D.R. Horton's earnings call reflected a mix of positive and negative trends. While the company demonstrated strong financial performance, improved cycle times, and growth in communities and markets, it also faced challenges with declining home sales revenues, increased incentive costs, rising SG&A expenses, and inventory-related issues. The sentiment is balanced, with achievements in operational efficiency and shareholder returns offset by pressures on revenue and costs.

Company Guidance

During the third quarter of fiscal 2025, D.R. Horton reported earnings of $3.36 per diluted share, with consolidated pre-tax income of $1.4 billion on revenues of $9.2 billion, achieving a pre-tax profit margin of 14.7%. The company closed 23,160 homes, surpassing their guidance range, with a gross margin on home sales of 21.8%. Over the past twelve months, D.R. Horton generated $2.9 billion in cash from operations and returned $4.6 billion to shareholders through repurchases and dividends. The company's homebuilding pre-tax return on inventory stood at 22.1%, while consolidated returns on equity and assets were 16.1% and 11.1%, respectively. Net sales orders were flat year-over-year but increased 3% sequentially, with a third-quarter cancellation rate of 17%, a slight increase from 16% in the previous quarter. D.R. Horton expects fourth-quarter revenues to range from $9.1 billion to $9.6 billion, with home sales gross margins between 21% and 21.5%. For fiscal 2025, the company anticipates generating $33.7 billion to $34.2 billion in revenues, closing 85,000 to 85,500 homes, and repurchasing $4.2 billion to $4.4 billion in common stock.

Solid Financial Performance

D.R. Horton delivered earnings of $3.36 per diluted share with a consolidated pre-tax income of $1.4 billion on $9.2 billion of revenues, achieving a pre-tax profit margin of 14.7%.

Strong Cash Flow and Shareholder Returns

Generated $2.9 billion of cash from operations over the past twelve months and returned $4.6 billion to shareholders through repurchases and dividends.

Improved Construction Cycle Times

Construction cycle times improved by several days from the second quarter and approximately two weeks from a year ago, positioning the company to turn housing inventory faster.

Community and Market Growth

The average number of active selling communities was up 4% sequentially and up 12% year over year, with the market count increasing by 4% to 126 markets in 36 states.

DR Horton (DHI) Earnings, Revenues Date & History

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DHI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 28, 2025	2025 (Q4)	3.26 / -	3.92	―	―	―
Jul 22, 2025	2025 (Q3)	2.94 / 3.36	4.1	-18.05% (-0.74)
Apr 17, 2025	2025 (Q2)	2.63 / 2.58	3.52	-26.70% (-0.94)
Jan 21, 2025	2025 (Q1)	2.35 / 2.61	2.82	-7.45% (-0.21)
Oct 29, 2024	2024 (Q4)	4.17 / 3.92	4.45	-11.91% (-0.53)
Jul 18, 2024	2024 (Q3)	3.75 / 4.10	3.9	5.13% (+0.20)
Apr 18, 2024	2024 (Q2)	3.07 / 3.52	2.73	28.94% (+0.79)
Jan 23, 2024	2024 (Q1)	2.87 / 2.82	2.76	2.17% (+0.06)
Nov 07, 2023	2023 (Q4)	3.94 / 4.45	4.67	-4.71% (-0.22)
Jul 20, 2023	2023 (Q3)	2.82 / 3.90	4.67	-16.49% (-0.77)

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.

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Missed

DHI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 22, 2025	$130.88	$153.10	+16.98%
Apr 17, 2025	$116.86	$120.55	+3.16%
Jan 21, 2025	$146.37	$142.45	-2.68%
Oct 29, 2024	$178.38	$165.47	-7.24%

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.