D.R. Horton Inc.
DHI
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+ FollowMarket Cap$42.26B
Close$
Earnings Call Q3 2026
July 21, 2026 - AI Summary
Strong Q3 fundamentals (but down YoY): D.R. Horton reported EPS $3.20 (diluted) vs $3.36 a year ago; net income $905M on $9.2B revenue. Closed 23,983 homes (vs 23,160 last year; at the high end of guidance range). Home sales gross margin 20.7% (above guided range), but average closing price ~ $362k (-2% YoY), reflecting the continued affordability-focused positioning (about $155k below the U.S. new-home average).
Guidance trimmed mainly due to softer-than-expected demand, not margin collapse: Management reduced outlook because Q3 demand fell below internal expectations (despite “normal” seasonality earlier). Incentives remain elevated and visibility into demand is still uncertain, but they aim to hold gross margin relatively flat sequentially (Q4 gross margin 20.5%–21%).
Forward outlook (key numbers):
- Q4: consolidated revenue $8.8B–$9.3B; 22,500–23,000 homes closed; home sales gross margin 20.5%–21%; consolidated pre-tax margin 12.3%–12.8%.
- Full-year FY26 (updated): revenue ~$32.5B–$33.0B; 83,800–84,300 homes closed; tax rate ~25%; still targeting operating cash flow ≥ $3B, repurchases ~ $2.5B, and dividends ~ $500M.
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$166.23
14% upside
Current Fair Value
14% upsideUndervalued by 14% based on the discounted cash flow analysis.
Share Statistics
| Market cap | $42.26 Billion |
|---|---|
| Enterprise Value | $47.29 Billion |
| Dividend Yield | $1.75 (1.19%) |
| Earnings per Share | $11.62 |
| Beta | 1.36 |
| Outstanding Shares | 287,500,000 |
Return
| Return on Equity | 12.82% |
|---|---|
| Return on Assets | 8.37% |
| Return on Invested Capital | 12.36% |
Valuation & Multiples
| P/E Ratio | 14.35 |
|---|---|
| PEG | -122.81 |
| Price to Sales | 1.27 |
| Price to Book Ratio | 1.74 |
| Enterprise Value to Revenue | 1.42 |
| Enterprise Value to EBIT | 12.15 |
| Enterprise Value to Net Income | 15 |
| Total Debt to Enterprise | 0.15 |
| Debt to Equity | 0.3 |
Revenue Sources
No data
Insider Trades
Last Earnings Call
Report Date
July 28, 2026
EPS Estimate
$2.89
Average shareholder expectationRevenue Estimate
$9.07 B
Average shareholder expectationNext Earnings Call
Expected Date
October 27, 2026
EPS Estimate
$3.07
Average shareholder expectationRevenue Estimate
$9.11 B
Average shareholder expectationInstitutional Put/Call Ratio
Market sentiment based on institutional option activity.
| Put/Call Ratio | 1.2636▲ 0.77% |
|---|---|
| Total Calls | 126,777▼ 93.03% |
| Total Puts | 160,200▼ 92.99% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 23.57%▼ 60.78% |
|---|---|
| Total Invested | $11.00B▼ 66.95% |
| Investors Holding | 691▼ 508.00% |
ESG Score
No data
About D.R. Horton Inc.
7,735 employees
CEO: David Auld D.R. Horton, Inc., America's Builder, has been the largest homebuilder by volume in the United States since 2002. Founded in 1978 in Fort Worth, Texas, D.R. Horton has operations in 88 markets in 29 states across the United States and cl...