Analyst Consensus ?
ConsensusHold52 ratings
Bullish2446.1%
Neutral2548.1%
Bearish35.8%
D.R. Horton, Inc. · DHI · FY2025 Q3 · Calendar Q3 2025
D.R. Horton beat Q3 expectations, but incentives pressure margins
The quarter supports a constructive but qualified view: earnings growth is backed by strong cash generation, inventory discipline, mortgage financing, and rental operations, while rising incentives and affordability pressure are important offsets. The evidence supports resilience rather than an unqualified acceleration.
Reported Before market openNYSEConsumer Cyclical
$38.25B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$3.36
Consensus $2.94
EPS surprise
+14.3%
Reported versus consensus
Reported revenue
$9.23B
Consensus $8.77B
Revenue surprise
+5.1%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+17.0%
Event window
SPY move
+0.0%
Same window
Abnormal move
+17.0%
Stock minus SPY
Volume
3.0×
Versus trailing sessions
Subsequent drift
+9.5%
Up to 20 sessions
DHISPY benchmark
Ask FN2 about DHI FY2025 Q3
Transcript, numbers and history already loaded
Why did DHI rise 17.0% after beating EPS estimates in FY2025 Q3?What changed in DHI's guidance and outlook in FY2025 Q3?Give me the bull and bear case for DHI after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, reported performance improved to a Q3 EPS beat and 21.8% home-sales gross margin, while management raised the planned FY2025 repurchase range to $4.2-$4.4 billion. The main negative change is clearer near-term margin pressure from incentives and a planned moderation in community-count growth.
Guidance delta
Management maintained FY2025 home-sales gross margin guidance of 21%-21.5% and outlined Q4 fiscal 2025 revenue of $9.1-$9.6 billion with 23,500-24,000 homes closed. Q4 gross margin is expected to decline about 50 basis points as incentives rise.
Key takeaways
- Q3 EPS was $3.36, while home-sales gross margin was 21.8%, above guidance.
- Strong cash generation of $2.9 billion year to date supports a planned $4.2-$4.4 billion FY2025 share repurchase.
- Rental and mortgage operations are contributing materially, while community-count growth is expected to moderate.
- The key tension is solid demand and capital efficiency versus rising incentives, affordability constraints, and margin pressure.
Management priorities
- Improve inventory efficiency and preserve returns on inventory.
- Expand smaller-footprint home plans for first-time buyers.
- Moderate community-count growth to high-single-digit or mid-single-digit rates.
- Continue developing rental operations and using Four Star and third-party developers for lot supply.
- Execute the FY2025 share-repurchase program and support buyers through mortgage products.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$136.75Previous close
$61Low
$143.05Average
$210High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 7, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 6, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Sep 25, 2026 |
| Keefe, Bruyette & Woods | Market Perform | Market Perform | Maintain | Sep 22, 2026 |
| Truist Securities | Hold | Hold | Maintain | Sep 16, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Sep 11, 2026 |
| RBC Capital | Underperform | Underperform | Maintain | Jul 22, 2026 |
| Zelman & Assoc | Outperform | Neutral | Upgrade | Jul 7, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Apr 23, 2026 |
| UBS | Buy | Buy | Maintain | Apr 22, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Apr 22, 2026 |
| Seaport Global | Neutral | Buy | Downgrade | Apr 7, 2026 |
| Argus Research | Buy | Buy | Maintain | Jan 23, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Jan 21, 2026 |
| Citizens | Market Perform | Market Outperform | Downgrade | Jan 7, 2026 |
| Wedbush | Neutral | Neutral | Maintain | Jul 23, 2025 |
| JP Morgan | Underweight | Underweight | Maintain | Apr 21, 2025 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Apr 21, 2025 |
| Raymond James | Market Perform | Outperform | Downgrade | Nov 7, 2024 |
| BTIG | Buy | Buy | Maintain | Oct 30, 2024 |
| Jefferies | Hold | Hold | Maintain | Apr 19, 2024 |
| Credit Suisse | Neutral | Neutral | Maintain | Jul 21, 2023 |
| Deutsche Bank | Buy | Buy | Maintain | Jun 1, 2023 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Mar 22, 2023 |
| Keybanc | Overweight | Overweight | Maintain | Jan 26, 2023 |
| Oppenheimer | Perform | Perform | Maintain | Jan 19, 2023 |
| Janney Capital | Neutral | Neutral | Maintain | Jan 22, 2021 |
| Susquehanna | Positive | Neutral | Upgrade | Nov 11, 2020 |
| CFRA | Strong Buy | Hold | Upgrade | May 13, 2020 |
| SunTrust Robinson Humphrey | Hold | Buy | Downgrade | Feb 26, 2020 |
| Buckingham Research | Buy | Buy | Maintain | Jul 31, 2019 |
| Keefe Bruyette & Woods | Market Perform | Outperform | Downgrade | Apr 22, 2019 |
| Buckingham | Buy | Buy | Maintain | Apr 16, 2019 |
| Mizuho | Buy | Neutral | Upgrade | Jan 23, 2019 |
| Argus | Buy | Buy | Maintain | Nov 16, 2018 |
| Bank of America | Buy | Buy | Maintain | Feb 1, 2018 |
| BTIG Research | Buy | Buy | Maintain | Feb 8, 2017 |
| Stifel Nicolaus | Buy | Buy | Maintain | Apr 22, 2016 |
| Stifel | Buy | Buy | Maintain | Apr 22, 2016 |
| Sterne Agee CRT | Neutral | Buy | Downgrade | Apr 22, 2016 |
| Sterne Agee | Neutral | Buy | Downgrade | Apr 22, 2016 |
| FBN Securities | Underperform | Sector Perform | Downgrade | Apr 18, 2016 |
| MKM Partners | Neutral | Neutral | Maintain | Jul 28, 2015 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jan 15, 2015 |
| Compass Point | Buy | Buy | Maintain | Nov 12, 2014 |
| ISI Group | Strong Buy | Buy | Upgrade | Apr 25, 2014 |
| S&P Capital IQ | Hold | Sell | Upgrade | Jan 28, 2014 |
| CRT Capital | Buy | Hold | Upgrade | Jul 29, 2013 |
| Gilford Securities | Buy | Buy | Maintain | Jan 9, 2013 |
| Topeka | Hold | Hold | Maintain | Dec 7, 2012 |
| Williams Financial | Buy | Buy | Maintain | May 17, 2012 |
| Williams Capital | Buy | Buy | Maintain | May 17, 2012 |
| Guggenheim | Neutral | Neutral | Maintain | Apr 23, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $136.75. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Analyst unavailable | $130 | $133.23 | -4.9% | Oct 6, 2026 |
| Morgan Stanley | Analyst unavailable | $151 | $136.65 | +10.4% | Oct 1, 2026 |
| Evercore ISI | Analyst unavailable | $166 | $140.35 | +21.4% | Sep 25, 2026 |
| BTIG | Ryan Gilbert | $174 | $139.25 | +27.2% | Sep 22, 2026 |
| Wells Fargo | Analyst unavailable | $145 | $135.57 | +6.0% | Sep 11, 2026 |
| BTIG | Analyst unavailable | $184 | $143.52 | +34.6% | Jul 22, 2026 |
| Barclays | Analyst unavailable | $141 | $148.85 | +3.1% | Jul 14, 2026 |
| Goldman Sachs | Susan Maklari | $190 | $162.2 | +38.9% | Apr 21, 2026 |
| Truist Financial | Analyst unavailable | $140 | $144.51 | +2.4% | Apr 16, 2026 |
| Truist Financial | Jonathan Bettenhausen | $155 | $152.61 | +13.3% | Mar 3, 2026 |
| UBS | Analyst unavailable | $163 | $149.1 | +19.2% | Jan 27, 2026 |
| Argus Research | Chris Graja | $185 | $154.55 | +35.3% | Jan 23, 2026 |
| BTIG | Analyst unavailable | $182 | $156.71 | +33.1% | Jan 21, 2026 |
| Barclays | Analyst unavailable | $129 | $153.19 | -5.7% | Jan 21, 2026 |
| Wells Fargo | Analyst unavailable | $158 | $153.19 | +15.5% | Jan 21, 2026 |
| UBS | John Lovallo | $193 | $153.19 | +41.1% | Jan 20, 2026 |
| Goldman Sachs | Analyst unavailable | $195 | $159.71 | +42.6% | Jan 13, 2026 |
| UBS | Analyst unavailable | $191 | $146.48 | +39.7% | Jan 6, 2026 |
| Wells Fargo | Sam Reid | $155 | $146.48 | +13.3% | Jan 6, 2026 |
| Barclays | Matthew Bouley | $132 | $158.62 | -3.5% | Dec 8, 2025 |
| Wells Fargo | Sam Reid | $180 | $158.62 | +31.6% | Dec 8, 2025 |
| BTIG | Analyst unavailable | $186 | $157.37 | +36.0% | Dec 1, 2025 |
| UBS | Analyst unavailable | $195 | $153.75 | +42.6% | Oct 29, 2025 |
| Evercore ISI | Analyst unavailable | $169 | $171.53 | +23.6% | Oct 7, 2025 |
| RBC Capital | Mike Dahl | $117 | $149 | -14.4% | Jul 23, 2025 |
| RBC Capital | Analyst unavailable | $105 | $120.76 | -23.2% | Apr 21, 2025 |
| BTIG | Carl Reichardt | $150 | $117.54 | +9.7% | Apr 16, 2025 |
| RBC Capital | Mike Dahl | $125 | $136.52 | -8.6% | Jan 10, 2025 |
| RBC Capital | Mike Dahl | $145 | $169.29 | +6.0% | Oct 30, 2024 |
| Citigroup | Anthony Pettinari | $185 | $167.32 | +35.3% | Oct 30, 2024 |
| UBS | John Lovallo | $217 | $173.42 | +58.7% | Jul 19, 2024 |
| JMP Securities | Aaron Hecht | $210 | $173.42 | +53.6% | Jul 19, 2024 |
| Barclays | Matthew Bouley | $200 | $173.42 | +46.3% | Jul 19, 2024 |
| RBC Capital | Mike Dahl | $141 | $145.88 | +3.1% | Apr 19, 2024 |
| BTIG | Carl Reichardt | $169 | $149.07 | +23.6% | Apr 15, 2024 |
| Barclays | Matthew Bouley | $186 | $159.42 | +36.0% | Apr 4, 2024 |
| Wedbush | Jay McCanless | $130 | $161.88 | -4.9% | Apr 2, 2024 |
| Wedbush | Matt Bryson | $100 | $141.04 | -26.9% | Jan 29, 2024 |
| Wells Fargo | Sam Reid | $123 | $104.93 | -10.1% | Oct 17, 2023 |
| Goldman Sachs | Susan Maklari | $131 | $103.66 | -4.2% | Oct 16, 2023 |
| Goldman Sachs | Analyst unavailable | $98 | $96.4 | -28.3% | Jan 12, 2023 |
| Raymond James | Buck Horne | $61 | $92.99 | -55.4% | Jan 9, 2023 |
| BTIG | Analyst unavailable | $101 | $83.56 | -26.1% | Dec 6, 2022 |
| J.P. Morgan | Analyst unavailable | $100 | $81.62 | -26.9% | Nov 22, 2022 |
| KeyBanc | Kenneth Zener | $84 | $72.44 | -38.6% | Sep 19, 2022 |
| BTIG | Carl Reichardt | $92 | $78.23 | -32.7% | Aug 2, 2022 |
| Barclays | Matthew Bouley | $95 | $75.36 | -30.5% | Jul 26, 2022 |
| BTIG | Carl Reichardt | $97 | $60.56 | -29.1% | Jun 20, 2022 |
| BTIG | Analyst unavailable | $104 | $70.09 | -23.9% | Apr 27, 2022 |
| RBC Capital | Mike Dahl | $89 | $72.21 | -34.9% | Apr 27, 2022 |
| J.P. Morgan | Michael Rehaul | $82.5 | $72.51 | -39.7% | Apr 15, 2022 |
| Barclays | Matthew Bouley | $104 | $76.18 | -23.9% | Apr 3, 2022 |
| Seaport Global | Mark Weintraub | $115 | $98.27 | -15.9% | Jan 14, 2022 |
| Goldman Sachs | Susan Maklari | $119 | $97.29 | -13.0% | Dec 1, 2021 |
| Raymond James | Buck Horne | $120 | $101.05 | -12.2% | Nov 17, 2021 |
| Wells Fargo | Deepa Raghavan | $115 | $96.83 | -15.9% | Nov 15, 2021 |
| Bank of America Securities | Rafe Jadrosich | $120 | $94.56 | -12.2% | Nov 10, 2021 |
| Evercore ISI | Stephen Kim | $159 | $94.56 | +16.3% | Nov 10, 2021 |
| Wedbush | Jay McCanless | $125 | $91.88 | -8.6% | Jul 26, 2021 |
| Argus Research | Chris Graja | $110 | $99.52 | -19.6% | Apr 26, 2021 |
Track every rating change on DHI the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationEstablished in Arlington, Texas, in 1978, D.R. Horton, Inc. operates as a prominent residential construction enterprise. The company's core business involves acquiring and preparing land, then constructing and marketing homes across a substantial portion of the United States. Its operations span 31 states and 98 distinct markets, covering the East, North, Southeast, South Central, Southwest, and Northwest regions. Under several well-known brand names, including D.R. Horton, America's Builder, Express Homes, Emerald Homes, and Freedom Homes, the firm develops diverse housing types.…
Historical context
All DHI earningsConsumer Cyclical peers this season
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Latest beats and misses
Who reports nextBeat on EPS
- LWFY2027 Q1 · October 6, 2026+27.8% EPS+7.5% move
- RPMFY2027 Q1 · October 6, 2026+1.5% EPS+3.2% move
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
Get the DHI recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
- Polygon adjusted daily market bars · 2026-10-07T07:40:42.158333+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-07T07:40:42.155467+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-07. For educational purposes only; not investment advice.