D.R. Horton releases transcript of Q3 FY 2026 earnings call

For Q4, the company expects:

• Revenue of $8.8 billion-$9.3 billion
• 22,500-23,000 closings
• Home sales gross margin of 20.5%-21%
• Pre-tax margin of 12.3%-12.8%

For FY 2026, D.R. Horton said it now expects:

• Revenue of $32.5 billion-$33 billion
• 83,800-84,300 closings
• Operating cash flow of at least $3 billion
• Buybacks of about $2.5 billion

Management cited softer late-quarter demand, a higher cancellation rate of 20%, and incentives that remained elevated. The company also said Q4 starts are expected to be below Q3.

D.R. Horton published a transcript of its Q3 FY 2026 earnings call attended by CEO Paul Romanowski, COO Michael Murray, CFO Bill Wheat, and SVP Communications Jessica Hansen.