D.R. Horton, Inc. · DHI · FY2026 Q4 · Calendar Q4 2026

D.R. Horton FY2026: Strong Cash Flow, Cautious Housing Outlook

D.R. Horton enters FY2027 with resilient cash generation and disciplined capital allocation, but the evidence is mixed: demand and profitability remain constrained by mortgage rates, affordability, incentives and costs.

Reported Before market openNYSEConsumer Cyclical $40.98B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $2.67 Consensus $3.01
EPS surprise -11.3% Reported versus consensus
Reported revenue $9.37B Consensus $9.07B
Revenue surprise +3.3% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +2.5% Event window
SPY move -0.4% Same window
Abnormal move +2.9% Stock minus SPY
Volume 1.6× Versus trailing sessions
Subsequent drift 0.0% Up to 20 sessions
DHISPY benchmark

Ask FN2 about DHI FY2026 Q4

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Why did DHI rise 2.5% after missing EPS estimates in FY2026 Q4?What changed in DHI's guidance and outlook in FY2026 Q4?Give me the bull and bear case for DHI after FY2026 Q4 earnings.

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Transcript intelligence

What changed

Compared with the prior quarter, the discussion shifted from a lowered FY2026 outlook to maintained FY2027 guidance. The company also disclosed a $25.3 million rental pretax loss tied to a $91.4 million inventory impairment, while emphasizing smaller homes, tighter inventory and operational efficiency.

Guidance delta

Management maintained FY2027 guidance of $30-$32 billion in revenue, 79,000-84,000 homes closed and an 18%-18.5% gross margin range.

Key takeaways

  • Revenue and net income declined year over year as higher rates and affordability concerns weighed on demand.
  • Cash flow remained strong at about $3.5 billion, supporting $4.1 billion of shareholder returns and a dividend increase.
  • Management expects FY2027 revenue of $30-$32 billion, 79,000-84,000 homes closed and an 18%-18.5% gross margin.
  • Inventory was trimmed to 28,200 homes at year-end while cycle times remained near historic lows.
  • A smaller-home focus, lot-development efficiency and selective acquisitions are intended to support affordability and flexibility.

Management priorities

  • Expand smaller-home offerings to improve affordability.
  • Maintain disciplined starts and inventory levels.
  • Continue lot acquisition and Forestar-related efficiency.
  • Evaluate acquisitions of smaller homebuilders.
  • Continue the Phoenix robotics and panelization pilot.

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Earnings History

Estimate Beat Miss Match
DHI EPS earnings history estimate and actual scatter chart 10 reported fiscal quarters and 4 future estimate-only quarters. Q3 '24 estimate $3.75 Q3 '24 actual $4.10, beat Q4 '24 estimate $4.17 Q4 '24 actual $3.92, miss Q3 '25 estimate $2.94 Q3 '25 actual $3.36, beat Q4 '25 estimate $3.27 Q4 '25 actual $3.04, miss Q1 '26 estimate $1.93 Q1 '26 actual $2.03, beat Q2 '26 estimate $2.15 Q2 '26 actual $2.24, beat Q3 '26 estimate $3.02 Q3 '26 actual $3.20, beat Q4 '26 estimate $3.01 Q4 '26 actual $2.67, miss Q1 '27 estimate $2.09 Q2 '27 estimate $2.40 Q3 '27 estimate $3.25 Q4 '27 estimate $3.41
Show 2 more >

Analyst Consensus ?

ConsensusHold52 ratings
Bullish2446.1%
Neutral2548.1%
Bearish35.8%

Analyst 52W Price Targets

$146.53Previous close
$61Low
$142.28Average
$210High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 30, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Wells Fargo Equal Weight Equal WeightMaintainOct 16, 2026
RBC Capital Underperform UnderperformMaintainOct 15, 2026
Citigroup Neutral NeutralMaintainOct 15, 2026
Barclays Equal Weight Equal WeightMaintainOct 6, 2026
Evercore ISI Group In Line In LineMaintainSep 25, 2026
Show 47 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $146.53. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Wells FargoSam Reid$140$139.55 -4.5%Oct 16, 2026
Goldman SachsSusan Maklari$182$134.88 +24.2%Oct 12, 2026
BarclaysAnalyst unavailable$130$133.23 -11.3%Oct 6, 2026
Morgan StanleyAnalyst unavailable$151$136.65 +3.1%Oct 1, 2026
Evercore ISIAnalyst unavailable$166$140.35 +13.3%Sep 25, 2026
See 57 more

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Company context

Snapshot as of publication

Established 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 earnings
-0.9%FY2026 Q3 · Calendar Q3 2026+5.8%FY2026 Q2 · Calendar Q2 2026-1.8%FY2026 Q1 · Calendar Q1 2026

Consumer Cyclical peers this season

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BWA BorgWarner Inc. FY2026 Q3 · Calendar Q4 2026 +11.2% -4.7% BorgWarner pairs stronger Q3 execution with industrial expansion
SCI Service Corporation International FY2026 Q3 · Calendar Q4 2026 -2.1% -8.7% SCI lowers guidance as cost pressures offset resilient pre-need demand

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-10-29T17:12:24.949536+00:00
  2. FN2 earnings calendar · 2026-10-30T01:23:13.979536+00:00
  3. Polygon adjusted daily market bars · 2026-10-30T11:10:43.395649+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-30T11:10:43.392979+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 2026-10-30. For educational purposes only; not investment advice.