D.R. Horton Q2 earnings beat estimates despite lower revenue; home sales and backlog grow amid affordability challenges.

D.R. Horton, the largest U.S. homebuilder, reported Q2 2026 net income of $647.9 million, or $2.24 per share, beating earnings estimates despite revenue dropping to $7.558 billion. Home sales orders rose 11% year-over-year to nearly 25,000 homes, though homebuilding revenue fell 2%. The company cited affordability issues and cautious consumer sentiment as factors weighing on demand, with sales incentives expected to remain high. D.R. Horton reaffirmed its 2026 revenue guidance of $33.5-$35 billion and plans for significant cash flow, share buybacks, and dividends.