D.R. Horton reports Q1 EPS $2.03, consensus $1.92

Reports Q1 revenue $6.9B, consensus $6.65B. David Auld, Executive Chairman, said: “The D.R. Horton (DHI) team delivered a solid first quarter. We exceeded the high end of our closings and revenue guidance and leveraged our strong financial position and cash flow generation to return $801.2 million to shareholders through share repurchases and dividends during the quarter. During the first quarter, our tenured operators continued to execute with discipline while driving a 3% increase in net sales orders. Affordability constraints and cautious consumer sentiment continue to impact new home demand. We expect our sales incentives to remain elevated in fiscal 2026, the extent to which will depend on the strength of demand during the spring, changes in mortgage interest rates and market conditions throughout the year. Our strong liquidity, low leverage, experienced operators and national scale provide us with significant financial and operational flexibility. We are well-positioned with our affordable product offerings and flexible lot supply to continue delivering value to our homebuyers and meet market demand. We are maintaining our disciplined approach to capital allocation to enhance the long-term value of D.R. Horton, including consistently returning capital to our shareholders.”