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D. R. Horton (DHI) stock

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NYSE: DHI NYSE Homebuilding Next results ~January 19, 2027

B+ Fundamentals grade

D.R. Horton builds and sells homes across the United States, operating from 92 local divisions in 126 markets spanning 36 states. Its product range covers entry-level, move-up, active adult and luxury properties, mostly single-family detached houses alongside townhomes and duplexes, generally priced between $250,000 and over $1,000,000. In the year to September 2025 it closed 84,863 homes at an average price of $370,400.

Customers are primarily homebuyers, with revenue coming chiefly from completed home sales and, to a smaller extent, land and lot sales. Beyond homebuilding, the group earns income through single-family and multi-family rental property construction and leasing, mortgage financing via its subsidiary DHI Mortgage, and title insurance and closing services through its title companies. It also majority-owns Forestar Group, a separately listed lot development business that supplies finished lots to D.R. Horton's building operations.

Operations are organised into six homebuilding reporting regions alongside rental, Forestar, financial services and other smaller activities including insurance and water rights. Founded in Fort Worth, Texas in 1978 and listed since 1992, the company has closed over 1.2 million homes and has ranked as America's largest homebuilder by volume every year since 2002. It employed 14,341 people as of 30 September 2025.

Based on D. R. Horton's 10-K filed November 19, 2025.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$160

Cash-flow model

Base case. Range ~$120–$210 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 6% below our base value.

Price used: $152.93, November 2, 2026

D. R. Horton valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter D. R. Horton files

Where D. R. Horton stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $33.3bn, down 3.5% on a year earlier, faster than -5.6% a quarter earlier. That puts it 886 of 931 for growth among all the companies we cover. Free-cash-flow margin rose to 9.6% from 8.1% a year earlier. The diluted share count is down 8.4% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. Our cash-flow model value is $150 a share, against a share price of $139. At that price, our model says the market is pricing in about 0.7% a year of cash-flow growth for five years, slower than the 3.7% a year revenue growth it has delivered.

Source: 10-Q filed July 23, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 19, 2027 (estimated)

D. R. Horton's trailing-twelve-month revenue fell 3.5% year on year, with a free-cash-flow margin of 9.6%. Where it stands out: change in share count of -8.4% ranks 2 of 16 homebuilding companies we cover.

Our discounted-cash-flow model values the business at ~$160 per share in the base case (~$120–$210 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 15.0% while net income fell 23.0%: a 38pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 8.4% in a year, so each share owns more of the business.

Things to watch

  • Revenue shrinking. Revenue fell 3.5% over the last 12 months.
  • Gross margin slipping. Gross margin is down 2.2 points on a year ago.
  • Short interest rising. Shares sold short rose 26% in a month to 5.9% of tradable shares.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 9.8% over 90 days.

Latest results: FY2026 Q3

Filed July 23, 2026
Earnings per share
$2.67 against an average estimate of $3.00: missed by 11.1%
Revenue
$9.23bn, up 0.0% on a year earlier
Share reaction
+2.1% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
consolidated revenues $30bn to $32bn (fiscal 2027); homes closed by homebuilding operations 79000 to 84000 (fiscal 2027)
Next report
January 19, 2027; average EPS estimate $1.53

D. R. Horton's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.7%
  • 1 week+4.4%
  • 1 month+13.3%
  • This year+7.1%
  • 1 year+3.8%
  • 5 years+81.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$33.3B
Net margin
9.2%
EPS (TTM, diluted)
$10.50

Growth

Revenue growth
−3.5%
Change in growth rate
+2.0 pts
Share count change
−8.4%

Cash

Free cash flow (TTM)
$3.2B
FCF margin
9.6%
Stock pay % of revenue
0.4%

Earnings

Last results
October 29, 2026
Next results (est.)
January 19, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Leadership
  4. Announcement
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

D. R. Horton valuation models and calculator

What the price is pricing in

The share price implies about 1.7% a year of cash-flow growth for five years.That is close to the 3.7% a year revenue growth D. R. Horton has delivered.

  • Priced in1.7%
  • Last 12 months-3.5%
  • 3 years a year-1.2%
  • 5 years a year3.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($147.03, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$160
Price used
$147.03close November 3, 2026
Implied change
▲ +11%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of D. R. Horton's free cash flow after stock-based pay with after-tax interest added back ($2.4B, FY2026 Q3 TTM), growing 6% and 4.7% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$120–~$210 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of D. R. Horton's free cash flow after stock-based pay ( $2.4B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value D. R. Horton as an operating company, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.78 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$160 ~$120–$210 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$200 ~$170–$260 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$390 ~$270–$590 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$300 ~$250–$360 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$240 ~$160–$390 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare D. R. Horton with Homebuilding in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −10%
  • Last year's free-cash-flow margin change, if it persists ▲ +19%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $131$176$235$313$415$547
8.5% $101$134$177$233$305$399
10% $84$109$142$185$240$311

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$27.00$36.15$38.61$48.96$71.12$79.71$64.65$104.17$186.42$167.46$152.93
Market value$10.1bn$13.7bn$14.8bn$18.5bn$26.3bn$29.2bn$22.9bn$35.8bn$61.8bn$51.9bn$44.5bn
+ Net debt (− = net cash)−$1.3bn−$1.0bn−$1.5bn−$1.5bn−$3.0bn−$3.2bn−$2.5bn−$3.9bn−$4.5bn−$3.0bn−$2.1bn
Enterprise value$8.8bn$12.7bn$13.3bn$17.0bn$23.3bn$25.9bn$20.4bn$31.9bn$57.3bn$48.9bn$42.4bn
Multiples
Price / sales 0.8x1.0x0.9x1.1x1.3x1.0x0.7x1.0x1.7x1.5x1.3x
Price / earnings 11.4x13.2x10.1x11.4x11.1x7.0x3.9x7.5x13.0x14.5x14.6x
Price / free cash flow 18.6x40.6x31.0x24.2x19.9x66.1x55.5x8.6x30.5x15.8x13.9x
EV / EBITDA ———————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

69 /100

Moderate moat

How hard D. R. Horton's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 18 / 20

    Net income has been a median 11.1% of total assets over 10 years.

  • Pricing power 7 / 20

    Gross margin has been a median 24.1%, moving by 4.3 percentage points (standard deviation) across 10 years.

  • Durability 12 / 20

    Net margin has been a median 11.1%; its worst year was 7.4%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 9 of 10 years, at a median 5.6% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 20.9% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 19, 2027, before the open. Analysts expect revenue of $6.3bn and EPS of $1.53 (range $1.28 to $1.84) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $10.09 −0% $32.7bn −1%
Next $12.55 +24% $36.0bn +10%

Next year's EPS estimate has moved −9.8% in 90 days, across 10 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −13.7% on 90 days ago. In the last 30 days, 1 analyst raised D. R. Horton's forecast and 8 cut it.

Consensus EPS forecast D. R. Horton, last 90 days
$10.00 $11.00 $12.00 $13.00 $14.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $11.69 Current fiscal year, 60 days ago: $11.69 Current fiscal year, 30 days ago: $11.46 Current fiscal year, 7 days ago: $11.15 Current fiscal year, Now: $10.09 $10.09 Next fiscal year, 90 days ago: $13.91 Next fiscal year, 60 days ago: $13.93 Next fiscal year, 30 days ago: $13.80 Next fiscal year, 7 days ago: $13.45 Next fiscal year, Now: $12.55 $12.55

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $11.69$13.91
60 days ago $11.69$13.93
30 days ago $11.46$13.80
7 days ago $11.15$13.45
Now $10.09$12.55

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.00 $2.67 −11.1%
Jun 2026 $2.99 $3.20 +7.1%
Mar 2026 $2.14 $2.24 +4.7%
Dec 2025 $1.92 $2.03 +5.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Consolidated revenues fiscal 2027 $30bn to $32bn New
    “Consolidated revenues in the range of $30.0 billion to $32.0 billion” source
  • Homes closed by homebuilding operations fiscal 2027 79,000 to 84,000 New
    “Homes closed by homebuilding operations of 79,000 homes to 84,000 homes” source
  • Income tax rate fiscal 2027 about 25.5% New
    “Income tax rate of approximately 25.5%” source
  • Consolidated cash flow provided by operations fiscal 2027 about $3.5bn New
    “Consolidated cash flow provided by operations of approximately $3.5 billion” source
  • Share repurchases fiscal 2027 about $3bn New
    “Share repurchases of approximately $3.0 billion” source
  • Dividend payments fiscal 2027 about $500m New
    “Dividend payments of approximately $500 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows D. R. Horton's revenue by +6.0% next year and +4.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+9.4%, weight 46%) , management guidance (+3.7%, weight 32%) and the company's own record (+2.0%, weight 22%) . How the weights are set.

Analyst recommendations

21 analysts, Oct 2026
Buy419%
Hold1571%
Sell210%

Monthly trend

  1. Oct 202641521
  2. Sep 202641318
  3. Aug 202641318
  4. Jul 202641318

Counts of recommendations published by analysts covering D. R. Horton, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.9%
of tradable shares
Days to cover
3.86
at average volume
Short interest, 1 month
+26%
to October 15, 2026
Held by institutions
88%
of shares
Held by insiders
10.4%
of shares

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +3.8%

$147.31 on October 31, 2025 to $152.93

ThenNowEffect
Revenue (last 12 months) $34.6bn $33.3bn −3.5%
Net margin 11.5% 9.2% −20.1%
P/E multiple 11.8x 14.6x +23.4%
Share count 317m 291m +9.2%

Biggest factor: net margin.

Last 3 years +32.7%

$115.21 on November 3, 2023 to $152.93

ThenNowEffect
Revenue (last 12 months) $34.6bn $33.3bn −3.6%
Net margin 14.1% 9.2% −34.9%
P/E multiple 8.2x 14.6x +77.8%
Share count 346m 291m +19.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DHI+59%−17%+72%−7%+4%+7%
Industry peers (median)+47%−29%+95%−3%−12%+3%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DHI75%42%58%58%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DHI−20%−44%−23%−30%−25%−21%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 54% from February 20, 2020 to March 18, 2020. Getting back needed a 116% gain, reached on July 16, 2020, 120 days after the low.

Price behaviour

52-week range
$131.74 – $166.78
From 52-week high
−8.3%
vs 50-day average
+8.5%
vs 200-day average
+4.0%
Volatility (1 year)
36%
Beta vs S&P 500
0.86

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±5.3%
After a week
5 up, 6 down
typical move ±5.8%
After a month
6 up, 5 down
typical move ±8.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +2.1% −2.1% — —
July 21, 2026 −1.6% +0.7% +4.4% +5.2%
April 21, 2026 +5.1% +0.4% +2.0% −7.3%
January 20, 2026 +1.4% −0.9% −4.7% +5.3%
October 28, 2025 −6.7% +0.3% −8.4% −1.0%
July 22, 2025 +12.9% +0.9% +12.3% +24.8%
April 17, 2025 +2.7% −2.2% +6.0% +6.6%
January 21, 2025 −0.5% +1.5% −2.5% −12.6%
October 29, 2024 −6.1% −0.1% −3.9% −5.8%
July 18, 2024 +10.4% −1.4% +9.6% +13.2%
April 18, 2024 −2.4% −1.1% −1.1% +4.2%
January 23, 2024 −11.7% +0.4% −9.2% −7.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How D. R. Horton’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.14× the last 60 days’ realised volatility , richer than 38% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

DHI D. R. Horton Grade B+ $151.91

Sell the $135 put expiring December 18, 2026 (46 days) for $1.60 a share — $160 per contract.

Previous session · Bid $1.60, ask $2.00, quoted Mon 2 Nov, 17:21 New York time with DHI at $151.91. Option prices move with the shares: check the live chain at your broker before trading.

  • If DHI ends above $135: you keep the $160 — 1.2% on the $13,500 set aside, or 9.4% a year at that pace.
  • If it ends below $135: you buy 100 shares at an effective $133.4, 12% below today's price and 17% below our value of ~$160.
$160 −$2.7k Break-even $133.4 Price $151.91 Our value $160
Profit or loss per contract at expiry, by share price.
Premium
$160
Annualised
9.4%
Break-even
$133.4
Max gain
$160
Chance of buying
~17%
DHI D. R. Horton Grade B+ $151.91

Own 100 shares, sell the $160 call expiring November 27, 2026 (25 days) for $2.60 a share — $260 per contract.

Previous session · Bid $2.60, ask $3.50, quoted Mon 2 Nov, 17:21 New York time with DHI at $151.91. Option prices move with the shares: check the live chain at your broker before trading.

  • If DHI ends below $160: you keep your shares and the $260 — 1.7% extra on the position, 25.0% a year at that pace.
  • If it ends above $160: your shares are sold at $160, a total return of 7.0% including the premium — at or above our value of ~$160.
$1.1k $0 −$3.0k Break-even $149.31 Price $151.91 Our value $160
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$260
Annualised
25.0%
Break-even
$149.31
Max gain
$1,069
Chance of selling
~33%

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

D. R. Horton in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) D. R. Horton
$33B $34B $35B $36B $37B $38B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $35.5B Revenue (TTM), FY24 Q1: $35.9B Revenue (TTM), FY24 Q2: $37.1B Revenue (TTM), FY24 Q3: $37.3B Revenue (TTM), FY24 Q4: $36.8B Revenue (TTM), FY25 Q1: $36.7B Revenue (TTM), FY25 Q2: $35.3B Revenue (TTM), FY25 Q3: $34.6B Revenue (TTM), FY25 Q4: $34.3B Revenue (TTM), FY26 Q1: $33.5B Revenue (TTM), FY26 Q2: $33.3B Revenue (TTM), FY26 Q3: $33.3B $33.3B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $35.5B
FY24 Q1 $35.9B
FY24 Q2 $37.1B
FY24 Q3 $37.3B
FY24 Q4 $36.8B
FY25 Q1 $36.7B
FY25 Q2 $35.3B
FY25 Q3 $34.6B
FY25 Q4 $34.3B
FY26 Q1 $33.5B
FY26 Q2 $33.3B
FY26 Q3 $33.3B
Revenue growth, TTM YoY D. R. Horton
-10% -5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 5.9% Revenue growth, TTM YoY, FY24 Q1: 6.7% Revenue growth, TTM YoY, FY24 Q2: 10.1% Revenue growth, TTM YoY, FY24 Q3: 7.8% Revenue growth, TTM YoY, FY24 Q4: 3.8% Revenue growth, TTM YoY, FY25 Q1: 2.1% Revenue growth, TTM YoY, FY25 Q2: -4.7% Revenue growth, TTM YoY, FY25 Q3: -7.3% Revenue growth, TTM YoY, FY25 Q4: -6.9% Revenue growth, TTM YoY, FY26 Q1: -8.6% Revenue growth, TTM YoY, FY26 Q2: -5.6% Revenue growth, TTM YoY, FY26 Q3: -3.5% -3.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 5.9%
FY24 Q1 6.7%
FY24 Q2 10.1%
FY24 Q3 7.8%
FY24 Q4 3.8%
FY25 Q1 2.1%
FY25 Q2 -4.7%
FY25 Q3 -7.3%
FY25 Q4 -6.9%
FY26 Q1 -8.6%
FY26 Q2 -5.6%
FY26 Q3 -3.5%
FCF margin (TTM) D. R. Horton
4% 6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 11.7% FCF margin (TTM), FY24 Q1: 8.8% FCF margin (TTM), FY24 Q2: 6.0% FCF margin (TTM), FY24 Q3: 5.6% FCF margin (TTM), FY24 Q4: 5.5% FCF margin (TTM), FY25 Q1: 7.8% FCF margin (TTM), FY25 Q2: 7.7% FCF margin (TTM), FY25 Q3: 8.1% FCF margin (TTM), FY25 Q4: 9.6% FCF margin (TTM), FY26 Q1: 10.4% FCF margin (TTM), FY26 Q2: 10.5% FCF margin (TTM), FY26 Q3: 9.6% 9.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 11.7%
FY24 Q1 8.8%
FY24 Q2 6.0%
FY24 Q3 5.6%
FY24 Q4 5.5%
FY25 Q1 7.8%
FY25 Q2 7.7%
FY25 Q3 8.1%
FY25 Q4 9.6%
FY26 Q1 10.4%
FY26 Q2 10.5%
FY26 Q3 9.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Sept 2009 2010 Sept 2010 2011 Sept 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 3.7 4.4 3.6 4.4 6.3 8.0 10.8 12.2 14.1 16.1 17.6 20.3 27.8 33.5 35.5 36.8 34.3 33.3
Gross profit — — — — — — — 2.7 3.0 3.7 3.9 4.9 7.9 10.5 9.4 9.5 8.1 7.5
Net income −0.5 0.2 0.1 1.0 0.5 0.5 0.8 0.9 1.0 1.5 1.6 2.4 4.2 5.9 4.7 4.8 3.6 3.1
Diluted EPS −$1.73 $0.77 $0.23 $2.77 $1.33 $1.50 $2.03 $2.36 $2.74 $3.81 $4.29 $6.41 $11.41 $16.51 $13.82 $14.34 $11.57 $10.50
Growth (year on year)
Revenue — +20.3% −17.3% +19.7% +43.8% +28.2% +34.9% +12.3% +15.9% +14.0% +9.5% +15.5% +36.7% +20.5% +5.9% +3.8% −6.9% −3.5%
Net income — — −70.7% — −51.6% +15.3% +40.7% +18.1% +17.2% +40.6% +10.8% +46.7% +75.9% +40.3% −19.0% +0.2% −24.6% −23.0%
Diluted EPS — — −70.1% — −52.0% +12.8% +35.3% +16.3% +16.1% +39.1% +12.6% +49.4% +78.0% +44.7% −16.3% +3.8% −19.3% −15.9%
Margins
Gross margin — — — — — — — 21.8% 21.6% 22.8% 22.0% 24.3% 28.4% 31.4% 26.4% 25.9% 23.7% 22.6%
Net margin −15.0% 5.6% 2.0% 22.0% 7.4% 6.6% 6.9% 7.3% 7.4% 9.1% 9.2% 11.7% 15.0% 17.5% 13.4% 12.9% 10.5% 9.2%
Free-cash-flow margin 31.0% 15.7% 0.1% −7.5% −20.6% −9.5% 6.0% 4.5% 2.4% 3.0% 4.3% 6.5% 1.6% 1.2% 11.7% 5.5% 9.6% 9.6%
Cash flow
Cash from operations 1.1 0.7 0.0 −0.3 −1.2 −0.7 0.7 0.6 0.4 0.5 0.9 1.4 0.5 0.6 4.3 2.2 3.4 3.4
Capital spending 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.1 0.2
Free cash flow 1.1 0.7 0.0 −0.3 −1.3 −0.8 0.6 0.5 0.3 0.5 0.8 1.3 0.4 0.4 4.2 2.0 3.3 3.2
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 1.1 0.7 −0.0 −0.3 −1.3 −0.8 0.6 0.5 0.3 0.4 0.7 1.2 0.3 0.3 4.0 1.9 3.2 3.1
Balance sheet
Cash 2.0 1.3 0.8 1.1 1.0 0.7 1.4 1.3 1.0 1.5 1.5 3.0 3.2 2.5 3.9 4.5 3.0 2.1
Total debt 0.0 0.0 0.0 — 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net debt (negative = net cash) −2.0 −1.3 −0.8 −1.1 −1.0 −0.7 −1.4 −1.3 −1.0 −1.5 −1.5 −3.0 −3.2 −2.5 −3.9 −4.5 −3.0 −2.1
Diluted shares 317m 319m 319m 359m 365m 367m 370m 375m 379m 383m 377m 370m 366m 355m 343m 332m 310m 291m
Returned to shareholders
Dividends 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.1 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.4 0.5 0.5
Buybacks — 0.0 0.0 0.0 0.0 — 0.0 0.0 0.1 0.1 0.5 0.4 0.9 1.1 1.2 1.8 4.3 2.9
Total returned 0.0 0.0 0.1 0.0 0.1 0.0 0.1 0.1 0.2 0.3 0.7 0.6 1.2 1.4 1.5 2.2 4.8 3.4

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 0 checks passed · June 30, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From D. R. Horton's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$2.9B
Dividends (TTM)
$507M
Returned to shareholders
106%
of free cash flow
Buybacks, last 3 fiscal years
$7.3B
Diluted share count
−8.4%
year over year
Total shareholder yield
7.9%
dividends 1.2% + buybacks 6.8% of market value
Dividend payout ratio
17%
of net income paid out
Sales & admin spending
11.2%
of revenue

Competitors: side by side with peers

Closest by revenue in homebuilding
Last 12 months unless stated DHI LEN PHM TOL NVR KBH Median
Revenue, last 12 months $33.3bn $32.0bn $16.0bn $10.8bn $9.5bn $5.2bn $3.8bn
Revenue growth, last 12 months −3.5% −8.0% −9.3% −1.1% −9.9% −20.8% −7.1%
Revenue growth, 3-year average −1.2% −1.5% −1.8% 0.2% −1.6% −8.1% −0.6%
Revenue growth, latest quarter 0.0% −8.7% −9.8% −9.7% −10.5% −20.0% −6.2%
Gross margin 22.6% 21.1% — 23.7% — 19.1% 21.1%
Operating margin — 22.9% — 13.8% — 7.6% 9.1%
Operating margin, 3-year average — 17.0% — 16.3% — 6.1% 12.0%
Net margin 9.2% 4.1% 11.2% 11.1% 12.0% 4.4% 7.2%
Cash from operations / revenue 10.1% 2.9% 8.8% 11.1% 11.2% 1.4% 7.8%
Free-cash-flow margin 9.6% 2.5% 8.1% 10.1% 11.0% 0.6% 7.7%
Free-cash-flow margin, 3-year average 7.8% 3.7% 8.1% 8.9% 12.5% 3.3% 5.8%
Stock pay / revenue 0.4% 0.4% 0.4% 0.3% 0.7% 0.6% 0.5%
Change in share count −8.4% −6.7% −5.1% −5.0% −7.9% −11.8% −4.8%

Median of all 17 companies we cover in homebuilding. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 homebuilding companies
Measure Company Peer median Rank
Revenue growth Growth -3.5% -7.1% 7 of 17
Change in growth rate Growth +2.0pp -0.6pp 6 of 17
Gross margin Profitability 22.6% 22.7% 7 of 11
Net margin Profitability 9.2% 7.2% 6 of 17
Free-cash-flow margin Cash generation 9.6% 7.7% 7 of 17
Stock pay as % of revenue Cash generation 0.4% 0.5% 5 of 17
Change in share count Balance sheet -8.4% -4.8% 2 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Segments
Line of business Revenue Share YoY
Home Building Ops $31.5B 92.0% ▼ 7.2%
Forestar Group $1.7B 4.9% ▲ 10.1%
Rental $1.6B 4.8% ▼ 2.7%
Financial Services $841M 2.5% ▼ 4.7%
Eliminations and Other -$1.4B -4.1% —
Products and services
Line of business Revenue Share YoY
Home Building Ops $31.4B 91.8% ▼ 7.3%
Rental $1.6B 4.8% ▼ 2.7%
Financial Services $841M 2.5% ▼ 4.7%
Land $337M 1.0% ▲ 2.0%

From D. R. Horton's 10-K filed November 19, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$39.4B
Institutions reporting
1,225
Shares held vs prior quarter
▼ 0.4%
Positions opened / closed
171 / 82

Top buyers and sellers, Q2 2026: 637 institutions bought and 494 sold ; the biggest buyer was Capital Research Global Investors (+1.0M shares) and the biggest seller Jpmorgan Chase & Co (−3.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Capital World Investors $6.1B 37.3M 15.4% ▲ 0.9%
Blackrock, Inc. $4.1B 25.0M 10.3% ▼ 10.3%
Vanguard Capital Management LLC $2.8B 16.9M 7.0% ▼ 1.6%
Vanguard Portfolio Management LLC $2B 12.4M 5.1% ▼ 1.3%
State Street Corp $2B 12.1M 5.0% ▲ 1.8%
FMR LLC $1.5B 9.4M 3.9% ▼ 3.3%
Geode Capital Management, LLC $1.2B 7.2M 3.0% ▼ 0.7%
Capital Research Global Investors $926M 5.7M 2.4% ▲ 22.1%
Morgan Stanley $602M 3.7M 1.5% ▼ 3.8%
Goldman Sachs Group Inc $579M 3.6M 1.5% ▲ 0.8%
Greenhaven Associates Inc $571M 3.5M 1.4% ▲ 1.1%
Invesco Ltd. $565M 3.5M 1.4% ▲ 2.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not D. R. Horton's complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $43,563 1 trade by 1 insider · 0% under pre-set plans
Net ▼ $43,563 net selling
Insider Date Trade Shares Price Value
Odom Aron M. SVP, Controller and PAO February 13, 2026 Sell 260 $167.55 $43,563

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 25 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 1 sale of D. R. Horton shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded January 9, 2026, filed February 13, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded November 18, 2025, filed December 15, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 19, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 21, 2026
  • April 21, 2026
  • January 20, 2026
  • October 28, 2025
  • July 22, 2025

Recent SEC filings

Data status

When each part of this page on D. R. Horton was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

D. R. Horton in brief

What does D. R. Horton do?
D. R. Horton is a US-listed company in the homebuilding industry. Its financial year ends in September.
What is D. R. Horton's stock ticker?
D. R. Horton trades under the ticker DHI on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is D. R. Horton's revenue, and how fast is it growing?
Over its most recent trailing twelve months, D. R. Horton reported revenue of $33.3B, 3.5% lower than a year earlier, according to its SEC filings.
What is D. R. Horton's free cash flow?
D. R. Horton's free-cash-flow margin is 9.6% of revenue over the trailing twelve months, ranking 7 of the 17 homebuilding companies we cover.
What is D. R. Horton's fair value (intrinsic value) per share?
Our discounted-cash-flow model of D. R. Horton's free cash flow after stock-based pay gives ~$160 per share in the base case, and ~$120–$210 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are D. R. Horton's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Capital World Investors, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is D. R. Horton buying back stock, and does it pay a dividend?
D. R. Horton spent $2.9B on share repurchases over the trailing twelve months, and its diluted share count fell 8.4% over the year.
What is D. R. Horton's market cap?
On November 2, 2026, D. R. Horton's market capitalisation was about $44.5B, with a price-to-earnings ratio of 14.6 and net debt of -$2.1B. Market figures come from third-party market data and may be delayed.
Does D. R. Horton pay a dividend?
Yes: D. R. Horton paid $507M in dividends over the trailing twelve months, a dividend yield of 1.18% and a payout ratio of 16.6%.
Who are D. R. Horton's competitors?
In our Homebuilding peer group, the companies closest to D. R. Horton are Lennar, PulteGroup, Toll Brothers, Inc., NVR, Inc. and KB Home. The side-by-side comparison below sets their revenue, margins and growth against D. R. Horton's.
Are insiders buying or selling D. R. Horton stock?
Over the last 12 months, D. R. Horton's directors and officers reported 0 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is D. R. Horton's next earnings date?
Around January 19, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — D. R. Horton announces its own schedule.