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Smith Douglas Homes
Smith Douglas Homes (SDHC) investor relations material
Smith Douglas Homes Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Mar, 2026
Executive summary
Delivered 780 homes in Q4 2025, generating $260.4 million in revenue, with a gross margin of 19.9% and net income of $17 million ($0.39 per diluted share).
Full year 2025 saw a record 2,908 homes delivered, $971.1 million in revenue, and $1.19 EPS.
Despite industry-wide demand challenges, deliveries and community count grew, reflecting operational discipline.
Gross margin compressed to 19.9% in Q4 and 21.8% for the year, reflecting affordability pressures and competitive discounting.
Active community count increased 28% to 100, and controlled lots rose 14% to 22,268 at year-end.
Financial highlights
Q4 revenue down 9% year-over-year; average sales price $334,000.
Q4 net income was $17.0 million, down from $28.8 million in Q4 2024; full-year net income was $68.4 million, down from $111.8 million.
Q4 SG&A expense $36 million (13.8% of revenue), down from 14.9% prior year; full-year SG&A $139.8 million.
Cash and cash equivalents at year-end were $12.7 million, down from $22.4 million.
Net cash used in operating activities was $31.3 million for 2025, compared to $19.1 million provided in 2024.
Outlook and guidance
Q1 2026 guidance: 575–625 closings, average sales price $330,000–$335,000, gross margin 17.5%–18%.
No full year guidance due to demand variability; primary risks include mortgage rates, consumer confidence, and employment trends.
Early 2026 shows improved traffic and order activity, but demand remains inconsistent.
Impact of pace over price on 2026 margins
Replicating the Houston model in new markets
Land cost inflation and developer renegotiations
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Next Smith Douglas Homes earnings date
Q1 202613 May, 2026
Smith Douglas Homes
Next Smith Douglas Homes earnings date
Q1 202613 May, 2026
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Frequently asked questions
Smith Douglas Homes Corp. (SDHC) is a real estate development company that specializes in the design, construction, and sale of single-family homes across the southeastern United States. Founded in 2008, the company has established its operations in key metropolitan areas including Atlanta, Birmingham, Charlotte, Huntsville, Nashville, Raleigh-Durham, and Houston. In addition to its homebuilding activities, Smith Douglas Homes offers closing, escrow, and title insurance services. The company is headquartered in Woodstock, Georgia, and its shares are listed on the NYSE.
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