KB Home Earnings Call Transcripts
Fiscal Year 2026
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Second quarter results showed sequential margin improvement and strong execution, with a strategic shift to built-to-order homes driving backlog growth and operational efficiency. Guidance calls for higher deliveries, revenues, and margins in the second half, supported by a favorable West Coast mix and disciplined capital allocation.
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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, with $1.53B in revenue and $108M net income. Guidance for FY2025 was revised lower due to softer demand, but operational improvements in build times and cost control supported margins. Share repurchases and disciplined capital allocation remain priorities.
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Q1 revenues and deliveries fell short due to softer demand and wildfire delays, prompting price reductions and revised 2025 guidance. Margins declined year-over-year, but recent actions improved order pace, and liquidity and land positions remain strong.
Fiscal Year 2024
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Fourth quarter revenues and earnings rose sharply year over year, driven by higher deliveries and improved build times. The company invested heavily in land and returned significant capital to shareholders, while guiding for stable revenues and margins in 2025 amid ongoing affordability challenges and market volatility.
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Q3 2024 saw double-digit revenue and EPS growth, with strong deliveries, improved build times, and robust land investment. Gross margin dipped due to mix and pricing, but SG&A improved. Guidance calls for $6.9B in 2024 revenue and $7.5B in 2025, with continued focus on growth, efficiency, and shareholder returns.
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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.