DHI · Earnings call · 2026Q3T · Full report
Capital Return Program
HORTON D R INC /DE/ · 2026-10-29 · Importance 61 · Surprise 32 · In source text
D.R. Horton returned $4.1 billion to shareholders through repurchases and dividends in fiscal 2026. It repurchased 9.4 million shares for $1.4 billion in the fourth quarter and 24 million shares for $3.6 billion for the year, reducing the outstanding share count 8% year over year. Cash dividends were $125 million in the quarter and $513 million for fiscal 2026. For fiscal 2027, management expects approximately $3 billion of repurchases and around $500 million of dividends; the board declared a quarterly dividend of $0.50 per share, an 11% increase.
Key facts
- D.R. Horton plans to repurchase approximately $3 billion of common stock and pay around $500 million in dividends in fiscal 2027.
- D.R. Horton plans to repurchase $3 billion of shares over fiscal 2027, with no specific quarterly pacing guide and flexibility to act opportunistically based on stock price.
- D.R. Horton repurchased 24 million shares for $3.6 billion in fiscal 2026, reducing its outstanding share count 8% from a year earlier.
- D.R. Horton generated $3.5 billion of cash from operations in fiscal 2026 and returned $4.1 billion to shareholders through repurchases and dividends.
- Over the five years through fiscal 2026, D.R. Horton generated $14 billion of operating cash flow and returned all of it to shareholders.
- D.R. Horton's board declared a new quarterly dividend of $0.50 per share, an 11% increase, making fiscal 2027 its 13th consecutive year of dividend-per-share growth.
- D.R. Horton repurchased 9.4 million common shares for $1.4 billion during the fourth quarter.
- D.R. Horton expects to further reduce its outstanding share count through repurchases in fiscal 2027.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | committed | — | D.R. Horton plans to repurchase approximately $3 billion of common stock and pay around $500 million in dividends in fiscal 2027. |
| cash | negative | committed | — | D.R. Horton plans to repurchase $3 billion of shares over fiscal 2027, with no specific quarterly pacing guide and flexibility to act… |
| cash | positive | realized | — | D.R. Horton generated $3.5 billion of cash from operations in fiscal 2026 and returned $4.1 billion to shareholders through repurchases… |
| cash | negative | realized | — | D.R. Horton generated $3.5 billion of cash from operations in fiscal 2026 and returned $4.1 billion to shareholders through repurchases… |