D.R. Horton cut its revenue outlook for the fiscal year as sluggish buyer demand and supply issues continue to weigh on builder sentiment.

The homebuilder said it now expects revenue of $32.5 billion to $33 billion for the full fiscal year, which wraps up at the end of September. That's down from a previous target of $33.5 billion to $34.5 billion.

The downshift is based on both the past nine months of results and current market conditions, D.R. Horton said. Affordability challenges, high material costs and fluctuating mortgage rates continue to pressure homebuilding.

For the fiscal third quarter ended June 30, the company posted a profit of $904.9 million, down from $1.02 billion in the same quarter a year earlier. Earnings were $3.20 a share, beating analyst estimates for $2.97 a share.

Revenue was flat year-over-year at $9.23 billion, ahead of analyst forecasts for $9.1 billion.

Homebuilding revenue, its biggest top line contributor, increased 1% to $8.7 billion, and the number of homes it closed rose 4% to nearly 24,000. Net sales orders totaled 23,084 homes with an order value of $8.4 billion, which was flat with the year-earlier quarter. The company's cancellation rate increased to 20% from 17% a year ago.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

July 21, 2026 07:05 ET (11:05 GMT)

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