DR Horton (DHI) Earnings Date & Reports

D.R. Horton posted consolidated revenues of $7.6 billion for the fiscal second quarter ended March 31, 2026, a slight decline from $7.7 billion in the prior-year period. Home sales revenues totaled $7.0 billion from 19,486 closings, up 1% in units year-over-year. Net income attributable to common stockholders was $647.9 million, or $2.24 per diluted share, down 20% and 13% respectively from $810.4 million and $2.58 last year, but surpassing Wall Street expectations.

Key operating metrics shone with net sales orders of 24,992 homes, up 11% from 22,437, and dollar value of $9.2 billion. Backlog stood at 16,882 units worth $6.4 billion. Consolidated pre-tax income reached $867.4 million (11.5% margin, aided by a 40 basis point benefit from litigation and warranty resolutions), while homebuilding pre-tax margin was 10.7%. SG&A expenses were $903.3 million. Non-homebuilding segments contributed positively: Rental ($12.3 million pre-tax income), Forestar ($43.9 million), and Financial Services ($51.7 million).

The company repurchased 6.0 million shares for $903.6 million and paid $129.7 million in dividends, declaring a $0.45 per share quarterly dividend.

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Market Reaction and Investor Sentiment

Following the April 21 release, DHI shares rose more than 8% in pre-market trading to around $165.92, reflecting investor approval of the EPS beat, order growth, and reaffirmed capital returns despite revenue softness. Sentiment turned positive on signs of demand strength via orders and backlog, offsetting margin pressures from elevated incentives and affordability headwinds. Analysts noted the results as solid in a challenging environment.

Forward Outlook and Key Factors to Monitor

D.R. Horton updated its fiscal 2026 guidance to consolidated revenues of $33.5 billion to $34.5 billion, with home closings expected at 86,000 to 87,500 units. The company reiterated expectations for at least $3.0 billion in operating cash flow, ~$2.5 billion in share repurchases, and ~$500 million in dividends, with a 24.5% effective tax rate.

Investors should track sales incentives, which management expects to remain elevated due to mortgage rates and buyer sentiment. Inventory levels at $26.3 billion, including 22,900 unsold homes, will be key as the company focuses on lot supply control and community activations.

Broader factors include housing demand signals, interest rate trends, and construction costs. Non-homebuilding segments like Forestar (land development) and Financial Services (mortgage and title) provide diversification. With $6.0 billion in liquidity and low debt-to-capital at 21.7%, D.R. Horton maintains flexibility amid market volatility.

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