Filing Flows › Horton D R (DHI) › Q1 FY26
Horton D R (DHI) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Jan 22, 2026
Horton D R (DHI) reported revenue of $6.9B for the first quarter fiscal 2026 (Q1 FY26), -10% from a year earlier and -29% from the quarter before. Operating margin was 11.6%, net earnings $595M (8.6% of revenue).
Horton D R, Q1 FY26: revenue $6.9B (-10% year over year), operating margin 11.6%, net earnings $595M, operating cash flow $854M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.9B | -29% | -10% |
| Operating profit | $798M | -34% | -28% |
| Net earnings | $595M | -34% | -30% |
| Operating cash flow | $854M | -65% | +32% |
| Free cash flow | $827M | -66% | +31% |
What changed
Revenue was $6.9B in Q1 FY26, down 10% year over year and down 29% from the previous quarter. HomeBuildingOps was the largest line at 95% of revenue. HomeBuildingOps lost $0.63B year over year (down 9%), 87% of the total change.
Operating profit was $0.80B, a 11.6% margin (down 3.0 points year over year). Total costs fell 6% while revenue fell 10%. Net earnings were $0.59B, down 30% year over year. The effective tax rate was 24.6%.
Operating cash flow was $0.85B (up 32% year over year), 142% of net earnings. Non-cash charges added back $0.03B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $0.18B. Capital expenditures of $0.03B left free cash flow of $0.83B.
Questions
What was Horton D R's revenue in the first quarter fiscal 2026?
Horton D R (DHI) reported revenue of $6.9B for the first quarter fiscal 2026 (Q1 FY26), -10% from a year earlier and -29% from the quarter before.
Was Horton D R profitable in the first quarter fiscal 2026?
Operating profit was $798M (11.6% of revenue) and net earnings $595M.
Source: Horton D R 10-Q on SEC EDGAR.