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D.R. Horton (DHI) investor relations material
D.R. Horton Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Oct, 2025
Executive summary
Fiscal 2025 net income was $3.6 billion ($11.57 EPS), with Q4 net income of $905.3 million ($3.04 EPS); both figures declined year-over-year.
FY25 consolidated revenues reached $34.3 billion, with 84,863 homes closed; Q4 revenues were $9.7 billion on 23,368 homes closed.
Returned $4.8 billion to shareholders in FY25 through $4.3 billion in share repurchases and $495 million in dividends, reducing share count by 9%.
Book value per share increased 5% to $82.15 year-over-year.
Delivered homeownership to nearly 85,000 individuals and families in FY25, with 43,000 first-time buyers and over 91,200 total households served including rentals.
Financial highlights
FY25 pre-tax income was $4.7 billion with a pre-tax margin of 13.8%; Q4 pre-tax margin was 12.4%.
Home sales revenues for FY25 were $31.4 billion on 84,863 homes closed; Q4 home sales revenues were $8.5 billion.
Q4 gross profit margin on home sales: 20%, down 180 bps sequentially due to higher incentives and litigation costs.
FY25 operating cash flow: $3.4 billion (10% of revenue, 95% of net income).
Return on equity was 14.6%, and return on assets was 10.0% for FY25.
Outlook and guidance
FY26 revenue expected at $33.5–$35 billion; homes closed: 86,000–88,000.
Q1 FY26 revenue guidance: $6.3–$6.8 billion; homes closed: 17,100–17,600; gross margin: 20–20.5%; pre-tax margin: 11.3–11.8%.
FY26 operating cash flow expected at least $3 billion; $2.5 billion in share repurchases and $500 million in dividends planned.
Incentive levels expected to remain elevated in FY26, with gross margin dependent on demand and mortgage rates.
Income tax rate projected at approximately 24.5%.
Expected margin impact from elevated FY26 incentives?
Strategy for 800 homes completed over 6 months?
Why increased reliance on Forestar/3rd party lots?
Offsetting lot cost inflation with construction savings?
Comfort level ramping spec inventory in Q1?
Future capital allocation: land investment vs. returns?
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Next D.R. Horton earnings date
Q1 202620 Jan, 2026
Next D.R. Horton earnings date
Q1 202620 Jan, 2026
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Frequently asked questions
American Homebuilding
D.R. Horton is an American company that specializes in homebuilding and development. The company designs and constructs homes catering to a variety of buyers, ranging from entry-level to luxury homes, under multiple brand names. The company's operations span building single-family detached homes, townhomes, condominiums, and multi-family residences. D.R. Horton is one of the largest homebuilders in America, having built well over one million homes since its foundation. The company is headquartered in Arlington, Texas, and its shares are traded on the NYSE.
Becoming America’s Builder
The company was founded in 1978 by Donald Ray Horton. Its journey began in Fort Worth, Texas, where Horton established his business with a focus on building quality, single-family homes. Over the years, D.R. Horton expanded significantly by focusing on quality and customer satisfaction. Its growth strategy included acquiring various homebuilders, which helped it broaden its geographic footprint and product offerings, eventually making it one of the largest homebuilders in the United States. It has been publicly traded since 1992.
Four Different Brands
D.R. Horton conducts the building of homes under four different brand names. The D.R. Horton brand is by far the largest and accounts for a majority of the homes sold. The homes built by the brand are catered towards first-time buyers, and those looking to purchase their second home and move up in size. The Express brand is also tailored towards first-time buyers but offers smaller houses at lower prices. Under the Emerald Homes brand, the company offers large and luxurious homes, and the Freedom Homes brand offers affordable homes to active adults who are looking for something low-maintenance.
Some similar publicly traded companies are Lennar, PulteGroup, and KB Home.
The Communities
D.R. Horton's communities are typically suburban, characterized by their emphasis on family-friendly environments. These neighborhoods often include basic amenities like playgrounds and community pools, reflecting a focus on residential needs. The layout of these communities usually features streets lined with single-family homes, maintaining a uniform appearance in design and landscaping. While they offer proximity to essential services like schools and shopping centers, these communities generally don’t incorporate advanced infrastructure or unique architectural styles, often reflecting standard suburban residential development patterns.
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