D.R. Horton, the largest U.S. homebuilder by volume, reported fiscal third-quarter earnings of $3.36 a share on $9.2 billion in revenue, surpassing analyst estimates despite year-over-year declines of 18% and 7%, respectively. The company closed 23,160 homes and generated a 14.7% pre-tax margin, helped by aggressive incentives and cost controls. Management narrowed full-year revenue guidance to $33.7 billion-$34.2 billion and lowered the top end of its homes-closed forecast to 85,500, citing persistent affordability pressures. It reiterated plans to return up to $4.4 billion through share buybacks this fiscal year and declared a $0.40 quarterly dividend. The stronger-than-expected results sent the stock up as much as 12%, the steepest intraday gain since 2020, and lifted the broader homebuilding group. The rally contrasted with KB Home’s warning a month earlier, when the Los-Angeles-based builder cut its fiscal-2025 housing-revenue target to $6.3 billion-$6.5 billion after a double-digit decline in deliveries. PulteGroup also posted weaker year-over-year figures but beat consensus forecasts this morning. Analysts say the mixed signals underscore a market in which large, nationally diversified builders with ample balance-sheet firepower can defend volumes by discounting, while orders and margins across the sector remain under pressure from high mortgage rates and cautious buyers.