D.R. Horton reported fourth‑quarter 2025 results with net income of $905.3 million and earnings per diluted share of $3.04, below the consensus estimate of $3.28. Consolidated revenue for the quarter was $9.68 billion, surpassing the analyst expectation of roughly $9.45 billion.
Year‑over‑year, the company’s key metrics declined: net income fell 29%, EPS dropped 22%, and revenue slipped 3% from $10.0 billion in Q4 2024. The average closing sales price was $365,600, down 3% YoY, reflecting a modest decline in pricing power amid increased sales incentives.
The quarterly dividend was raised to $0.45 per share, a 13% increase from the previous quarter and the 12th consecutive year of dividend growth. Share repurchases totaled 4.6 million shares for $688.8 million during the quarter and 30.7 million shares for $4.3 billion during fiscal 2025, reducing outstanding shares by 9%.
New orders for the quarter reached 20,078 homes, up from 19,035 in Q4 2024, indicating resilient demand despite margin pressure from affordability constraints and cautious consumer sentiment. The company’s average sales price decline and increased incentives contributed to the earnings miss.
Full fiscal‑year 2025 results showed net income of $3.6 billion, earnings per share of $11.57, and revenue of $34.3 billion. Guidance for fiscal 2026 projects revenue between $33.5 billion and $35.0 billion and home closings of 86,000 to 88,000 units.
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