DHI FY3Q26 earnings debrief takeaways

研报英文原文证据摘录

DHI FY3Q26 earnings debrief takeaways

Global Research

27 July 2026ab

D.R. Horton Inc Equities

United StatesDHI FY3Q26 earnings debrief takeaways

Home Construction

12-month rating Buy *

DHI earnings debrief - key takeaways

We hosted Jessica Hansen (SVP - Communications & People and Head of IR) and Katie 12m price target US$206.00

Smith (VP - Investor Relations) at DHI to discuss FY3Q26 financial results. The key

takeaways from our interactive discussion are below.

Price (24 Jul 2026) US$145.96

Key takeaways RIC: DHI.N BBG: DHI US

DHI lowered the midpoint of its FY26 delivery outlook by roughly -3% as FY3Q Trading data and key metrics

absorption pace was relatively in-line with normal seasonality, versus the prior

52-wk range US$184.04-132.53

expectation for modestly better than normal seasonality. DHI believes longer-term/

Market cap. US$41.3b

through cycle absorption pace is higher than it is today.

Shares o/s 283m (COM)

DHI modestly reduced its incentive load QoQ in FY3Q (to slightly <10%), driven by Free float 90%

its strategy of empowering local operators to maximize returns. DHI noted that the Avg. daily volume ('000) 777

industry has largely remained disciplined in aligning starts w/ demand. Avg. daily value (m) US$116.8

DHI exceeded the top end of its homebuilding gross margin outlook by ~50bps in Common s/h equity (09/26E) US$24.1b

FY3Q, which the company attributed to better than expected stick/brick savings, P/BV (09/26E) 1.7x

coupled with lower incentives. Net debt to EBITDA (09/26E) 0.8x

DHI's stick/brick costs declined -5% YoY in FY3Q (-2% QoQ), driven EPS (UBS, diluted) (USD)

predominantly by lower labor costs. The company achieved the greatest savings in 09/26E

framing and mechanical/finishes in FY3Q. UBS Cons.

Q1 2.03 2.03