D.R. Horton (DHI) Q4 2026 Earnings
Includes $91.4 million of inventory impairment charges to cost of sales in the rental segment related to nine multi-family rental projects
How Did DHI Stock React to Q4 2026 Earnings?
Did DHI Beat Earnings? Q4 2026 Results
No. D.R. Horton reported Q4 2026 earnings of $2.67 a share on Oct 29, 2026, missing the $3.00 consensus estimate by 11.1%. Revenue was $9.4B against a $9.1B estimate.
D.R. Horton closed fiscal 2026 on a mixed note, with fourth-quarter GAAP earnings of $2.67 per diluted share missing the $3.00 consensus by 11.09%, while revenue of $9.37 billion came in 3.19% above expectations, even as the top line slipped 3.2% from a year ago. The profit shortfall was driven in meaningful part by $91.40 million in inventory impairment charges tied to nine multi-family rental projects, which pushed the rental segment to a quarterly pre-tax loss of $25.30 million and pulled net income down 18% to $741.80 million. Homebuilding demand also softened, with net sales orders falling 7% to 18,619 homes and the cancellation rate climbing to 23% from 20%, as rising mortgage rates and affordability pressures kept buyers cautious, a backdrop Executive Chairman David Auld acknowledged will keep incentives elevated into fiscal 2027. Looking ahead, management guided for consolidated revenues of $30.00 billion to $32.00 billion next year, while the board lifted the quarterly dividend 11% to $0.50 per share, extending the company's streak of annual payout increases to thirteen consecutive years.
- Q4 homes closed decreased 2% to 22,915; homebuilding revenue decreased 2% to $8.4 billion
- Q4 homebuilding pre-tax income decreased 11% to $891.0 million with a 10.6% pre-tax margin
- $91.4 million of inventory impairment charges on nine multi-family rental projects drove a $25.3 million Q4 rental pre-tax loss
- Q4 net sales orders decreased 7% to 18,619 homes and 9% in value to $6.6 billion; cancellation rate rose to 23% from 20%
- Higher incentives and community-by-community pricing and starts adjustments to align inventory with demand
- Forestar sold 5,004 lots in Q4 with $78.6 million pre-tax income at a 13.5% margin
- Financial services Q4 pre-tax income of $78.2 million at a 35.7% margin
- 68% of fiscal 2026 homes closed were on lots developed by Forestar or third parties, up from 65%
What Is D.R. Horton's Outlook?
D.R. Horton's initial fiscal 2027 guidance calls for consolidated revenues of $30.0 billion to $32.0 billion and 79,000 to 84,000 homebuilding closings. It also expects an income tax rate of about 25.5%, operating cash flow of about $3.5 billion, share repurchases of about $3.0 billion and dividend payments of about $500 million. Management expects incentives to remain elevated in fiscal 2027 amid rising mortgage rates, affordability constraints and cautious consumer sentiment. First-quarter fiscal 2027 guidance was to be provided on the conference call.
DHI YoY Financials
| Metric | Q4 2026 | Q4 2025 | Year over year |
|---|---|---|---|
| Revenue | $9.4B | $9.7B | −3.2% |
| Net Income | $741.8M | $905.3M | −18.1% |
DHI Revenue by Segment
DHI Revenue by Geography
When Does D.R. Horton Report Next?
Figures from SEC filings and company reports. Not investment advice.