D.R. Horton, the largest homebuilder in the US, reported a net income of $1 billion for the quarter ending June 30, a 24% decline from last year. Home sales gross margin decreased due to homebuyer incentives, resulting in $1.9 billion in gross profit for the quarter, down from $2.2 billion last year. The company is hopeful for an interest rate change to improve sales. Despite the decline, the quarter saw a sequential improvement, with D.R. Horton stock rising 6.7% after publishing its revenue outlook. The company’s revenue outlook for fiscal year 2025 narrowed slightly to between $33.7 billion and $34.2 billion.

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