D.R. Horton, Inc. stock research
FY2023 Q3
D.R. Horton (DHI) Gross Margin — Quarter Ended Jun 30, 2023
Revenue and cost of revenue both increased compared to the prior quarter, with gross profit rising. Gross margin improved from the prior quarter but weakened from the same quarter one year earlier.
Gross margin takeaway
Quarter ended Jun 30, 2023 · FY2023 Q3
Revenue and cost of revenue both increased compared to the prior quarter, with gross profit rising. Gross margin improved from the prior quarter but weakened from the same quarter one year earlier.
- Gross profit grew alongside revenue, while cost of revenue increased at a slower pace relative to revenue, supporting the margin improvement sequentially.
- Compared to the immediately preceding quarter, gross margin was higher. Compared to the same quarter one year earlier, gross margin was lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
26.6%
Gross profit
$2.6B
Revenue
$9.7B
Cost of revenue
$7.1B
Quarter-over-quarter change
+1.8 pts
Year-over-year change
-6.5 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2023 | $8.0B | $2.0B | $6.0B | 24.8% |
| Jun 30, 2023 | $9.7B | $2.6B | $7.1B | 26.6% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2023
+1.8 pts
Year-over-year change
Jun 30, 2022
-6.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Gross profit grew alongside revenue, while cost of revenue increased at a slower pace relative to revenue, supporting the margin improvement sequentially.
Compared to the immediately preceding quarter, gross margin was higher. Compared to the same quarter one year earlier, gross margin was lower.
Monitor the trend in cost of revenue relative to revenue in future quarters.