DHI FY2026 Q1 IN LINE

D.R. Horton, Inc. 실적 발표

Jan 20, 2026 · 03:30 ET Bill WheatJessica HansenMike Murray

Buzzberg 분석

Net sales orders increased 3% despite affordability constraints

D.R. Horton reported a solid Q1 FY2026 with revenues of $6.9B and 17,818 closings, albeit down YoY. Demand remains constrained by affordability, but orders grew 3% with increased incentives. Management reaffirmed full-year guidance of 86-88k closings and $33.5-35B revenue, while guiding Q2 margins lower due to higher incentives. The tone is cautious but disciplined, with a focus on cycle time improvements and capital efficiency. Q1 revenues $6.9B (down YoY), home sales gross margin 20.4% (includes 40bps warranty recovery; underlying 20.0%).

Buzzberg 분석 Net sales orders increased 3% despite affordability constraints D.R. Horton reported a solid Q1 FY2026 with revenues of $6.9B and 17,818 closings, albeit down YoY. Demand remains constrained by affordability, but orders grew 3% with increased incentives. Management reaffirmed full-year guidance of 86-88k closings and $33.5-35B revenue, while guiding Q2 margins lower due to higher incentives. The tone is cautious but disciplined, with a focus on cycle time improvements and capital efficiency. Q1 revenues $6.9B (down YoY), home sales gross margin 20.4% (includes 40bps warranty recovery; underlying 20.0%). 전체 분석 보기분석 접기

Net sales orders up 3% YoY to 18,300 homes; cancellation rate stable at 18%.
Community count up 12% YoY; management expects growth to moderate to mid-single digits.
Q2 guidance: revenue $7.3-7.8B, closings 19,700-20,200, gross margin 19-19.5%, pre-tax margin 10.6-11.1%.

Revenue $6.8869B -29% QoQ

EPS $2.03 -33% QoQ

HOME_BUILDING gross margin 20.4% reported

Gross margin 23.16% reported

이번 분기에 달라진 점

Demand

Net sales orders increased 3% despite affordability constraints

Management acknowledges affordability and consumer sentiment challenges but expresses confidence in their positioning and disciplined approach, maintaining guidance and highlighting operational strengths.

Margins

Incentives remain elevated and expected to continue

Reported gross margin was 23.16%, reinforcing the quarter's better-than-guided profitability.

Guidance

Second quarter gross margin guided lower due to incentives

Guidance · revenue to $34.25B

Supply

Community count growth expected to moderate to mid-to-high single digits

Community count up 12% YoY; management expects growth to moderate to mid-single digits.

AI, 자본지출 및 수요 분석

플랫폼 및 수익화

수요

수주 및 전환

Net sales orders increased 3% despite affordability constraints. Management acknowledges affordability and consumer sentiment challenges but expresses confidence in their positioning and disciplined approach, maintaining guidance and highlighting operational strengths.

자본지출

투자 및 생산능력

Management is focused on managing investments in lots, land, and development based on current market conditions, with a shift toward more land developed by others to enhance capital efficiency. They continue to invest in land and development with total investments of $2 billion in the first quarter, and expect starts to increase in the second quarter.

톤 · Measured

향후 가이던스

In LineGuidance · revenue to $34.25B

향후 가이던스
지표	기간	범위	중간값	상태
Gross marginHOME_BUILDING	FY2026 Q2	19%–19.5%	19.25%	GUIDED
Op margin	FY2026 Q2	10.6%–11.1%	10.85%	GUIDED
Revenue	FY2026	$33.5B–$35B	$34.25B	MAINTAINED
Revenue	FY2026 Q2	$7.3B–$7.8B	$7.55B	GUIDED
UnitsHOME_BUILDING	FY2026	$86K–$88K	$87K	MAINTAINED
UnitsHOME_BUILDING	FY2026 Q2	$19.7K–$20.2K	$19.95K	GUIDED

가이던스 신뢰도

4 / 5달성 또는 상회

가이던스 신뢰도
제시 시점	지표	목표 기간	가이던스	실제	결과
FY2026 Q2	Gross margin	FY2026 Q3	19.7%–20.2%	20.7%	Met / beat
FY2026 Q2	Op margin	FY2026 Q3	12.2%–12.7%	13.29%	Met / beat
FY2026 Q2	Revenue	FY2026 Q3	$8.8B–$9.3B	$9.2271B	Met / beat
FY2025 Q4	Op margin	FY2026 Q1	11.3%–11.8%	10.59%	Missed
FY2025 Q4	Revenue	FY2026 Q1	$6.3B–$6.8B	$6.8869B	Met / beat