In this challenging market, the nation’s largest homebuilder, D.R. Horton, just exceeded its Q3 expectations with 23,983 homes closed and a home sales gross margin of 20.7%. Yet, the builder is realigning its full-year revenue and closings guidance.
On the company’s Q3 earnings call on July 21, 2026, David Auld, Executive Chairman, noted that the market is at a crossroads with the weary consumer.
“Affordability constraints and cautious consumer sentiment continue to impact new home demand and we expect sales incentives to remain elevated during the fourth quarter, with incentive levels dependent on demand, mortgage rates and other market conditions,” said Auld.
D.R. Horton revised its projected 2026 consolidated revenue at $32.5 billion to $33.0 billion, down from its previous forcase of $33.5 billion to $34.5 billion.
Despite this, the builder’s homebuilding revenue for the third quarter increased 1% to $8.7 billion. Total closed homes ticked up 4% from Q2 to 23,983.
“Our experienced local operators, broad national footprint, flexible lot supply and strong balance sheet position us to compete effectively and capture demand across our markets,” said Auld We remain focused on disciplined capital allocation and are committed to delivering value to our homebuyers while enhancing long-term returns for our shareholders.”
