Q2 26 EPS
$2.24
BEAT +4.73%
Est. $2.14
Q2 26 Revenue
$7.56B
MISS 0.59%
Est. $7.60B
vs S&P Since Q2 26
-3.8%
TRAILING MARKET
DHI -2.4% vs S&P +1.3%
Market Reaction
Did DHI Beat Earnings? Q2 2026 Results
D.R. Horton delivered a mixed but broadly encouraging fiscal second quarter, posting earnings per share of $2.24 against a consensus estimate of $2.14, a beat of 4.73%, even as revenue of $7.56 billion came in just 0.59% below expectations and slippe… Read more D.R. Horton delivered a mixed but broadly encouraging fiscal second quarter, posting earnings per share of $2.24 against a consensus estimate of $2.14, a beat of 4.73%, even as revenue of $7.56 billion came in just 0.59% below expectations and slipped 2.3% from a year ago. The profit outperformance was anchored in disciplined margin management, with the pre-tax margin of 11.5% exceeding management's own guidance range, aided by favorable litigation outcomes and lower warranty costs. The most compelling signal from the quarter, however, was demand: net sales orders climbed 11% year-over-year to 24,992 homes, a figure that helped lift shares sharply in the session following the report, even as affordability constraints and cautious consumer sentiment continued to weigh on average selling prices and overall revenue. Net income attributable to D.R. Horton fell 20% to $647.90 million, reflecting that broader pressure. Looking ahead, the company set fiscal 2026 consolidated revenue guidance at $33.50 billion to $34.50 billion, with 86,000 to 87,500 homes targeted for closing and at least $3.00 billion in operating cash flow expected.
Key Takeaways
- • 11% year-over-year increase in net sales orders to 24,992 homes
- • Pre-tax profit margin of 11.5% exceeded high end of guidance range
- • 40 basis point benefit from favorable litigation outcome and lower warranty costs
- • Unsold completed homes reduced 35% from a year ago
- • 67% of homes closed were on lots developed by Forestar or third parties, up from 65%
- • Disciplined operator execution despite affordability constraints
DHI Forward Guidance & Outlook
D.R. Horton updated fiscal 2026 guidance: consolidated revenues of $33.5 billion to $34.5 billion, homes closed of 86,000 to 87,500. The company reiterated guidance for an income tax rate of approximately 24.5%, consolidated operating cash flow of at least $3.0 billion, share repurchases of approximately $2.5 billion, and dividend payments of approximately $500 million. Management expects sales incentives to remain elevated in fiscal 2026, with levels dependent on demand, mortgage interest rates, and other market conditions.
DHI YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
DHI Revenue by Segment
With YoY comparisons, source: SEC Filings
DHI Revenue by Geography
With YoY comparisons, source: SEC Filings
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% |