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Tri Pointe Homes (TPH) investor relations material

Tri Pointe Homes Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary24 Jul, 2025

Executive summary

  • Q2 2025 home sales revenue was $880 million, down 22% year-over-year, with 1,326 homes delivered at an average price of $664,000; net income available to common stockholders was $61 million ($0.68 per diluted share), and adjusted net income was $69 million ($0.77 per share), reflecting an $11 million inventory impairment charge.

  • Net new home orders fell 31–32% year-over-year to 1,131, with a monthly absorption rate of 2.5 per community; backlog units dropped 44% to 1,520 homes, and backlog dollar value declined 41% to $1.18–$1.2 billion.

  • Market conditions remain choppy due to policy uncertainty, geopolitical tensions, and affordability concerns, impacting buyer confidence and leading to higher inventory and softer pricing in some markets.

  • Liquidity remains strong with $1.4 billion at quarter end, including $623 million in cash and an upsized $850 million revolving credit facility maturing in 2030.

  • Returned $100 million to shareholders via share repurchases in Q2, with the board authorizing an additional $50 million, raising the total program to $300 million.

Financial highlights

  • Homebuilding gross margin for Q2 was 20.8% (down from 23.6% year-over-year); adjusted gross margin was 22.1%–25.2% (excluding inventory charge and certain items).

  • SG&A expense as a percentage of home sales revenue was 12.6%, up from 11.0% year-over-year.

  • Adjusted EBITDA for Q2 was $139.3 million, down from $215.9 million year-over-year.

  • Backlog at quarter end was 1,520 homes ($1.2 billion), down from 2,692 homes ($2.0 billion) year-over-year; average sales price in backlog increased to $776,000.

  • Net new home orders were 1,131, down 31–32% year-over-year; cancellation rate increased to 13% from 9%.

Outlook and guidance

  • Q3 2025 guidance: 1,000–2,100 home deliveries at an average sales price of $675,000–$685,000; gross margin 20–21%; SG&A 13–14%; tax rate ~27%.

  • Full-year 2025 guidance: 4,800–9,200 deliveries, average sales price $665,000–$675,000; gross margin 20.5–22% (excluding inventory charge); SG&A 12–13%; tax rate ~27%.

  • Incentives on revenue were 7.1% in Q2 and expected to trend up slightly in the back half of the year.

  • Community count expected to end 2025 in the 150–160 range, with low double-digit growth in 2026.

  • Management expects near-term market conditions to remain uneven, but long-term demand is supported by demographics and housing undersupply.

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Frequently asked questions

Tri Pointe Homes, Inc. engages in the design, construction, and sale of single-family attached and detached homes in the United States. It operates through Homebuilding Southern California, Homebuilding Northern California, Homebuilding Colorado, Homebuilding Carolinas, and Corporate and Other segments. The company offers its products under the Tri Pointe Homes brand name; and Paige Cole Active Adult brand name for customers age 55 years and older. It sells its homes through its sales representatives.

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