Earnings Releases·Oct 29, 2026, 12:51 PM ET

D.R. Horton — Fiscal 2026 Earnings Summary

Fiscal 2026 consolidated revenue declined 4% to $33.0 billion and net income fell 19% to $2.9 billion, while diluted EPS dropped 13% to $10.11; the company repurchased 24.0 million shares ($3.6 billion) and paid $513.3 million in dividends.
Fiscal 2027 guidance projects consolidated revenue of $30.0–$32.0 billion and 79,000–84,000 homes closed, with expected cash flow from operations of $3.5 billion, $3.0 billion in share repurchases, and $500 million in dividend payments.
The Board increased the quarterly cash dividend by 11% to $0.50 per share, marking the thirteenth consecutive year of growth, while maintaining a debt-to-total-capital ratio of 20.8% and $7.2 billion in year-end liquidity.
Management cited challenging fourth-quarter market conditions driven by rising mortgage rates and affordability constraints, prompting disciplined adjustments to incentives, pricing, and starts to align inventory with demand.