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Sentiment · FY2026 Q3
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| John Lovallo | UBS | 16 (6%) |
| Matthew Bouley | Barclays | 16 (13%) |
| Stephen Kim | Evercore ISI | 16 (13%) |
| Alan Ratner | Zelman & Associates | 15 (13%) |
| Rafe Jadrosich | Bank of America | 14 (0%) |
| Mike Rehaut | JPMorgan | 14 (0%) |
| Sam Reid | Wells Fargo | 14 (0%) |
| Ken Zener | Seaport Research Partners | 13 (23%) |
| Trevor Allinson | Wolfe Research | 13 (0%) |
| Anthony Pettinari | Citigroup | 12 (8%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| UBS | 1 | 16 (6%) |
| Barclays | 1 | 16 (13%) |
| Wells Fargo | 2 | 16 (0%) |
| Evercore ISI | 1 |
| Wolfe Research | 2 | 15 (0%) |
| Zelman & Associates | 1 | 15 (13%) |
| Bank of America | 1 | 14 (0%) |
| JPMorgan | 1 | 14 (0%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $10.00B | -4.8% | $3.92 | -11.9% | 25.5% | 16.6% | 12.8% | $1.93B |
| FY2025 Q1 | $7.61B | -1.5% | $2.61 | -7.4% | 25.1% | 13.6% | 11.1% | $633M |
| FY2025 Q2 | $7.73B | -15.1% | $2.58 | -26.7% | 24.6% | 12.9% | 10.5% | $-471M |
| FY2025 Q3 | $9.23B | -7.4% | $3.36 | -18.0% | 23.9% | 13.7% | 11.1% | $693M |
| FY2025 Q4 | $9.68B | -3.2% | $3.04 | -22.4% | 21.7% | 11.6% | 9.4% | $2.43B |
| FY2026 Q1 | $6.89B | -9.5% | $2.03 | -22.2% | 23.2% | 10.6% | 8.6% | $827M |
| FY2026 Q2 | $7.56B | -2.3% | $2.24 | -13.2% | 22.5% | 10.6% | 8.6% | $-450M |
| FY2026 Q3 | $9.23B | +0.0% | $3.18 | -5.4% | 23.3% | 13.3% | 9.8% | $504M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Revenue declined 2% to $7.6 billion with EPS down 13% to $2.24 as net sales orders surged 11% year-over-year, signaling demand recovery, but incentives remained elevated at approximately 10% of revenues. FY2026 guidance top end was reduced from $35 billion to $34.5 billion on lower closings and average selling prices. Stick and brick cost savings began flowing through while completed spec inventory declined 35% from a year ago.
Demand | Margin | Pricing | Cost Pressure | Competitive Dynamics | Geographic Expansion | Macroeconomic | Supply Chain | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 10 | 7 | 6 | 4 | 6 | 2 | 3 | 2 |
| 2025Q1 | 7 | 10 | 6 | 3 | 7 | 2 | 2 | 4 |
| 2025Q2 | 6 | 6 | 4 | 8 | 6 | 3 | 2 | 5 |
| 2025Q3 | 11 | 6 | 10 | 6 | 7 | 4 | 2 | 2 |
| 2025Q4 | 14 | 8 | 9 | 5 | 3 | 5 | 2 | 2 |
| 2026Q1 | 13 | 6 | 7 | 5 | 2 | 2 | 6 | 1 |
| 2026Q2 | 14 | 10 | 11 | 9 | 3 | 5 | 3 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Demand | 10 | 7 | 6 | 11 | 14 | 13 | 14 |
| Margin | 7 | 10 | 6 | 6 | 8 | 6 | 10 |
| Pricing | 6 | 6 | 4 | 10 | 9 | 7 | 11 |
| Cost Pressure | 4 | 3 | 8 | 6 | 5 | 5 | 9 |
| Competitive Dynamics | 6 | 7 | 6 | 7 | 3 | 2 | 3 |
| Geographic Expansion | 2 | 2 | 3 | 4 | 5 | 2 | 5 |
| Macroeconomic | 3 | 2 | 2 | 2 | 2 | 6 | 3 |
| Supply Chain | 2 | 4 | 5 | 2 | 2 | 1 | 2 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
DHI D. R. Horton | 2 | -2.3% | |
| LEN Lennar | 2 | -13.1% | |
| PHM PulteGroup | 2 | -12.4% |