D.R. Horton, Inc.
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included in this quarterly report and with our annual report on Form 10-K for the fiscal year ended September 30, 2025. Some of the information contained in this discussion and analysis constitutes forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those described in the “Forward-Looking Statements” section following this discussion.
BUSINESS
D.R. Horton, Inc. is the largest homebuilding company in the United States as measured by number of homes closed. We construct and sell homes through our operating divisions in 126 markets across 36 states. Our common stock is included in the S&P 500 Index and listed on the New York Stock Exchange and NYSE Texas under the ticker symbol “DHI.” Unless the context otherwise requires, the terms “D.R. Horton,” the “Company,” “we” and “our” used herein refer to D.R. Horton, Inc., a Delaware corporation, and its predecessors and subsidiaries.
Our business operations consist of homebuilding, rental, a majority-owned residential lot development company, financial services and other activities. Homebuilding is our core business and primarily includes the construction and sale of single-family homes with sales prices generally ranging from $200,000 to more than $1,000,000, with an average closing price of $363,500 during the six months ended March 31, 2026. Approximately 85% of our home sales revenue in the six months ended March 31, 2026 was generated from the sale of single-family detached homes, with the remainder from the sale of attached homes, such as townhomes and duplexes.
We have closed more than 1.2 million homes during our 47-year history, and we have been the largest volume homebuilder in the United States every year since 2002. Our product offerings include a broad range of homes for entry-level, move-up, active adult and luxury buyers.
Our rental segment consists of single-family and multi-family rental operations. Single-family rental operations construct homes within single-family rental (build-to-rent) communities and then either sell homes to an investor as they are completed or lease the homes and market the entire community for a bulk sale. Multi-family rental operations develop, construct, lease and sell residential rental properties, the substantial majority of which are apartment communities.
At March 31, 2026, we owned 62% of the outstanding shares of Forestar Group Inc. (Forestar), a publicly traded residential lot development company listed on the New York Stock Exchange and NYSE Texas under the ticker symbol “FOR.” Forestar operates across many of our homebuilding operating markets and is a key part of our homebuilding strategy to maintain relationships with land developers and control a large portion of our land and lot position through land purchase contracts.
Our financial services operations provide mortgage financing and title agency services to homebuyers in many of our homebuilding markets. DHI Mortgage, our wholly owned subsidiary, provides mortgage financing services primarily to our homebuyers and sells substantially all of the mortgages it originates and the related servicing rights to third-party purchasers after origination. Our wholly owned subsidiary title companies issue title insurance policies and provide examination, underwriting and closing services primarily to our homebuilding customers.
In addition to our homebuilding, rental, Forestar and financial services operations, we engage in other business activities through our subsidiaries. We conduct insurance-related operations, own water rights and other water-related assets and own non-residential real estate including ranch land and improvements. The results of these operations are immaterial for separate reporting and therefore are grouped together and presented as other.
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OVERVIEW
During the six months ended March 31, 2026, our number of homes closed and home sales revenues decreased 3% and 5%, respectively, compared to the prior year period, and consolidated revenues decreased 6% to $14.4 billion compared to $15.3 billion. Our pre-tax income was $1.7 billion in the six months ended March 31, 2026 compared to $2.2 billion in the prior year period, and pre-tax operating margin was 11.5% compared to 14.2%. Net income was $1.3 billion in the six months ended March 31, 2026 compared to $1.7 billion in the prior year period, and diluted earnings per share were $4.27 compared to $5.19.
In the trailing twelve months ended March 31, 2026, our return on equity (ROE) was 13.2% compared to 17.4% in the prior year period, and return on assets (ROA) was 8.9% compared to 12.2%. ROE is calculated as net income attributable to D.R. Horton for the trailing twelve months divided by average stockholders’ equity, where average stockholders’ equity is the sum of ending stockholders’ equity balances for the trailing five quarters divided by five. ROA is calculated as net income attributable to D.R. Horton for the trailing twelve months divided by average consolidated assets, where average consolidated assets is the sum of total asset balances for the trailing five quarters divided by five.
During the second quarter, new home demand continued to be impacted by affordability constraints and cautious consumer sentiment. Despite these conditions, our net sales orders increased 11% compared to the prior year quarter, and the value of net sales orders increased 10%, reflecting the focus of our operations on disciplined execution across our markets. Home sales revenues decreased 2% compared to the prior year quarter. Home sales gross margin was 20.1% for the second quarter, compared to 21.8% in the prior year quarter, reflecting the decline in our average sales price and higher sales incentives, including mortgage interest rate buydowns offered to support affordability for our homebuyers. We remain well positioned with our affordable product offerings and controlled lot supply, and we continue to manage home pricing, sales incentives and inventory levels based on demand within our local markets. We currently expect sales incentives to remain elevated and may adjust incentive levels further depending on changes in market conditions and mortgage interest rates.
We remain focused on our relationships with land developers across the country to maximize returns and capital efficiency. Within our homebuilding land and lot portfolio, lots controlled through purchase contracts represented 77% of the lots owned and controlled at March 31, 2026 compared to 75% at both September 30, 2025 and March 31, 2025. We continue to prioritize the purchase of finished lots from Forestar and other land developers when possible. During the six months ended March 31, 2026, 67% of the homes we closed were on lots developed by either Forestar or a third party compared to 65% in the prior year period.
We believe our strong balance sheet and liquidity provide us with flexibility to operate effectively through changing economic conditions. We plan to continue to generate strong cash flows from our operations and manage our product offerings, incentives, home pricing, sales pace and inventory levels to optimize the return on our inventory investments in each of our communities based on local housing market conditions.
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STRATEGY
Our operating strategy focuses on consistently enhancing long-term value to our shareholders by leveraging our financial and competitive positions to maximize the returns on our inventory investments and generate strong profits and cash flows from operations, while managing risk and maintaining financial flexibility to navigate changing economic conditions. Our strategy includes the following initiatives:
•Developing and retaining highly experienced and productive teams of personnel throughout our company that are aligned and focused on continuous improvement in our operational execution and financial performance.
•Maintaining a significant cash balance and strong overall liquidity position while controlling our level of debt.
•Allocating and actively managing our inventory investments across our operating markets to diversify our geographic risk.
•Offering new home communities that appeal to a broad range of entry-level, move-up, active adult and luxury homebuyers based on consumer demand in each market.
•Executing sales and marketing strategies to drive traffic, generate demand and optimize sales pace across our communities.
•Modifying product offerings, sales pace, home prices and incentives as necessary in each of our markets to meet consumer demand and maintain affordability.
•Delivering high quality homes and a positive experience to our customers both during and after the sale.
•Managing our inventory of homes under construction relative to demand in each of our markets, including starting construction on unsold homes to capture new home demand and actively controlling the number of unsold completed homes in inventory.
•Investing in lots, land and land development in desirable markets, while controlling the level of land and lots we own in each market relative to the local new home demand.
•Controlling a significant portion of our land and finished lot position through purchase contracts and prioritizing the purchase of finished lots from Forestar and other land developers when possible.
•Controlling the cost of labor and goods provided by subcontractors and vendors.
•Improving the efficiency of our land development, construction and other key operational activities.
•Controlling our selling, general and administrative (SG&A) expense infrastructure to match production levels.
•Ensuring that our financial services business provides high quality mortgage and title services to homebuyers efficiently and effectively.
•Investing in our rental operations to meet rental demand in high growth suburban markets and selling these properties profitably.
•Opportunistically evaluating potential acquisitions to enhance our operating platform.
We believe our operating strategy, which has produced positive results in recent years, will allow us to successfully operate through changing economic conditions and maintain our strong financial performance and competitive position. However, we cannot provide any assurance that the initiatives listed above will continue to be successful, and we may need to adjust parts of our strategy to meet future market conditions.
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KEY RESULTS
Key financial results as of and for the three months ended March 31, 2026, as compared to the same period of 2025 unless otherwise indicated, were as follows:
Consolidated Results:
•Consolidated revenues decreased 2% to $7.6 billion compared to $7.7 billion.
•Consolidated pre-tax income decreased 19% to $867.4 million compared to $1.1 billion.
•Consolidated pre-tax income was 11.5% of consolidated revenues compared to 13.8%.
•Income tax expense was $209.4 million compared to $248.0 million, and our effective tax rate was 24.1% compared to 23.2%.
•Net income attributable to D.R. Horton decreased 20% to $647.9 million compared to $810.4 million.
•Net income per diluted share attributable to D.R. Horton decreased 13% to $2.24 compared to $2.58.
•Stockholders’ equity was $23.6 billion compared to $24.2 billion and $24.3 billion at September 30, 2025 and March 31, 2025, respectively.
•Book value per share increased to $82.91 compared to $82.15 and $78.82 at September 30, 2025 and March 31, 2025, respectively.
•Debt to total capital was 21.7% compared to 19.8% and 21.1% at September 30, 2025 and March 31, 2025, respectively. Net debt to total capital was 16.4% compared to 11.0% and 14.3% at September 30, 2025 and March 31, 2025, respectively.
Homebuilding:
•Homebuilding revenues decreased 2% to $7.1 billion compared to $7.2 billion.
•Homes closed increased 1% to 19,486 homes, while the average closing price of those homes decreased 3% to $361,600.
•Net sales orders increased 11% to 24,992 homes, and the value of net sales orders increased 10% to $9.2 billion.
•Sales order backlog increased 19% to 16,882 homes, and the value of sales order backlog increased 17% to $6.4 billion.
•Home sales gross margin was 20.1% compared to 21.8%.
•Homebuilding SG&A expense was 9.2% of homebuilding revenues compared to 8.9%.
•Homebuilding pre-tax income decreased 19% to $757.9 million compared to $935.0 million.
•Homebuilding pre-tax income was 10.7% of homebuilding revenues compared to 13.0%.
•Homebuilding cash and cash equivalents totaled $1.1 billion compared to $2.2 billion and $1.9 billion at September 30, 2025 and March 31, 2025, respectively.
•Homebuilding inventories totaled $21.0 billion compared to $20.3 billion and $20.9 billion at September 30, 2025 and March 31, 2025, respectively.
•Homes in inventory totaled 38,200 compared to 29,600 and 36,900 at September 30, 2025 and March 31, 2025, respectively.
•Owned lots totaled 134,100 compared to 147,000 and 150,600 at September 30, 2025 and March 31, 2025, respectively. Lots controlled through purchase contracts totaled 441,200 compared to 444,900 and 462,500 at September 30, 2025 and March 31, 2025, respectively.
•Homebuilding debt was $3.4 billion compared to $3.2 billion and $3.1 billion at September 30, 2025 and March 31, 2025, respectively.
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Rental:
•Rental revenues were $211.8 million compared to $236.6 million.
•Single-family rental homes closed totaled 566 compared to 519.
•Multi-family rental units closed totaled 216 compared to 300.
•Rental pre-tax income was $12.3 million compared to $22.8 million.
•Rental inventory totaled $3.0 billion compared to $2.7 billion and $3.1 billion at September 30, 2025 and March 31, 2025, respectively.
Forestar:
•Forestar’s revenues increased 7% to $374.3 million compared to $351.0 million. Revenues in the current and prior year quarters included $295.9 million and $267.8 million, respectively, of revenue from land and lot sales to our homebuilding segment.
•Forestar’s lots sold decreased 14% to 2,938 compared to 3,411. Lots sold to D.R. Horton totaled 2,450 compared to 2,501.
•Forestar’s revenue from tract acres sold was $35.6 million compared to no tract acres sold in the prior year quarter.
•Forestar’s pre-tax income increased 8% to $43.9 million compared to $40.7 million.
•Forestar’s pre-tax income was 11.7% of revenues compared to 11.6%.
•Forestar’s cash and cash equivalents totaled $362.2 million compared to $379.2 million and $174.3 million at September 30, 2025 and March 31, 2025, respectively.
•Forestar’s inventories totaled $2.7 billion compared to $2.6 billion and $2.8 billion at September 30, 2025 and March 31, 2025, respectively.
•Forestar’s owned and controlled lots totaled 94,400 compared to 99,800 and 105,900 at September 30, 2025 and March 31, 2025, respectively. Of these lots, 41,000 were under contract to sell to or subject to a right of first offer with D.R. Horton compared to 40,400 and 43,900 at September 30, 2025 and March 31, 2025, respectively.
•Forestar’s debt was $793.5 million compared to $802.8 million and $872.5 million at September 30, 2025 and March 31, 2025, respectively.
•Forestar’s debt to total capital was 30.4% compared to 31.2% and 34.7% at September 30, 2025 and March 31, 2025, respectively. Forestar’s net debt to total capital was 19.2% compared to 19.3% and 29.8% at September 30, 2025 and March 31, 2025, respectively.
Financial Services:
•Financial services revenues decreased 9% to $192.8 million compared to $212.9 million.
•Financial services pre-tax income decreased 29% to $51.7 million compared to $73.0 million.
•Financial services pre-tax income was 26.8% of financial services revenues compared to 34.3%.
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Key financial results for the six months ended March 31, 2026, as compared to the same period of 2025, were as follows:
Consolidated Results:
•Consolidated revenues decreased 6% to $14.4 billion compared to $15.3 billion.
•Consolidated pre-tax income decreased 24% to $1.7 billion compared to $2.2 billion.
•Consolidated pre-tax income was 11.5% of consolidated revenues compared to 14.2%.
•Income tax expense was $406.0 million compared to $506.0 million, and our effective tax rate was 24.4% compared to 23.2%.
•Net income attributable to D.R. Horton decreased 25% to $1.2 billion compared to $1.7 billion.
•Net income per diluted share attributable to D.R. Horton decreased 18% to $4.27 compared to $5.19.
•Net cash provided by operations was $441.5 million compared to $210.5 million.
Homebuilding:
•Homebuilding revenues decreased 5% to $13.6 billion compared to $14.4 billion.
•Homes closed decreased 3% to 37,304 homes, and the average closing price of those homes decreased 3% to $363,500.
•Net sales orders increased 7% to 43,292 homes, and the value of net sales orders increased 5% to $15.8 billion.
•Home sales gross margin was 20.3% compared to 22.3%.
•Homebuilding SG&A expense was 9.4% of homebuilding revenues compared to 8.9%.
•Homebuilding pre-tax income decreased 25% to $1.5 billion compared to $1.9 billion.
•Homebuilding pre-tax income was 10.8% of homebuilding revenues compared to 13.6%.
•Net cash provided by homebuilding operations was $618.8 million compared to $876.0 million.
Rental:
•Rental revenues were $321.3 million compared to $454.3 million.
•Single-family rental homes closed totaled 963 compared to 830.
•Multi-family rental units closed totaled 216 compared to 804.
•Rental pre-tax income was $12.5 million compared to $34.7 million.
Forestar:
•Forestar’s revenues increased 8% to $647.3 million compared to $601.3 million. Revenues in the current and prior year periods included $479.7 million and $486.4 million, respectively, of revenue from land and lot sales to our homebuilding segment.
•Forestar’s lots sold decreased 15% to 4,882 compared to 5,744. Lots sold to D.R. Horton totaled 4,077 compared to 4,613.
•Forestar’s revenue from tract acres sold was $64.9 million compared to no tract acres sold in the prior year period.
•Forestar’s pre-tax income increased 4% to $64.8 million compared to $62.6 million.
•Forestar’s pre-tax income was 10.0% of revenues compared to 10.4%.
Financial Services:
•Financial services revenues decreased 5% to $377.4 million compared to $395.2 million.
•Financial services pre-tax income decreased 10% to $109.7 million compared to $121.6 million.
•Financial services pre-tax income was 29.1% of financial services revenues compared to 30.8%.
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RESULTS OF OPERATIONS - HOMEBUILDING
We conduct our homebuilding operations in the geographic regions, states and markets listed below. Our homebuilding operating divisions are aggregated into six reporting segments, also referred to as reporting regions, which comprise the markets below. Our financial statements and the notes thereto contain additional information regarding segment performance.
| State | Reporting Region/Market | State | Reporting Region/Market | State | Reporting Region/Market | ||||||||||||||||||||||
| Northwest Region | Southeast Region | North Region | |||||||||||||||||||||||||
| Colorado | Colorado Springs | Alabama | Baldwin County | Delaware | Northern Delaware | ||||||||||||||||||||||
| Denver | Birmingham | Southern Delaware | |||||||||||||||||||||||||
| Fort Collins | Huntsville | Illinois | Chicago | ||||||||||||||||||||||||
| Oregon | Bend | Mobile | Indiana | Fort Wayne | |||||||||||||||||||||||
| Eugene/Springfield | Montgomery | Indianapolis | |||||||||||||||||||||||||
| Medford | Tuscaloosa | Northwest Indiana | |||||||||||||||||||||||||
| Portland/Salem | Florida | Cape Coral/Fort Myers | Iowa | Des Moines | |||||||||||||||||||||||
| Utah | Salt Lake City/Provo/Ogden | Deltona/Daytona Beach | Iowa City/Cedar Rapids | ||||||||||||||||||||||||
| St. George | Gainesville | Kansas/Missouri | Kansas City | ||||||||||||||||||||||||
| Washington | Bremerton | Jacksonville | Kentucky | Louisville/Lexington | |||||||||||||||||||||||
| Central Washington | Lakeland | Maryland | Baltimore | ||||||||||||||||||||||||
| Kennewick/Pasco/Richland | Miami/Fort Lauderdale | Eastern Maryland | |||||||||||||||||||||||||
| Seattle/Tacoma/Everett/Olympia | Ocala | Suburban Washington, D.C. | |||||||||||||||||||||||||
| Spokane | Orlando | Western Maryland | |||||||||||||||||||||||||
| Vancouver | Palm Bay/Melbourne | Minnesota | Minneapolis/St. Paul | ||||||||||||||||||||||||
| Panama City | Nebraska | Omaha | |||||||||||||||||||||||||
| Southwest Region | Pensacola | New Jersey | Northern New Jersey | ||||||||||||||||||||||||
| Arizona | Phoenix | Port St. Lucie | Southern New Jersey | ||||||||||||||||||||||||
| Tucson | Tallahassee | Ohio | Cincinnati/Dayton | ||||||||||||||||||||||||
| California | Bakersfield | Tampa/Sarasota/Punta Gorda | Columbus | ||||||||||||||||||||||||
| Bay Area | West Palm Beach | Pennsylvania | Central Pennsylvania | ||||||||||||||||||||||||
| Fresno/Tulare | Louisiana | Baton Rouge | Philadelphia | ||||||||||||||||||||||||
| Los Angeles County | Lake Charles/Lafayette | Pittsburgh | |||||||||||||||||||||||||
| Modesto/Merced/Stockton | Mississippi | Gulf Coast | Virginia | Northern Virginia | |||||||||||||||||||||||
| Redding/Chico/Yuba City | Hattiesburg | Richmond | |||||||||||||||||||||||||
| Riverside County | Jackson | Virginia Beach/Williamsburg | |||||||||||||||||||||||||
| Sacramento | Western Virginia | ||||||||||||||||||||||||||
| San Bernardino County | East Region | West Virginia | Eastern West Virginia | ||||||||||||||||||||||||
| Hawaii | Oahu | Georgia | Atlanta | Northern West Virginia | |||||||||||||||||||||||
| Nevada | Las Vegas | Augusta | Wisconsin | Southeast Wisconsin | |||||||||||||||||||||||
| Reno | Central Georgia | ||||||||||||||||||||||||||
| New Mexico | Albuquerque | Savannah/Brunswick | |||||||||||||||||||||||||
| Santa Fe | Valdosta | ||||||||||||||||||||||||||
| North Carolina | Asheville | ||||||||||||||||||||||||||
| South Central Region | Charlotte | ||||||||||||||||||||||||||
| Arkansas | Little Rock | Greensboro/Winston-Salem | |||||||||||||||||||||||||
| Northwest Arkansas | New Bern/Greenville | ||||||||||||||||||||||||||
| Oklahoma | Oklahoma City | Raleigh/Durham/Fayetteville | |||||||||||||||||||||||||
| Tulsa | Wilmington | ||||||||||||||||||||||||||
| Texas | Abilene | South Carolina | Charleston | ||||||||||||||||||||||||
| Austin | Columbia | ||||||||||||||||||||||||||
| Beaumont | Greenville/Spartanburg | ||||||||||||||||||||||||||
| Bryan/College Station | Hilton Head | ||||||||||||||||||||||||||
| Corpus Christi | Myrtle Beach | ||||||||||||||||||||||||||
| Dallas | Tennessee | Chattanooga | |||||||||||||||||||||||||
| East Texas | Knoxville | ||||||||||||||||||||||||||
| Fort Worth | Memphis | ||||||||||||||||||||||||||
| Houston | Nashville | ||||||||||||||||||||||||||
| Killeen/Temple/Waco | Northeast Tennessee | ||||||||||||||||||||||||||
| Lubbock | |||||||||||||||||||||||||||
| Midland/Odessa | |||||||||||||||||||||||||||
| New Braunfels/San Marcos | |||||||||||||||||||||||||||
| San Antonio | |||||||||||||||||||||||||||
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The following tables and related discussion set forth key operating and financial data for our homebuilding operations by reporting segment as of and for the three and six months ended March 31, 2026 and 2025.
| Net Sales Orders (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Homes Sold | Value (In millions) | Average Selling Price | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
| Northwest | 1,234 | 1,390 | (11) | % | $ | 672.0 | $ | 762.7 | (12) | % | $ | 544,600 | $ | 548,700 | (1) | % | |||||||||||||||||||||||||||||||||||||||
| Southwest | 2,646 | 2,371 | 12 | % | 1,276.6 | 1,143.7 | 12 | % | 482,500 | 482,400 | — | % | |||||||||||||||||||||||||||||||||||||||||||
| South Central | 6,821 | 5,958 | 14 | % | 2,040.2 | 1,853.5 | 10 | % | 299,100 | 311,100 | (4) | % | |||||||||||||||||||||||||||||||||||||||||||
| Southeast | 5,734 | 5,180 | 11 | % | 1,944.7 | 1,762.1 | 10 | % | 339,200 | 340,200 | — | % | |||||||||||||||||||||||||||||||||||||||||||
| East | 5,152 | 4,754 | 8 | % | 1,789.9 | 1,644.0 | 9 | % | 347,400 | 345,800 | — | % | |||||||||||||||||||||||||||||||||||||||||||
| North | 3,405 | 2,784 | 22 | % | 1,430.3 | 1,192.6 | 20 | % | 420,100 | 428,400 | (2) | % | |||||||||||||||||||||||||||||||||||||||||||
| 24,992 | 22,437 | 11 | % | $ | 9,153.7 | $ | 8,358.6 | 10 | % | $ | 366,300 | $ | 372,500 | (2) | % | ||||||||||||||||||||||||||||||||||||||||
| Six Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Homes Sold | Value (In millions) | Average Selling Price | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
| Northwest | 2,157 | 2,409 | (10) | % | $ | 1,159.6 | $ | 1,296.4 | (11) | % | $ | 537,600 | $ | 538,100 | — | % | |||||||||||||||||||||||||||||||||||||||
| Southwest | 4,668 | 4,545 | 3 | % | 2,242.7 | 2,193.1 | 2 | % | 480,400 | 482,500 | — | % | |||||||||||||||||||||||||||||||||||||||||||
| South Central | 11,752 | 10,517 | 12 | % | 3,517.6 | 3,284.2 | 7 | % | 299,300 | 312,300 | (4) | % | |||||||||||||||||||||||||||||||||||||||||||
| Southeast | 9,971 | 9,602 | 4 | % | 3,361.9 | 3,264.1 | 3 | % | 337,200 | 339,900 | (1) | % | |||||||||||||||||||||||||||||||||||||||||||
| East | 9,020 | 8,341 | 8 | % | 3,125.0 | 2,883.3 | 8 | % | 346,500 | 345,700 | — | % | |||||||||||||||||||||||||||||||||||||||||||
| North | 5,724 | 4,860 | 18 | % | 2,408.7 | 2,091.0 | 15 | % | 420,800 | 430,200 | (2) | % | |||||||||||||||||||||||||||||||||||||||||||
| 43,292 | 40,274 | 7 | % | $ | 15,815.5 | $ | 15,012.1 | 5 | % | $ | 365,300 | $ | 372,700 | (2) | % | ||||||||||||||||||||||||||||||||||||||||
| Sales Order Cancellations | |||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||
| Cancelled Sales Orders | Value (In millions) | Cancellation Rate (2) | |||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||
| Northwest | |||||||||||||||||||||||||||||||||||||
Next expected filings
- ~2026-07-23 10-Q expected by 2026-08-09 (in 83 days)
- ~2026-11-19 10-K expected by 2026-11-30 (in 202 days)
- ~2027-01-22 10-Q expected by 2027-02-08 (in 266 days)
- ~2027-04-23 10-Q expected by 2027-05-10 (in 357 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-04-23 10-Q Quarterly Report
- 2026-04-21 8-K Earnings Release; Financial Statements and Exhibits
- 2026-03-31 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
- 2026-01-22 10-Q Quarterly Report
- 2026-01-20 8-K Earnings Release; Financial Statements and Exhibits
- 2025-11-19 10-K Annual Report
- 2025-10-28 8-K Earnings Release; Financial Statements and Exhibits
- 2025-07-23 10-Q Quarterly Report
- 2025-07-22 8-K Earnings Release; Financial Statements and Exhibits
- 2025-05-09 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
- 2025-05-05 8-K Material Agreement Entered; Financial Statements and Exhibits
- 2025-05-05 8-K Other Events; Financial Statements and Exhibits
- 2025-04-23 10-Q Quarterly Report
- 2025-04-17 8-K Earnings Release; Financial Statements and Exhibits
- 2025-02-26 8-K Material Agreement Entered; Financial Statements and Exhibits