Forestar Group (FOR) Company Report

Forestar Group Inc. reported Q1 Fiscal 2026 revenues of $273.0 million, an increase of 9% compared to the prior year quarter, while net income decreased 7% to $15.4 million, or $0.30 per diluted share.
Lots sold in Q1 Fiscal 2026 decreased 17% to 1,944 lots compared to the prior year, but the company owned and controlled 101,000 lots as of December 31, 2025, with 24,100 lots contracted for sale representing $2.2 billion of future revenue.
The company maintained a strong capital structure with a net debt to total capital ratio of 24.6% and total liquidity of $819.3 million as of December 31, 2025.
For fiscal year 2026, Forestar still expects to deliver between 14,000 and 15,000 lots, generating $1.6 billion to $1.7 billion of revenue.

Jan 20, 2026, 7:59 PM

8-K

Forestar Reports Solid Q1 2026 Financial Results and Maintains Full-Year Guidance

FOR

Earnings

Guidance Update

Demand Weakening

Forestar reported Q1 2026 revenues of $273 million, a 9% increase year-over-year, with 1,944 lots sold. Net income was $15.4 million, or $0.30 per diluted share.
The company maintained its fiscal 2026 guidance, projecting revenues between $1.6 billion and $1.7 billion and lot deliveries between 14,000 and 15,000 lots.
Gross profit margin was 20.1% (or approximately 21.5% excluding a low-margin tract sale), with management anticipating future margins in the 21%-23% range.
Forestar ended the quarter with $820 million of liquidity and a net debt to capital ratio of 24.6%. Book value per share increased 10% year-over-year to $35.10. The contracted backlog stands at $2.2 billion of future revenue.

Jan 20, 2026, 4:00 PM

Transcript

Forestar Announces Q1 2026 Results and Maintains Fiscal Year Guidance

FOR

Earnings

Guidance Update

Demand Weakening

Forestar reported Q1 2026 revenues of $273 million , a 9% increase from the prior year quarter, with 1,944 lots sold. Net income for the quarter was $15.4 million, and diluted earnings per share were $0.30.
The company maintained its fiscal 2026 guidance, expecting revenues of $1.6 billion-$1.7 billion and lot deliveries of 14,000-15,000 lots.
Forestar ended the quarter with $820 million of liquidity and a book value per share of $35.10, which is a 10% increase from a year ago.
The total lot position at December 31st was 101,000 lots , and the contracted backlog remains strong with visibility towards $2.2 billion of future revenue.
Affordability constraints and cautious consumer sentiment continue to impact the pace of new home sales.

Jan 20, 2026, 4:00 PM

Transcript

Forestar Reports Q1 2026 Results

FOR

Earnings

Guidance Update

Demand Weakening

Forestar reported Q1 2026 revenues of $273 million, a 9% increase from the prior year quarter, with net income of $15.4 million and diluted earnings per share of $0.30.
The company ended the quarter with $820 million of liquidity and a net debt to capital ratio of 24.6%, while book value per share increased 10% year-over-year to $35.10.
Forestar maintained its fiscal 2026 revenue guidance of $1.6 billion-$1.7 billion and lot delivery guidance of 14,000-15,000 lots.
The gross profit margin for the quarter was 20.1%, which would have been approximately 21.5% excluding a low-margin tract sale, with management expecting future gross margins to be in the 21%-23% range.
The company invested $415 million in land and land development during Q1 2026, with 75% allocated to land development and 25% to land acquisition.

Jan 20, 2026, 4:00 PM

Transcript

Forestar Announces Q1 FY 2026 Results and FY 2026 Guidance

FOR

Earnings

Guidance Update

New Projects/Investments

Forestar reported Q1 FY 2026 revenues of $273.0 million, a 9% increase compared to the prior year quarter, with net income of $15.4 million and earnings per diluted share of $0.30.
As of December 31, 2025, the company owned and controlled 101,000 lots, with 24,100 lots contracted for sale representing $2.2 billion in future revenue.
Forestar maintained a strong financial position with $819.3 million in total liquidity and a net debt to capital ratio of 24.6% at December 31, 2025.
For FY 2026, the company provided guidance of 14,000 to 15,000 residential lot sales and $1.6 billion to $1.7 billion in consolidated total revenues.

Jan 20, 2026, 4:00 PM

Presentation

Forestar Group Reports Q1 Results and Reaffirms FY2026 Guidance

FOR

Earnings

Guidance Update

Demand Weakening

Forestar Group reported first-quarter GAAP EPS of $0.30 and revenue of $273 million, representing a 9% year-over-year increase.
The company reaffirmed its fiscal 2026 guidance, expecting to deliver 14,000–15,000 lots and $1.6–$1.7 billion in revenue.
In the quarter, Forestar sold 1,944 lots, and its operating margin declined to 6.8% from 8.1% due to a 16.7% year-over-year decrease in sales volumes, reflecting affordability constraints and cautious consumer sentiment.
Book value per share increased approximately 10% to $35.10, and the company has 24,100 contracted lots expected to generate about $2.2 billion.

Jan 20, 2026, 12:18 PM

Morningstar

Forestar Group Reports Fiscal 2026 First Quarter Results

FOR

Earnings

Guidance Update

Demand Weakening

Forestar Group reported fiscal first quarter 2026 revenues of $273.0 million, an increase of 9% compared to the prior year quarter, while net income decreased 7% to $15.4 million, or $0.30 per diluted share.
The company sold 1,944 lots during the quarter, a 17% decrease from the prior year, and held a lot position of 101,000 lots as of December 31, 2025, with 24,100 lots under contract representing $2.2 billion of future revenue.
As of December 31, 2025, Forestar maintained $819.3 million in total liquidity and a net debt to total capital ratio of 24.6%.
For fiscal year 2026, Forestar expects to deliver between 14,000 and 15,000 lots, generating $1.6 billion to $1.7 billion of revenue.

Jan 20, 2026, 11:30 AM

Press Release

Forestar Group Inc. Reports Fourth Quarter and Fiscal 2025 Results

FOR

Earnings

Guidance Update

Demand Weakening

Forestar Group Inc. reported net income of $87.0 million for the fourth quarter of fiscal 2025, an increase of 7% year-over-year, with diluted earnings per share of $1.70.
For the full fiscal year ended September 30, 2025, the company's net income totaled $167.9 million or $3.29 per diluted share, on consolidated revenues of $1.7 billion from 14,240 lots sold.
At September 30, 2025, Forestar owned and controlled 99,800 lots and maintained a strong financial position with $968.1 million in total liquidity and a net debt to total capital ratio of 19.3%.
For fiscal year 2026, Forestar expects to deliver between 14,000 and 15,000 lots, generating $1.6 billion to $1.7 billion of revenue.

Oct 28, 2025, 6:51 PM

8-K

Forestar Reports Strong Q4 and Fiscal Year 2025 Results, Provides 2026 Guidance

FOR

Earnings

Guidance Update

New Projects/Investments

Forestar reported a strong finish to Fiscal Year 2025, with Q4 revenue increasing 22% to $670.5 million and full-year revenue growing 10% to $1.7 billion, exceeding the high end of their guidance range.
For Fiscal Year 2025, net income totaled $167.9 million, or $3.29 per diluted share, with 14,240 lots sold at an average sales price of $108,400.
The company maintained a strong balance sheet, ending the year with $968 million of liquidity and increasing its book value per share by 11% to $34.78.
For Fiscal Year 2026, Forestar expects to deliver between 14,000 and 15,000 lots and generate $1.6-$1.7 billion of revenue, with the first quarter anticipated to be the lowest delivery quarter.
Forestar invested approximately $1.7 billion in land and land development in Fiscal Year 2025 and plans to invest approximately $1.4 billion in Fiscal Year 2026, while expanding into seven new markets.

Oct 28, 2025, 3:00 PM

Transcript

Forestar Reports Strong Q4 and Full-Year 2025 Results, Provides Fiscal 2026 Guidance

FOR

Earnings

Guidance Update

Demand Weakening

Forestar reported Q4 2025 revenue of $670.5 million, a 22% increase, and full-year 2025 revenue of $1.7 billion, up 10%. Net income for Q4 was $87 million or $1.70 per diluted share, and for the full year, it totaled $167.9 million or $3.29 per diluted share.
The company ended Fiscal Year 2025 with $968 million of liquidity and a book value per share of $34.78, representing an 11% increase from the prior year.
In Fiscal Year 2025, Forestar sold 14,240 lots and invested approximately $1.7 billion in land and land development.
For Fiscal Year 2026, Forestar expects to deliver between 14,000 and 15,000 lots and generate $1.6-$1.7 billion of revenue, anticipating the first quarter to be the lowest delivery quarter and second-half revenues to be higher than the first half.
Despite continued affordability constraints and cautious consumer sentiment impacting new home demand, Forestar plans to invest approximately $1.4 billion in land acquisition and development in Fiscal 2026, focusing on the entry-level and first-time buyer segments.