HORTON D R INC /DE/ Earnings Summary — Q2 2026

• Revenue for Q2 2026 declined 2.27% year-over-year to $7.56B, reflecting a continuing trend of cyclical softening.
• Net income attributable to common shareholders fell 20.05% year-over-year, significantly outpacing the decline in revenue.
• Operating margins compressed to 10.58% from approximately 12.95% in the same quarter last year, indicating rising costs or lower pricing power.
• DHI continues to aggressively manage its share count, with diluted shares outstanding decreasing 7.96% year-over-year to 289 million.
• Despite the annual decline, the company saw a sequential recovery in both revenue (+9.7%) and net income (+9.4%) compared to Q1 2026.
• Cost of revenue remains high at $5.86B, representing 77.5% of total revenue, up from 75.4% in Q2 2025.
• Asset growth remains a long-term strength, with the company maintaining its status as a premier volume builder despite high mortgage rates.

Management maintains a 'value-builder' strategy focused on the entry-level segment, which remains the deepest demand pool despite interest rate volatility.

Stable

While the quarterly results show a YoY contraction in both top and bottom lines, the sequential improvement from Q1 suggests the company is stabilizing in a high-rate environment.

The outlook remains cautious due to mortgage rate fluctuations and labor shortages, though DHI's 'express' model and internal wealth creation through equity growth provide a buffer.