D.R. Horton releases transcript of Q3 FY 2026 earnings call

• D.R. Horton published a transcript of its Q3 FY 2026 earnings call attended by CEO Paul Romanowski, COO Michael Murray, CFO Bill Wheat, SVP Communications Jessica Hansen.
• Quarter results: EPS $3.20; pre-tax income $1.2 billion on $9.2 billion revenue; 23,983 closings; home sales gross margin 20.7%.
• Outlook: Q4 revenue $8.8 billion-$9.3 billion; 22,500-23,000 closings; home sales gross margin 20.5%-21%; pre-tax margin 12.3%-12.8%.
• FY 2026 view: revenue $32.5 billion-$33 billion; 83,800-84,300 closings; operating cash flow at least $3 billion; buybacks about $2.5 billion.
• Management cited softer late-quarter demand, higher cancellation rate of 20%, incentives still elevated; Q4 starts expected below Q3.

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