Overview
- D.R. Horton, which reported results Tuesday, trimmed its full‑year revenue range to $33.5 billion to $34.5 billion with a midpoint above Wall Street’s $33.8 billion view as shares rose in early trading.
- Quarterly net income fell 20% to $647.9 million, earnings per share came in at $2.24, and revenue slipped to $7.56 billion from $7.73 billion a year earlier.
- Net sales orders increased 11% to 24,992 homes as the cancellation rate held at 16% and the backlog reached 16,882 homes valued at about $6.4 billion.
- Inventory ended the quarter at 38,200 homes, including 22,900 unsold with 5,500 completed, while total liquidity stood at $6.0 billion with $1.92 billion in cash.
- Management said sales incentives will stay elevated in 2026 to counter affordability strains, a strategy that helps buyers through tools like mortgage rate buydowns but squeezes margins as inflation and raw‑material tariffs lift costs.