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D.R. Horton
D.R. Horton (DHI) investor relations material
D.R. Horton Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary20 Jan, 2026
Executive summary
Consolidated revenues for Q1 FY26 were $6.9 billion, with net income of $594.8 million and EPS of $2.03, both down year-over-year; net sales orders rose 3% to 18,300 homes valued at $6.7 billion.
Home sales revenues were $6.5 billion on 17,818 homes closed, with an average closing price of $365,500, down 3% year-over-year.
Returned $801.2 million to shareholders through $669.7 million in share repurchases and $131.5 million in dividends; outstanding shares down 9% year-over-year.
Book value per share increased 5% to $82.60; return on equity was 13.7% and return on assets 9.4%.
Focus remains on affordability, flexible lot supply, and elevated sales incentives to support demand amid affordability constraints and cautious consumer sentiment.
Financial highlights
Pre-tax income was $798.1 million, with a pre-tax profit margin of 11.6%; home sales gross margin was 20.4% (21.3% including a one-time warranty recovery of 40 bps).
Homebuilding SG&A expense was 9.7% of revenues, up from 8.9% year-over-year.
Debt to total capital was 18.8%; total liquidity at quarter end was $6.6 billion.
Homebuilding return on inventory for the trailing twelve months was 18.6%.
Net cash provided by operating activities was $854.0 million, up from $646.7 million year-over-year.
Outlook and guidance
Fiscal 2026 guidance: consolidated revenues of $33.5–$35.0 billion, 86,000–88,000 homes closed, and at least $3.0 billion in operating cash flow.
Q2 FY26 revenue expected at $7.3–$7.8 billion, with 19,700–20,200 homes closed and home sales gross margin of 19.0%–19.5%.
Share repurchases projected at ~$2.5 billion and dividends at ~$500 million for FY26.
Income tax rate expected at approximately 24.5%.
Sales incentives expected to remain elevated, depending on demand and mortgage rates.
Underlying consolidated pre-tax margin
Completed homes aging beyond 6 months
Projected share count reduction for FY26
Expected Q2 gross margin impact from incentives?
What drives demand amid low job growth?
How do FHFA comments affect share repurchase plans?
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Next D.R. Horton earnings date
Q2 202621 Apr, 2026
D.R. Horton
Next D.R. Horton earnings date
Q2 202621 Apr, 2026
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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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