D.R. Horton财年四季报：净订单降7% 退订率升至23% 新开工环比砍45%
全美最大住宅建商 D.R. Horton（纽约证交所代码：DHI）10月29日公布截至2026年9月30日的2026财年第四季度业绩：高利率压制需求，季度净销售订单同比下降7%至18619套，订单金额下降9%至66亿美元，退订率从去年同期的20%升至23%。
当季交房22915套，同比下降2%；住宅销售收入84亿美元，同样下降2%。季度净利7.418亿美元，摊薄每股收益2.67美元；综合收入约94亿美元。2026财年全年，公司交房84202套，综合收入330亿美元，净利29亿美元，每股收益10.11美元，并完成连续第25年蝉联全美销量最大建商。
盈利能力继续受压：当季住宅销售毛利率降至19.5%，环比下降120个基点，其中高于常态的诉讼成本约占80个基点。为使库存与需求匹配，公司把当季新开工量环比大砍45%至13100套（同比下降10%），财年末库存为28200套，其中17700套尚未售出。
2027财年指引同步下调：公司预计综合收入300亿至320亿美元，低于2026财年的330亿美元；交房7.9万至8.4万套。2027财年第一季度预计收入59亿至64亿美元、交房1.55万至1.65万套，住宅销售毛利率指引仅为18%至18.5%，管理层预计销售激励将维持高位。
管理层在业绩电话会上表示，经公司旗下房贷公司贷款的买家中，高八成至低九成使用了利率买断（rate buydown），买断后的利率平均比市场利率低约1.5个百分点；当季经其房贷公司融资的买家中有63%是首次购房者。
D.R. Horton Fiscal Q4: Net Orders Fall 7%, Cancellations Hit 23% as Starts Cut 45% From Prior Quarter
D.R. Horton (NYSE: DHI), the largest U.S. homebuilder, on October 29 reported fiscal fourth-quarter results for the period ended September 30, 2026, as high mortgage rates weighed on demand. Net sales orders fell 7% year over year to 18,619 homes, order value dropped 9% to $6.6 billion, and the cancellation rate rose to 23% from 20% a year earlier.
The company closed 22,915 homes in the quarter, down 2%, and home sales revenue fell 2% to $8.4 billion. Net income attributable to D.R. Horton was $741.8 million, or $2.67 per diluted share, on consolidated revenue of about $9.4 billion. For the full fiscal year, the builder closed 84,202 homes, generated $33.0 billion in consolidated revenue and earned $2.9 billion, or $10.11 per diluted share, completing its 25th consecutive year as the nation's largest builder by volume.
Margins kept narrowing. Home sales gross margin fell to 19.5%, down 120 basis points from the prior quarter, including about 80 basis points of above-normal litigation costs. To align inventory with demand, the company cut quarterly starts 45% from the prior quarter to 13,100 homes, down 10% year over year, and ended the fiscal year with 28,200 homes in inventory, of which 17,700 were unsold.
Fiscal 2027 guidance came in lower: consolidated revenue of $30 billion to $32 billion, versus $33.0 billion in fiscal 2026, and 79,000 to 84,000 closings. For the first quarter of fiscal 2027, the company expects revenue of $5.9 billion to $6.4 billion, closings of 15,500 to 16,500 homes and a home sales gross margin of 18% to 18.5%, with elevated sales incentives expected to persist.
On the earnings call, management said a high-80% to low-90% share of buyers financing through the company's mortgage arm used a rate buydown, with buydown rates averaging about 1.5 percentage points below market rates. First-time buyers accounted for 63% of the homes its mortgage company financed in the quarter.
来源：D.R. Horton
发布：GSM·美国（发布链接）
图片来源：美国郊区新建住宅社区航拍（Ohio州 Blacklick，2024年10月）。（Pi.1415926535 摄，CC BY-SA 4.0，经 Wikimedia Commons）
GSM Global · 本篇英文版 English edition of this story
