HORTON D R INC /DE/
For the period ended Jun 30, 2026. Filed Jul 23, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 23, 2026
DHI$152.28-3.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-04-23.
0000882184-26-000081
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-23.
0000882184-26-000096
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 286 previous paragraphs and 289 current paragraphs.
136 unchanged; 113 reworded; 40 added; 37 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 22 previous and 22 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (40)
Current report
•Consolidated revenues were essentially unchanged at $9.2 billion.
Current report
•Consolidated pre-tax income decreased 10% to $1.2 billion compared to $1.4 billion.
Current report
•Net income attributable to D.R. Horton decreased 12% to $904.9 million compared to $1.0 billion.
Current report
•Homebuilding revenues increased 1% to $8.7 billion compared to $8.6 billion.
Current report
•Net sales orders of 23,084 homes and the value of net sales orders of $8.4 billion both increased slightly from the prior year.
Current report
•Home sales gross margin was 20.7% compared to 21.8%.
Current report
•Homebuilding SG&A expense was 8.3% of homebuilding revenues compared to 7.8%.
Current report
•Homebuilding pre-tax income decreased 10% to $1.1 billion compared to $1.2 billion.
Current report
•Homebuilding pre-tax income was 12.3% of homebuilding revenues compared to 13.8%.
Current report
•Rental revenues were $266.1 million compared to $380.7 million.
Current report
•Rental pre-tax income was $31.0 million compared to $54.8 million.
Current report
•Forestar’s pre-tax income increased 12% to $48.7 million compared to $43.6 million.
Current report
•Forestar’s pre-tax income was 12.0% of revenues compared to 11.2%.
Current report
•Financial services revenues decreased 3% to $220.7 million compared to $227.8 million.
Current report
•Financial services pre-tax income decreased 14% to $70.3 million compared to $81.3 million.
Current report
•Financial services pre-tax income was 31.9% of financial services revenues compared to 35.7%.
Current report
•Consolidated revenues decreased 4% to $23.7 billion compared to $24.6 billion.
Current report
•Consolidated pre-tax income decreased 18% to $2.9 billion compared to $3.5 billion.
Current report
•Homebuilding revenues decreased 3% to $22.3 billion compared to $23.0 billion.
Current report
•Home sales gross margin was 20.4% compared to 22.1%.
Current report
•Homebuilding SG&A expense was 9.0% of homebuilding revenues compared to 8.5%.
Current report
•Homebuilding pre-tax income was 11.4% of homebuilding revenues compared to 13.7%.
Current report
•Rental revenues were $587.4 million compared to $835.0 million.
Current report
•Rental pre-tax income was $43.5 million compared to $89.4 million.
Current report
•Forestar’s pre-tax income increased 7% to $113.4 million compared to $106.2 million.
Current report
•Financial services revenues decreased 4% to $598.2 million compared to $623.0 million.
Current report
•Financial services pre-tax income decreased 11% to $180.0 million compared to $203.0 million.
Current report
•Financial services pre-tax income was 30.1% of financial services revenues compared to 32.6%.
Current report
The value of net sales orders was $8.4 billion (23,084 homes) and $24.3 billion (66,376 homes) for the three and nine months ended June 30, 2026, respectively, compared to $8.4 billion (23,071 homes) and $23.4 billion (63,345 homes) in the prior year periods. Comparing the three month periods, the number, value and average selling price of homes sold were essentially unchanged.
Current report
In the nine month period, the increase in the value of net sales orders was attributable to a 5% increase in sales order volume. The highest percentage increase was in the North region where the Pittsburgh and Ohio markets contributed most to the increase. In the Northwest region where sales order volume decreased, the Seattle and Salt Lake City markets contributed most to the decrease.
Current report
Revenues from home sales were $8.7 billion (23,983 homes) and $22.2 billion (61,287 homes) for the three and nine months ended June 30, 2026, respectively, compared to $8.6 billion (23,160 homes) and $22.9 billion (61,495 homes) in the prior year periods.
Current report
The number of homes closed increased 4% in the three months ended June 30, 2026 compared to the prior year period. In regions where homes closed increased, the markets contributing most to the increase were the Phoenix market in the Southwest, the Houston market in the South Central, the Atlanta market in the East and the Pittsburgh market in the North. These increases in volume were largely offset by decreases in the average selling price, particularly in the Northwest and South Central regions.
Current report
The number of homes closed was essentially unchanged in the nine months ended June 30, 2026 compared to the prior year period due to offsetting fluctuations between the regions. Home sales revenues decreased due to decreases in the average selling price, particularly in the South Central region.
Current report
Homebuilding SG&A expense was $720.6 million and $2.0 billion in the three and nine months ended June 30, 2026, respectively, compared to $670.0 million and $1.9 billion in the prior year periods. As a percentage of homebuilding revenues, SG&A expense was 8.3% and 9.0% in the three and nine months ended June 30, 2026, respectively, compared to 7.8% and 8.5% in the prior year periods.
Current report
South Central Region — Homebuilding revenues increased 1% and decreased 2% in the three and nine months ended June 30, 2026, respectively, compared to the prior year periods. The region generated pre-tax income of $269.5 million and $609.3 million in the three and nine months ended June 30, 2026, respectively, compared to $290.2 million and $719.9 million in the prior year periods. Home sales gross profit percentage decreased by 60 and 100 basis points in the three and nine months ended June 30, 2026, respectively, compared to the prior year periods, primarily due to the average selling price of homes closed decreasing by more than the average cost of those homes. As a percentage of homebuilding revenues, SG&A expenses increased by 40 and 60 basis points in the three and nine months ended June 30, 2026, respectively, compared to the prior year periods, primarily due to an increase in SG&A costs.
Current report
Southeast Region — Homebuilding revenues decreased slightly in the three months ended June 30, 2026 and decreased 7% in the nine months ended June 30, 2026 compared to the prior year periods, primarily due to decreases in the number of homes closed, particularly in our Jacksonville market. The region generated pre-tax income of $230.8 million and $539.5 million in the three and nine months ended June 30, 2026, respectively, compared to $224.6 million and $658.7 million in the prior year periods. Home sales gross profit percentage was flat in the three months ended June 30, 2026 and decreased by 100 basis points in the nine months ended June 30, 2026 compared to the prior year periods, primarily due to the average selling price of homes closed decreasing by more than the average cost of those homes in the nine month period. As a percentage of homebuilding revenues, SG&A expenses increased by 30 and 50 basis points in the three and nine months ended June 30, 2026, respectively, compared to the prior year periods, primarily due to the decrease in homebuilding revenues.
Current report
East Region — Homebuilding revenues increased 5% and 1% in the three and nine months ended June 30, 2026, respectively, compared to the prior year periods, primarily due to increases in the number of homes closed, particularly in our Atlanta, Greenville and Myrtle Beach markets. The region generated pre-tax income of $206.7 million and $464.9 million in the three and nine months ended June 30, 2026, respectively, compared to $230.4 million and $596.6 million in the prior year periods. Home sales gross profit percentage decreased by 120 and 250 basis points in the three and nine months ended June 30, 2026, respectively, compared to the prior year periods, primarily due to the average cost of homes closed increasing while the average selling price of those homes was essentially unchanged. As a percentage of homebuilding revenues, SG&A expenses increased by 70 and 60 basis points in the three and nine months ended June 30, 2026, respectively, compared to the prior year periods, primarily due to an increase in SG&A costs.
Current report
Cash and Cash Equivalents — At June 30, 2026, cash and cash equivalents of our homebuilding segment totaled $1.3 billion.
Current report
RECENT ACCOUNTING PRONOUNCEMENTS
Current report
See Note A to our consolidated financial statements included in this report for discussion of recent accounting pronouncements.
Removed paragraphs (37)
Previous report
•Consolidated revenues decreased 2% to $7.6 billion compared to $7.7 billion.
Previous report
•Homebuilding revenues decreased 2% to $7.1 billion compared to $7.2 billion.
Previous report
•Net sales orders increased 11% to 24,992 homes, and the value of net sales orders increased 10% to $9.2 billion.
Previous report
•Home sales gross margin was 20.1% compared to 21.8%.
Previous report
•Homebuilding SG&A expense was 9.2% of homebuilding revenues compared to 8.9%.
Previous report
•Homebuilding pre-tax income decreased 19% to $757.9 million compared to $935.0 million.
Previous report
•Homebuilding pre-tax income was 10.7% of homebuilding revenues compared to 13.0%.
Previous report
•Rental revenues were $211.8 million compared to $236.6 million.
Previous report
•Rental pre-tax income was $12.3 million compared to $22.8 million.
Previous report
•Forestar’s pre-tax income increased 8% to $43.9 million compared to $40.7 million.
Previous report
•Forestar’s pre-tax income was 11.7% of revenues compared to 11.6%.
Previous report
•Financial services revenues decreased 9% to $192.8 million compared to $212.9 million.
Previous report
•Financial services pre-tax income decreased 29% to $51.7 million compared to $73.0 million.
Previous report
•Financial services pre-tax income was 26.8% of financial services revenues compared to 34.3%.
Previous report
•Consolidated revenues decreased 6% to $14.4 billion compared to $15.3 billion.
Previous report
•Consolidated pre-tax income decreased 24% to $1.7 billion compared to $2.2 billion.
Previous report
•Net income attributable to D.R. Horton decreased 25% to $1.2 billion compared to $1.7 billion.
Previous report
•Homebuilding revenues decreased 5% to $13.6 billion compared to $14.4 billion.
Previous report
•Home sales gross margin was 20.3% compared to 22.3%.
Previous report
•Homebuilding SG&A expense was 9.4% of homebuilding revenues compared to 8.9%.
Previous report
•Homebuilding pre-tax income decreased 25% to $1.5 billion compared to $1.9 billion.
Previous report
•Rental revenues were $321.3 million compared to $454.3 million.
Previous report
•Rental pre-tax income was $12.5 million compared to $34.7 million.
Previous report
•Forestar’s pre-tax income increased 4% to $64.8 million compared to $62.6 million.
Previous report
•Forestar’s pre-tax income was 10.0% of revenues compared to 10.4%.
Previous report
•Financial services revenues decreased 5% to $377.4 million compared to $395.2 million.
Previous report
•Financial services pre-tax income decreased 10% to $109.7 million compared to $121.6 million.
Previous report
•Financial services pre-tax income was 29.1% of financial services revenues compared to 30.8%.
Previous report
The value of net sales orders was $9.2 billion (24,992 homes) and $15.8 billion (43,292 homes) for the three and six months ended March 31, 2026, respectively, compared to $8.4 billion (22,437 homes) and $15.0 billion (40,274 homes) in the prior year periods. The increase in value in the three and six month periods was attributable to increases in sales order volume of 11% and 7%, respectively, while the average selling price decreased 2% in both periods.
Previous report
In regions where sales order volume increased, the markets contributing most to the increase were the Northern California and Phoenix markets in the Southwest, the Fort Worth, Houston and San Antonio markets in the South Central, the Tampa and Alabama markets in the Southeast, the Myrtle Beach and Atlanta markets in the East and the Pittsburgh and Ohio markets in the North. In the Northwest, the Seattle and Salt Lake City markets contributed most to the decrease in sales order volume.
Previous report
Revenues from home sales were $7.0 billion (19,486 homes closed) and $13.6 billion (37,304 homes closed) for the three and six months ended March 31, 2026, respectively, compared to $7.2 billion (19,276 homes closed) and $14.3 billion (38,335 homes closed) in the prior year periods. The decrease in revenues in both periods was attributable to a 3% decrease in the average selling price, along with a 3% decrease in closings volume in the six month period.
Previous report
The number of homes closed increased 1% and decreased 3% in the three and six months ended March 31, 2026, respectively, compared to the prior year periods. In regions and periods where homes closed decreased, the markets contributing most to the decrease were the Seattle and Salt Lake City markets in the Northwest, the Las Vegas and Southern California markets in the Southwest and the Jacksonville and Tampa markets in the Southeast. The Pittsburgh and Southern Virginia markets contributed most to the increase in the North.
Previous report
Homebuilding SG&A expense was $648.9 million and $1.28 billion in the three and six months ended March 31, 2026, respectively, compared to $637.8 million and $1.27 billion in the prior year periods. As a percentage of homebuilding revenues, SG&A expense increased to 9.2% and 9.4% in the three and six months ended March 31, 2026, respectively, from 8.9% in both prior year periods, due to the decrease in homebuilding revenues.
Previous report
South Central Region — Homebuilding revenues decreased 1% and 4% in the three and six months ended March 31, 2026, respectively, compared to the prior year periods, primarily due to decreases in the average selling price of homes closed in the majority of the region’s markets. The region generated pre-tax income of $166.3 million and $339.7 million in the three and six months ended March 31, 2026, respectively, compared to $208.4 million and $429.7 million in the prior year periods. Home sales gross profit percentage decreased by 120 and 130 basis points in the three and six months ended March 31, 2026, respectively, compared to the prior year periods, primarily due to the average selling price of homes closed decreasing by more than the average cost of those homes. As a percentage of homebuilding revenues, SG&A expenses increased by 70 basis points in both the three and six months ended March 31, 2026 compared to the prior year periods, primarily due to an increase in SG&A costs.
Previous report
Southeast Region — Homebuilding revenues decreased 3% and 10% in the three and six months ended March 31, 2026, respectively, compared to the prior year periods, primarily due to decreases in the number of homes closed, particularly in our Jacksonville and Tampa markets. The region generated pre-tax income of $165.4 million and $308.8 million in the three and six months ended March 31, 2026, respectively, compared to $211.3 million and $434.1 million in the prior year periods. Home sales gross profit percentage decreased by 140 and 160 basis points in the three and six months ended March 31, 2026, respectively, compared to the prior year periods, primarily due to the average selling price of homes closed decreasing by more than the average cost of those homes. As a percentage of homebuilding revenues, SG&A expenses increased by 40 and 70 basis points in the three and six months ended March 31, 2026, respectively, compared to the prior year periods, primarily due to the decrease in homebuilding revenues.
Previous report
East Region — Homebuilding revenues increased 2% and decreased 2% in the three and six months ended March 31, 2026, respectively, compared to the prior year periods. The increase in the three month period was primarily due to increases in the number of homes closed, particularly in our Atlanta and Greenville markets. The decrease in the six month period was primarily due to decreases in the number of homes closed, particularly in our Knoxville and Charleston markets. The region generated pre-tax income of $134.8 million and $258.3 million in the three and six months ended March 31, 2026, respectively, compared to $171.8 million and $366.2 million in the prior year periods. Home sales gross profit percentage decreased by 300 and 330 basis points in the three and six months ended March 31, 2026, respectively, compared to the prior year periods, primarily due to the average cost of homes closed increasing while the average selling price of those homes decreased slightly. As a percentage of homebuilding revenues, SG&A expenses increased by 30 and 60 basis points in the three and six months ended March 31, 2026, respectively, compared to the prior year periods, primarily due to an increase in SG&A costs.
Previous report
Cash and Cash Equivalents — At March 31, 2026, cash and cash equivalents of our homebuilding segment totaled $1.1 billion.
Reworded paragraphs (113)
Previous wording
Our business operations consist of homebuilding, rental, a majority-owned residential lot development company, financial services and other activities. Homebuilding is our core business and primarily includes the construction and sale of single-family homes with sales prices generally ranging from $200,000 to more than $1,000,000, with an average closing price of $363,500 during the six months ended March 31, 2026. Approximately 85% of our home sales revenue in the six months ended March 31, 2026 was generated from the sale of single-family detached homes, with the remainder from the sale of attached homes, such as townhomes and duplexes.
Current wording
Our business operations consist of homebuilding, rental, a majority-owned residential lot development company, financial services and other activities. Homebuilding is our core business and primarily includes the construction and sale of single-family homes with sales prices generally ranging from $200,000 to more than $1,000,000, with an average closing price of $362,900 during the nine months ended June 30, 2026. Approximately 85% of our home sales revenue in the nine months ended June 30, 2026 was generated from the sale of single-family detached homes, with the remainder from the sale of attached homes, such as townhomes and duplexes.
Previous wording
We have closed more than 1.2 million homes during our 47-year history, and we have been the largest volume homebuilder in the United States every year since 2002. Our product offerings include a broad range of homes for entry-level, move-up, active adult and luxury buyers.
Current wording
We have closed 1.3 million homes during our 47-year history, and we have been the largest volume homebuilder in the United States every year since 2002. Our product offerings include a broad range of homes for entry-level, move-up, active adult and luxury buyers.
Previous wording
During the six months ended March 31, 2026, our number of homes closed and home sales revenues decreased 3% and 5%, respectively, compared to the prior year period, and consolidated revenues decreased 6% to $14.4 billion compared to $15.3 billion. Our pre-tax income was $1.7 billion in the six months ended March 31, 2026 compared to $2.2 billion in the prior year period, and pre-tax operating margin was 11.5% compared to 14.2%. Net income was $1.3 billion in the six months ended March 31, 2026 compared to $1.7 billion in the prior year period, and diluted earnings per share were $4.27 compared to $5.19.
Current wording
During the nine months ended June 30, 2026, we closed 61,287 homes compared to 61,495 homes in the prior year period. Our home sales revenues decreased 3% and our consolidated revenues decreased 4% to $23.7 billion in the nine months ended June 30, 2026 compared to $24.6 billion in the prior year period. Our pre-tax income was $2.9 billion in the nine months ended June 30, 2026 compared to $3.5 billion in the prior year period, and pre-tax operating margin was 12.2% compared to 14.4%. Net income was $2.2 billion in the nine months ended June 30, 2026 compared to $2.7 billion in the prior year period, and diluted earnings per share were $7.45 compared to $8.53.
Previous wording
In the trailing twelve months ended March 31, 2026, our return on equity (ROE) was 13.2% compared to 17.4% in the prior year period, and return on assets (ROA) was 8.9% compared to 12.2%. ROE is calculated as net income attributable to D.R. Horton for the trailing twelve months divided by average stockholders’ equity, where average stockholders’ equity is the sum of ending stockholders’ equity balances for the trailing five quarters divided by five. ROA is calculated as net income attributable to D.R. Horton for the trailing twelve months divided by average consolidated assets, where average consolidated assets is the sum of total asset balances for the trailing five quarters divided by five.
Current wording
In the trailing twelve months ended June 30, 2026, our return on equity (ROE) was 12.8% compared to 16.1% in the prior year period, and return on assets (ROA) was 8.5% compared to 11.1%. ROE is calculated as net income attributable to D.R. Horton for the trailing twelve months divided by average stockholders’ equity, where average stockholders’ equity is the sum of ending stockholders’ equity balances for the trailing five quarters divided by five. ROA is calculated as net income attributable to D.R. Horton for the trailing twelve months divided by average consolidated assets, where average consolidated assets is the sum of total asset balances for the trailing five quarters divided by five.
Previous wording
During the second quarter, new home demand continued to be impacted by affordability constraints and cautious consumer sentiment. Despite these conditions, our net sales orders increased 11% compared to the prior year quarter, and the value of net sales orders increased 10%, reflecting the focus of our operations on disciplined execution across our markets. Home sales revenues decreased 2% compared to the prior year quarter. Home sales gross margin was 20.1% for the second quarter, compared to 21.8% in the prior year quarter, reflecting the decline in our average sales price and higher sales incentives, including mortgage interest rate buydowns offered to support affordability for our homebuyers. We remain well positioned with our affordable product offerings and controlled lot supply, and we continue to manage home pricing, sales incentives and inventory levels based on demand within our local markets. We currently expect sales incentives to remain elevated and may adjust incentive levels further depending on changes in market conditions and mortgage interest rates.
Current wording
During the third quarter, new home demand continued to be impacted by affordability constraints and cautious consumer sentiment. Our net sales orders and the value of those orders increased slightly compared to the prior year quarter. Home sales revenues increased 1% compared to the prior year quarter. Home sales gross margin was 20.7% for the third quarter, compared to 21.8% in the prior year quarter, reflecting the decline in our average sales price and higher sales incentives, including mortgage interest rate buydowns offered to support affordability for our homebuyers. We remain well positioned with our affordable product offerings and controlled lot supply, and we continue to manage home pricing, sales incentives and inventory levels based on demand within our local markets. We currently expect sales incentives to remain elevated during the remainder of fiscal 2026 and into fiscal 2027, and we will continue to adjust incentive levels based on changes in market conditions and mortgage interest rates.
Previous wording
We remain focused on our relationships with land developers across the country to maximize returns and capital efficiency. Within our homebuilding land and lot portfolio, lots controlled through purchase contracts represented 77% of the lots owned and controlled at March 31, 2026 compared to 75% at both September 30, 2025 and March 31, 2025. We continue to prioritize the purchase of finished lots from Forestar and other land developers when possible. During the six months ended March 31, 2026, 67% of the homes we closed were on lots developed by either Forestar or a third party compared to 65% in the prior year period.
Current wording
We remain focused on our relationships with land developers across the country to maximize returns and capital efficiency. Within our homebuilding land and lot portfolio, lots controlled through purchase contracts represented 78% of the lots owned and controlled at June 30, 2026 compared to 75% at September 30, 2025 and 76% at June 30, 2025. We continue to prioritize the purchase of finished lots from Forestar and other land developers when possible. During the nine months ended June 30, 2026, 67% of the homes we closed were on lots developed by either Forestar or a third party compared to 65% in the prior year period.
Previous wording
We believe our strong balance sheet and liquidity provide us with flexibility to operate effectively through changing economic conditions. We plan to continue to generate strong cash flows from our operations and manage our product offerings, incentives, home pricing, sales pace and inventory levels to optimize the return on our inventory investments in each of our communities based on local housing market conditions.
Current wording
Our strong balance sheet and liquidity provide us with flexibility to operate effectively through changing economic conditions. We plan to continue to generate strong cash flows from our operations and manage our product offerings, incentives, home pricing, sales pace and inventory levels to optimize the return on our inventory investments in each of our communities based on local housing market conditions.
Previous wording
•Developing and retaining highly experienced and productive teams of personnel throughout our company that are aligned and focused on continuous improvement in our operational execution and financial performance.
Current wording
•Developing and retaining highly experienced and productive teams of personnel that are aligned and focused on continuous improvement in our operational execution and financial performance.
Previous wording
•Investing in our rental operations to meet rental demand in high growth suburban markets and selling these properties profitably.
Current wording
•Investing in our rental operations to meet rental demand in high growth suburban markets and selling properties profitably.
Previous wording
•Consolidated pre-tax income was 11.5% of consolidated revenues compared to 13.8%.
Current wording
•Consolidated pre-tax income was 13.3% of consolidated revenues compared to 14.7%.
Previous wording
•Income tax expense was $209.4 million compared to $248.0 million, and our effective tax rate was 24.1% compared to 23.2%.
Current wording
•Income tax expense was $307.5 million compared to $325.0 million, and our effective tax rate was 25.1% compared to 23.9%.
Previous wording
•Net income per diluted share attributable to D.R. Horton decreased 18% to $4.27 compared to $5.19.
Current wording
•Net income per diluted share attributable to D.R. Horton decreased 5% to $3.20 compared to $3.36.
Previous wording
•Stockholders’ equity was $23.6 billion compared to $24.2 billion and $24.3 billion at September 30, 2025 and March 31, 2025, respectively.
Current wording
•Stockholders’ equity was $23.8 billion compared to $24.2 billion and $24.1 billion at September 30, 2025 and June 30, 2025, respectively.
Previous wording
•Book value per share increased to $82.91 compared to $82.15 and $78.82 at September 30, 2025 and March 31, 2025, respectively.
Current wording
•Book value per share increased to $84.85 compared to $82.15 and $80.46 at September 30, 2025 and June 30, 2025, respectively.
Previous wording
•Debt to total capital was 21.7% compared to 19.8% and 21.1% at September 30, 2025 and March 31, 2025, respectively. Net debt to total capital was 16.4% compared to 11.0% and 14.3% at September 30, 2025 and March 31, 2025, respectively.
Current wording
•Debt to total capital was 23.0% compared to 19.8% and 23.2% at September 30, 2025 and June 30, 2025, respectively. Net debt to total capital was 17.4% compared to 11.0% and 16.2% at September 30, 2025 and June 30, 2025, respectively.
Previous wording
•Homes closed increased 1% to 19,486 homes, while the average closing price of those homes decreased 3% to $361,600.
Current wording
•Homes closed increased 4% to 23,983 homes, while the average closing price of those homes decreased 2% to $362,000.
Previous wording
•Sales order backlog increased 19% to 16,882 homes, and the value of sales order backlog increased 17% to $6.4 billion.
Current wording
•Sales order backlog increased 14% to 15,983 homes, and the value of sales order backlog increased 16% to $6.2 billion.
Previous wording
•Homebuilding cash and cash equivalents totaled $1.1 billion compared to $2.2 billion and $1.9 billion at September 30, 2025 and March 31, 2025, respectively.
Current wording
•Homebuilding cash and cash equivalents totaled $1.3 billion compared to $2.2 billion and $2.0 billion at September 30, 2025 and June 30, 2025, respectively.
Previous wording
•Homebuilding inventories totaled $21.0 billion compared to $20.3 billion and $20.9 billion at September 30, 2025 and March 31, 2025, respectively.
Current wording
•Homebuilding inventories totaled $21.3 billion compared to $20.3 billion and $21.1 billion at September 30, 2025 and June 30, 2025, respectively.
Previous wording
•Homes in inventory totaled 38,200 compared to 29,600 and 36,900 at September 30, 2025 and March 31, 2025, respectively.
Current wording
•Homes in inventory totaled 38,000 compared to 29,600 and 38,400 at September 30, 2025 and June 30, 2025, respectively.
Previous wording
•Owned lots totaled 134,100 compared to 147,000 and 150,600 at September 30, 2025 and March 31, 2025, respectively. Lots controlled through purchase contracts totaled 441,200 compared to 444,900 and 462,500 at September 30, 2025 and March 31, 2025, respectively.
Current wording
•Owned lots totaled 126,600 compared to 147,000 and 145,900 at September 30, 2025 and June 30, 2025, respectively. Lots controlled through purchase contracts totaled 441,900 compared to 444,900 and 455,500 at September 30, 2025 and June 30, 2025, respectively.
Previous wording
•Homebuilding debt was $3.4 billion compared to $3.2 billion and $3.1 billion at September 30, 2025 and March 31, 2025, respectively.
Current wording
•Homebuilding debt was $3.7 billion compared to $3.2 billion and $3.7 billion at September 30, 2025 and June 30, 2025, respectively.
Previous wording
•Single-family rental homes closed totaled 566 compared to 519.
Current wording
•Single-family rental homes closed totaled 601 compared to 1,065.
Previous wording
•Multi-family rental units closed totaled 216 compared to 300.
Current wording
•Multi-family rental units closed totaled 339 compared to 328.
Previous wording
•Rental inventory totaled $3.0 billion compared to $2.7 billion and $3.1 billion at September 30, 2025 and March 31, 2025, respectively.
Current wording
•Rental inventory totaled $3.1 billion compared to $2.7 billion and $3.1 billion at September 30, 2025 and June 30, 2025, respectively.
Previous wording
•Forestar’s revenues increased 7% to $374.3 million compared to $351.0 million. Revenues in the current and prior year quarters included $295.9 million and $267.8 million, respectively, of revenue from land and lot sales to our homebuilding segment.
Current wording
•Forestar’s revenues increased 4% to $407.0 million compared to $390.5 million. Revenues in the current and prior year quarters included $360.5 million and $325.0 million, respectively, of revenue from land and lot sales to our homebuilding segment.
Previous wording
•Forestar’s lots sold decreased 15% to 4,882 compared to 5,744. Lots sold to D.R. Horton totaled 4,077 compared to 4,613.
Current wording
•Forestar’s lots sold increased 1% to 3,659 compared to 3,605. Lots sold to D.R. Horton totaled 3,370 compared to 3,075.
Previous wording
•Forestar’s revenue from tract acres sold was $35.6 million compared to no tract acres sold in the prior year quarter.
Current wording
•Forestar’s revenue from tract acres sold was $8.3 million compared to $3.6 million in the prior year quarter.
Previous wording
•Forestar’s cash and cash equivalents totaled $362.2 million compared to $379.2 million and $174.3 million at September 30, 2025 and March 31, 2025, respectively.
Current wording
•Forestar’s cash and cash equivalents totaled $394.9 million compared to $379.2 million and $189.2 million at September 30, 2025 and June 30, 2025, respectively.
Previous wording
•Forestar’s owned and controlled lots totaled 94,400 compared to 99,800 and 105,900 at September 30, 2025 and March 31, 2025, respectively. Of these lots, 41,000 were under contract to sell to or subject to a right of first offer with D.R. Horton compared to 40,400 and 43,900 at September 30, 2025 and March 31, 2025, respectively.
Current wording
•Forestar’s owned and controlled lots totaled 91,700 compared to 99,800 and 102,300 at September 30, 2025 and June 30, 2025, respectively. Of these lots, 41,000 were under contract to sell to or subject to a right of first offer with D.R. Horton compared to 40,400 and 42,700 at September 30, 2025 and June 30, 2025, respectively.
Previous wording
•Forestar’s debt was $793.5 million compared to $802.8 million and $872.5 million at September 30, 2025 and March 31, 2025, respectively.
Current wording
•Forestar’s debt was $793.8 million compared to $802.8 million and $872.8 million at September 30, 2025 and June 30, 2025, respectively.
Previous wording
•Forestar’s debt to total capital was 30.4% compared to 31.2% and 34.7% at September 30, 2025 and March 31, 2025, respectively. Forestar’s net debt to total capital was 19.2% compared to 19.3% and 29.8% at September 30, 2025 and March 31, 2025, respectively.
Current wording
•Forestar’s debt to total capital was 30.0% compared to 31.2% and 34.2% at September 30, 2025 and June 30, 2025, respectively. Forestar’s net debt to total capital was 17.7% compared to 19.3% and 28.9% at September 30, 2025 and June 30, 2025, respectively.
Previous wording
Key financial results for the six months ended March 31, 2026, as compared to the same period of 2025, were as follows:
Current wording
Key financial results for the nine months ended June 30, 2026, as compared to the same period of 2025, were as follows:
Previous wording
•Consolidated pre-tax income was 11.5% of consolidated revenues compared to 14.2%.
Current wording
•Consolidated pre-tax income was 12.2% of consolidated revenues compared to 14.4%.
Previous wording
•Income tax expense was $406.0 million compared to $506.0 million, and our effective tax rate was 24.4% compared to 23.2%.
Current wording
•Income tax expense was $713.5 million compared to $831.0 million, and our effective tax rate was 24.7% compared to 23.5%.
Previous wording
•Net income attributable to D.R. Horton decreased 20% to $647.9 million compared to $810.4 million.
Current wording
•Net income attributable to D.R. Horton decreased 20% to $2.1 billion compared to $2.7 billion.
Previous wording
•Net income per diluted share attributable to D.R. Horton decreased 13% to $2.24 compared to $2.58.
Current wording
•Net income per diluted share attributable to D.R. Horton decreased 13% to $7.45 compared to $8.53.
Previous wording
•Net cash provided by operations was $441.5 million compared to $210.5 million.
Current wording
•Net cash provided by operations was $880.8 million compared to $949.1 million.
Previous wording
•Homes closed decreased 3% to 37,304 homes, and the average closing price of those homes decreased 3% to $363,500.
Current wording
•Homes closed decreased from 61,495 to 61,287 homes, and the average closing price of those homes decreased 2% to $362,900.
Previous wording
•Net sales orders increased 7% to 43,292 homes, and the value of net sales orders increased 5% to $15.8 billion.
Current wording
•Net sales orders increased 5% to 66,376 homes, and the value of net sales orders increased 4% to $24.3 billion.
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