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Beazer Homes USA (BZH) investor relations material
Beazer Homes USA Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Community count grew 14.9%–15% year-over-year to 167, supporting future growth, despite a 19.5% drop in new home orders and challenging sales, especially in Texas.
Book value per share rose above $41, aided by $12.5M in Q3 share repurchases and $33M year-to-date.
Net loss from continuing operations was $0.3M, impacted by $10.3M in inventory impairments and abandonment charges.
Company maintains a focus on energy-efficient homes, with 100% of starts targeted as Zero Energy Ready by end of 2025.
Strategic capital allocation prioritized share repurchases, deleveraging, and expanded use of lot option agreements.
Financial highlights
Homebuilding revenue for Q3 was $535.4M–$545.4M, down 8.4%–9.2% year-over-year, with adjusted EBITDA at $32.1M, down 40%.
Homebuilding gross margin was 13.5%, or 18.4% excluding impairments and interest, down 190 bps year-over-year.
SG&A as a percentage of revenue increased to 13.2%, up 130 bps year-over-year.
Total liquidity at quarter end was $292M+, with $82.9M in cash and an undrawn $250M revolver.
Net debt to net capitalization was 46.6% at quarter end, with a multi-year target in the low 30% range.
Outlook and guidance
Q4 guidance: new home orders expected flat year-over-year, community count ~175, closings 1,200–1,300, ASP ~$535K, adjusted gross margin ~18%, SG&A ~11.5% of revenue, adjusted EBITDA ~$50M, and diluted EPS >$0.80.
Multi-year goals include 200+ active communities and double-digit book value per share growth by fiscal 2027.
Management is monitoring the impact of the One Big Beautiful Bill Act, which repeals energy efficiency tax credits after June 2026.
Land spend for FY25 projected at $700M–$750M.
Net tax benefit expected in Q4, with energy efficiency tax credits expiring after June 2026.
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