D.R. Horton publishes Q4 FY2026 earnings call transcript
DHI•D.R. Horton’s fiscal 2027 guidance calls for revenue of $30 billion-$32 billion and 79,000-84,000 home closings. Fourth-quarter net sales orders fell 7% to 18,619 homes, while the cancellation rate rose to 23%.
1. Fiscal 2027 outlook
D.R. Horton’s October 29, 2026, fourth-quarter earnings call featured CEO Paul Romanowski, Bill Wheat, Mike Murray and Jessica Hansen. Management guided to fiscal 2027 revenue of $30 billion-$32 billion and home closings of 79,000-84,000. First-quarter home sales gross margin is projected at 18%-18.5%, compared with 19.5% in the fourth quarter.
2. Orders and demand
Fourth-quarter net sales orders fell 7% to 18,619 homes, and the cancellation rate increased to 23% from 20% a year earlier. Romanowski expects mortgage rates to remain elevated, while management anticipates continued high incentives as affordability constraints pressure demand.
