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Top analysts & firms

All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions

What does “challenging” mean?

Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.

Most active analysts

Analyst	Firm	Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
John Lovallo	UBS	16 questions · 6% challenging
Stephen Kim	Evercore ISI	16 questions · 13% challenging
Matthew Bouley	Barclays	16 questions · 13% challenging
Alan Ratner	Zelman & Associates	15 questions · 13% challenging
Mike Rehaut	JPMorgan	14 questions · 0% challenging
Sam Reid	Wells Fargo	14 questions · 0% challenging
Rafe Jadrosich	Bank of America	14 questions · 0% challenging
Trevor Allinson	Wolfe Research	13 questions · 0% challenging
Ken Zener	Seaport Research Partners	13 questions · 23% challenging
Anthony Pettinari	Citigroup	12 questions · 8% challenging

Most active firms

Firm	Analysts	Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
UBS	1 analyst	16 questions · 6% challenging
Barclays	1 analyst	16 questions · 13% challenging
Wells Fargo	2 analysts	16 questions · 0% challenging
Evercore ISI	1 analyst	16 questions · 13% challenging
Wolfe Research	2 analysts	15 questions · 0% challenging
Zelman & Associates	1 analyst	15 questions · 13% challenging
Bank of America	1 analyst	14 questions · 0% challenging
JPMorgan	1 analyst	14 questions · 0% challenging

Quarter in detail

· FY2026 Q2

Macro Signals

→Housing→Consumer Spending→Labor Market

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.

Key Themes9

positive📊 company

Net Sales Orders Surged 11% Year Over Year

Net sales orders increased 11% year-over-year to 24,992 homes with order value up 10% to $9.2 billion. Cancellation rate at 16%, down from 18% sequentially. Active selling communities up 11% year over year.

DemandRevenue Growth

positive📊 company

Pretax Margin Exceeded Guidance Range

Consolidated pretax profit margin of 11.5% above the high end of guidance range. Home sales gross margin of 20.1% included 40 basis point benefit from favorable litigation and lower warranty costs.

MarginGuidance Reliability

positive📊 company

Completed Spec Inventory Down 35% From A Year Ago

Completed unsold homes at 5,500, down 25% from December and 35% from a year ago. Both unsold as a percentage of total inventory and completed unsold at lowest levels since fiscal 2023.

InventorySupply Chain

positive📊 company

Stick And Brick Cost Savings Beginning To Flow Through

Stick and brick costs down 4% year-over-year per square foot and down 2% sequentially. Expects incremental construction cost benefits in Q3 and Q4 from prior renegotiations with trades.

Cost PressureMargin

negative📊 company

Revenue Still Declining On Lower Average Sales Price

Home sales revenues of $7 billion compared to $7.2 billion in the prior year on slightly more homes closed. Average closing price of $361,600, down 3% year-over-year and down 1% sequentially.

Revenue GrowthPricing

negative📊 company

Incentives Elevated At Approximately 10% Of Revenues

Incentives as a percent of revenues roughly 10%. 90% of mortgage company buyers received some form of buydown. 73% of overall closings had some form of rate buydown. Expects incentives to remain elevated.

PricingMargin

negative📊 company

FY2026 Guidance Top End Reduced On Lower Closings And ASP

FY2026 consolidated revenues now expected at $33.5 billion to $34.5 billion. Homes closed now expected at 86,000 to 87,500. Hansen stated closings guide lowered by 500 with lighter ASP not expected to increase in back half.

Guidance ReliabilityDemand

negative📊 company

Lot Costs Remain Sticky Up 4% Year Over Year

Lot costs up 4% year-over-year per square foot, moderating from 6% last quarter. Lot costs essentially flat sequentially. Expects stick and brick savings to offset lot cost increases for the year.

Cost PressurePricing

negative📊 company

SG&A Deleverage Continuing On Lower Revenue Per Closing

SG&A as a percentage of revenues was 9.2%, up from 8.9% in prior year quarter. Increase driven by lower home closings revenue reflecting decline in average sales price. Expects leverage improvement in Q3 and Q4.

Cost PressureMargin

Q&A Topicsfrequency by quarter

	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

Analyst Q&A19 analysts · 37 questions · 3% challenge

Alan RatnerZelman & Associates

a lot of noise with the outstanding extended bill related to BFR. I see you did sell 500-plus homes in single-family rental this quarter

View in transcript →

if you can kind of give a little more detail on what you're seeing on that front lately, especially with the higher oil prices of late

View in transcript →

Alex BarronHousing Research Center

View Consumer Cyclical sector trends →View Residential Construction industry trends →

Key financials

FY2026 Q2 selectedReported GAAP figures from SEC filings

The table scrolls sideways. Swipe it, or select it and use the arrow keys.

Quarter	Revenue	Rev YoY	EPS	EPS YoY	Gross margin	Net margin	FCF
FY2024 Q4	$10.00B	-4.8%	$3.92	-11.9%	25.5%	12.8%	$1.93B
FY2025 Q1	$7.61B	-1.5%	$2.61	-7.4%	25.1%	11.1%	$633M
FY2025 Q2	$7.73B	-15.1%	$2.58	-26.7%	24.6%	10.5%	$-471M
FY2025 Q3	$9.23B	-7.4%	$3.36	-18.0%	23.9%	11.1%	$693M
FY2025 Q4	$9.68B	-3.2%	$3.04	-22.4%	21.7%	9.4%	$2.43B
FY2026 Q1	$6.89B	-9.5%	$2.03	-22.2%	23.2%	8.6%	$827M
FY2026 Q2Selected	$7.56B	-2.3%	$2.24	-13.2%	22.5%	8.6%	$-450M
FY2026 Q3	$9.23B	+0.0%	$3.18	-5.4%	23.3%	9.8%	$504M

As stated by management

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).

EPS: “$2.24 per diluted share”
Revenue: “consolidated revenues of $7.6 billion”
Guidance: “we now expect consolidated revenues of approximately $33.5 billion to $34.5 billion and homes closed by our homebuilding operations of 86,000 to 87,500 homes”
Key metric: “gross profit margin on home sales revenue in the second quarter was 20.1%”

D. R. Horton DHI

Sector: Consumer Cyclical Industry: Residential Construction

Low valuation · FY26 Q2

FY26 Q2, sector-relative: P/E 15x (21st), EV/Sales 5.9x (20th).

CompanyFiscal year ends SepMost recent earnings call: Jul 21, 2026 (FY2026 Q3)Next earnings call: Oct 29, 2026

2/ 10

FY2026 Q2Cautious±0.0 vs FY2026 Q1

Calendar quarter Q1 2026Earnings call Apr 21, 2026

FY2026 Q2 in brief

PositiveNet Sales Orders Surged 11% Year Over Year
PositivePretax Margin Exceeded Guidance Range
PositiveCompleted Spec Inventory Down 35% From A Year Ago

Full narrative and all 9 themes ↓

ScoringBase 4 · revenue −2.27%Transcript 0EPS -1Guidance -1Final 2

Newest quarter FY2026 Q3 is part of Pro · see what Pro adds →

Score details · FY2026 Q2

calendar Q1 2026 · call Apr 21, 2026

Year over year · FY26 Q2 vs FY25 Q2: +1.0 ptsFY26 Q2 2 vs FY25 Q2 1
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters: 6%

Share price · trailing year

daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score

DHI $133.641Y -13.9%YTD -7.2%● earnings calls (score)

Sources. Tellvest earnings-call sentiment score for D. R. Horton (DHI), FY2026 Q2: 2/10. Scores: D. R. Horton’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: DHI daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.

Industry Peersas of Q1 2026

Residential Construction

Company	Score	Rev YoY	Headline
DHI D. R. Horton	2	-2.3%	Net sales orders surged 11% year over year
LEN Lennar	2	-13.1%	Gross margin hits 15.2% cycle low on continued affordability pricing
PHM PulteGroup	2	-12.4%	PulteGroup reported Q1 home sale revenues of $3.3 billion, down 12%, with EPS of $1.79 versus $2.57 a year earlier

Shared themes this quarter

DHLEPH

Cost Pressure

DHLEPH

Demand

DHLEPH

Guidance Reliability

DHLEPH

Macro signal alignment

Consumer spending

DHI↓ LEN PHM

Housing

DHI↓ LEN PHM

Labor market

DHI PHM

Trade & tariffs

↓ LEN PHM

Top analysts & firms

Most active analysts

Most active firms

Quarter in detail

Q&A Topicsfrequency by quarter

Corporate events

Key financials

As stated by management

D. R. Horton DHI

Score details · FY2026 Q2

Share price · trailing year