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KB Home (KBH) investor relations material
KB Home Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary24 Sep, 2025
Executive summary
Q3 revenues were $1.62 billion, with net income of $109.8 million and diluted EPS of $1.61, reflecting year-over-year declines in revenue, deliveries, and margins, but results met or exceeded guidance with strong operational execution and customer satisfaction.
Returned over $490 million to shareholders year-to-date through share repurchases and dividends, representing about 11% of shares outstanding at the year's start.
Book value per share grew to $60.25, up 11% year-over-year.
Maintained strong liquidity and balance sheet, supporting investment in growth and shareholder returns.
Achieved #1 customer satisfaction ranking on TrustBuilder for the fifth consecutive year.
Financial highlights
Q3 total revenues were $1.62 billion, with housing revenues at $1.61 billion, down 8% year-over-year; homes delivered fell 7% to 3,393.
Net income was $109.8 million, or $1.61 per diluted share, down 30% year-over-year.
Adjusted housing gross profit margin was 18.9%, above guidance but down from 20.7% year-over-year.
SG&A expenses were 10% of housing revenues, up from 9.8% year-over-year.
Backlog value at quarter-end was $1.99 billion, down 32% year-over-year.
Outlook and guidance
Q4 2025 housing revenues projected at $1.6–$1.7 billion; full-year guidance at $6.1–$6.2 billion.
Q4 average selling price expected between $465,000–$475,000; full-year ASP around $483,000.
Q4 adjusted housing gross profit margin expected at 18–18.4%; full-year at 19.2–19.3%.
Q4 operating income margin expected at 8.5–8.9%; full-year at approximately 8.9%.
Effective tax rate for Q4 and full year expected slightly above 23%.
Quantify EPS impact from share repurchases.
What drives the significant drop in land investment?
How will housing gross margin improve to guidance?
What is the BTO mix target and margin differential?
How are land market changes impacting future costs?
Demand response to lower rates and sales strategy
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Q4 202514 Jan, 2026
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Frequently asked questions
Single-family Homes
KB Home is an American homebuilding company. It primarily focuses on residential construction for a range of customers, with a primary focus on single-family homes. KB Home is known for its unique approach to building homes tailored to its customers' specific preferences. This personalization extends to aspects such as design choices, floor plans, and sustainable building practices. The company is headquartered in Los Angeles, California, and its shares are listed on the NYSE.
A History of Affordable Homes
KB Home originated in Detroit in 1956, founded by Donald Bruce Kaufman and Eli Broad. Their initial project involved building two model homes in Detroit's northeastern suburbs, an area attracting many first-time homebuyers. Their innovative approach streamlined the construction process, notably excluding basements and instead providing a carport. This strategy allowed them to set the home prices at a point where the monthly mortgage payments were lower than the rent for a two-bedroom apartment. This proved to be a successful formula and helped the company expand across the country and into new markets.
The Homes
KB Home specializes in building a diverse range of residential properties, primarily focusing on single-family homes. These homes vary in size, design, and price, catering to a wide spectrum of buyers, from first-time homeowners to those seeking more spacious or luxurious properties. Many of its homes incorporate eco-friendly materials and are designed to reduce energy consumption, featuring elements like solar power systems, water-saving fixtures, and energy-efficient appliances. Some similar companies to KB Home are D.R. Horton, PulteGroup, and Lennar.
Customization Options
KB Home distinguishes itself with a strong emphasis on customization, allowing buyers to tailor various aspects of their homes to suit personal tastes and needs. This personalization extends to floor plans, interior and exterior design choices, and finishes, offering a broad range of options. Clients can choose everything from room layouts and kitchen designs to flooring and cabinetry, giving customers the ability to move into a home that they’re completely happy with from the get-go.
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