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Visual22 Oct 2025
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D.R. Horton (DHI) investor relations material
D.R. Horton Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Jul, 2025
Executive summary
Q3 2025 net income was $1.0B ($3.36 per diluted share), down 24% year-over-year, on $9.2B in revenue and a 14.7% pre-tax margin.
Closed 23,160 homes in Q3, generating $8.6B in home sales revenue; net sales orders were 23,071 homes valued at $8.4B.
Returned $1.2B to shareholders in Q3 via share repurchases and paid $0.40 per share in dividends; share count down 9% year-over-year.
Maintained strong liquidity and capital efficiency, with book value per share up 7% to $80.46 and return on equity of 16.1%.
Demand remains impacted by affordability and consumer sentiment, leading to increased sales incentives and lower gross margins.
Financial highlights
Q3 2025 net income was $1.0B on $9.2B in revenue; EPS of $3.36, down from $4.10 year-over-year.
Home sales revenue was $8.6B on 23,160 homes closed, with average closing price of $369,600, down 3% year-over-year.
Home sales gross margin for Q3 was 21.8%, down from 24.0% a year ago.
Homebuilding SG&A expense was 7.8% of revenue, reflecting continued cost control.
Book value per share increased to $80.46 at June 30, 2025; debt to total capital was 23.2%.
Outlook and guidance
Q4 2025 revenue expected between $9.1B and $9.6B; homes closed projected at 23,500–24,000; gross margin at 21.0–21.5%.
FY25 guidance: $33.7B–$34.2B in revenue, 85,000–85,500 homes closed, >$3.0B operating cash flow, $4.2B–$4.4B in share repurchases, ~$500M in dividends.
Income tax rate projected at ~24% for FY25.
Sales incentives expected to remain elevated and may increase in Q4, depending on demand and mortgage rates.
The termination of the energy efficient home tax credit after June 2026 will reduce future tax benefits.
What is driving the increase in sales incentives?
How will share repurchases be funded?
Explain the decrease in Forestar's pre-tax profit margin.
How will lumber tariffs impact gross margin?
Elaborate on drivers of rental revenue step-up.
Discuss plans for ROE and cash conversion.
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Next D.R. Horton earnings date
Q4 202528 Oct, 2025
Next D.R. Horton earnings date
Q4 202528 Oct, 2025
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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.
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