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北京时间·🕒 发布 18:34:00时区推断·⟳ 抓取 18:34:00·⚡ 决策 07-21 18:36:16 +2m16s·97.9 天前
D.R. Horton三季度EPS小幅超预期但全年收入与交付指引较上季下调
本次财报EPS为3.20美元，高于约2.99美元预期，但同比仍下降5%，收入9.2亿美元仅小幅高于预期。
📄 原文Wall St Engine@wallstengine↗ 原文
D.R. HORTON $DHI Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $9.2B ($9.17B) 🟢 🔹 EPS: $3.20 (Est. $2.99) 🟢; -5% YoY 🔹 Net Incom…
不做 D.R. Horton（DHI.US）
财报为日历内事件，EPS和收入仅小幅超预期，但全年指引较上季下修且股价已下跌约3%；做多方向被指引下修否决，追空又缺少未反应edge且未确认可借券数量，不做。
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研究档案
消息传播链
- 公司此前已公告将于2026-07-21美股盘前发布第三财季业绩，事件属于日历内财报。
- 社交财经账号同步披露Q3财报摘要，EPS和收入略超预期，但全年收入与交付口径被下调。市场反应:DHI最新价144.79美元，较前收149.39美元下跌约3.08%。
- 2026-07-21市场反应Futu/stock_quote非一手行情显示DHI在财报信息后处于下跌状态，说明市场更重视指引下修与利润同比下滑。市场反应:DHI.US -3.08%。
关键理由
- 本次财报EPS为3.20美元，高于约2.99美元预期，但同比仍下降5%，收入9.2亿美元仅小幅高于预期。
- 更关键的是公司给出的FY26收入32.5亿至33.0亿美元、交付83,800至84,300套，低于二季度时33.5亿至34.5亿美元、86,000至87,500套的全年口径，说明经营预期被下修。
- DHI盘前/最新价已较前收下跌约3.08%，市场已在按指引下修而非EPS beat定价，追空/反手做多都缺少正期望边界。
主要风险
- 财报电话会尚未完成，若管理层对订单、毛利或利率敏感度给出更强解释，盘中可能修复部分跌幅。
- 住房建筑板块受利率预期和同业情绪影响大，单一公司财报后的开盘缺口容易被宏观利率交易覆盖。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-07-21 · 影响 invalidates
反向证据明显：虽然EPS beat，但全年收入与交付指引较上季口径下调，削弱做多基础。
检索:D.R. Horton Q3 2026 earnings guidance revenue homes closed prior guidance 原文 ↗ - 做空前查反向 · 来源 stock_quote · 日期 2026-07-21 · 影响 weakens
DHI已下跌约3.08%，且EPS beat与电话会不确定性会削弱追空性价比；工具未返回可借券数量，不能满足做空红线的完整确认。
检索:DHI.US stock_quote full borrow guidance cut latest price
工具调用 · 历史记录,结果未知(2 种)
- search_processed_events · 结果未知
- stock_quote · 结果未知
原文全文
展开原文 · 1,203 字
D.R. HORTON $DHI Q3’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $9.2B ($9.17B) 🟢
🔹 EPS: $3.20 (Est. $2.99) 🟢; -5% YoY
🔹 Net Income: $904.9M; -12% YoY
🔹 Home Sales Revenue: $8.7B; +1% YoY
Affirms FY26 Guide::
🔹 Revenue: $32.5B-$33.0B
🔹 Homes Closed: 83,800-84,300 homes
🔹 Income Tax Rate: ~25.0%
🔹 Operating Cash Flow: At least $3.0B
🔹 Share Repurchases: ~$2.5B
🔹 Dividend Payments: ~$500M
Segment Revenue:
🔹 Homebuilding: $8.7B; +1% YoY
🔹 Rental: $266.1M
🔹 Forestar: $407.0M
🔹 Financial Services: $220.7M
Other Q3 Metrics:
🔹 Net Sales Orders: 23,084 homes; $8.4B order value; flat YoY
🔹 Book Value per Share: $84.85; +5% YoY
🔹 Homebuilding Pre-tax Income: $1.1B; -10% YoY
Capital Return:
🔹 Buybacks: 4.2M shares for $615.7M
🔹 Dividend: $0.45/share, payable August 13, 2026 to stockholders of record on August 6, 2026
🔹 Remaining Authorization: $1.1B
Comments:
🔸 “We closed 23,983 homes, which was at the high end of our guidance range, while achieving a home sales gross margin of 20.7%.”
🔸 “The D.R. Horton team delivered a solid third quarter, highlighted by earnings per diluted share of $3.20, consolidated pre-tax income of $1.2 billion, revenues of $9.2 billion and a pre-tax profit margin of 13.3%.”
🔹 Revenue: $9.2B ($9.17B) 🟢
🔹 EPS: $3.20 (Est. $2.99) 🟢; -5% YoY
🔹 Net Income: $904.9M; -12% YoY
🔹 Home Sales Revenue: $8.7B; +1% YoY
Affirms FY26 Guide::
🔹 Revenue: $32.5B-$33.0B
🔹 Homes Closed: 83,800-84,300 homes
🔹 Income Tax Rate: ~25.0%
🔹 Operating Cash Flow: At least $3.0B
🔹 Share Repurchases: ~$2.5B
🔹 Dividend Payments: ~$500M
Segment Revenue:
🔹 Homebuilding: $8.7B; +1% YoY
🔹 Rental: $266.1M
🔹 Forestar: $407.0M
🔹 Financial Services: $220.7M
Other Q3 Metrics:
🔹 Net Sales Orders: 23,084 homes; $8.4B order value; flat YoY
🔹 Book Value per Share: $84.85; +5% YoY
🔹 Homebuilding Pre-tax Income: $1.1B; -10% YoY
Capital Return:
🔹 Buybacks: 4.2M shares for $615.7M
🔹 Dividend: $0.45/share, payable August 13, 2026 to stockholders of record on August 6, 2026
🔹 Remaining Authorization: $1.1B
Comments:
🔸 “We closed 23,983 homes, which was at the high end of our guidance range, while achieving a home sales gross margin of 20.7%.”
🔸 “The D.R. Horton team delivered a solid third quarter, highlighted by earnings per diluted share of $3.20, consolidated pre-tax income of $1.2 billion, revenues of $9.2 billion and a pre-tax profit margin of 13.3%.”
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