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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
KB Home (KBH) investor relations material
KB Home Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Dec, 2025
Executive summary
Delivered nearly 13,000 homes in fiscal 2025, generating over $6.2 billion in revenue and $430 million in net income, with a 10% increase in book value per share.
Returned more than $600 million to shareholders in 2025, including $540 million in share repurchases and dividends, and repurchased 1.6 million shares for $100 million in Q4.
Maintained industry-leading customer satisfaction and improved operational efficiency, notably reducing build times by 20% year-over-year.
Ended the year with 271 active communities, up 5% year-over-year, and plan to open 35-40 new communities in Q1 2026.
Book value per share increased 10% to $61.75, and stockholders' equity totaled $3.90 billion.
Financial highlights
Q4 2025 revenues were $1.69 billion, with housing revenues of $1.68 billion, down 15-16% year-over-year; homes delivered fell 9% to 3,619.
Q4 net income was $101.5 million ($1.55 per diluted share); adjusted net income was $125.7 million ($1.92 per share).
Q4 housing gross profit margin was 17% (adjusted 17.8%), down from 20.9% last year.
Full-year 2025 diluted EPS was $6.15; book value per share rose to $61.75.
Backlog value at quarter-end was $1.40 billion, a 37% decrease.
Outlook and guidance
Fiscal Q1 2026 housing revenues expected between $1.05-$1.15 billion on 2,300-2,500 deliveries.
Q1 2026 housing gross profit margin expected at 15.4%-16%, with margins projected to improve through the year as BTO mix increases.
Full-year 2026 guidance: housing revenues of $5.1-$6.1 billion on 11,000-12,500 deliveries.
SG&A ratio for Q1 2026 expected at 12.2%-12.8%; effective tax rate to average 24%-26% for the year.
Planned Q1 2026 share repurchases of $50-$100 million.
What BTO mix is needed for margin recovery?
Impact of aged inventory on Q1 margins?
What drove 3,500 lot contract cancellations?
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Q1 202623 Mar, 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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