DHI

Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at D.R. Horton (NYSE:DHI) and the best and worst performers in the home builders industry. Traditionally, homebuilders have built competitive advantages with economies of scale that lead to advantaged purchasing and brand recognition among consumers. Aesthetic trends have always been important in the space, but more recently, energy efficiency and conservation are driving innovation. However, these companies are still at the whim of the macro, specifically interest rates that heavily impact new and existing home sales. In fact, homebuilders are one of the most cyclical subsectors within industrials. The 11 home builders stocks we track reported a slower Q1. As a group, revenues missed analysts’ consensus estimates by 1%. Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 7.9% since the latest earnings results. One of the largest homebuilding companies in the U.S., D.R. Horton (NYSE:DHI) builds a variety of new construction homes across multiple markets. D.R. Horton reported revenues of $7.56 billion, down 2.3% year on year. This print fell short of analysts’ expectations by 0.7%. Overall, it was a mixed quarter for the company with a solid beat of analysts’ adjusted operating income estimates. David Auld, Executive Chairman, said: “The D.R. Horton team delivered a solid second quarter, highlighted by a pre-tax profit margin of 11.5%, above the high end of our guidance range." The stock is down 7.2% since reporting and currently trades at $142.26. Is now the time to buy D.R. Horton? Access our full analysis of the earnings results here, it’s free. Named “America’s Most Trusted Home Builder” in 2019, Taylor Morrison Home (NYSE:TMHC) builds single family homes and communities across the United States. Taylor Morrison Home reported revenues of $1.39 billion, down 26.8% year on year, outperforming analysts’ expectations by 4.1%. The business had an incredible quarter with a beat of analysts’ EPS and adjusted operating income estimates. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 7.2% since reporting. It currently trades at $57.49. Is now the time to buy Taylor Morrison Home? Access our full a...

ARLINGTON, Texas, May 19, 2026--(BUSINESS WIRE)--As previously announced, D.R. Horton, Inc. (NYSE:DHI), America’s Builder, will release financial results for its third quarter ended June 30, 2026 on Tuesday, July 21, 2026 before the market opens. The Company will host a conference call that morning at 8:30 a.m. Eastern Time (ET). The dial-in number is 888-506-0062. When calling, please reference access code 832533. Participants are encouraged to call in five minutes before the call begins (8:25 a.m. ET). The call will also be webcast from the Company’s website at investor.drhorton.com. A replay of the call will be available after 12:30 p.m. ET on Tuesday, July 21, 2026 at 877-481-4010. When calling, please reference replay passcode 54062. The teleconference replay will be available through July 28, 2026. The webcast replay will be available from the Company’s website at investor.drhorton.com through November 15, 2026. About D.R. Horton, Inc. D.R. Horton, Inc., America’s Builder, has been the largest homebuilder by volume in the United States since 2002 and has closed more than 1.2 million homes in its 47-year history. D.R. Horton has operations in 126 markets in 36 states across the United States and is engaged in the construction and sale of high-quality homes through its diverse product portfolio with sales prices generally ranging from $200,000 to over $1,000,000. The Company also constructs and sells both single-family and multi-family rental properties. During the twelve-month period ended March 31, 2026, D.R. Horton closed 83,832 homes in its homebuilding operations, in addition to 3,593 single-family rental homes and 2,359 multi-family rental units in its rental operations. D.R. Horton also provides mortgage financing, title services and insurance agency services for its homebuyers and is the majority-owner of Forestar Group Inc., a publicly traded national residential lot development company. View source version on businesswire.com: https://www.businesswire.com/news/home/20260519786779/en/ Contacts Jessica Hansen, 817-390-8200Senior Vice President - [email protected]

Toll Brothers, Inc. TOL is scheduled to report its second-quarter fiscal 2026 (ended April 30, 2026) results on May 19, after market close. The quarter is likely to reflect demand trends in the luxury housing market, pricing power, margins and the company’s ability to manage incentives in a still-challenging affordability environment. In the last reported quarter, the company’s adjusted earnings and revenues beat the Zacks Consensus Estimate by 6.8% and 16.4%, respectively. The top and bottom lines also increased on a year-over-year basis by 15.4% and 25.1%, respectively. TOL’s earnings surpassed estimates in three of the trailing four quarters and missed on one occasion, with an average surprise of 6.8%. The Zacks Consensus Estimate for fiscal second-quarter earnings per share (EPS) has remained unchanged at $2.57 in the past 60 days. The estimate indicates 26.6% year-over-year decline. The consensus estimate for total revenues is pegged at $2.41 billion, indicating a 12.1% year-over-year decline. Toll Brothers Inc. price-eps-surprise | Toll Brothers Inc. Quote Toll Brothers’ fiscal second-quarter revenues are expected to have benefited from resilient luxury housing demand, healthy pricing and higher community count. Management projected fiscal second-quarter deliveries in the range of 2,400-2,500 homes, which indicates a year-over-year decline from 2,899 homes delivered in the prior-year quarter. However, the company guided the average delivered price between $975,000 and $985,000, reflecting growth from $933,700 reported in the year-ago quarter. Our model predicts home deliveries to be down 15.4% year over year to 2,453 units. We expect the average selling price of the delivered units to be up 4.5% year over year to $975,900 in the fiscal second quarter. The company entered the quarter with improved sales momentum. Management noted that web traffic, foot traffic and deposits improved modestly year over year beginning in mid-January, supported by the spring selling season. Toll Brothers’ affluent customer base likely continued to support demand despite elevated mortgage rates and affordability pressures across the broader housing market. Approximately 24% of first-quarter buyers paid all cash, while mortgage buyers maintained low leverage levels. Strength in the luxury move-up segment and continued momentum in the North and Pacific regions are also likely...

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. D.R. Horton (DHI) is back in the spotlight after reporting second quarter and first half fiscal 2026 results that showed lower sales and earnings versus a year earlier, raising fresh questions about its earnings power. See our latest analysis for D.R. Horton. The stock has been choppy around the latest results, with a 1-day share price return of -2.52% and a 7-day share price return of -5.87%. The 1-year total shareholder return of 20.37% points to longer term momentum that has not fully carried through in the shorter term. If the recent earnings wobble has you reassessing your options, it could be a good moment to broaden your watchlist and check out 17 top founder-led companies With earnings under pressure, but a history of positive multi year returns and fresh guidance on the table, is D.R. Horton now trading below what the fundamentals suggest, or is the current price already factoring in any future growth? D.R. Horton’s most followed valuation narrative pegs fair value at about $160.50 per share, compared with the last close of $149.98. This frames the latest pullback in a different light. Read the complete narrative. The key assumptions behind that fair value lean heavily on how far revenue can grow, where margins ultimately settle, and what earnings multiple investors are prepared to pay. Want to see how those moving parts come together, and which inputs do most of the heavy lifting in this model? Result: Fair Value of $160.50 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, you still need to factor in pressure from incentives driven by affordability concerns and the potential for higher land and inventory impairments if conditions weaken. Find out about the key risks to this D.R. Horton narrative. Not everyone agrees with the $160.50 fair value from the earnings based narrative. Our DCF model, which focuses on projected cash flows, arrives at a value of $141.42 per share. This implies D.R. Horton is trading above this estimate and could be overvalued on this lens. The gap between an earnings based fair value and a lower cash flow estimate highlights the importance of how confident you are in long term cash generation versus nearer term earnings power, and which lens you trust more wh...

(Bloomberg) -- First-quarter earnings season is delivering Wall Street better-than-expected results, propelling US equities’ run from one record to the next. Most Read from Bloomberg Supertanker Appears to Have Crossed the Strait of Hormuz World’s Largest Container Carrier Plans Route Avoiding Hormuz Beijing Tells China Firms to Ignore US Sanctions on Refiners Philippines Says Thousands Evacuated as Mayon Volcano Erupts Iran Juggles Oil Cuts and Storage Strain to Resist US Blockade As earnings wind down for two-thirds of the stocks in the S&P 500 Index, the proportion of companies missing analysts’ estimates is hovering at the lowest level since 2021. It’s not just due to blowout earnings from technology giants, which were expected to lead the charge. S&P 500 companies outside of the tech realm have been posting the sharpest positive earnings surprises since the fourth quarter of 2024, according to Seaport Research Partners. For Wall Street investors, that’s a vote of confidence in Corporate America’s profit machine, which keeps humming along despite an oil price shock, tariff turmoil and rising worries about the health of the US consumer. “As I look at how companies have reported results, I would argue that resilient is almost too modest of a word. There’s real, obvious strength,” said Marta Norton, chief market strategist at Empower. “The foundation of the economy is proving to be very, very strong.” The strength is showing up across sectors. Small caps are on a tear, bank profits are booming and firms keep plowing past macroeconomic obstacles, though some worries still linger. Here are five themes that investors are watching play out in this reporting period: Spending Spree Microsoft Corp., Amazon.com Inc., Alphabet Inc., Meta Platforms Inc. and Apple Inc. — which make up roughly a quarter of the S&P 500’s total market capitalization — were the headliners this week. Their earnings were generally better than expected, though Meta and Microsoft retreated amid concerns around the companies’ capital spending plans. Meanwhile, the rally in semiconductor stocks extended. Intel Corp. topped the leaderboard, soaring 114% in April, helped by an estimate-shattering sales forecast. Texas Instruments Inc. was also a notable earnings-driven gainer. After soaring nearly 50% during an 18-session winning streak last month the Philadelphia Semiconductor Index, or SOX, clo...

Martin Marietta Materials, Inc. MLM reported lower-than-expected results for the first quarter of 2026. The quarterly earnings (from continuing operations) missed the Zacks Consensus Estimate, while revenues beat the same, with the top line growing on a year-over-year basis but the bottom line declining. Following the results, MLM stock moved up 1.2% during today’s pre-market trading session. The company’s performance was supported by strong infrastructure demand and an early start to the construction season, driving higher aggregates shipments. However, elevated costs, acquisition-related charges and margin pressures weighed on profitability. The Aggregates business remained the key growth driver during the quarter, benefiting from increased shipments and contributions from recent acquisitions. However, higher input costs, freight expenses and inventory-related charges hurt margins, limiting earnings growth. Nonetheless, Martin Marietta remains well-positioned with its aggregates-led platform and execution of the SOAR 2030 initiatives for long-term growth. The company reported earnings per share (EPS) from continuing operations of $1.31, which missed the Zacks Consensus Estimate of $1.76 by 25.6%. The metric also declined 22.9% from the year-ago quarter’s EPS of $1.70. Revenues of $1.36 billion beat the consensus mark of $1.30 billion by 4.6% and increased 17% from the year-ago figure of $1.16 billion. Martin Marietta Materials, Inc. price-consensus-eps-surprise-chart | Martin Marietta Materials, Inc. Quote Consolidated gross margin contracted 440 basis points (bps) year over year to 22.8% from 27.1% in the prior-year quarter. Adjusted EBITDA from continuing operations was $364 million, up 14% year over year, with adjusted EBITDA margin contracting 70 bps to 26.7%. Adjusted earnings per share increased 14% to $1.93. Building Materials reported revenues of $1.22 billion, which grew 13.4% year over year. The segment’s gross margin contracted 370 bps year over year to 22.3% from 25.9% in the prior-year quarter. Within the Building Materials umbrella, revenues from the Aggregates business grew 14% to $1.14 billion from the year-ago quarter. Aggregates shipments moved up 12.4% year over year to 43.9 million tons, while the average selling price per ton remained flat at $23.70. Aggregates’ gross profit declined 3% to $288 million, with gross margin contracting 44...

D.R. Horton’s second quarter missed Wall Street’s revenue expectations and posted a year-over-year sales decline. Management attributed this to disciplined capital allocation, effective inventory reduction, and strong demand from first-time homebuyers. CEO Paul Romanowski highlighted that the company’s focus on affordable product offerings and operational efficiency allowed it to deliver a consolidated pretax profit margin above the high end of its guidance range, even as affordability constraints and consumer caution continued to weigh on the broader housing market. The company’s ability to reduce completed unsold homes by 35% year-over-year and sustain returns on equity and assets was emphasized as key to navigating the challenging environment. Is now the time to buy DHI? Find out in our full research report (it’s free). Revenue: $7.56 billion vs analyst estimates of $7.61 billion (2.3% year-on-year decline, 0.7% miss) Adjusted EPS: $2.24 vs analyst estimates of $2.12 (5.6% beat) Adjusted EBITDA: $828.1 million vs analyst estimates of $885.4 million (11% margin, 6.5% miss) The company dropped its revenue guidance for the full year to $34 billion at the midpoint from $34.25 billion, a 0.7% decrease Operating Margin: 10.6%, down from 12.9% in the same quarter last year Backlog: $6.42 billion at quarter end, up 16.8% year on year Market Capitalization: $45.18 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Alan Ratner (Zelman): Asked about the stability of gross margins in light of construction cost trends and potential inflation from higher oil prices. CFO Bill Wheat explained that cost reductions from trade negotiations are flowing through, but a sustained oil price surge could create headwinds. Stephen Kim (Evercore ISI): Questioned whether elevated sales incentives are becoming a permanent fixture and how ARMs and buydowns impact gross margins. CEO Paul Romanowski noted incentives are about 10% of revenue and will remain elevated until rates or demand improve, with limited margin impact from ARMs. Ryan Gilbert (BTIG): Inquired about the earlier sale of homes under construction and its effect on margins an...

EMCOR Group, Inc. EME reported impressive first-quarter 2026 results, with earnings and revenues topping the Zacks Consensus Estimate and increasing year over year on strong demand across its core markets. Following the results, EMCOR stock surged 3.3% during today’s pre-market trading session. The quarter’s results reflect continued momentum across key end markets and customers’ confidence in the company’s ability to execute complex and mission-critical projects. Strong activity in sectors like Network and Communications, Institutional, Healthcare, and Water and Wastewater supported growth and drove higher remaining performance obligations (RPOs). Strong operational execution, disciplined project management and favorable project mix further supported profitability and margin expansion during the quarter. The company reported earnings per share of $6.84, surpassing the Zacks Consensus Estimate of $5.85 by 16.9%. In the year-ago quarter, the company reported earnings per share of $5.41. Revenues of $4.63 billion also topped the consensus mark of $4.22 billion by 9.7% and increased 19.7% year over year from $3.87 billion. Organic revenues grew 16.8%, reflecting strong underlying demand. EMCOR Group, Inc. price-consensus-eps-surprise-chart | EMCOR Group, Inc. Quote Selling, general and administrative expenses (as a percentage of revenues) declined year over year by 50 basis points (bps) to 9.9%, indicating improved cost discipline. Operating margin in the quarter was 8.7%, up 50 bps year over year from 8.2%, driven by operating leverage and efficient execution. EMCOR operates across multiple U.S.-focused segments, including electrical and mechanical construction services, building services and industrial services. U.S. Electrical Construction and Facilities Services: Revenues increased to $1.45 billion from $1.09 billion in the prior-year quarter. Operating income rose to $174.5 million, though the margin contracted 40 bps year over year to 12.1%. U.S. Mechanical Construction and Facilities Services: Revenues grew to $2.03 billion from $1.57 billion in the prior-year quarter. Operating income increased to $221.6 million, but the margin declined 100 bps year over year to 10.9%. U.S. Building Services: Revenues increased modestly to $772.6 million from $742.6 million in the prior-year quarter. Operating income rose to $40.4 million, with the margin expanding 30 b...

Homebuilding funds like the SPDR S&P Homebuilders ETF have seen very weak performance for well more than year. In the latest round of homebuilder earnings, D.R. Horton impressed, beating estimates on EPS and seeing a solid order increase. Pulte and NVR saw sales and EPS take big hits, but analysts are eyeing meaningful recoveries in these names. Interested in D.R. Horton, Inc.? Here are five stocks we like better. Homebuilders have been going through a rough patch as of late. Across top homebuilding stocks, analysts expected revenues and earnings to fall considerably in Q1 2026, and this is exactly what happened. For over a year, stocks in this industry have been range-bound. The SPDR S&P Homebuilders ETF (NYSEARCA: XHB) is a commonly used proxy for this industry, tracking the performance of over 30 homebuilders or housing-related stocks. The fund has delivered an approximate total return of just 5% since the start of 2025. With interest rates still relatively high and housing affordability low, stocks in this space have struggled to gain much momentum. → Pipelines and Automation: 2 Energy Plays Built for Any Oil Price Three of the top U.S. homebuilders just reported earnings; here’s how they stacked up and what it signals about the industry going forward. Pulte Group (NYSE: PHM) is one of the more diversified U.S. homebuilders targeting a balanced mix of market segments. In Q1, 38% of the company’s sales came from first-time buyers, while “move-up” buyers accounted for 39%. Its “active adult” buyer group, which includes sales in 55+ communities, accounted for 23% of sales. → 3 Stocks Poised to Grow on European Rearmament Spending Pulte saw its sales fall by 12% year over year (YOY) to $3.41 billion, essentially in line with estimates. The significant decline came even as the company offered much greater incentives to home buyers. This led to a substantial 310 basis point compression in gross home sales margin. → Homebuilder Earnings: D.R. Horton Sticks Out as Pulte & NVR Sales Tank In turn, adjusted earnings per share (EPS) tanked by just over 30% to $1.79, 1 cent short of estimates. The company’s new orders grew moderately by 3% YOY, similar to the 4% increase seen in Q4 2025, but Pulte did not change its guidance for the full year. Still, Pulte saw a modest 2.4% gain after its report, indicating that the results were better than some investors had feared....

D.R. Horton, Inc. recently reported second-quarter 2026 results showing lower sales and earnings year over year, completed a US$3.29 billion share repurchase program, reaffirmed its quarterly dividend of US$0.45 per share, and updated fiscal 2026 revenue guidance to US$33.5 billion–US$34.5 billion. Management highlighted that bigger sales incentives helped cut unsold completed home inventory by 35% and lift new orders by 11%, signaling a shift in focus toward clearing inventory and supporting future volumes despite pressure on margins. Next, we will examine how this combination of softer earnings but stronger orders and inventory reduction shapes D.R. Horton’s investment narrative. We've uncovered the 12 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. To own D.R. Horton, you need to believe that its scale and focus on affordable homes will keep it relevant in a constrained U.S. housing market, even when earnings soften. Right now, the key near term catalyst is how effectively it converts stronger order trends into sustained revenue, while the biggest risk is that heavier incentives and affordability pressures keep squeezing margins. The latest results modestly increase that margin risk but do not fundamentally change the longer term narrative. The most relevant update here is management’s fiscal 2026 revenue guidance of US$33.5 billion to US$34.5 billion, which sits against softer year on year earnings and higher incentives. For investors, this guidance ties directly to the catalyst of absorbing demand from a structural housing shortage while managing affordability pressures. How well actual orders and pricing over the next few quarters track toward that revenue range will be an important signal for whether today’s higher incentives become a persistent drag on profitability or not. Yet beneath the improved order trends, investors should be aware that affordability driven incentive levels could still... Read the full narrative on D.R. Horton (it's free!) D.R. Horton’s narrative projects $41.5 billion revenue and $4.7 billion earnings by 2028. This requires 6.2% yearly revenue growth and about a $0.7 billion earnings increase from $4.0 billion today. Uncover how D.R. Horton's forecasts yield a $160.50 fair value, in line with its current price. Some of the most optimistic analysts were expecting D.R. Horton to reach...

Comfort Systems USA, Inc. FIX delivered a sharp first quarter of fiscal 2026, with earnings and revenues topping the Zacks Consensus Estimate and increasing year over year. The quarter reflected strong market conditions, led by heavier technology-sector activity, particularly for data centers. Management also highlighted that recent bookings and underlying persistent demand supported a higher backlog even with increased project burn rates, an important indicator that volume remains strong across key end markets. FIX stock gained 6.4% during yesterday’s after-hours trading session, following the earnings release. The company ended the first quarter with earnings of $10.51 per share, up 121.3% from $4.75 a year ago. The result also topped the Zacks Consensus Estimate of $7.19 by 46.2%. Revenues of $2.87 billion rose 56.8% year over year, and exceeded the consensus mark of $2.43 billion by 18.1%. Comfort Systems USA, Inc. price-consensus-eps-surprise-chart | Comfort Systems USA, Inc. Quote Comfort Systems generated Mechanical segment revenues of $2.06 billion in the first quarter, up 47% from the prior-year quarter. The Electrical segment’s revenues climbed 87.5% year over year to $804.7 million, reflecting contributions from acquisitions as well as higher same-store activity. Customer mix data underscored the outsized role of technology end markets. Technology customers represented 56.4% of first-quarter consolidated revenues, followed by manufacturing at 18.7%, healthcare at 7.7% and government at 4.8%. The activity type also shows where the work is concentrated. New construction represented 74.5% of revenues, while existing building construction contributed 15.2%. Service projects and recurring service calls, maintenance and monitoring made up the remainder, reinforcing the company’s focus on installation and replacement work with a smaller, steadier service base. Operating performance strengthened alongside the surge in volume. Gross profit increased to $754.4 million from $403.4 million a year ago, and gross margin expanded to 26.3% from 22%, reflecting improved execution across operating locations and favorable developments on projects nearing completion. Selling, general and administrative expenses rose to $269 million, but as a percentage of revenues, SG&A improved to 9.4% from 10.6%, indicating operating leverage. Operating income more than doubled to...

NVR, Inc. NVR reported first-quarter fiscal 2026 results, with earnings and Homebuilding revenues missing the Zacks Consensus Estimate. Both earnings and Homebuilding revenues also declined on a year-over-year basis. The first-quarter results reflect a period of resilient demand tempered by significant operational and cost-related headwinds. On the positive side, the company saw a healthy uptick in new orders and a favorable decrease in cancellation rates, suggesting sustained buyer interest. However, these gains were largely offset by a lower opening backlog, which constrained settlement volumes and drove a significant decline in homebuilding revenues. Profitability in the segment was further impacted by continued pricing pressure and elevated lot costs, leading to margin compression. Performance was also weighed down by lower loan production and a reduced capture rate within the mortgage banking segment, alongside broader industry obstacles. Following the results, NVR stock declined 4.7% during yesterday’s trading hours. Diluted earnings were $67.76 per share, down 29% from $94.83 a year ago and missing the Zacks Consensus Estimate of $78.25 by 13.4%. NVR, Inc. price-consensus-eps-surprise-chart | NVR, Inc. Quote Homebuilding revenues of $1.83 billion also missed the consensus mark of $1.99 billion by 7.9%. Consolidated revenues (Homebuilding & Mortgage Banking fees combined) amounted to $1.88 billion, down 22% on a year-over-year basis. Results reflected a sharp decline in homebuilding settlements, partially offset by stronger order activity and a lower cancellation rate. Segment Details of NVR Homebuilding remained the central swing factor. Segment revenues decreased 22% year over year due to settlements declining 21.8% to 4,015 units from 5,133 units in the prior-year quarter. Management attributed the decline largely to a 15% lower backlog entering the quarter versus the comparable period last year. Our model predicted settlements to decline 12.6% year over year to 4,488 units. The average selling price (ASP) for settlements remained flat year over year at $457,000. Our estimate for the metric was $450,800. Margin performance also tightened. Homebuilding gross profit margin fell to 19.6% from 21.9% a year ago, pressured by continued pricing pressure and higher lot costs. Our estimate for the metric was 18.9%. As a result, homebuilding income fell to $2...