D.R. Horton, Inc. (DHI) Earnings Call Transcripts

D.R. Horton, Inc.'s Latest Earnings Call - Q3 FY2026

In the third quarter of fiscal 2026, D.R. Horton reported revenues of $9.2 billion and earnings per diluted share of $3.20, reflecting a year-over-year decline in earnings from $3.36. The company closed 23,983 homes, aligning with the high end of its guidance range. Management has lowered its full-year revenue guidance to approximately $32.5 billion to $33 billion, citing softer demand and consumer confidence as key factors influencing this adjustment.

Reported metrics

Guidance from management

For Q4, D.R. Horton expects consolidated revenues between $8.8 billion and $9.3 billion and homes closed to be in the range of 22,500 to 23,000. The full-year guidance has been adjusted to approximately $32.5 billion to $33 billion.

What management said

Earnings for the third quarter of fiscal 2026 were $3.20 per diluted share compared to $3.36 per share in the prior year quarter. Net income for the quarter was $905 million on consolidated revenues of $9.2 billion. Home sales revenues in the third quarter totaled $8.7 billion on 23,983 homes closed compared to $8.6 billion on 23,160 homes closed in the prior year quarter. Our average closing price was flat sequenti...

Net sales order value in the third quarter totaled $8.4 billion on 23,084 homes sold, both flat with the prior year quarter. Our cancellation rate for the quarter was 20%, up from 17% in the prior year period and from 16% sequentially within our normal historical range. The average number of active selling communities increased 2% sequentially and 9% year-over-year. The average price of net sales orders was $365,600,...

What analysts pressed on

Analysts expressed concerns about the rising cancellation rate and its impact on future sales. There were also questions regarding the company's ability to maintain margins in a challenging economic environment and the potential for further declines in consumer confidence affecting demand.

Main topics on the call

• Revenue and Earnings Decline — D.R. Horton reported earnings per diluted share of $3.20, down from $3.36 in the prior year. Revenue for the quarter was $9.2 billion, slightly below expectations, which reflects ongoing challenges in consumer confidence...
• Gross Margin Improvement — The company achieved a gross margin of 20.7%, exceeding the high end of its guidance range. Management noted that this improvement was driven by lower stick and brick costs and a reduction in incentives, stating, 'we exp...
• Inventory Management — D.R. Horton ended the quarter with 38,000 homes in inventory, a 1% decrease year-over-year. The company plans to manage inventory levels and start pace based on market conditions, indicating a cautious approach moving fo...
• Cancellation Rate Increase — The cancellation rate rose to 20%, up from 17% in the prior year. Management attributed this primarily to buyer qualification issues, highlighting a need for improved consumer confidence.

Read the full D.R. Horton, Inc. transcript (Q3 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 35 D.R. Horton, Inc. earnings call transcripts on record, spanning January 27, 2020 to July 21, 2026. Based on this history, D.R. Horton, Inc. reports quarterly. The most recent call on file is dated July 21, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

DHI

Exchange

NYSE

Country

US

Sector

Consumer Discretionary

Industry

Household Durables

Calls on record

35

First call

January 27, 2020

Most recent

July 21, 2026

Reporting cadence

quarterly