D.R. Horton beats Q3 top-line and bottom-line estimates; updates FY25 outlook

* D.R. Horton press release [https://seekingalpha.com/pr/20172795-d-r-horton-inc-america-s-builder-reports-fiscal-2025-third-quarter-earnings-and-declares] (NYSE:DHI [https://seekingalpha.com/symbol/DHI]): Q3 GAAP EPS of $3.36 beats by $0.48.
* Revenue of $9.23B (-7.4% Y/Y) beats by $470M.
* Homes sales revenues of $8.6 billion on 23,160 homes closed.
* Homebuilding revenue for the third quarter of fiscal 2025 decreased 7% to $8.6 billion compared to $9.2 billion in the same quarter of fiscal 2024.
* Net sales orders of 23,071 homes with an order value of $8.4 billion.
* Repurchased 9.7 million shares of common stock for $1.2 billion and paid cash dividends of $122.4 million.
* The Company's return on equity was 16.1% for the trailing twelve months ended June 30, 2025, and return on assets was 11.1% for the same period.
* At June 30, 2025, the Company had 38,400 homes in inventory, of which 25,000 were unsold. 7,300 of the Company’s unsold homes at June 30, 2025 were completed, of which 800 had been completed for greater than six months.

*
GUIDANCE

Based on the Company’s results for the first nine months of fiscal 2025 and current market conditions, D.R. Horton is updating its guidance for fiscal 2025 as follows:

* Consolidated revenues in the range of $33.7 billion to $34.2 billion VS. $33.87B CONSENSUS (PRIOR $33.3 BILLION TO $34.8 BILLION).

* Homes closed by homebuilding operations of 85,000 homes to 85,500 homes

* Share repurchases in the range of $4.2 billion to $4.4 billion

THE COMPANY IS REITERATING ITS FISCAL 2025 GUIDANCE AS FOLLOWS:

* Income tax rate of approximately 24.0%

* Consolidated cash flow provided by operations of greater than $3.0 billion

* Dividend payments of approximately $500 million

The Company plans to also provide guidance for its fourth quarter of fiscal 2025 on its conference call today.

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