/DHIFinancial History
Annual Financials
| Fiscal Year | Revenue | Gross Profit | Gross Margin | Net Income | EPS (Diluted) | Total Assets | Total Equity |
|---|---|---|---|---|---|---|---|
| FY2025 | $34.3B | $8.1B | 23.7% | $3.6B | $11.57 | $35.5B | $24.2B |
| FY2024 | $36.8B | $9.5B | 25.9% | $4.8B | $14.34 | $36.1B | $25.3B |
| FY2023 | $35.5B | $9.4B | 26.4% | $4.8B | $13.82 | $32.6B | $22.7B |
| FY2022 | $33.5B | $10.5B | 31.4% | $5.9B | $16.51 | $30.4B | $19.4B |
| FY2021 | $27.8B | $7.9B | 28.3% | $4.2B | $11.41 | $24.0B | $14.9B |
| FY2020 | $20.3B | $4.9B | 24.3% | $2.4B | $6.41 | $18.9B | $11.8B |
| FY2019 | $17.6B | $3.9B | 22.0% | $1.6B | $4.29 | $15.6B | $10.0B |
| FY2018 | $16.1B | $3.7B | 22.8% | $1.5B | $3.81 | $14.1B | $9.0B |
| FY2017 | $13.7B | $2.7B | 19.6% | $1.0B | $2.74 | $12.2B | $7.7B |
| FY2016 | $11.9B | $2.4B | 19.9% | $886M | $2.36 | $11.6B | $6.8B |
| FY2015 | $10.6B | $2.0B | 19.2% | $751M | $2.03 | $11.2B | $5.9B |
| FY2014 | $7.9B | $1.6B | 20.2% | $534M | $1.50 | $10.2B | $5.1B |
Builder Operating KPIsExtracted from earnings releases
| Period | Orders | Closings | Cancel % | Backlog | Backlog $ | ASP | Communities | Lots Owned | Lots Ctrl | Inventory | Specs |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 FY2026 | 18,300 | 17,818 | 18.0% | 11,376 | $6.7B | $365K | — | 145,500 | 590,500 | 30,400 | 7,300 |
| Q4 FY2025 | 20,078 | 23,368 | 20.0% | 10,785 | $4.1B | $364K | — | 147,000 | 591,900 | 29,600 | 9,300 |
| Q3 FY2025 | 23,071 | 23,160 | 17.0% | 14,075 | $8.4B | $371K | — | 145,900 | 601,400 | 38,400 | 7,300 |
| Q2 FY2025 | 22,437 | 19,276 | 16.0% | 14,164 | $8.4B | $374K | — | 150,600 | 613,100 | 36,900 | 8,400 |
| Q1 FY2025 | 17,837 | 19,059 | 18.0% | 11,003 | $6.7B | $378K | — | 154,400 | 639,800 | 36,200 | 10,400 |
| Q4 FY2024 | 19,035 | 23,647 | 21.0% | 12,180 | $4.8B | $376K | — | 152,500 | 632,900 | 37,400 | 10,300 |
| Q3 FY2024 | 23,001 | 24,155 | 18.0% | 16,792 | $8.7B | $381K | — | 150,900 | 630,200 | 42,600 | 8,800 |
| Q2 FY2024 | 26,456 | 22,548 | 15.0% | 17,873 | $7.0B | $377K | — | 143,900 | 617,200 | 45,000 | 7,300 |
| Q1 FY2024 | 18,069 | 19,340 | 19.0% | 13,965 | $5.4B | $377K | — | 145,000 | 607,200 | 42,600 | 9,000 |
| Q4 FY2023 | 18,939 | 22,928 | 21.0% | 15,197 | $5.9B | $384K | — | 141,100 | 568,400 | 42,000 | 7,000 |
| Q3 FY2023 | 22,879 | 22,985 | 18.0% | 19,186 | $7.4B | $379K | — | 137,500 | 555,100 | 43,800 | 5,700 |
| Q2 FY2023 | 23,142 | 19,664 | 18.0% | 19,237 | $8.6B | $376K | — | 136,300 | 547,000 | 43,600 | 6,400 |
| Q1 FY2023 | 13,382 | 17,340 | 27.0% | 15,759 | $6.2B | $389K | — | 136,400 | 551,000 | 43,200 | 7,100 |
| Q4 FY2022 | 13,582 | 23,212 | 32.0% | 19,614 | $8.0B | $405K | — | 131,100 | 573,200 | 46,400 | 4,400 |
| Q3 FY2022 | 16,693 | 21,308 | 24.0% | 29,244 | $11.9B | $390K | — | 131,100 | 598,200 | 56,400 | 1,400 |
| Q2 FY2022 | 24,340 | 19,828 | 16.0% | 33,859 | $13.3B | $378K | — | 131,200 | 574,000 | 59,800 | 600 |
| Q1 FY2022 | 21,522 | 18,396 | 15.0% | 29,347 | $11.1B | $364K | — | 131,900 | 551,400 | 54,800 | 1,000 |
| Q4 FY2021 | 15,949 | 21,937 | 19.0% | 26,221 | $9.5B | $346K | — | 127,800 | 530,300 | 47,800 | 900 |
| Q3 FY2021 | 17,952 | 21,588 | 17.0% | 32,209 | $11.0B | $329K | — | 123,900 | 517,100 | 47,300 | 500 |
| Q2 FY2021 | 27,059 | 19,701 | 15.0% | 35,845 | $11.6B | $315K | — | 121,500 | 486,700 | 46,100 | 700 |
Source: SEC 8-K earnings releases, extracted via regex with provenance tracking. Showing most recent 20 quarters.
Management Sentiment Analysis
Scored from earnings release language using ML analysis. Range: -1.0 (negative) to +1.0 (positive).
Current Posture
Q1 FY2026
Score: +0.10
Net sales orders increased 3%, but home closings and revenues declined, with affordability constraints and cautious consumer sentiment noted.
Pre-tax income and profit margins declined 30% and 11.6% respectively, with elevated sales incentives expected to persist.
No explicit commentary on labor availability or wage pressures, implying a neutral stance on labor conditions.
Strong and flexible lot supply with growing inventory and Forestar lot sales supporting community pipeline.
Management reiterated full-year guidance and highlighted strong liquidity, low leverage, and disciplined capital allocation.
Affordability headwinds, cautious consumer sentiment, mortgage rate volatility, and elevated incentives present clear near-term risks.
Recent Trend
Sentiment for D.R. Horton has shifted from cautious to cautiously optimistic over the past three quarters, driven by modest improvements in demand and management confidence despite persistent affordability challenges. Margins have consistently contracted due to elevated sales incentives, while labor conditions have remained stable with little change. The company's strong land portfolio and disciplined financial management have supported operational flexibility, though ongoing macroeconomic risks and consumer caution continue to temper near-term outlooks.
Builder vs. Industry Sentiment
Orange = DHI · Gray = Industry average (Q1 FY2026)