. Horton earnings date
Q1 202719 Jan, 2027
D.R. Horton
Next D.R. Horton earnings date
Q1 202719 Jan, 2027
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Frequently asked questions
American Homebuilding
D.R. Horton is an American company that specializes in homebuilding and development. The company designs and constructs homes catering to a variety of buyers, ranging from entry-level to luxury homes, under multiple brand names. The company's operations span building single-family detached homes, townhomes, condominiums, and multi-family residences. D.R. Horton is one of the largest homebuilders in America, having built well over one million homes since its foundation. The company is headquartered in Arlington, Texas, and its shares are traded on the NYSE.
Becoming America’s Builder
The company was founded in 1978 by Donald Ray Horton. Its journey began in Fort Worth, Texas, where Horton established his business with a focus on building quality, single-family homes. Over the years, D.R. Horton expanded significantly by focusing on quality and customer satisfaction. Its growth strategy included acquiring various homebuilders, which helped it broaden its geographic footprint and product offerings, eventually making it one of the largest homebuilders in the United States. It has been publicly traded since 1992.
Four Different Brands
D.R. Horton conducts the building of homes under four different brand names. The D.R. Horton brand is by far the largest and accounts for a majority of the homes sold. The homes built by the brand are catered towards first-time buyers, and those looking to purchase their second home and move up in size. The Express brand is also tailored towards first-time buyers but offers smaller houses at lower prices. Under the Emerald Homes brand, the company offers large and luxurious homes, and the Freedom Homes brand offers affordable homes to active adults who are looking for something low-maintenance.
Some similar publicly traded companies are Lennar, PulteGroup, and KB Home.
The Communities
D.R. Horton's communities are typically suburban, characterized by their emphasis on family-friendly environments. These neighborhoods often include basic amenities like playgrounds and community pools, reflecting a focus on residential needs. The layout of these communities usually features streets lined with single-family homes, maintaining a uniform appearance in design and landscaping. While they offer proximity to essential services like schools and shopping centers, these communities generally don’t incorporate advanced infrastructure or unique architectural styles, often reflecting standard suburban residential development patterns.