Forestar Group Earnings Call Transcripts
Fiscal Year 2026
-
Third quarter revenue grew 4% year-over-year to $407 million, with net income up 9% and EPS up 8%. Strong liquidity, a robust backlog, and stable costs support maintained 2026 guidance, despite ongoing affordability constraints and cautious consumer sentiment.
-
Second quarter revenue rose 7% year-over-year to $374.3 million, with net income up 2% and strong liquidity exceeding $1 billion. Fiscal 2026 guidance was updated to 14,000–14,500 lots and $1.6–$1.7 billion in revenue, despite ongoing affordability headwinds.
-
Revenue grew 9% year-over-year to $273M, with net income at $15.4M and strong liquidity of $820M. Guidance for fiscal 2026 is unchanged, with stable margins and lot deliveries expected. Affordability and market selectivity remain key themes.
Fiscal Year 2025
-
Fourth quarter and full-year revenue and net income grew strongly, with book value per share up 11%. Fiscal 2026 guidance projects stable deliveries and revenue, with continued investment in land and a strong balance sheet supporting growth despite affordability headwinds.
-
Q3 2025 saw 23% revenue growth and an 11% increase in lots sold, but net income and margins declined year-over-year due to mix and a low-margin community closeout. Fiscal 2025 revenue guidance is maintained, though lot delivery guidance is trimmed amid affordability headwinds.
-
Q2 2025 saw 5% revenue growth and a 4% increase in lots sold, but net income declined due to prior-year non-recurring items. Guidance was lowered for lot deliveries and revenue amid affordability headwinds, while liquidity and backlog remain strong.
-
Q1 saw 2,333 lots delivered and $250.4M revenue, with net income and margins down year-over-year. Guidance for 2025 is unchanged, expecting 16,000–16,500 lot deliveries and $1.6–$1.65B revenue, with stronger performance in the second half.
Fiscal Year 2024
-
Delivered record profitability in fiscal 2024 with 22% net income growth and strong returns, aided by high-margin projects and expanded market presence. Fiscal 2025 guidance targets up to 16,500 lots and $1.65B revenue, with continued disciplined capital investment.
-
Q3 saw 3,255 lots delivered and $318.4M in revenue, with net income down 17% year-over-year. Guidance for lot deliveries was narrowed, but revenue guidance held steady, and strong demand persists in affordable markets despite ongoing government delays and higher rates.