D.R. Horton Announces Major New Share Repurchase Program

D.R. Horton's board approved a $5B additional share repurchase plan with no expiration date. The company expects at least $3.25B in buybacks for fiscal 2026, expanding its capital return program. As of September 15, 2026, $53M remained under its prior authorization.

DHI shareholders approved a merger with Indophil and Sonar, giving DHI control of Sagittarius Mines, which holds the Tampakan copper-gold project. The merger requires SEC and PCC approval and is expected to close by Q4. DHI will issue shares to Indophil and Sonar shareholders based on a book-to-book exchange ratio. The company also approved increasing its authorized capital stock to P30 billion.

Installed Building Products (NYSE:IBP) led Q2 earnings among home builders, while NVR (NYSE:NVR) reported the weakest results with revenue down 10.5% YoY. D.R. Horton (NYSE:DHI) met revenue expectations but missed full-year guidance. PulteGroup (NYSE:PHM) beat revenue and EPS estimates despite a 9.6% YoY decline. NVR, DHI, and PHM stocks are down 3%, 4.7%, and 4.8% since reporting, respectively.

D.R. Horton (DHI), a large-cap homebuilder, has seen its stock fall 22.5% from its 52-week high, underperforming the sector ETF (XLY). The company cut its 2026 revenue forecast to $32.5B-$33B, citing affordability constraints and high mortgage rates. Q3 2026 EPS declined to $3.20. Analysts have a 'Hold' consensus rating with a mean price target of $163.28.

DHI expects to complete its merger with Indophil and Sonar by Q4 2026, acquiring 100% of SMI, which operates the Tampakan Copper-Gold Project. The merger is subject to shareholder and regulatory approvals. DHI's shares remain suspended pending compliance with PSE requirements. SMI's assets and liabilities grew in 2025, with significant mine development costs and loans.

Major US home builders, including D.R. Horton and Lennar, face increasing mold-related lawsuits, leading to higher legal reserves. D.R. Horton's reserves rose 57% to $1.1B, while Lennar's self-insurance reserve grew 21% to $336.9M. Insurers are covering costs amid disputes over construction quality and liability, with modern energy codes exacerbating moisture issues.