Q2 25 EPS
$2.58
MISS 2.48%
Est. $2.65
Q2 25 Revenue
$7.73B
MISS 3.71%
Est. $8.03B
vs S&P Since Q2 25
-11.2%
TRAILING MARKET
DHI +25.7% vs S&P +36.9%
Market Reaction
Did DHI Beat Earnings? Q2 2025 Results
D.R. Horton delivered a disappointing fiscal second quarter, missing Wall Street expectations on both the top and bottom lines as a sluggish spring selling season weighed heavily on results. The nation's largest homebuilder posted diluted EPS of $2.5… Read more D.R. Horton delivered a disappointing fiscal second quarter, missing Wall Street expectations on both the top and bottom lines as a sluggish spring selling season weighed heavily on results. The nation's largest homebuilder posted diluted EPS of $2.58, falling short of the $2.65 consensus estimate by 2.48%, while revenue came in at $7.73 billion, a 3.71% miss against forecasts and a sharp 15.1% decline from the year-ago period. The core culprit was a pronounced slowdown in buyer activity, with Executive Chairman David Auld pointing to continued affordability constraints and declining consumer confidence that kept prospective buyers on the sidelines; net sales orders fell 15% to 22,437 homes, and the cancellation rate edged higher to 16%. Net income dropped 31% to $810.40 million as the company leaned on incentives to move inventory, with over 8,400 completed homes sitting unsold. Looking ahead, management trimmed its full-year outlook, now guiding for consolidated revenues of $33.30 billion to $34.80 billion and home closings of 85,000 to 87,000, while still committing to roughly $4.00 billion in share repurchases.
Key Takeaways
- • Slower-than-expected spring selling season due to continued affordability constraints and declining consumer confidence
- • Net sales orders and homebuilding revenues decreased 15% from prior year
- • Home sales gross margin of 21.8% at midpoint of guidance range
- • Cancellation rate increased to 16% from 15% year-over-year
- • Operators increasing sales incentives to drive traffic and incremental sales
- • 65% of homes closed were on lots developed by Forestar or third parties
DHI YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
DHI Revenue by Segment
With YoY comparisons, source: SEC Filings
DHI Revenue by Geography
With YoY comparisons, source: SEC Filings
“For the second fiscal quarter of 2025, the D.R. Horton team delivered solid results, highlighted by earnings per diluted share of $2.58. Consolidated pre-tax income for the quarter was $1.1 billion on revenues of $7.7 billion, with a pre-tax profit margin of 13.8%. We leveraged our operational results and strong balance sheet to return $1.4 billion to shareholders through share repurchases and dividends during the quarter, and we have reduced our outstanding share count by 7% from a year ago.”
— David Auld, Q2 2025 Earnings Press Release
DHI Earnings Trends
DHI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
DHI EPS Trend
Earnings per share: estimate vs actual
DHI Revenue Trend
Quarterly revenue: estimate vs actual
DHI Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $2.14 | $2.24 | +4.73% | $7.56B | -0.59% |
| Q1 26 BEAT | $1.92 | $2.03 | +5.87% | $6.89B | +3.56% |
| Q4 25 MISS FY | $3.29 | $3.04 | -7.60% | $9.68B | +2.50% |
| FY Full Year | $11.81 | $11.57 | -2.05% | $34.25B | +0.69% |
| Q3 25 BEAT | $2.90 | $3.36 | +15.67% | $9.23B | +4.87% |
| Q2 25 MISS | $2.65 | $2.58 | -2.48% | $7.73B | -3.71% |