D.R. Horton (DHI) Q1 FY2026 earnings: revenue $6.9 billion, down 9.5% on the year

D.R. Horton, Inc. (DHI) reported revenue of $6.9 billion for Q1 FY2026, the quarter ended 31 December 2025, down 9.5% on the same quarter a year earlier. Net income was $595 million, down 29.6% on the year, and diluted earnings per share $2.03. The figures are the company's own, from the 10-Q it filed with the SEC on 22 January 2026.

Revenue

$6.9 billion

-9.5% on the year · -28.8% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

n/a

Q2 FY2024Q1 FY2026

Net income

$595 million

-29.6% on the year · -34.3% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$2.03

-22.2% on the year · -33.2% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 6 kept.

Net income and diluted EPS fell: Net income attributable to D.R. Horton was $594.8 million, against $844.9 million a year earlier. Diluted EPS was $2.03, against $2.61.
Homes closed and revenue fell: Homebuilding revenue was $6.5 billion, against $7.1 billion a year earlier. Homes closed were 17,818, against 19,059.
Net sales orders rose 3%: Orders were 18,300 homes, against 17,837 a year earlier. Order value was $6.7 billion in both periods.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	6,887	9,678	7,613	-28.8%	-9.5%
Cost of revenue	5,292	7,581	5,703	-30.2%	-7.2%
Gross profit	1,595	2,097	1,910	-23.9%	-16.5%
Gross margin	23.2%	21.7%	25.1%
Selling, general and administrative	865	971	878	-10.9%	-1.5%
Pre-tax income	798	1,205	1,110	-33.8%	-28.1%
Income tax	197	288	258	-31.7%	-23.8%
Effective tax rate	24.6%	23.9%	23.2%
Net income	595	905	845	-34.3%	-29.6%
Net margin	8.6%	9.4%	11.1%
Diluted EPS	$2.03	$3.04	$2.61	-33.2%	-22.2%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	854	2,472	647	-65.5%	+32.1%
Capital expenditure	27.4	43.8	13.3	-37.4%	+106.0%
Free cash flow	827	2,428	633	-66.0%	+30.5%
Free cash flow margin	12.0%	25.1%	8.3%
Cash from investing	-116	-45.2	-57.1
Cash from financing	-1,218	-2,058	-2,065
Depreciation and amortisation	27.7	27.4	24.1	+1.1%	+14.9%
Share-based compensation	41.4	29.9	43.0	+38.5%	-3.7%
Buybacks	670	700	1,100	-4.3%	-39.1%
Dividends paid	132	118	128	+11.1%	+2.3%
Dividend per share	$0.45	$0.40	$0.40	+12.5%	+12.5%
Diluted shares, weighted	293m	297m	323m	-1.4%	-9.3%
Shares outstanding at period end	290m	294m	318m	-1.4%	-8.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	23,996	24,190	24,944	-0.8%	-3.8%
Non-controlling interest	560	552	519	+1.5%	+7.9%
Debt	5,547	5,966	5,098	-7.0%	+8.8%
Other liabilities	4,537	4,764	4,469	-4.8%	+1.5%
Total liabilities and equity	34,640	35,471	35,030	-2.3%	-1.1%
Fixed assets	582	579	524	+0.5%	+11.0%
Goodwill	164	164	164	0.0%	0.0%
Cash and equivalents	2,506	2,985	3,050	-16.0%	-17.8%
Other assets	31,388	31,743	31,292	-1.1%	+0.3%
Total assets	34,640	35,471	35,030	-2.3%	-1.1%

Questions

What was D.R. Horton's revenue in Q1 FY2026?

D.R. Horton (DHI) reported revenue of $6.9 billion for Q1 FY2026, the quarter ended 31 December 2025, down 9.5% on the same quarter a year earlier.

How much did D.R. Horton earn in Q1 FY2026?

Net income for Q1 FY2026 was $595 million, down 29.6% on the year, and diluted earnings per share $2.03.

When did D.R. Horton report Q1 FY2026 results?

D.R. Horton filed its 10-Q for the quarter ended 31 December 2025 with the SEC on 22 January 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	8,109	7,053	7,999	8,788	9,640	7,258	7,973	9,726	10,504	7,726	9,107	9,966	10,002	7,613	7,734	9,226	9,678	6,887	7,558	9,227
Cost of revenue	5,703	4,906	5,430	5,879	6,761	5,291	5,996	7,142	7,681	5,720	6,774	7,324	7,448	5,703	5,834	7,016	7,581	5,292	5,855	7,081
Gross profit	2,406	2,148	2,569	2,909	2,878	1,966	1,977	2,584	2,823	2,006	2,333	2,642	2,554	1,910	1,900	2,209	2,097	1,595	1,703	2,146
Gross margin	30%	30%	32%	33%	30%	27%	25%	27%	27%	26%	26%	27%	26%	25%	25%	24%	22%	23%	23%	23%
SG&A	693	666	695	741	832	737	774	852	886	835	881	924	960	878	899	944	971	865	903	991
Pre-tax income	1,726	1,497	1,883	2,183	2,066	1,267	1,245	1,784	2,018	1,248	1,528	1,799	1,710	1,110	1,067	1,358	1,205	798	867	1,226
Tax rate	22%	23%	23%	24%	20%	24%	24%	24%	24%	23%	23%	24%	24%	23%	23%	24%	24%	25%	24%	25%
Net income	1,339	1,142	1,436	1,648	1,632	959	942	1,335	1,510	947	1,172	1,354	1,283	845	810	1,025	905	595	648	905
Net margin	17%	16%	18%	19%	17%	13%	12%	14%	14%	12%	13%	14%	13%	11%	10%	11%	9%	9%	9%	10%
Diluted EPS	$3.68	$3.17	$4.03	$4.67	$4.67	$2.76	$2.73	$3.90	$4.45	$2.82	$3.52	$4.10	$3.92	$2.61	$2.58	$3.36	$3.04	$2.03	$2.24	$3.20
Operating cash flow	569	-174	-660	272	1,125	829	644	788	2,043	-153	-317	698	1,962	647	-436	739	2,472	854	-412	439
Capital expenditure	47.5	30.9	41.6	35.5	40.2	47.5	31.7	29.1	40.3	47.6	23.7	62.0	32.0	13.3	34.3	46.0	43.8	27.4	37.2	42.0
Free cash flow	521	-205	-702	236	1,084	782	613	758	2,003	-201	-340	636	1,930	633	-470	693	2,428	827	-450	397
Buybacks	213	278	266	310	246	118	303	343	436	398	402	400	n/a	1,100	1,300	1,200	700	670	930	600
Dividends paid	71.6	80.1	79.1	79.2	78.1	86.1	85.6	85.2	84.3	99.9	99.2	98.4	97.7	128	126	122	118	132	130	127
Shares outstanding	356m	354m	352m	347m	344m	343m	341m	338m	335m	332m	330m	327m	324m	318m	309m	299m	294m	290m	285m	281m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 December 2025, filed 22 January 2026: the filing.