D.R. Horton Q3 2026 Earnings Call Transcript
On Tuesday, D.R. Horton (NYSE: DHI ) discussed third-quarter financial results during its earnings call. The full transcript is provided below. This transcript is brought to you APIs. For real-time access to our entire catalog, please visit for a consultation. The full earnings call is available at Summary D.R. Horton reported earnings per diluted share of $3.20 for Q3 2026, with consolidated pre-tax income of $1.2 billion on $9.2 billion of revenues, resulting in a pre-tax profit margin of 13.3%. The company closed 23,983 homes, achieving a home sales gross margin of 20.7%, and generated $3.4 billion in cash from operations over the past 12 months, all returned to shareholders. Home sales revenues were $8.7 billion, with an average closing price down 2% year-over-year at $362,000, focusing on affordability as 6...
R. Horton (NYSE: DHI ) discussed third-quarter financial results during its earnings call. The full transcript is provided below. This transcript is brought to you APIs.
For real-time access to our entire catalog, please visit for a consultation. R. 3%. 4 billion in cash from operations over the past 12 months, all returned to shareholders.
7 billion, with an average closing price down 2% year-over-year at $362,000, focusing on affordability as 65% of closings were to first-time homebuyers. R. Horton saw a 20% cancellation rate in Q3, up from 17% year-over-year, with gross profit margin on home sales above guidance due to lower costs. SG&A expenses increased 8% year-over-year, and the company plans to maintain capital efficiency and disciplined operations while expecting to generate $3 billion in operating cash flow for fiscal 2026.
R. 3 billion and home sales gross margins to be relatively flat from Q3. 5 billion in stock repurchases and $500 million in dividends. Operational efficiency was highlighted, with improved cycle times and a focus on managing inventory levels based on market conditions.
R. 1 billion in liquidity, with a focus on long-term value creation and adaptability to market changes. R. Horton, America's Builder.
At this time all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star 0 on your telephone keypad. Please note this conference is being recorded.
R. Jessica Hansen, Senior Vice President of Communications Thank you, Paul, and good morning. Welcome to our call to discuss our financial results for the third quarter of fiscal 2026. Before we get started, today's call includes forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995.
R. Horton believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. R. R.
Horton does not undertake any obligation to publicly update or revise any forward-looking statements. R. Horton's Annual Report on Form 10-K and its most recent Quarterly Report on Form 10-Q, both of which are filed with the Securities and Exchange Commission. com, and we plan to file our 10-Q later this week after this call.
We will also post our updated investor presentation to our Investor Relations site on the Presentations section under News and Events for your reference. Now I will turn the call over to Paul Romanowski, our President and CEO. Paul Romanowski, President and CEO Thank you, Jessica, and good morning. I'm pleased to also be joined on this call by Mike Murray, our Chief Operating Officer, and Bill Wheat, our Chief Financial Officer.
R. 20. 3%. 7%.
We remain focused on capital efficiency to generate strong operating cash flows and deliver compelling returns to our shareholders. 4 billion of cash from operations and returned all of it to shareholders through repurchases and dividends. 5%. Our return on assets ranks in the top 20% of all S&P 500 companies for the past three, five and ten year periods, demonstrating that our disciplined, returns-focused operating model delivers sustainable results and positions us well for continued value creation.
We work every day to leverage our industry-leading platform, unmatched scale, efficient operations and experienced teams to bring homeownership opportunities at affordable price points to more Americans. Sixty-five percent of our mortgage company's closings this quarter were to first-time homebuyers. Our teams manage each community with discipline, balancing pace, price, incentives and inventory levels to meet demand and maximize returns. Affordability constraints and cautious consumer sentiment continue to impact new home demand, and our operators will continue to adjust as market conditions evolve.
36 per share in the prior year quarter. 2 billion. Home sales