Q3 2025 DR Horton Inc Earnings Call Transcript
Key Points
- D.R. Horton Inc (DHI) reported solid financial results for the third quarter, with earnings of $3.36 per diluted share.
- The company achieved a home sales gross margin of 21.8%, which was above their guidance range.
- D.R. Horton Inc (DHI) generated $2.9 billion of cash from operations over the past 12 months and returned $4.6 billion to shareholders through repurchases and dividends.
- The company's return on assets ranks in the top 15% of all S&P 500 companies for the past 3-, 5-, and 10-year periods.
- D.R. Horton Inc (DHI) has a strong balance sheet with low leverage and healthy liquidity, providing significant financial flexibility.
- Net income for the quarter was $1 billion, down from the prior year quarter.
- The average closing price for homes was $369,600, down 1% sequentially and down 3% year over year.
- Net sales orders were flat with the prior year quarter, and order value decreased by 3%.
- The cancellation rate for the quarter was 17%, up from 16% sequentially.
- Homebuilding SG&A expenses increased by 2% from last year, and SG&A expense as a percentage of revenues was up 70 basis points.
Good morning and welcome to the third-quarter 2025 earnings conference call for D.R. Horton, America's Builder. (Operator Instructions)
I would now like to turn the call over to Jessica Hansen, Senior Vice President of Communications for D.R. Horton.
Thank you, Matthew, and good morning.
Welcome to our call to discuss our financial results for the third quarter of fiscal 2025. Before we get started, today's call includes forward-looking statements as defined by the Private Securities Litigation Form Act of 1995. Although D.R. Horton believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different.
All forward-looking statements are based upon information available to D.R. Horton on the date of this conference call, and D.R. Horton does not undertake any obligation to publicly update or revise any forward-looking statements. Additional information about factors that could lead
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