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Horton D R (DHI) earnings and revenue breakdown

Latest: Q4 FY26 · 8-K filed Oct 29, 2026

Q4 FY26 Revenue down 3% year over year to $9.4B · 8¢ of every $1 of revenue kept as net profit · operating margin 10.8%

Horton D R made $9.4B in Q4 FY26 (-3% Y/Y). Operating margin 10.8%, net earnings $742M. See where every dollar goes — costs, profit and cash — as a Sankey from the 8-K filed Oct 29, 2026 (preliminary, from the earnings release).

Revenue$9.4B
Year over year-3%
Operating margin10.8%
Net earnings$742M
Operating cash flow$2.6B

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Horton D R Q4 FY26 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Horton D R Q4 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $9.4B in Q4 FY26, down 3% year over year and up 2% from the previous quarter.

Operating profit was $1.0B, a 10.8% margin (down 1.6 points year over year). Total costs fell 1% while revenue fell 3%. Net earnings were $0.74B, down 18% year over year. The effective tax rate was 25.2%.

Operating cash flow was $2.6B (up 6% year over year), 346% of net income including minority interests. Non-cash charges added back $0.03B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $1.8B. Capital expenditures of $0.05B left free cash flow of $2.6B.

Quarterly history

Horton D R revenue by quarterHorton D R revenue by quarter$7.7BQ2 FY25$9.2BQ3 FY25$9.7BQ4 FY25$6.9BQ1 FY26$7.6BQ2 FY26$9.2BQ3 FY26$9.4BQ4 FY26
Horton D R net earnings by quarterHorton D R net earnings by quarter$810MQ2 FY25$1.0BQ3 FY25$905MQ4 FY25$595MQ1 FY26$648MQ2 FY26$905MQ3 FY26$742MQ4 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q4 FY268-KOct 29, 2026$9.4B-3%10.8%$742M$2.6B
Q3 FY2610-QJul 23, 2026$9.2B0%13.3%$905M$439M
Q2 FY2610-QApr 23, 2026$7.6B-2%11.5%$648M−$412M
Q1 FY2610-QJan 22, 2026$6.9B-10%11.6%$595M$854M
Q4 FY2510-KNov 19, 2025$9.7B-3%12.4%$905M$2.5B
Q3 FY2510-QJul 23, 2025$9.2B-7%14.7%$1.0B$739M
Q2 FY2510-QApr 23, 2025$7.7B-15%13.8%$810M−$436M

Charts

Horton D R: revenue growth, year over year and quarter over quarterHorton D R: revenue growth, year over year and quarter over quarterY/YQ/Q-15%Q2 FY25-7%+19%Q3 FY25-3%+5%Q4 FY25-10%-29%Q1 FY26-2%+10%Q2 FY26+0%+22%Q3 FY26-3%+2%Q4 FY26
Latest (Q4 FY26): Y/Y -3%, Q/Q +2%.
Horton D R: where the cash came from (+) and went (−), TTM to Q3 FY26Horton D R: where the cash came from (+) and went (−), TTM to Q3 FY26Operating cash flow$3.4BBuybacks−$2.9BCash drawn (+) / kept (−)$530MDividends−$507MNet borrowing (+) / repaid (−)−$178MCapital spending−$150MAcquisitions−$87.9MTaxes on employees’ shares−$55.2MOther investing−$20.4MShares issued$18.9MOther financing−$3.3M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Horton D R: profit against cash, quarter by quarterHorton D R: profit against cash, quarter by quarterNet incomeOperating cash flow$1.3B$2.0BQ4 FY24$852M$647MQ1 FY25$819M−$436MQ2 FY25$1.0B$739MQ3 FY25$917M$2.5BQ4 FY25$601M$854MQ1 FY26$658M−$412MQ2 FY26$919M$439MQ3 FY26
Latest (Q3 FY26): Net income $919M, Operating cash flow $439M.
Horton D R: diluted shares by fiscal yearHorton D R: diluted shares by fiscal year370MFY20366MFY21355MFY22343MFY23332MFY24310MFY25
-16.3% since FY20: buybacks shrank the count.
Horton D R: long-term debt falling due (FY25)Horton D R: long-term debt falling due (FY25)$1.6B2026$605M2027$1.4B2028$17.5M2029$2.4BLater
Cash $3.0B, short-term investments —, long-term debt — at 2025-09-30.
Horton D R in its industry: growth against margin (15 companies, SIC 1531)Horton D R in its industry: growth against margin (15 companies, SIC 1531)revenue growth, year over year →↑ operating marginmedian -8%median 8%PHMTOLNVRECGKBHMHODFHCCSTri Pointe Homes, Inc.HOVBZHGRBKLGIHSDHCDHI (-3%, 11%)
Operative Builders; dot size is quarterly revenue; dashed lines are the industry's medians.

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Horton D R

D.R. Horton, Inc. is the largest homebuilding company in the United States as measured by number of homes closed. We construct and sell homes through our operating divisions in 126 markets across 36 states. Our common stock is included in the S&P 500 Index and listed on the New York Stock Exchange (NYSE) and NYSE Texas under the ticker symbol “DHI.” Our listing on NYSE Texas became effective in June 2025. Unless the context otherwise requires, the terms “D.R. Horton,” the “Company,” “we” and “our” used herein refer to D.R. Horton, Inc., a Delaware corporation, and its predecessors and subsidiaries.

In its own words, from its 10-K, filed Nov 19, 2025.

Horton D R against its Operative Builders peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -3% against the peers' median -8%. Operating margin: 10.8% against the peers' median 8.8%.

CompanyQuarterRevenueY/YOp. margin
DHI Horton D RQ4 FY26$9.4B-3%10.8%
PHM PultegroupQ3 2026$4.0B-10%15.7%
TOL Toll BrothersQ3 FY26$2.7B-10%13.5%
NVR NVRQ3 2026$2.4B-8%13.9%
ECG Everus Construction GroupQ3 2026$1.4B+40%8.8%
KBH KB HomeQ3 FY26$1.3B-20%6.3%
MHO M/I HomesQ3 2026$1.1B-5%7.7%
DFH Dream Finders HomesQ3 2026$996M+3%1.3%
CCS Century CommunitiesQ3 2026$864M-12%1.8%

Source: Horton D R 8-K on SEC EDGAR · CIK 882184 · Operative Builders

Guidance and outlook

Horton D R Revenue: guidance against what was reportedHorton D R Revenue: guidance against what was reportedguided rangereported (above / within / below)FY24$36.8BFY25$34.3BFY26FY27
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Horton D R: what its forward-looking statements are about (10-Q filed 2026-07-23)Horton D R: what its forward-looking statements are about (10-Q filed 2026-07-23)Other7Demand3Costs3Financing3Buybacks & dividends1Deals1
18 statements; tone +0.17 (−1 all cautious, +1 all confident); 3 hedged.
Horton D R: outlook statements against the filing beforeHorton D R: outlook statements against the filing beforeUpdated3Dropped1Confident4Cautious1

13F: who owns DHI and who is buying

Largest holders of DHI (13F)Largest holders of DHI (13F)Capital World Investors$6.1BVanguard Group$4.7BBlackRock$4.1BVanguard Capital Management LLC$2.8BVanguard Portfolio Management LLC$2.0BState Street$2.0BFMR LLC$1.5BGeode Capital Management, LLC$1.2BCapital Research Global Investors$926MMorgan Stanley$602M
Funds' net buying of DHI by quarter (13F)Funds' net buying of DHI by quarter (13F)$926M2024-09−$904M2024-12−$144M2025-03$221M2025-06$652M2025-09−$331M2025-12−$114M2026-03−$155M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on DHI

History

Every quarter: Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results

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中文版：Horton D R（DHI）财报

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