D.R. Horton’s 9-Month Profit Falls 20% to $2.1 Billion

Key Facts

Net income attributable to D.R. Horton fell 20% to $2.1 billion in the nine months ended June 30, 2026, according to the company’s results. Diluted earnings per share fell 13% to $7.45, compared with the same period in the prior fiscal year. In the third quarter alone, net income fell 12% to $904.9 million, while diluted earnings per share declined 5% to $3.20. Consolidated revenue for the quarter was $9.2 billion. Company figures show the profit decline was accompanied by a different trend in orders during the first nine months.

Net sales orders rose 5% to 66,376 homes in the nine months ended June 30, and their value increased 4% to $24.3 billion, according to company data. In the third quarter, the company recorded net orders of 23,084 homes valued at $8.4 billion. On the revenue side, homebuilding revenue fell 3% to $22.3 billion over the nine months, a measure separate from consolidated revenue. The cancellation rate was 18% during the period, compared with 17% in the same period of the prior fiscal year. David Auld said affordability constraints and consumer caution continue to weigh on demand for new homes.

In the broader market, U.S. sales of new single-family homes stood at a seasonally adjusted annual rate of 684,000 homes in August 2026, down 2.0% from August 2025, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The average rate on a 30-year fixed mortgage was 7.32% in Freddie Mac’s survey dated October 22, compared with 7.03% on September 24. After its third-quarter results, the company said it expected consolidated revenue of between $32.5 billion and $33.0 billion for fiscal 2026. It forecast home closings across its homebuilding business of between 83,800 and 84,300 homes. The company scheduled its fourth-quarter and fiscal year ended September 30, 2026 results for October 29, before the market opens, with an earnings call at 8:30 a.m. Eastern time.