D.R. Horton (DHI) Q2 FY2026 earnings: revenue $7.6 billion, down 2.3% on the year

D.R. Horton, Inc. (DHI) reported revenue of $7.6 billion for Q2 FY2026, the quarter ended 31 March 2026, down 2.3% on the same quarter a year earlier. Net income was $648 million, down 20.1% on the year, and diluted earnings per share $2.24. The figures are the company's own, from the 10-Q it filed with the SEC on 23 April 2026.

Revenue

$7.6 billion

-2.3% on the year · +9.7% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

n/a

Q3 FY2024Q2 FY2026

Net income

$648 million

-20.1% on the year · +8.9% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$2.24

-13.2% on the year · +10.3% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 2 narrowed, 4 kept.

Net income and EPS declined: Net income attributable to D.R. Horton fell 20% to $647.9 million; diluted EPS fell 13% to $2.24 for the quarter.
Net sales orders rose 11%: Net sales orders rose 11% to 24,992 homes, with an order value of $9.2 billion; homes closed rose 1% to 19,486.
Homebuilding pre-tax income fell 19%: Homebuilding pre-tax income was $757.9 million on revenue of $7.1 billion; pre-tax margin was 10.7%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	7,558	6,887	7,734	+9.7%	-2.3%
Cost of revenue	5,855	5,292	5,834	+10.6%	+0.4%
Gross profit	1,703	1,595	1,900	+6.8%	-10.4%
Gross margin	22.5%	23.2%	24.6%
Selling, general and administrative	903	865	899	+4.4%	+0.5%
Pre-tax income	867	798	1,067	+8.7%	-18.7%
Income tax	209	197	248	+6.5%	-15.6%
Effective tax rate	24.1%	24.6%	23.2%
Net income	648	595	810	+8.9%	-20.1%
Net margin	8.6%	8.6%	10.5%
Diluted EPS	$2.24	$2.03	$2.58	+10.3%	-13.2%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	-412	854	-436
Capital expenditure	37.2	27.4	34.3	+35.8%	+8.5%
Free cash flow	-450	827	-470
Free cash flow margin	-5.9%	12.0%	-6.1%
Cash from investing	-44.2	-116	-37.4
Cash from financing	-122	-1,218	-77.3
Depreciation and amortisation	28.1	27.7	24.6	+1.4%	+14.2%
Share-based compensation	34.6	41.4	32.2	-16.4%	+7.5%
Buybacks	930	670	1,300	+38.9%	-28.4%
Dividends paid	130	132	126	-1.4%	+3.3%
Dividend per share	$0.45	$0.45	$0.40	0.0%	+12.5%
Diluted shares, weighted	289m	293m	314m	-1.5%	-8.0%
Shares outstanding at period end	285m	290m	309m	-1.9%	-7.7%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	23,626	23,996	24,327	-1.5%	-2.9%
Non-controlling interest	573	560	532	+2.4%	+7.8%
Debt	6,564	5,547	6,518	+18.3%	+0.7%
Other liabilities	4,804	4,537	4,313	+5.9%	+11.4%
Total liabilities and equity	35,567	34,640	35,690	+2.7%	-0.3%
Fixed assets	593	582	536	+1.9%	+10.5%
Goodwill	164	164	164	0.0%	0.0%
Cash and equivalents	1,918	2,506	2,471	-23.5%	-22.4%
Other assets	32,892	31,388	32,519	+4.8%	+1.1%
Total assets	35,567	34,640	35,690	+2.7%	-0.3%

Questions

What was D.R. Horton's revenue in Q2 FY2026?

D.R. Horton (DHI) reported revenue of $7.6 billion for Q2 FY2026, the quarter ended 31 March 2026, down 2.3% on the same quarter a year earlier.

How much did D.R. Horton earn in Q2 FY2026?

Net income for Q2 FY2026 was $648 million, down 20.1% on the year, and diluted earnings per share $2.24.

When did D.R. Horton report Q2 FY2026 results?

D.R. Horton filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 23 April 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 March 2026, filed 23 April 2026: the filing.