D. R. Horton (DHI) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$2.99

$2.87$3.05

vs $3.36-11.1%

13 analysts

Next Qtr

$3.37

$3.20$3.70

vs $3.04+10.9%

14 analysts

Current Yr

$10.58

$10.31$10.94

vs $11.57-8.6%

15 analysts

Next Yr

$12.05

$10.50$14.47

vs $10.58+13.9%

16 analysts

Revenue Estimates

Current Qtr

$9.18B

$9.02B$9.29B

vs $9.23B-0.5%

11 analysts

Next Qtr

$10.21B

$10.03B$10.47B

vs $9.68B+5.5%

11 analysts

Current Yr

$33.87B

$33.52B$34.25B

vs $34.25B-1.1%

12 analysts

Next Yr

$35.82B

$32.59B$37.64B

vs $33.87B+5.8%

14 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for DHI on EDGAR.

DHI filing events and research context
Filed	Item	Context
Apr 23, 2026	mda_quarterly	Consolidated revenues for the six months ended March 31, 2026, decreased 6% to $14.4 billion, with net income falling 25% to $1.3 billion and diluted EPS dropping to $4.27. Homebuilding revenues declined 5% to $13.6 billion, as average closing prices fell 3% to $363,500 and closing volume decreased 3%. Home sales gross margins contracted to 20.3% from 22.3%, reflecting higher sales incentives and mortgage interest rate buydowns used to offset affordability constraints and cautious consumer sentiment. Conversely, net sales orders increased 7% to 43,292 homes. Regional performance was mixed, with growth in the North region, specifically Pittsburgh and Southern Virginia, offsetting declines in the Northwest (Seattle and Salt Lake City) and Southwest (Las Vegas and Southern California). The rental segment's revenues fell 28% due to lower multi-family unit closings, while Forestar revenues rose 8%. DHI maintains a debt-to-total capital ratio of 21.7% and returned significant capital through $1.6 billion in common stock repurchases and quarterly dividends of $0.45 per share. To manage risk and capital efficiency, 77% of the homebuilding lot portfolio is controlled through purchase contracts rather than owned.
Jan 22, 2026	mda_quarterly	Consolidated revenues decreased 10% to $6.9 billion, and net income fell 30% to $601.4 million for the first quarter. Homebuilding revenues declined 9% to $6.5 billion, driven by a 7% drop in closings to 17,818 homes and a 3% decrease in average closing prices to $365,500. Home sales gross margins contracted to 20.4% as DHI increased sales incentives, specifically mortgage rate buydowns, to address consumer affordability constraints and cautious sentiment. The rental segment experienced a 50% revenue decline to $109.5 million, primarily due to a lack of multi-family unit closings. In contrast, Forestar revenues grew 9% to $273 million, and financial services pre-tax income rose 19% to $58 million. Strategic expansion included the $80 million acquisition of SK Builders in South Carolina. DHI maintains a strong liquidity position with a debt-to-total-capital ratio of 18.8% and continues to mitigate land risk by controlling 75% of its lot position through purchase contracts. Capital return activities included $669.7 million in common stock repurchases and a quarterly dividend of $0.45 per share.
Nov 19, 2025	business	D.R. Horton, Inc. (DHI) is the largest U.S. homebuilder by volume, operating in 126 markets across 36 states. In fiscal 2025, homebuilding generated 92% of DHI’s $34.3 billion in consolidated revenues, down from $36.8 billion in fiscal 2024. The company closed 84,863 homes in fiscal 2025 at an average price of $370,400, primarily focusing on entry-level and move-up buyers, with single-family detached homes representing 84% of sales. DHI utilizes a decentralized operating structure of 92 divisions, supported by centralized capital allocation and risk management. To mitigate land inventory risk, DHI controls land via non-recourse option contracts and its 62% ownership of Forestar Group Inc., which sold 83% of its 14,240 lots to DHI in fiscal 2025. DHI also operates rental segments, closing 3,460 single-family and 2,947 multi-family units, and financial services, where DHI Mortgage captured an 81% attachment rate on home closings. At fiscal year-end 2025, DHI’s sales backlog stood at $4.1 billion (10,785 homes), a 14% year-over-year decline, with a stable cancellation rate of 18%. Key operational risks include intense market competition, labor and material availability, and extensive municipal and environmental regulations.

Filed

Item

Context

Apr 23, 2026

mda_quarterly

Consolidated revenues for the six months ended March 31, 2026, decreased 6% to $14.4 billion, with net income falling 25% to $1.3 billion and diluted EPS dropping to $4.27. Homebuilding revenues declined 5% to $13.6 billion, as average closing prices fell 3% to $363,500 and closing volume decreased 3%. Home sales gross margins contracted to 20.3% from 22.3%, reflecting higher sales incentives and mortgage interest rate buydowns used to offset affordability constraints and cautious consumer sentiment. Conversely, net sales orders increased 7% to 43,292 homes. Regional performance was mixed, with growth in the North region, specifically Pittsburgh and Southern Virginia, offsetting declines in the Northwest (Seattle and Salt Lake City) and Southwest (Las Vegas and Southern California). The rental segment's revenues fell 28% due to lower multi-family unit closings, while Forestar revenues rose 8%. DHI maintains a debt-to-total capital ratio of 21.7% and returned significant capital through $1.6 billion in common stock repurchases and quarterly dividends of $0.45 per share. To manage risk and capital efficiency, 77% of the homebuilding lot portfolio is controlled through purchase contracts rather than owned.

Jan 22, 2026

mda_quarterly

Consolidated revenues decreased 10% to $6.9 billion, and net income fell 30% to $601.4 million for the first quarter. Homebuilding revenues declined 9% to $6.5 billion, driven by a 7% drop in closings to 17,818 homes and a 3% decrease in average closing prices to $365,500. Home sales gross margins contracted to 20.4% as DHI increased sales incentives, specifically mortgage rate buydowns, to address consumer affordability constraints and cautious sentiment. The rental segment experienced a 50% revenue decline to $109.5 million, primarily due to a lack of multi-family unit closings. In contrast, Forestar revenues grew 9% to $273 million, and financial services pre-tax income rose 19% to $58 million. Strategic expansion included the $80 million acquisition of SK Builders in South Carolina. DHI maintains a strong liquidity position with a debt-to-total-capital ratio of 18.8% and continues to mitigate land risk by controlling 75% of its lot position through purchase contracts. Capital return activities included $669.7 million in common stock repurchases and a quarterly dividend of $0.45 per share.

Nov 19, 2025

business

D.R. Horton, Inc. (DHI) is the largest U.S. homebuilder by volume, operating in 126 markets across 36 states. In fiscal 2025, homebuilding generated 92% of DHI’s $34.3 billion in consolidated revenues, down from $36.8 billion in fiscal 2024. The company closed 84,863 homes in fiscal 2025 at an average price of $370,400, primarily focusing on entry-level and move-up buyers, with single-family detached homes representing 84% of sales. DHI utilizes a decentralized operating structure of 92 divisions, supported by centralized capital allocation and risk management. To mitigate land inventory risk, DHI controls land via non-recourse option contracts and its 62% ownership of Forestar Group Inc., which sold 83% of its 14,240 lots to DHI in fiscal 2025. DHI also operates rental segments, closing 3,460 single-family and 2,947 multi-family units, and financial services, where DHI Mortgage captured an 81% attachment rate on home closings. At fiscal year-end 2025, DHI’s sales backlog stood at $4.1 billion (10,785 homes), a 14% year-over-year decline, with a stable cancellation rate of 18%. Key operational risks include intense market competition, labor and material availability, and extensive municipal and environmental regulations.

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DHI filing events and research context

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