KB Home Earnings Call Transcripts
Fiscal Year 2026
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The meeting covered board elections, executive compensation, and auditor ratification, with a quorum confirmed and no shareholder questions raised. Voting results will be disclosed in a future public filing.
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First quarter 2026 results met guidance, with a strategic shift to Built to Order homes driving higher margins and predictability. Full-year guidance was lowered due to softer Q1 orders and market uncertainty, but margin improvement is expected in the second half from a higher BTO mix and favorable regional trends.
Fiscal Year 2025
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Delivered strong FY25 results with $6.2B revenue and $430M net income, returning $600M+ to shareholders. Q4 saw margin pressure from aged inventory, but operational improvements and a shift to higher-margin Built-to-Order homes are expected to drive margin recovery in 2026.
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Q3 results met or exceeded guidance, with $1.62B in revenue and $110M net income. Margins remained strong despite an 8% revenue decline, and over $490M was returned to shareholders. Guidance for Q4 and FY25 remains solid, with a focus on built-to-order homes and disciplined capital allocation.
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Q2 2025 results met or exceeded guidance, but softer spring demand led to lower full-year revenue and margin guidance. Operational improvements in build times and cost controls supported profitability, while share repurchases and disciplined land investment remain priorities.
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Q1 2025 saw lower deliveries and revenues due to muted demand, prompting a reduction in full-year guidance. Price adjustments and incentive changes improved net orders late in the quarter, with the West and Southwest outperforming and Florida requiring the most pricing action.
Fiscal Year 2024
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Fourth quarter and full-year 2024 results showed strong revenue and earnings growth, driven by higher deliveries, improved build times, and robust operational execution. 2025 guidance anticipates stable revenues and margins, with continued investment in land and community expansion, despite ongoing market volatility and affordability challenges.
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Q3 2024 saw double-digit revenue and EPS growth, with strong home deliveries, improved build times, and robust land investment. Guidance points to $6.9B in 2024 revenue and $7.5B in 2025, with margin expansion expected as incentives decrease and costs are managed.
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Q2 results exceeded expectations with strong margins, low cancellations, and robust demand despite mortgage rate volatility. Guidance for full-year revenue and margins was raised, supported by increased land investment, a healthy backlog, and continued capital returns to shareholders.