Key Highlights

● Net income fell 12% to $904.9 million, with diluted EPS of $3.20.

● Homes closed rose 4% to 23,983, generating revenues of $9.2 billion.

● Backlog reached 15,983 homes worth $6.2 billion, up from 14,075 homes.

● The board declared a quarterly dividend of $0.45 per share.

D.R. Horton, Inc. (NYSE:DHI) is the largest homebuilder in the United States by volume, selling homes under several brands and also operating financial services and multifamily and single-family rental activities. Its common stock is listed on the New York Stock Exchange, and the company has been an S&P 500 member since June 22, 2005, classified in Consumer Discretionary under Homebuilding.

The business is sensitive to mortgage rates, household affordability and land and construction costs, which makes its results a useful read on the wider housing market.

Latest reported results

D.R. Horton reported fiscal third-quarter 2026 results on July 21, 2026, covering the quarter ended June 30, 2026. Net income attributable to the company was $904.9 million, down 12%, and diluted earnings per share were $3.20, down 5%. Revenues were $9.2 billion, with 23,983 homes closed, up 4%.

Net sales orders were 23,084 homes valued at $8.4 billion, flat year over year. Backlog at quarter end stood at 15,983 homes worth $6.2 billion, compared with 14,075 homes and $5.3 billion a year earlier, which gives the company a larger pipeline of contracted sales to convert into closings. Home sales gross margin was 20.7% according to management commentary. Total liquidity was $6.1 billion, and the debt to total capital ratio, calculated as notes payable over equity plus notes payable, was 23.0%.

Operating cash flow for the nine months to June 30, 2026 was $880.8 million. That is well below the full-year guidance of at least $3.0 billion, so the fourth quarter would need to be strong for guidance to be met.

Guidance, dividends and buybacks

Management updated fiscal 2026 guidance to consolidated revenues of $32.5 billion to $33.0 billion, homes closed of 83,800 to 84,300 and an income tax rate of about 25.0%. It reiterated expectations of operating cash flow of at least $3.0 billion, share repurchases of about $2.5 billion and dividend payments of about $500 million. These are management forecasts.

The board declared a quarterly dividend of $0.45 per share, payable on August 13, 2026 to holders of record on August 6, 2026. Against third-quarter diluted earnings of $3.20, that dividend is covered several times over. The company repurchased 4.2 million shares for $615.7 million in the quarter and 14.6 million shares for $2.2 billion across nine months, so buybacks are a larger use of cash than the dividend.

Affordability Pressure Ahead of October 29 Results

Homebuilders face affordability pressure if mortgage rates stay high, incentive costs that can compress margins, input and labor costs, land availability, and regional demand swings. The decline in net income despite higher closings illustrates how margin and incentive trends can outweigh volume.

D.R. Horton announced in October 2025 that it would release fiscal fourth-quarter and full-year 2026 results before the market opens on October 29, 2026, with a conference call at 8:30 a.m. Eastern Time. Seasonality can also influence quarterly comparisons within homebuilding.