Question · Q4 2025
Andrew Aziz asked about any meaningful differences in sales trends month-to-month within Q4, given stable traffic. He also inquired about the assumptions for construction costs and lot costs within Q1 and full-year guidance.
Answer
President and COO Robert McGibney confirmed Q4 followed typical seasonal patterns, with September being the strongest month, then ticking down in October and November. Traffic held steady, and conversion improved. Chairman and CEO Jeffrey Mezger stated no meaningful change is expected in construction or lot costs, noting that direct construction and material cost reductions have offset lot cost inflation, with the year-over-year change in lot costs decreasing significantly from Q3 to Q4.
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