Quarter ended September 30, 2026 (fiscal Q4).
| Closings | 22,915 (↓2%) |
| Revenue | $9.37B (↓3%) |
| Gross margin | 19.5% |
| Orders | 18,619 (↓7%) |
From the call
“For the full fiscal year, home sales revenues declined two percent, stick and brick costs declined four percent, and lot costs increased six percent.”
The squeeze has moved from the house to the lot. Even the largest builder cut construction costs and still saw lot costs rise, so it cut starts 45% and is pushing smaller homes and lots.
Source: D.R. Horton 8-K and earnings call.
