KB HOME (KBH)

• KBH reported total revenues of $1.69 billion and adjusted diluted earnings per share of $1.92 for Q4 2025. For the full fiscal year 2025, the company generated over $6.2 billion in total revenues and $6.15 in diluted earnings per share, with book value per share increasing 10% to $61.75.
• In fiscal 2025, KBH returned more than $600 million to shareholders and repurchased 13% of its outstanding shares. A new $1 billion share repurchase authorization was approved, with $900 million remaining available at year-end.
• The company is strategically shifting towards higher-margin built-to-order (BTO) homes, which represented 57% of Q4 2025 deliveries, aiming for 70% or higher. Build times improved 20% year-over-year in Q4 2025, achieving a target of 120 days or better from start to completion.
• For Q1 2026, KBH anticipates housing revenues between $1.05 billion and $1.15 billion and deliveries between 2,300 and 2,500 homes. The expected housing gross profit margin for Q1 2026 is between 15.4% and 16%.

• KB Home reported Q4 2025 total revenues of just under $1.7 billion and Adjusted Diluted Earnings Per Share of $1.92. For the full year 2025, total revenues reached $6.24 billion with diluted earnings per share of $6.15 and net income of nearly $430 million.
• For Q1 2026, the company expects housing revenues between $1.05 billion and $1.15 billion from 2,300 to 2,500 deliveries, with a projected housing gross profit margin of 15.4% to 16%. Full-year 2026 housing revenues are guided between $5.1 billion and $6.1 billion based on 11,000 to 12,500 deliveries.
• A key strategic focus is to shift the sales mix towards Built-to-Order (BTO) homes, targeting 70% or higher of total deliveries, up from 57% in Q4 2025, to enhance margins. Build times for BTO homes improved roughly 20% year-over-year in Q4 2025, achieving 120 days or better.
• In fiscal 2025, KB Home returned more than $600 million in capital to shareholders, including $540 million in share repurchases. The board approved a new $1 billion share repurchase authorization, with $50 million to $100 million planned for Q1 2026.
• The company ended 2025 with a strong financial position, reporting $1.43 billion in total liquidity and a total debt-to-capital ratio of 30.3%.

• KBH reported revenues of $1.69 billion and diluted earnings per share of $1.55 for Q4 2025.
• During Q4 2025, the company repurchased approximately 1.6 million shares at a total cost of $100.0 million. Since Q3 2021, KBH has returned over $1.9 billion to stockholders through repurchases and dividends.
• As of November 30, 2025, total liquidity was $1.4 billion, including $228.6 million in cash and nearly $1.2 billion in available revolving credit facility capacity. The company's debt-to-capital ratio for FY 2025 was 30.3%.
• For Q4 2025, KBH delivered 3,619 homes and recorded 2,414 net orders valued at $1.10 billion, with a backlog value of $1.40 billion.

• KB Home reported Q4 2025 total revenues of just under $1.7 billion and adjusted diluted earnings per share of $1.92. For the full year 2025, total revenues were $6.24 billion, with net income of nearly $430 million, and diluted earnings per share of $6.15.
• In fiscal 2025, the company returned more than $600 million to shareholders, including $540 million in share repurchases at an average price of $57.37 per share, repurchasing 13% of outstanding shares. A new $1 billion share repurchase authorization was approved by the board.
• KB Home is strategically shifting towards built-to-order (BTO) homes, aiming for 70% or higher of total deliveries, up from 57% in Q4 2025, as BTO homes generate three to five percentage points higher gross margins. Build times improved 20% year-over-year in Q4, achieving 120 days or better from start to completion.
• For Q1 2026, the company expects housing revenues between $1.05 billion and $1.15 billion and deliveries between 2,300 and 2,500 homes. The housing gross profit margin is projected to be between 15.4% and 16%.

• KB Home reported Q4 2025 revenues of $1.69 billion and diluted earnings per share of $1.55, with adjusted diluted EPS at $1.92. For the full fiscal year 2025, revenues totaled $6.24 billion and diluted EPS was $6.15.
• The company repurchased $100.0 million of common stock in Q4 2025, bringing its total repurchases for fiscal year 2025 to $538.5 million.
• KB Home completed an upsized $1.20 billion five-year credit facility and extended a $360.0 million term loan to 2029, enhancing financial flexibility.
• For Q1 2026, the company expects housing revenues between $1.05 billion and $1.15 billion and deliveries of 2,300 to 2,500 homes. Full-year 2026 guidance projects housing revenues of $5.10 billion to $6.10 billion and deliveries of 11,000 to 12,500 homes.
• Management noted that housing market conditions remained challenging due to lower consumer confidence, affordability concerns, and elevated mortgage interest rates.

• KB Home reported revenues of $1.69 billion and diluted earnings per share of $1.55 for the fourth quarter ended November 30, 2025. For the full fiscal year 2025, revenues totaled $6.24 billion and diluted earnings per share were $6.15.
• The company completed an upsized $1.20 billion five-year credit facility and extended a $360.0 million term loan to 2029, enhancing financial flexibility.
• KB Home repurchased $100.0 million of common stock in the fourth quarter of 2025, contributing to total repurchases of $538.5 million for the fiscal year ended November 30, 2025.
• For the first quarter of 2026, KB Home expects deliveries between 2,300 to 2,500 homes and housing revenues between $1.05 billion to $1.15 billion. Full-year 2026 guidance includes deliveries of 11,000 to 12,500 homes and housing revenues of $5.10 billion to $6.10 billion.

Here is a summary of KB Home's financial results for Q4 and FY 2025:

Here is KB Home's guidance for Q1 and FY 2026:

• KB Home entered into a new revolving credit agreement for up to $1.2 billion, with the potential to increase to $1.7 billion, maturing on November 12, 2030.
• Concurrently, the company amended and restated its $360.0 million senior unsecured term loan agreement, extending its maturity to November 12, 2029.
• The prior $1.09 billion revolving credit facility was terminated without incurring early termination penalties.

• KB Home has authorized an additional $1 billion for its share repurchase program, building on over $1.5 billion in repurchases since 2021, which accounts for more than 34% of its outstanding shares.
• The company maintains a stable and growing dividend, with a recent payment of $0.25 per share and a yield of 1.6%. The dividend has significantly grown from $0.10 in 2015 to $1.00 in the most recent fiscal year, representing an approximate annual growth rate of 26%.
• While earnings per share (EPS) are forecasted to decline by 13.3% over the next year, the payout ratio is expected to remain sustainable at around 18%, and the CEO views the current stock price as undervalued.
• KB Home operates in 49 markets and is recognized as the #1 customer-ranked national homebuilder in the U.S., leading the industry in sustainability.

• KB Home's Board of Directors authorized a new $1 billion share repurchase authorization on October 27, 2025, which replaces a prior authorization.
• Since starting its repurchase program in 2021, the company has repurchased over $1.5 billion of shares, accounting for more than 34% of its outstanding shares.
• The company views its shares as undervalued and intends for share repurchases to remain a key priority.

• KB Home's Board of Directors has authorized a new share repurchase program of up to $1 billion of its outstanding common stock, replacing a prior authorization.
• The company believes its shares are undervalued and expects share repurchases to remain a key priority, citing its ongoing ability to generate significant operating cash flows and maintain a solid balance sheet.
• Since initiating its repurchase program in 2021, KB Home has repurchased over $1.5 billion of shares, representing more than 34% of its shares outstanding, and states it has led the industry in repurchasing the highest percentage of its market capitalization.