D.R. Horton
Builds US homes while developing lots, rental communities, and buyer financing services.
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Profile
Builds and sells mostly single-family homes across the United States, with rental property sales, majority-owned Forestar lot development, and mortgage and title services alongside the core business. Decentralized local divisions operate within centralized land, capital, purchasing, and risk controls.
Builds and sells mostly single-family homes across the United States, with offerings for first-time, move-up, active-adult, and luxury buyers. Homebuilding supplies most revenue, while rental operations develop single-family communities and apartments for eventual sale. Majority-owned Forestar develops residential lots, and DHI Mortgage plus title subsidiaries support home purchases.
Runs homebuilding through decentralized local divisions, while regional and corporate teams centralize land approvals, capital allocation, purchasing, and cost controls. Scale, common plans, speculative inventory, and flexible lot contracts support pace and efficiency across markets. Results remain tied to mortgage affordability and buyer demand, along with land and lot availability, subcontractor labor and materials, and local permitting.
Company facts
Key statistics
Year to date +1.1% · Average volume (30d) 2.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 22, 2026 | BTIG | Target | $182 | $184 | ||
| Jul 14, 2026 | Barclays | Reiterate | Equal Weight | $129 | $141 | |
| Jul 7, 2026 | Zelman | Upgrade | Neutral | Outperform | ||
| Jul 7, 2026 | Zelman & Assoc | Upgrade | Neutral | Outperform | ||
| Apr 21, 2026 | Goldman Sachs | Target | $195 | $190 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 21, 2026Q3 FY26 | $3.02 | $3.20 | +6.0% | $9.10B | $9.23B | +1.4% | −0.70% |
| Apr 21, 2026Q2 FY26 | $2.15 | $2.24 | +4.2% | $7.55B | $7.56B | +0.1% | −0.63% |
| Jan 20, 2026Q1 FY26 | $1.93 | $2.03 | +5.2% | $6.59B | $6.89B | +4.6% | +3.21% |
| Oct 28, 2025Q4 FY25 | $3.27 | $3.04 | −7.0% | $9.41B | $9.68B | +2.8% | −3.55% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $7.73B | $9.23B | $9.68B | $6.89B | $7.56B | $9.23B | |
| Gross profit | $1.90B | $2.21B | $2.10B | $1.59B | $1.70B | $2.15B | |
| Operating income | $1.00B | $1.26B | $1.13B | $729.6M | $800.0M | $1.23B | |
| Net income | $810.4M | $1.02B | $905.3M | $594.8M | $647.9M | $904.9M | |
| Diluted EPS | $2.58 | $3.36 | $3.04 | $2.03 | $2.24 | $3.18 | |
| Gross margin | 24.6% | 23.9% | 21.7% | 23.2% | 22.5% | 23.3% | |
| Operating margin | 12.9% | 13.7% | 11.6% | 10.6% | 10.6% | 13.3% |
Fiscal years (4-quarter sums)FY21 $27.77B · FY22 $33.48B · FY23 $35.46B · FY24 $36.80B · FY25 $34.25B
Revenue by product · Q3 FY26
Revenue by geography · Q3 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $2.08B · Total debt $7.18B · Total assets $36.51B · Shareholders' equity $23.82B
Dividends
Raised for 11 straight years — most recently to $0.45 from $0.40 in Nov 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 6, 2026 | Aug 6 | Aug 13 | $0.45 | |
| May 7, 2026 | May 7 | May 14 | $0.45 | |
| Feb 5, 2026 | Feb 5 | Feb 12 | $0.45 | |
| Nov 13, 2025 | Nov 13 | Nov 20 | $0.45 | raised from $0.40 |
| Aug 7, 2025 | Aug 7 | Aug 14 | $0.40 | |
| May 2, 2025 | May 2 | May 9 | $0.40 | |
| Feb 7, 2025 | Feb 7 | Feb 14 | $0.40 | |
| Nov 12, 2024 | Nov 12 | Nov 19 | $0.40 | raised from $0.30 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 279.70M · Float 246.80M · 88.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Capital World Investors | 37.28M | 13.33% | 13F | Aug 12, 2026 |
| BlackRock, Inc. | 24.97M | 8.93% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 16.94M | 6.06% | 13F | Aug 13, 2026 |
| Horton Family Limited Partnership | 16.65M | 5.24% | 13G | Feb 14, 2025 |
| Vanguard Portfolio Management LLC | 12.40M | 4.43% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 3, 2024 | Michael J. Murray | officer: EVP and COO | −120 | $148.97 |
| Feb 13, 2026 | Aron M. Odom | officer: SVP, Controller and PAO | −260 | $167.55 |
| Sep 5, 2025 | David V. Auld | director, officer: Executive Chairman | −30,000 | $182.21 |
| Sep 5, 2025 | Aron M. Odom | officer: SVP, Controller and PAO | −1,376 | $183.00 |
| Sep 5, 2025 | Michael R. Buchanan | director | −1,000 | $180.74 |
Peers
- Lennar
Neck-and-neck volume rival across every price tier and geography.
- PulteGroup
Multi-brand rival with dominant active-adult franchise and superior margins.
- NVR
Asset-light rival with industry-leading ROE and dominant Mid-Atlantic share.
- Meritage Homes
Fifth-largest builder — entry-level spec rival across shared Sunbelt states.
- KB Home
Built-to-order rival targeting the same first-time affordability tier.
- Toll Brothers
America's luxury builder — competes with Emerald Homes and active-adult.
- LGI Homes
Pure-play affordable builder competing directly with DHI's Express Homes brand.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| D.R. Horton | $147.39 | 0.00% | $41.23B | 14.1 | 13.1 | 1.2 | +0.0% |
| Lennar | $86.50 | +0.19% | $21.44B | 13.5 | 15.2 | 0.7 | −5.0% |
| PulteGroup | $128.55 | +0.02% | $24.81B | 13.2 | 12.0 | 1.5 | −9.6% |
| NVR | $6,396.27 | −0.21% | $17.27B | 16.6 | 16.6 | 1.8 | −10.6% |
| Meritage Homes | $71.02 | −0.14% | $4.74B | 14.9 | 12.9 | 0.9 | −14.3% |
| KB Home | $54.96 | +0.18% | $3.36B | 13.3 | 13.6 | 0.6 | −27.3% |
| Toll Brothers | $146.22 | +0.02% | $13.67B | 11.7 | 10.6 | 1.3 | −9.7% |
| LGI Homes | $57.50 | +0.03% | $1.34B | 20.2 | 17.4 | 0.8 | +6.7% |
| Median | 13.5 | 13.6 | 0.9 | −9.7% |