D.R. Horton, Inc.

- At March 31, the company had consolidated liquidity of $6 billion, including $1.9 billion in cash and $4.1 billion of available capacity on credit facilities. - Total debt was $6.6 billion, with $600 million of homebuilding senior notes maturing over the next 12 months. - The company continues to maintain a strong balance sheet with low leverage, targeting around 20% leverage over the long term. - There is no explicit mention in the provided excerpts of any current or planned new fundraising through debt or equity. - Focus remains on generating strong cash flows and disciplined capital allocation to support operations and shareholder returns.

- The company pursued strategic investments in the North region by expanding presence in less penetrated markets through a combination of greenfield organic growth and acquisitions (Page 17). - Focus on disciplined land acquisition with an emphasis on capital efficiency, working with third-party developers to adjust lot takedown schedules and development timing aligned with market demand (Page 11). - Moderate growth in community count expected, with year-over-year increases in low double-digit percentages but anticipated moderation to mid-single-digit growth over time (Page 11). - Continued efforts to optimize construction cycle times and manage starts in line with housing demand to control inventory and capital deployment efficiently (Pages 9, 10). - Land costs are incrementally higher (~4% year-over-year), but savings in construction materials and labor are expected to offset these increases in coming quarters (Page 10).

- Q3 guidance: Consolidated revenues expected between $8.8 billion to $9.3 billion with 23,500 to 24,000 homes closed. - Full year fiscal 2026: Revenues projected around $33.5 billion to $34.5 billion with 86,000 to 87,500 homes closed. - Net sales orders increased 11% year-over-year in Q2; order value up 10%. - Average active selling communities have grown 11% year-over-year, supporting volume growth. - Q3 housing starts expected to be roughly flat or slightly down year-over-year, aligning with sales demand. - Regional growth notably strong in the North, with consistent gains across metros due to market penetration. - Focus on affordability and market share expansion through both organic growth and acquisitions aims to sustain revenue increases.

- Earnings per diluted share for Q2 FY26 were $2.24, down from $2.58 in prior year quarter. - Home sales gross margin expected to be stable or slightly higher in Q3, around 19.7%-20.2%. - Consolidated pretax margin guidance for Q3 is 12.2% to 12.7%. - Full year fiscal 2026 outlook: consolidated revenues of $33.5 billion to $34.5 billion; home closings 86,000 to 87,500. - Operating cash flow projected at least $3 billion for fiscal 2026. - Incentives expected to remain elevated through the year, impacting margins. - SG&A ratio anticipated to improve in H2 due to higher closing volumes. - Construction cost savings expected to continue aiding gross margins in Q3 and Q4. - The company focuses on capital efficiency and returning capital through dividends and share repurchases ($2.5 billion planned for 2026).

- Demand has been good and in line with normal seasonality through March and mid-April (Page 9). - Cancellation rates have remained fairly stable, mostly due to buyers not qualifying for mortgages after full documentation (Page 17). - No specific current order book or pending orders volume was mentioned, but home sales are performing well across regions with consistent sales pace (Page 17). - Order ASP (Average Sales Price) stabilized at $366,000 in Q2, slightly up QoQ (Page 6). - The company is selling more homes earlier in the construction process, leveraging improved cycle times to secure sales sooner (Page 7,9). - Incentives remain elevated, supporting sales demand and stable cancellation rate (Page 7,17). No explicit numeric data on exact current order backlog or pending orders was provided.