Dream Finders Homes (DFH) Q2 2026 earnings summary

Executive summary

• Revenues for Q2 2026 were $1.06B, down 8% year-over-year, with net income of $27.8M, down 51%.

• Achieved record second-quarter net sales of 2,232 homes (up 15%) and record closings of 2,290 homes (up 3%).

• Active community count increased 30% to 353, the highest in the industry.

• Management is focused on cost structure improvements, SG&A reductions, and operational optimization to drive profitability.

• The company reincorporated in Texas and appointed a new COO and two new board members.

Financial highlights

• Q2 2026 net income: $27.8M (down from $56.5M in Q2 2025); six-month net income: $41.4M (down from $111.5M).

• Homebuilding revenues decreased 8% to $1.0B due to lower average selling prices despite higher closings.

• EBITDA for Q2 2026: $100.4M (margin 9.4%), down from $133.7M (margin 11.6%) year-over-year.

• Diluted EPS for Q2 2026: $0.27, down from $0.56 year-over-year.

• Total liquidity stood at $605M as of June 30, 2026.

Outlook and guidance

• Near-term results expected to remain pressured by elevated mortgage rates and macroeconomic uncertainty.

• Full-year 2026 guidance of approximately 9,250 home closings reiterated.

• Focus remains on asset-light lot acquisition, operational efficiency, and aligning product/pricing to market conditions.

• Management expects further cost reductions and operational improvements to support profitability.

• Longer-term housing fundamentals remain favorable, but demand is sensitive to interest rate changes.