DR Horton (DHI)
NYSE:DHI
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Earnings Data
Report Date
Jul 16, 2026Before Open (Confirmed)
Period Ending
2026 (Q3)Consensus EPS Forecast
2.97Last Year’s EPS
3.36Same Quarter Last Year
Based on 15 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a net-positive operational and financial performance: management delivered margins above guidance, strong order growth (+11% YoY), meaningful inventory reductions (completed unsold homes down 35% YoY), shorter cycle times, strong cash generation ($3.7B trailing 12 months) and continued capital returns (repurchases and dividends). Offsetting items include a decline in EPS (-13.2% YoY), ongoing elevated incentives (~10% of revenue) and some pressure from higher lot costs (+4% YoY) and lower ASPs, plus a modest trimming of the top end of revenue/closings guidance. Overall the positives (profitability, orders, inventory control, cash returns, returns metrics) materially outweigh the negatives, though management noted areas to monitor (incentives, land costs, macro uncertainty).Company Guidance
Strong profitability and margins
Consolidated pretax income of $867 million on $7.6 billion of revenue with a consolidated pretax margin of 11.5%, which came in above the high end of guidance. Home sales gross margin was 20.1% in the quarter (19.7% on a normalized basis excluding a 40 bps litigation/warranty benefit) and management expects roughly 19.7% or slightly higher for Q3.
Robust net sales orders and order value growth
Net sales orders rose 11% year-over-year to 24,992 homes and total order value increased 10% to $9.2 billion, in line with plan and indicating resilient demand at the order level.
Inventory reduction and faster cycle times
Unsold completed homes were down 35% year-over-year (completed unsold homes of 5,500), down 25% from December, and unsold inventory measured 22,900 of 38,200 homes. Median cycle time from start to close improved by almost one month year-over-year and complete-to-close shortened by about one week sequentially, enabling better turns and lower held inventory.
Strong operating cash generation and shareholder returns
Generated $3.7 billion of cash from operations over the past 12 months and returned approximately $4 billion to shareholders via share repurchases and dividends; in Q2 repurchased 6 million shares for $904 million and paid $130 million in cash dividends.
High capital efficiency and returns
Trailing 12-month homebuilding pretax return on inventory was 17.6%; consolidated return on equity was 13.2% and return on assets was 8.9% (ROA ranked in the top 20% of S&P 500 companies over multi-year periods), underscoring a returns-focused operating model.
Order ASP stabilization and sales volume
Average price of net sales orders was $366,300 (up 1% sequentially, down 2% YoY). Homes closed were 19,486 (versus 19,276 prior year) with home sales revenues of $7.0 billion, demonstrating relatively stable volume despite pricing headwinds.
Diversified, high-margin ancillary businesses
Financial services delivered $52 million pretax income on $193 million revenue (pretax margin 26.8%); Forestar reported $374 million revenue on 2,938 lots sold with $44 million pretax income; rental operations generated $12 million pretax income on $212 million revenue and rental inventory around $3 billion.
Healthy liquidity and disciplined balance sheet
Consolidated liquidity of $6.0 billion (including $1.9 billion cash and $4.1 billion available credit), book value per share up 5% YoY to $82.91, total debt of $6.6 billion and consolidated leverage of 21.7% with a long-term target around 20%.
DHI Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
DHI Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 21, 2026 | $153.34 | $162.20 | +5.78% |
Jan 20, 2026 | $155.52 | $152.75 | -1.78% |
Oct 28, 2025 | $157.92 | $152.84 | -3.22% |
Jul 22, 2025 | $130.10 | $152.19 | +16.98% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does DR Horton (DHI) report earnings?
DR Horton (DHI) is schdueled to report earning on Jul 16, 2026, Before Open (Confirmed).
What is DR Horton (DHI) earnings time?
DR Horton (DHI) earnings time is at Jul 16, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is DHI EPS forecast?
DHI EPS forecast for the fiscal quarter 2026 (Q3) is 2.97.
