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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.
营业收入
$7.56B
同比 -2.27%
每股收益（基本）
$2.25
同比 -13.13%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Horton D R (DHI) Q2 FY2026 营收 $7.56B，同比下降 2.3%。 净利润 $647.9M，同比下降 20.1%，稀释每股收益 $2.24。
DHI's Q2 FY2026 revenue fell 2.3% YoY to $7.56B from $7.73B, suggesting softer homebuying demand or pricing pressure in the current interest rate environment, even as the company remains the largest homebuilder in the U.S.
来源: 10-Q Income Statement (XBRL Financial Data)
Cost of revenue increased 0.4% YoY to $5.85B despite lower revenues, implying gross margin deterioration. SG&A expenses also edged up 0.5% YoY to $903.3M, further squeezing operating profitability.
来源: 10-Q Income Statement (XBRL Financial Data)
Net income dropped 20.1% YoY to $647.9M, with diluted EPS declining 13.2% to $2.24 from $2.58, reflecting the combined impact of lower revenues and higher relative costs.
来源: 10-Q Income Statement (XBRL Financial Data)
Fiscal year-to-date operating cash flow more than doubled to $441.5M from $210.5M in the prior-year period, indicating improved working capital management or inventory normalization despite weaker earnings.
来源: 10-Q Cash Flow Statement (XBRL Financial Data, YTD cumulative)
Year-to-date share repurchases declined 38.5% YoY to $1.6B from $2.6B, and cash & equivalents fell 22.4% YoY to $1.92B, suggesting a more cautious capital allocation posture in the current environment.
来源: 10-Q Cash Flow Statement & Balance Sheet (XBRL Financial Data)
Cost of revenue grew 0.4% YoY even as revenue declined 2.3%, compressing gross margins. If land, labor, and material costs remain elevated while home prices or volumes soften further, profitability could deteriorate meaningfully.
来源: 10-Q Income Statement (XBRL Financial Data)
Cash and equivalents fell 22.4% YoY to $1.92B, while total liabilities rose 5.0% YoY to $11.37B. This tightening liquidity profile could limit DHI's flexibility to invest in land acquisition or weather a prolonged housing downturn.
来源: 10-Q Balance Sheet (XBRL Financial Data)
Total liabilities increased 5.0% YoY to $11.37B while stockholders' equity declined 2.9% to $23.63B, pushing the debt-to-equity ratio to 0.48. Continued deterioration in equity or rising debt could increase financial risk.
来源: 10-Q Balance Sheet (XBRL Financial Data)
As the largest U.S. homebuilder, DHI is highly exposed to mortgage rate fluctuations that directly affect homebuyer affordability and demand. Persistent elevated rates could further suppress order volumes and pricing power.
来源: 10-Q Income Statement (XBRL Financial Data, contextual)
Year-to-date share repurchases declined 38.5% YoY to $1.6B, signaling reduced capacity or willingness to return capital to shareholders. This may reflect management's caution about near-term cash needs or business conditions.
来源: 10-Q Cash Flow Statement (XBRL Financial Data, YTD cumulative)
Q2 FY2026 实际 EPS $2.24，分析师一致预期 $2.18，超预期 +3.0%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $7.56B | $7.73B | -2.27% |
营业成本 | $5.85B | $5.83B | +0.36% |
净利润 | $647.9M | $810.4M | -20.05% |
每股收益（基本） | $2.25 | $2.59 | -13.13% |
每股收益（稀释） | $2.24 | $2.58 | -13.18% |
销售及管理费用 | $903.3M | $898.7M | +0.51% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $35.57B | $35.69B | -0.34% |
总负债 | $11.37B | $10.83B | +4.95% |
股东权益 | $23.63B | $24.33B | -2.88% |
现金及等价物 | $1.92B | $2.47B | -22.40% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $441.5M | $210.5M | +109.74% |
投资活动现金流YTD | $-160.4M | $-94.5M | -69.74% |
筹资活动现金流YTD | $-1.34B | $-2.14B | +37.43% |
股票回购YTD | $1.6B | $2.6B | -38.46% |
折旧及摊销YTD | $55.8M | $48.7M | +14.58% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
净利率 | 8.6% | — | — |
净资产收益率 | 2.7% | — | — |
总资产收益率 | 1.8% | — | — |
资产负债率 | $0.481 | — | — |
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 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.
Homebuilding 行业其他公司
D.R. Horton reported Q2 FY2026 revenue of $7.56B (down 2.3% YoY) and net income of $647.9M (down 20.1% YoY), with diluted EPS of $2.24 versus $2.58 a year ago. The results reflect margin pressure from sticky costs even as homebuilding revenues softened.
DHI's net income fell 20.1% YoY to $647.9M primarily because revenue declined 2.3% while cost of revenue actually increased 0.4%, compressing gross margins. SG&A expenses also remained nearly flat at $903.3M, leaving less profit on lower sales.
DHI maintains a moderate debt-to-equity ratio of 0.48 and total assets of $35.6B, but cash declined 22.4% YoY to $1.92B while total liabilities rose 5.0% to $11.37B. Year-to-date operating cash flow improved significantly to $441.5M, providing some liquidity support.
Yes, DHI's fiscal year-to-date share repurchases declined 38.5% YoY to $1.6B from $2.6B in the same period last year. This reduction likely reflects a more cautious approach to capital allocation amid softer earnings and a lower cash balance.
Based on the financial data, key risks include margin erosion from sticky construction costs, a declining cash position (down 22.4% YoY to $1.92B), and rising total liabilities (up 5.0% YoY). Interest rate sensitivity remains a structural concern as elevated mortgage rates can suppress homebuyer demand and pricing power.