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Smith Douglas Homes (SDHC) investor relations material
Smith Douglas Homes Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Delivered 788 home closings in Q3 2025, with revenue of $262 million, down 3% and 6% year-over-year, and an average selling price of $333,000.
Net new home orders rose 15% year-over-year to 690, with contract value up 13%, despite soft demand and affordability concerns.
Active community count increased 32% to 98, with continued expansion into new and existing markets, including Greenville, Dallas, and Gulf Coast.
Maintained a strong balance sheet and operational efficiency, with cycle times steady at 54 days (excluding Houston) and low cancellation rates at 11%.
Implemented financing incentives and asset-light strategies to address affordability and maintain sales pace.
Financial highlights
Q3 2025 net income was $16.2 million (down 57% YoY), pre-tax income $17.2 million, and adjusted net income $13 million, with gross margin at 21% (down from 26.5%).
SG&A expenses rose to 13.8% of revenue, up from 12.3% last year, due to lower revenue and new division openings.
Adjusted EBITDA for Q3 2025 was $22.2 million, margin 8.5% (down from 15.0%).
Closing cost incentives increased to $9,500 per home, and pricing discounts rose to 1.8% of revenue.
Forward commitment costs to buy down interest rates totaled $3.9 million, up sharply from prior periods.
Outlook and guidance
Q4 2025 guidance: 725–775 home closings, average sales price $330,000–$335,000, and gross margin of 18.5%–19.5%.
Incentives and promotional activity expected to continue pressuring margins.
Community count expected to remain around 98, with ongoing new community openings and 2026 growth projected at 10–20% depending on market conditions.
Management expects continued headwinds from elevated mortgage rates and affordability, but long-term demand is supported by housing undersupply and demographics.
Liquidity is expected to be sufficient for at least the next 12 months, with flexibility to seek additional capital if needed.
What drove the sharp rise in debt-to-book cap?
What factors explain the Central segment's growth?
How does margin compression align with growth strategy?
"Pace over price" strategy's margin impact?
What are the key challenges to community count growth?
How does spec shift impact their 54-day cycle time?
Incentive strategy effectiveness vs. headwinds
Scaling operations: maintaining cycle time
Non-controlling interest: long-term strategy
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Next Smith Douglas Homes earnings date
Q4 202512 Mar, 2026
Next Smith Douglas Homes earnings date
Q4 202512 Mar, 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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