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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
Achieved Q3 2025 results that met or exceeded guidance, with strong operational execution, disciplined cost management, and progress in reducing build times and costs.
Revenues for Q3 2025 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.
Returned over $490 million to shareholders year-to-date through share repurchases and dividends, representing 11% of the starting share count.
Book value per share increased 11% year-over-year to $60.25.
Maintained high customer satisfaction and continued investment in new communities for future growth.
Financial highlights
Q3 total revenues were $1.62 billion, with housing revenues at $1.61 billion, down 8% year-over-year; 3,393 homes delivered, average selling price $475,700, down 1%.
Adjusted housing gross profit margin was 18.9%, above guidance but 180 bps lower year-over-year.
Net income was $109.8 million, or $1.61 per diluted share, benefiting from a 12% reduction in diluted shares outstanding.
Backlog value decreased 32% to $1.99 billion.
Total liquidity was $1.16 billion, including $330.6 million in cash and $831.7 million in revolver capacity.
Outlook and guidance
Q4 2025 housing revenues projected between $1.6–$1.7 billion; full-year guidance at $6.1–$6.2 billion.
Q4 average selling price expected at $465,000–$475,000; full-year ASP at ~$483,000.
Q4 adjusted housing gross profit margin expected at 18–18.4%; full-year at 19.2–19.3%.
Q4 SG&A ratio projected at 9.3–9.7%; full-year at 10.2–10.3%.
Homebuilding operating income margin expected at about 8.9% (excluding inventory-related charges).
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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Next KB Home earnings date
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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