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DHI · Q3 FY2026
Archived report (Q3 FY2026). Latest deep dive →
The quarter in brief
Revenue grew 0.0% y/y to $9.23B, operating margin 12.5% vs 13.7%, net income $905M (−11.7% y/y).
Net income attributable to D.R. Horton, Inc.
$905M
down 11.7% y/y
Revenues
$9,227M
up 0.0% y/y
Operating income (calculated)
$1,155M
down 8.7% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Revenues | $9,227 · +0.0% |
| Cost of sales | $7,081 · +0.9% |
| Selling, general and administrative expense | $991 · +5.0% |
| Operating income (calculated) | $1,155 · −8.7% · 12.5% margin |
| Other (income) expense | $71.2 · −23.6% |
| Income before income taxes | $1,226 · −9.7% |
| Income tax expense | $308 · −5.4% · 25.1% effective rate |
| Net income attributable to noncontrolling interests | $13.8 · +62.4% |
| Net income attributable to D.R. Horton, Inc. | $905 · −11.7% · $3.20/sh · 9.8% margin |
Verdict: revenue grew 0.0% y/y to $9.23B, operating margin 12.5% vs 13.7%, net income $905M (−11.7% y/y).
Source and notation
Source: D.R. Horton press release, 8-K EX-99.1 of 07/21/2026 (SEC EDGAR). Every figure was matched against the income statement in the release and checked against SEC XBRL. Operating income is calculated (revenue less costs and operating expenses): the release does not report it.
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<figure> <a href="https://whoreportstoday.com/t/dhi/q3-fy2026"><img src="https://whoreportstoday.com/t/dhi/q3-fy2026/sankey.png" alt="DHI Q3 FY2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/dhi/q3-fy2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/dhi/q3-fy2026">DHI Q3 FY2026 earnings chart (Who Reports Today)</a>
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- Operating income was $1.16B, a 12.5% margin vs 13.7% a year earlier.
- The effective tax rate was 25.1% vs 23.9% a year earlier.
- Diluted EPS was $3.20 vs $3.36 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
DHI — a homebuilder that builds and sells homes in many US states.
Homebuilding, reported in six regional segments, generated 92% of revenue in fiscal 2025; the other segments are rental housing, the majority-owned residential lot developer Forestar, and financial services (mortgage and title services for its buyers). · Source: annual report (Form 10-K, SEC)
Heads-up
- net income fell 12% y/y in Q3 FY2026
Net income for Q3 FY2026: $905M, −12% y/y. In the report's figures: costs grew faster than revenue: net income attributable to noncontrolling interests +62% y/y. Based on the Q3 FY2026 report.
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