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- **Revenue & Profit Growth**: FY2025 pretax income of $4.7 billion (+13.8% margin) on $34.3 billion in revenues.
- **Shareholder Returns**: $4.8 billion returned via buybacks/dividends, with FY2026 guide for $3 billion+ cash flow.
- **Affordability Focus**: Home prices $365,600 (30% below national average), with 73% of buyers using 3.99% mortgage buydowns.
- **Gross Margin Challenges**: Q4 20.0% gross margin (down 180bps) due to incentives and litigation, Q1 2026 guide flat to slightly up.
- **Inventory Efficiency**: Homes in inventory down 21% YoY to 29,600, with 13% community count growth supporting FY2026 deliveries.

**【CEO Summary Section】**
- Delivered 85,000 homes in FY2025, with consolidated pretax income of $4.7 billion and a 13.8% pretax profit margin.
- Generated $3.4 billion in operating cash flow, returning $4.8 billion to shareholders through buybacks and dividends.
- Home sales average price of $365,600 remains 30% below the national average, emphasizing affordability strategy.
- FY2026 guidance: $33.5-35 billion in revenues, 86,000-88,000 homes closed, and $3 billion+ in operating cash flow.

**【CFO Financial Commentary】**
- Q4 net income: $905.3 million ($3.04 EPS) on $9.7 billion in revenues.
- FY2025 net income: $3.6 billion ($11.57 EPS) on $34.3 billion in revenues.
- Q4 home sales gross margin: 20.0%, down 180bps sequentially due to $113 million in litigation costs.
- FY2026 capital allocation: $2.5 billion in buybacks, $500 million in dividends, and $8.5 billion in land investments.

**【Q&A Highlights】**
- **Gross Margin Trends**: Q1 2026 guide of 20.0-20.5% reflects elevated incentives and flat stick/brick costs, with no repeat of Q4 litigation costs.
- **Incentives & Demand**: Q4 net sales orders +5% YoY to 20,078 homes, driven by 3.99% mortgage buydowns used in 73% of closings.
- **Inventory Management**: Reduced homes in inventory by 21% YoY to 29,600, with 9,300 unsold homes (800+ aged >6 months).
- **Market Outlook**: 13% community count growth positions for FY2026 deliveries, but cautious on spring selling season dependency.
- **Margins & Costs**: Lot costs +8% YoY, stick/brick flat sequentially, with hope for mid-single-digit savings in FY2026.

D.R. Horton, Inc. (DHI) Q4 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

DHI

DHI fundamentals

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