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Key Takeaways

• D.R. Horton on Thursday reported revenue, profit, and home orders and closings all below expectations for its fiscal second quarter.

• The company also lowered its revenue and homes closed forecasts for the full fiscal year.

• D.R. Horton lifted its projections for stock buybacks in fiscal 2025.

D.R. Horton (DHI) on Thursday announced fiscal second-quarter results with fewer ordered and closed homes than expected, as revenue and profit also fell short of analysts' estimates.

The company reported earnings per share (EPS) of $2.58 on revenue of $7.73 billion, both below consensus forecasts of analysts compiled by Visible Alpha.

D.R. Horton had 22,437 net sales orders in the quarter and closed on 19,276 homes, both down 15% year-over-year. Analysts had expected 26,384 net orders and 20,205 closings.

"The 2025 spring selling season started slower than expected as potential homebuyers have been more cautious due to continued affordability constraints and declining consumer confidence," executive chairman David Auld said.

DR Horton Cuts Revenue, Homes Closed Forecasts

The homebuilder cut its fiscal 2025 guidance for revenue and homes closed based on results for first two quarters and "current market conditions." It now expects revenue of $33.3 billion to $34.8 billion, down from $36.0 billion to $37.5 billion, and closings of 85,000 homes to 87,000 homes, reduced from 90,000 to 92,000.

D.R. Horton also lifted its projected stock buybacks for the fiscal year to $4 billion, up from $2.6 billion to $2.8 billion previously, as the company's board approved a new $5 billion repurchase plan.

Shares of D.R. Horton were up more than 2% less than an hour after markets opened Thursday. They entered the day down 16% so far this year as homebuilder stocks have fallen on concerns that tariffs would raise costs.

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