D.R. Horton, Inc.
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ITEM 1. 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 (NYSE) and NYSE Texas under the ticker symbol “DHI.” Our listing on NYSE Texas became effective in June 2025. 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 homebuilding business began in 1978 in Fort Worth, Texas, and our common stock has been publicly traded since 1992. We have expanded and diversified our homebuilding operations geographically over the years by investing capital and building teams of people in our existing markets, starting new operations in additional markets and acquiring other homebuilding companies. 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 business operations consist of homebuilding, rental, a majority-owned residential lot development company, financial services and other activities. Homebuilding is our core business, generating 92% of consolidated revenues of $34.3 billion and $36.8 billion in fiscal 2025 and 2024, respectively, and 90% of consolidated revenues of $35.5 billion in fiscal 2023. Most of our homebuilding revenue is generated from the sale of completed homes and to a lesser extent from the sale of land and lots. Approximately 84% of our home sales revenue in fiscal 2025 was generated from the sale of single-family detached homes, with the remainder from the sale of attached homes, such as townhomes and duplexes. Our product offerings include a broad range of homes for entry-level, move-up, active adult and luxury buyers. Our homes generally range in size from 1,000 to 4,000 square feet and in price from $250,000 to more than $1,000,000. For the year ended September 30, 2025, our homebuilding operations closed 84,863 homes with an average closing price of $370,400.
Our rental segment consists of single-family and multi-family rental operations. The single-family rental operations construct and lease single-family homes within a community and market each community for a bulk sale of rental homes. The multi-family rental operations develop, construct, lease and sell residential rental properties, the majority of which are apartment communities. For the year ended September 30, 2025, our rental operations closed 3,460 single-family rental homes and 2,947 multi-family rental units.
At September 30, 2025, we owned 62% of the outstanding shares of Forestar Group Inc. (Forestar), a publicly traded residential lot development company listed on the NYSE 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. For the year ended September 30, 2025, Forestar sold 14,240 lots, of which 83% were sold to D.R. Horton.
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. For the year ended September 30, 2025, DHI Mortgage originated or brokered 68,982 mortgage loans. 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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Available Information
We make available, as soon as reasonably practicable, on our website, www.drhorton.com, all of our reports filed with or furnished to the Securities and Exchange Commission (SEC). These reports can be found on the “Investor Relations” section of our website under “Financial Information” and include our annual and quarterly reports on Form 10-K and 10-Q, current reports on Form 8-K, beneficial ownership reports on Forms 3, 4, and 5, proxy statements and amendments to such reports. Our SEC filings are also available to the public on the SEC’s website at www.sec.gov. In addition to our SEC filings, our corporate governance documents, including our Code of Ethical Conduct for the Chief Executive Officer, Chief Financial Officer and senior financial officers, are available on the “Investor Relations” section of our website under “Corporate Governance.” Our stockholders may also obtain these documents in paper format free of charge upon request made to our Investor Relations department.
Our principal executive offices are located at 1341 Horton Circle, Arlington, Texas 76011, and our telephone number is (817) 390-8200. Information on or linked to our website is not incorporated by reference into this annual report on Form 10-K unless expressly noted.
OPERATING STRUCTURE AND PROCESSES
Following is an overview of our company’s operating structure and the significant processes that support our business controls, strategies and performance.
Homebuilding Markets
Our homebuilding business operates in 126 markets across 36 states, which provides us with geographic diversification in our homebuilding inventory investments and our sources of revenues and earnings. We believe our geographic diversification lowers our operational risks by mitigating the effects of local and regional economic cycles, and it also enhances our earnings potential by providing more diverse opportunities to invest in our business and provide a strong platform for us to consolidate market share.
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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 | |||||||||||||||||||||||
| Central Washington | Lakeland | Maryland | Baltimore | ||||||||||||||||||||||||
| Kennewick/Pasco/Richland | |||||||||||||||||||||||||||
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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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 $362,900 during the nine months ended June 30, 2026. Approximately 85% of our home sales revenue in the nine months ended June 30, 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 1.3 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 June 30, 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 nine months ended June 30, 2026, we closed 61,287 homes compared to 61,495 homes in the prior year period. Our home sales revenues decreased 3% and our consolidated revenues decreased 4% to $23.7 billion in the nine months ended June 30, 2026 compared to $24.6 billion in the prior year period. Our pre-tax income was $2.9 billion in the nine months ended June 30, 2026 compared to $3.5 billion in the prior year period, and pre-tax operating margin was 12.2% compared to 14.4%. Net income was $2.2 billion in the nine months ended June 30, 2026 compared to $2.7 billion in the prior year period, and diluted earnings per share were $7.45 compared to $8.53.
In the trailing twelve months ended June 30, 2026, our return on equity (ROE) was 12.8% compared to 16.1% in the prior year period, and return on assets (ROA) was 8.5% compared to 11.1%. 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 third quarter, new home demand continued to be impacted by affordability constraints and cautious consumer sentiment. Our net sales orders and the value of those orders increased slightly compared to the prior year quarter. Home sales revenues increased 1% compared to the prior year quarter. Home sales gross margin was 20.7% for the third 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 during the remainder of fiscal 2026 and into fiscal 2027, and we will continue to adjust incentive levels based 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 78% of the lots owned and controlled at June 30, 2026 compared to 75% at September 30, 2025 and 76% at June 30, 2025. We continue to prioritize the purchase of finished lots from Forestar and other land developers when possible. During the nine months ended June 30, 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.
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 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 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 June 30, 2026, as compared to the same period of 2025 unless otherwise indicated, were as follows:
Consolidated Results:
•Consolidated revenues were essentially unchanged at $9.2 billion.
•Consolidated pre-tax income decreased 10% to $1.2 billion compared to $1.4 billion.
•Consolidated pre-tax income was 13.3% of consolidated revenues compared to 14.7%.
•Income tax expense was $307.5 million compared to $325.0 million, and our effective tax rate was 25.1% compared to 23.9%.
•Net income attributable to D.R. Horton decreased 12% to $904.9 million compared to $1.0 billion.
•Net income per diluted share attributable to D.R. Horton decreased 5% to $3.20 compared to $3.36.
•Stockholders’ equity was $23.8 billion compared to $24.2 billion and $24.1 billion at September 30, 2025 and June 30, 2025, respectively.
•Book value per share increased to $84.85 compared to $82.15 and $80.46 at September 30, 2025 and June 30, 2025, respectively.
•Debt to total capital was 23.0% compared to 19.8% and 23.2% at September 30, 2025 and June 30, 2025, respectively. Net debt to total capital was 17.4% compared to 11.0% and 16.2% at September 30, 2025 and June 30, 2025, respectively.
Homebuilding:
•Homebuilding revenues increased 1% to $8.7 billion compared to $8.6 billion.
•Homes closed increased 4% to 23,983 homes, while the average closing price of those homes decreased 2% to $362,000.
•Net sales orders of 23,084 homes and the value of net sales orders of $8.4 billion both increased slightly from the prior year.
•Sales order backlog increased 14% to 15,983 homes, and the value of sales order backlog increased 16% to $6.2 billion.
•Home sales gross margin was 20.7% compared to 21.8%.
•Homebuilding SG&A expense was 8.3% of homebuilding revenues compared to 7.8%.
•Homebuilding pre-tax income decreased 10% to $1.1 billion compared to $1.2 billion.
•Homebuilding pre-tax income was 12.3% of homebuilding revenues compared to 13.8%.
•Homebuilding cash and cash equivalents totaled $1.3 billion compared to $2.2 billion and $2.0 billion at September 30, 2025 and June 30, 2025, respectively.
•Homebuilding inventories totaled $21.3 billion compared to $20.3 billion and $21.1 billion at September 30, 2025 and June 30, 2025, respectively.
•Homes in inventory totaled 38,000 compared to 29,600 and 38,400 at September 30, 2025 and June 30, 2025, respectively.
•Owned lots totaled 126,600 compared to 147,000 and 145,900 at September 30, 2025 and June 30, 2025, respectively. Lots controlled through purchase contracts totaled 441,900 compared to 444,900 and 455,500 at September 30, 2025 and June 30, 2025, respectively.
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•Homebuilding debt was $3.7 billion compared to $3.2 billion and $3.7 billion at September 30, 2025 and June 30, 2025, respectively.
Rental:
•Rental revenues were $266.1 million compared to $380.7 million.
•Single-family rental homes closed totaled 601 compared to 1,065.
•Multi-family rental units closed totaled 339 compared to 328.
•Rental pre-tax income was $31.0 million compared to $54.8 million.
•Rental inventory totaled $3.1 billion compared to $2.7 billion and $3.1 billion at September 30, 2025 and June 30, 2025, respectively.
Forestar:
•Forestar’s revenues increased 4% to $407.0 million compared to $390.5 million. Revenues in the current and prior year quarters included $360.5 million and $325.0 million, respectively, of revenue from land and lot sales to our homebuilding segment.
•Forestar’s lots sold increased 1% to 3,659 compared to 3,605. Lots sold to D.R. Horton totaled 3,370 compared to 3,075.
•Forestar’s revenue from tract acres sold was $8.3 million compared to $3.6 million in the prior year quarter.
•Forestar’s pre-tax income increased 12% to $48.7 million compared to $43.6 million.
•Forestar’s pre-tax income was 12.0% of revenues compared to 11.2%.
•Forestar’s cash and cash equivalents totaled $394.9 million compared to $379.2 million and $189.2 million at September 30, 2025 and June 30, 2025, respectively.
•Forestar’s inventories totaled $2.7 billion compared to $2.6 billion and $2.8 billion at September 30, 2025 and June 30, 2025, respectively.
•Forestar’s owned and controlled lots totaled 91,700 compared to 99,800 and 102,300 at September 30, 2025 and June 30, 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 42,700 at September 30, 2025 and June 30, 2025, respectively.
•Forestar’s debt was $793.8 million compared to $802.8 million and $872.8 million at September 30, 2025 and June 30, 2025, respectively.
•Forestar’s debt to total capital was 30.0% compared to 31.2% and 34.2% at September 30, 2025 and June 30, 2025, respectively. Forestar’s net debt to total capital was 17.7% compared to 19.3% and 28.9% at September 30, 2025 and June 30, 2025, respectively.
Financial Services:
•Financial services revenues decreased 3% to $220.7 million compared to $227.8 million.
•Financial services pre-tax income decreased 14% to $70.3 million compared to $81.3 million.
•Financial services pre-tax income was 31.9% of financial services revenues compared to 35.7%.
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Key financial results for the nine months ended June 30, 2026, as compared to the same period of 2025, were as follows:
Consolidated Results:
•Consolidated revenues decreased 4% to $23.7 billion compared to $24.6 billion.
•Consolidated pre-tax income decreased 18% to $2.9 billion compared to $3.5 billion.
•Consolidated pre-tax income was 12.2% of consolidated revenues compared to 14.4%.
•Income tax expense was $713.5 million compared to $831.0 million, and our effective tax rate was 24.7% compared to 23.5%.
•Net income attributable to D.R. Horton decreased 20% to $2.1 billion compared to $2.7 billion.
•Net income per diluted share attributable to D.R. Horton decreased 13% to $7.45 compared to $8.53.
•Net cash provided by operations was $880.8 million compared to $949.1 million.
Homebuilding:
•Homebuilding revenues decreased 3% to $22.3 billion compared to $23.0 billion.
•Homes closed decreased from 61,495 to 61,287 homes, and the average closing price of those homes decreased 2% to $362,900.
•Net sales orders increased 5% to 66,376 homes, and the value of net sales orders increased 4% to $24.3 billion.
•Home sales gross margin was 20.4% compared to 22.1%.
•Homebuilding SG&A expense was 9.0% of homebuilding revenues compared to 8.5%.
•Homebuilding pre-tax income decreased 19% to $2.5 billion compared to $3.1 billion.
•Homebuilding pre-tax income was 11.4% of homebuilding revenues compared to 13.7%.
•Net cash provided by homebuilding operations was $1.3 billion compared to $1.7 billion.
Rental:
•Rental revenues were $587.4 million compared to $835.0 million.
•Single-family rental homes closed totaled 1,564 compared to 1,895.
•Multi-family rental units closed totaled 555 compared to 1,132.
•Rental pre-tax income was $43.5 million compared to $89.4 million.
Forestar:
•Forestar’s revenues increased 6% to $1.1 billion compared to $991.9 million. Revenues in the current and prior year periods included $840.1 million and $811.3 million, respectively, of revenue from land and lot sales to our homebuilding segment.
•Forestar’s lots sold decreased 9% to 8,541 compared to 9,349. Lots sold to D.R. Horton totaled 7,447 compared to 7,688.
•Forestar’s revenue from tract acres sold was $73.2 million compared to $3.6 million in the prior year period.
•Forestar’s pre-tax income increased 7% to $113.4 million compared to $106.2 million.
•Forestar’s pre-tax income was 10.8% of revenues compared to 10.7%.
Financial Services:
•Financial services revenues decreased 4% to $598.2 million compared to $623.0 million.
•Financial services pre-tax income decreased 11% to $180.0 million compared to $203.0 million.
•Financial services pre-tax income was 30.1% of financial services revenues compared to 32.6%.
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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/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/Jacksonville | ||||||||||||||||||||||||||
| Texas | Abilene | South Carolina | Charleston | ||||||||||||||||||||||||
| Austin | Columbia | ||||||||||||||||||||||||||
| Beaumont | Greenville/Spartanburg | ||||||||||||||||||||||||||
| Bryan/College Station | Hilton Head | ||||||||||||||||||||||||||
| Corpus Christi | Myrtle Beach/Florence | ||||||||||||||||||||||||||
| 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 nine months ended June 30, 2026 and 2025.
| Net Sales Orders (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Homes Sold | Value (In millions) | Average Selling Price | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
| Northwest | 1,183 | 1,294 | (9) | % | $ | 617.6 | $ | 683.6 | (10) | % | $ | 522,100 | $ | 528,300 | (1) | % | |||||||||||||||||||||||||||||||||||||||
| Southwest | 2,376 | 2,396 | (1) | % | 1,171.4 | 1,129.3 | 4 | % | 493,000 | 471,300 | 5 | % | |||||||||||||||||||||||||||||||||||||||||||
| South Central | 6,011 | 6,131 | (2) | % | 1,804.7 | 1,868.0 | (3) | % | 300,200 | 304,700 | (1) | % | |||||||||||||||||||||||||||||||||||||||||||
| Southeast | 5,456 | 5,475 | — | % | 1,862.0 | 1,830.1 | 2 | % | 341,300 | 334,300 | 2 | % | |||||||||||||||||||||||||||||||||||||||||||
| East | 4,857 | 4,887 | (1) | % | 1,653.8 | 1,696.5 | (3) | % | 340,500 | 347,100 | (2) | % | |||||||||||||||||||||||||||||||||||||||||||
| North | 3,201 | 2,888 | 11 | % | 1,330.2 | 1,214.8 | 9 | % | 415,600 | 420,600 | (1) | % | |||||||||||||||||||||||||||||||||||||||||||
| 23,084 | 23,071 | — | % | $ | 8,439.7 | $ | 8,422.3 | — | % | $ | 365,600 | $ | 365,100 | — | % | ||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Homes Sold | Value (In millions) | Average Selling Price | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
| Northwest | 3,340 | 3,703 | (10) | % | $ | 1,777.1 | $ | 1,980.1 | (10) | % | $ | 532,100 | $ | 534,700 | — | % | |||||||||||||||||||||||||||||||||||||||
| Southwest | 7,044 | 6,941 | 1 | % | 3,414.1 | 3,322.4 | 3 | % | 484,700 | 478,700 | 1 | % | |||||||||||||||||||||||||||||||||||||||||||
| South Central | 17,763 | 16,648 | 7 | % | 5,322.3 | 5,152.2 | 3 | % | 299,600 | 309,500 | (3) | % | |||||||||||||||||||||||||||||||||||||||||||
| Southeast | 15,427 | 15,077 | 2 | % | 5,223.9 | 5,094.2 | 3 | % | 338,600 | 337,900 | — | % | |||||||||||||||||||||||||||||||||||||||||||
| East | 13,877 | 13,228 | 5 | % | 4,778.8 | 4,579.8 | 4 | % | 344,400 | 346,200 | (1) | % | |||||||||||||||||||||||||||||||||||||||||||
| North | 8,925 | 7,748 | 15 | % | 3,738.9 | 3,305.8 | 13 | % | 418,900 | 426,700 | (2) | % | |||||||||||||||||||||||||||||||||||||||||||
| 66,376 | 63,345 | 5 | % | $ | 24,255.1 | $ | 23,434.5 | 4 | % | $ | 365,400 | $ | 370,000 | (1) | % | ||||||||||||||||||||||||||||||||||||||||
Next expected filings
- ~2026-11-19 10-K expected by 2026-11-30 (in 71 days)
- ~2027-01-22 10-Q expected by 2027-02-08 (in 135 days)
- ~2027-04-23 10-Q expected by 2027-05-10 (in 226 days)
- ~2027-07-23 10-Q expected by 2027-08-09 (in 317 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-07-23 10-Q Quarterly Report
- 2026-07-21 8-K Earnings Release; Financial Statements and Exhibits
- 2026-05-12 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
- 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