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D.R. Horton (DHI) reported a challenging Q1 FY2026 with revenue declining 9.5% YoY to $6.9B and net income falling 29.6% to $594.8M, though operating cash flow improved 32.1% to $854M amid a softer housing market.
营业收入
$6.89B
同比 -9.54%
每股收益（基本）
$2.03
同比 -22.81%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Horton D R (DHI) Q1 FY2026 营收 $6.89B，同比下降 9.5%。 净利润 $594.8M，同比下降 29.6%，稀释每股收益 $2.03。
Revenue fell 9.5% YoY from $7.6B to $6.9B in Q1 FY2026, indicating weaker homebuilding activity likely driven by elevated mortgage rates and affordability pressures weighing on buyer demand.
来源: Source: 10-Q Income Statement, Financial Data
Net margin contracted to 8.6% in Q1 FY2026 from approximately 11.1% in the prior-year period, as cost of revenue declined only 7.2% against a steeper 9.5% revenue drop, reflecting limited ability to reduce costs proportionally with sales.
来源: Source: 10-Q Income Statement, Financial Data
Despite lower earnings, operating cash flow surged 32.1% YoY to $854M, suggesting improved inventory management and working capital efficiency even as the top line contracted.
来源: Source: 10-Q Cash Flow Statement, Financial Data
Share buybacks declined 39.1% YoY to $669.7M, and total financing cash outflows fell 41.0% to $1.22B, indicating management is conserving capital in a more uncertain housing environment.
来源: Source: 10-Q Cash Flow Statement, Financial Data
Debt-to-equity stands at a conservative 0.42x with stockholders' equity of $24.0B, though cash declined 17.8% YoY to $2.5B and total liabilities rose 5.4% to $10.1B, warranting monitoring.
来源: Source: 10-Q Balance Sheet, Financial Data
DHI's revenue declined 9.5% YoY to $6.9B, reflecting the direct impact of elevated mortgage rates and reduced housing affordability on homebuyer demand. Prolonged high interest rates could further suppress order volumes and pricing power, compressing margins beyond the current 8.6% net margin level.
来源: Source: 10-Q Income Statement, Financial Data
Cost of revenue fell only 7.2% against a 9.5% revenue decline, indicating that land, labor, and material costs are not declining proportionally with sales. This dynamic compressed gross economics and contributed to a 29.6% drop in net income, and could worsen if revenue continues to decline.
来源: Source: 10-Q Income Statement, Financial Data
Cash and equivalents fell 17.8% YoY to $2.5B, reducing the liquidity buffer available for land acquisition, operations, or opportunistic buybacks. While operating cash flow improved, the overall cash position warrants attention if market conditions deteriorate further.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement, Financial Data
Total liabilities increased 5.4% YoY to $10.1B while stockholders' equity declined 3.8% to $24.0B, resulting in a modestly rising debt-to-equity ratio of 0.42x. Continued equity erosion through buybacks and lower retained earnings could pressure the balance sheet if earnings remain depressed.
来源: Source: 10-Q Balance Sheet, Financial Data
Basic EPS declined 22.8% YoY to $2.03 from $2.63, reflecting both lower net income and the impact of prior buybacks. Sustained EPS compression could affect DHI's valuation multiples and investor confidence in the near term.
来源: Source: 10-Q Income Statement, Financial Data
Q1 FY2026 实际 EPS $2.03，分析师一致预期 $1.95，超预期 +4.0%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $6.89B | $7.61B | -9.54% |
营业成本 | $5.29B | $5.7B | -7.20% |
净利润 | $594.8M | $844.9M | -29.60% |
每股收益（基本） | $2.03 | $2.63 | -22.81% |
每股收益（稀释） | $2.03 | $2.61 | -22.22% |
销售及管理费用 | $865.1M | $878.1M | -1.48% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $34.64B | $35.03B | -1.11% |
总负债 | $10.08B | $9.57B | +5.41% |
股东权益 | $24B | $24.94B | -3.80% |
现金及等价物 | $2.51B | $3.05B | -17.83% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $854M | $646.7M | +32.06% |
投资活动现金流 | $-116.2M | $-57.1M | -103.50% |
筹资活动现金流 | $-1.22B | $-2.06B | +41.00% |
股票回购 | $669.7M | $1.1B | -39.12% |
折旧及摊销 | $27.7M | $24.1M | +14.94% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
净利率 | 8.6% | — | — |
净资产收益率 | 2.5% | — | — |
总资产收益率 | 1.7% | — | — |
资产负债率 | $0.42 | — | — |
D.R. Horton's Q3 FY2026 revenue was essentially flat year-over-year at $9.23B, but net income fell 11.7% to $904.9M and home sales gross margin compressed to 20.7% from 21.8% as elevated sales incentives and affordability constraints continued to pressure profitability.
D.R. Horton (DHI) reported a challenging Q2 FY2026 with revenue declining 2.3% YoY to $7.56B and net income falling 20.1% YoY to $647.9M, reflecting margin compression as cost of revenue held nearly flat while sales softened.
Homebuilding 行业其他公司
D.R. Horton reported Q1 FY2026 revenue of $6.9B, down 9.5% YoY, and net income of $594.8M, down 29.6% YoY. Basic EPS came in at $2.03, compared to $2.63 in Q1 FY2025, reflecting a meaningful earnings decline amid a challenging housing market.
DHI's revenue declined 9.5% YoY to $6.9B in Q1 FY2026, likely driven by affordability pressures from elevated mortgage rates reducing homebuyer demand. The decline in home closings and/or average selling prices outpaced the company's ability to cut costs, leading to a sharper 29.6% drop in net income.
DHI's balance sheet remains relatively solid with a conservative debt-to-equity ratio of 0.42x and stockholders' equity of $24.0B, though cash declined 17.8% YoY to $2.5B and total liabilities rose 5.4% to $10.1B. Operating cash flow improved strongly to $854M (+32.1% YoY), suggesting the company is managing its working capital effectively.
Yes, DHI repurchased $669.7M in shares during Q1 FY2026, though this was 39.1% lower than the $1.1B in buybacks in Q1 FY2025, indicating the company is moderating capital returns to preserve liquidity in a softer housing environment.
The key risks include continued housing market weakness driven by high mortgage rates and affordability constraints, margin pressure from sticky construction and land costs (cost of revenue fell only 7.2% vs. a 9.5% revenue decline), and declining cash reserves (down 17.8% YoY to $2.5B). Rising total liabilities (+5.4% YoY) alongside declining equity (-3.8% YoY) also merit investor attention.