D.R. Horton Reports Q4 & FY2026 Results, Boosts Dividend 11% to $0.50
HORTON D R INC /DE/
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Filing Summary
D.R. Horton, Inc. (NYSE: DHI) — Q4 and Full-Year FY2026 Earnings & Dividend Increase
• Q4 Diluted EPS: $2.67 (-12% YoY) | Net Income: $741.8M (-18% YoY) • Q4 Consolidated Revenues: $9.4B | Homes Closed: 22,915 (-2% YoY) • FY2026 Full-Year Diluted EPS: $10.11 (-13% YoY) | Revenues: $33.0B • Dividend Hike: Quarterly cash dividend increased 11% to $0.50/share (13th consecutive year of dividend increases) • Capital Allocation: Repurchased 24.0M shares ($3.6B) in FY2026; remaining authorization is $4.7B • FY2027 Guidance: Revenues of $30.0B–$32.0B, homes closed of 79K–84K, cash flow from operations ~$3.5B, and ~$3.0B in planned share repurchases.
Comprehensive Analysis
Executive Summary
On October 29, 2026, D.R. Horton, Inc. (NYSE: DHI) filed a Form 8-K under Item 2.02 reporting financial and operating results for its fourth quarter and fiscal year ended September 30, 2026. The company also announced an 11% increase in its quarterly cash dividend to $0.50 per share and issued initial financial guidance for fiscal 2027.
Financial Highlights
Q4 FY2026 Performance
- Consolidated Revenues: $9.4 billion.
- Net Income Attributable to D.R. Horton: $741.8 million, down 18% year-over-year.
- Diluted EPS: $2.67, down 12% year-over-year.
- Pre-Tax Income: $1.0 billion (10.8% pre-tax margin), impacted by $91.4 million of inventory impairment charges in the rental segment.
- Homebuilding Closings: 22,915 homes closed ($8.4 billion revenue), down 2% YoY.
- Net Sales Orders: 18,619 homes (-7% YoY) valued at $6.6 billion (-9% YoY); cancellation rate rose to 23% vs. 20% in the prior-year period.
Full-Year FY2026 Performance
- Consolidated Revenues: $33.0 billion.
- Net Income Attributable to D.R. Horton: $2.9 billion, down 19% year-over-year.
- Diluted EPS: $10.11, down 13% year-over-year.
- Pre-Tax Income: $3.9 billion (11.8% pre-tax margin).
- Homebuilding Closings: 84,202 homes ($30.6 billion in home sales revenues).
- Operating Cash Flow: $3.5 billion.
- Returns: Return on Equity (ROE) of 12.2%; Return on Assets (ROA) of 8.2%; Homebuilding Return on Inventory (ROI) of 16.6%.
Balance Sheet & Capital Return
- Liquidity & Leverage: Total year-end liquidity was $7.2 billion, with cash, cash equivalents, and restricted cash of $2.12 billion. Debt-to-total-capital ratio stood at 20.8%.
- Share Repurchases: Repurchased 9.4 million shares in Q4 for $1.4 billion, bringing full-year repurchases to 24.0 million shares for $3.6 billion (reducing outstanding shares by 8%). Remaining authorization stands at $4.7 billion.
- Dividends: Paid $513.3 million in dividends during FY2026. Increased quarterly dividend by 11% to $0.50 per share, payable November 19, 2026, to holders of record on November 12, 2026.
Fiscal 2027 Guidance
- Consolidated Revenues: $30.0 billion – $32.0 billion.
- Homes Closed: 79,000 – 84,000 homes.
- Operating Cash Flow: Approximately $3.5 billion.
- Share Repurchases: Approximately $3.0 billion.
- Dividends: Approximately $500 million.
- Effective Tax Rate: Approximately 25.5%.
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