[Executive Summary & CEO Commentary](index=1&type=section&id=Executive%20Summary%20%26%20CEO%20Commentary) KB Home reported strong Q3 2025 financial results, exceeding guidance with **$1.62 billion** in revenue and **$1.61** diluted EPS, alongside significant capital returns and operational improvements [Third Quarter 2025 Highlights](index=1&type=section&id=Third%20Quarter%202025%20Highlights) KB Home reported solid financial results for the third quarter ended August 31, 2025, meeting or exceeding guidance across key metrics, with revenues totaling **$1.62 billion** and diluted earnings per share of **$1.61**, alongside **$188.5 million** in common stock repurchases Third Quarter 2025 Highlights | Metric | Q3 2025 | Q3 2024 | | :----- | :------ | :------ | | Revenues (Billions USD) | 1.62 | 1.75 | | Diluted EPS (USD) | 1.61 | 2.04 | | Common Stock Repurchased (Millions USD) | 188.5 | - | [CEO Commentary](index=1&type=section&id=CEO%20Commentary) Jeffrey Mezger, Chairman and CEO, highlighted outstanding operational execution, including reduced build times and costs, a consistent sales approach, improving affordability, and a healthy balance sheet supporting future growth and substantial capital returns to stockholders, totaling over **$490 million** in the first nine months - Achieved solid financial results, meeting or exceeding guidance ranges across key metrics[3](index=3&type=chunk) - Outstanding operational execution, making meaningful progress in reducing both build times and costs[3](index=3&type=chunk) - Returned more than **$490 million** to stockholders in the first nine months of the fiscal year through share repurchases and dividends, representing approximately **11%** of shares outstanding[3](index=3&type=chunk) [Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) The company's financial performance for Q3 and YTD 2025 showed decreased revenues and net income, with declining margins across homebuilding and financial services [Three Months Ended August 31, 2025](index=1&type=section&id=Three%20Months%20Ended%20August%2031,%202025) For the third quarter, KB Home experienced a decrease in revenues and net income compared to the prior year, with homebuilding operating income and gross profit margins declining due to price reductions, higher relative land costs, and geographic mix, partly offset by lower construction costs, while financial services pretax income also decreased Consolidated Financial Highlights (Three Months Ended August 31) | Metric | 2025 | 2024 | Change (YoY) | | :----- | :--- | :--- | :----------- | | Total Revenues (Millions USD) | 1,620.5 | 1,752.6 | -7.5% | | Net Income (Millions USD) | 109.8 | 157.3 | -30.2% | | Diluted EPS (USD) | 1.61 | 2.04 | -21.1% | | Effective Tax Rate (%) | 23.3% | 24.2% | -0.9 pp | Homebuilding Operating Performance (Three Months Ended August 31) | Metric | 2025 | 2024 | Change (YoY) | | :----- | :--- | :--- | :----------- | | Homebuilding Operating Income (Millions USD) | 131.2 | 189.0 | -30.6% | | Homebuilding Operating Income Margin (%) | 8.1% | 10.8% | -2.7 pp | | Adjusted Homebuilding Operating Income Margin (excl. inventory charges) (%) | 8.8% | 10.9% | -2.1 pp | | Housing Gross Profit Margin (%) | 18.2% | 20.6% | -2.4 pp | | Adjusted Housing Gross Profit Margin (excl. inventory charges) (%) | 18.9% | 20.7% | -1.8 pp | | SG&A as % of Housing Revenues (%) | 10.0% | 9.8% | +0.2 pp | Financial Services Pretax Income (Three Months Ended August 31) | Metric | 2025 | 2024 | Change (YoY) | | :----- | :--- | :--- | :----------- | | Financial Services Pretax Income (Millions USD) | 8.7 | 11.0 | -21.0% | [Nine Months Ended August 31, 2025](index=2&type=section&id=Nine%20Months%20Ended%20August%2031,%202025) For the first nine months of fiscal 2025, total revenues decreased to **$4.54 billion**, and net income fell to **$327.3 million**, resulting in a **23%** decline in diluted earnings per share, with homes delivered also down **9%** year-over-year, while the average selling price increased Consolidated Financial Highlights (Nine Months Ended August 31) | Metric | 2025 | 2024 | Change (YoY) | | :----- | :--- | :--- | :----------- | | Total Revenues (Billions USD) | 4.54 | 4.93 | -7.9% | | Net Income (Millions USD) | 327.3 | 464.4 | -29.5% | | Diluted EPS (USD) | 4.60 | 5.94 | -22.6% | | Homes Delivered | 9,283 | 10,191 | -9.0% | | Average Selling Price (USD) | 487,500 | 481,400 | +1.3% | [Operational Metrics](index=2&type=section&id=Operational%20Metrics) Key operational metrics for Q3 2025 indicate a decrease in net orders and backlog, mixed regional performance in homes delivered and average selling prices, and a slight increase in community count [Net Orders and Backlog](index=2&type=section&id=Net%20Orders%20and%20Backlog) Net orders for the third quarter decreased by **4%** year-over-year, with monthly net orders per community also declining, and the cancellation rate increased to **17%**, while the ending backlog in both homes and value saw significant reductions compared to the prior year Net Orders and Backlog (Three Months Ended August 31) | Metric | 2025 | 2024 | Change (YoY) | | :----- | :--- | :--- | :----------- | | Net Orders | 2,950 | 3,085 | -4.4% | | Monthly Net Orders per Community | 3.8 | 4.1 | -7.3% | | Cancellation Rate (% of gross orders) (%) | 17% | 15% | +2.0 pp | | Ending Backlog Homes | 4,333 | 5,724 | -24.3% | | Ending Backlog Value (Billions USD) | 1.99 | 2.92 | -31.9% | [Homes Delivered and Average Selling Price by Region](index=7&type=section&id=Homes%20Delivered%20and%20Average%20Selling%20Price%20by%20Region) Homes delivered decreased by **7%** in Q3 2025, with regional variations including declines in the West Coast and Central regions, an increase in the Southeast, and flat performance in the Southwest, while average selling prices showed mixed trends across regions Homes Delivered by Region (Three Months Ended August 31) | Region | 2025 | 2024 | Change (YoY) | | :----- | :--- | :--- | :----------- | | West Coast | 972 | 1,150 | -15.5% | | Southwest | 681 | 681 | 0.0% | | Central | 943 | 1,073 | -12.1% | | Southeast | 797 | 727 | +9.6% | | Total | 3,393 | 3,631 | -6.6% | Average Selling Price by Region (Three Months Ended August 31) | Region | 2025 | 2024 | Change (YoY) | | :----- | :--- | :--- | :----------- | | West Coast (USD) | 684,000 | 661,400 | +3.4% | | Southwest (USD) | 492,700 | 459,300 | +7.3% | | Central (USD) | 329,400 | 347,500 | -5.3% | | Southeast (USD) | 380,200 | 412,200 | -7.7% | | Total (USD) | 475,700 | 480,900 | -1.1% | [Community Count](index=2&type=section&id=Community%20Count) The average community count for the third quarter increased by **3%** to **259**, and the ending community count rose by **4%** to **264**, indicating a slight expansion in the company's operational footprint Community Count (Q3 2025 vs. Q3 2024) | Metric | 2025 | 2024 | Change (YoY) | | :----- | :--- | :--- | :----------- | | Average Community Count | 259 | 251 | +3.2% | | Ending Community Count | 264 | 254 | +3.9% | [Balance Sheet and Capital Management](index=2&type=section&id=Balance%20Sheet%20and%20Capital%20Management) The company's balance sheet reflects increased inventories, decreased land investments, and a higher debt-to-capital ratio, while capital management includes significant share repurchases [Key Balance Sheet Items](index=2&type=section&id=Key%20Balance%20Sheet%20Items) As of August 31, 2025, inventories increased by **6%** from November 30, 2024, and **3%** year-over-year, while investments in land and land development decreased, and the total lot portfolio declined by **15%** from year-end 2024 and **6%** year-over-year, with stockholders' equity decreasing primarily due to common stock repurchases and cash dividends Key Balance Sheet Items (as of August 31, 2025) | Metric | August 31, 2025 | November 30, 2024 | Change (vs. Nov 30, 2024) | | :----- | :-------------- | :---------------- | :------------------------ | | Inventories (Billions USD) | 5.84 | 5.53 | +5.6% | | Investments in Land & Land Development (Billions USD) | 1.95 | 2.10 | -7.1% | | Lots Owned or Under Contract | 65,251 | 76,750 | -15.0% | | Stockholders' Equity (Billions USD) | 3.90 | 4.06 | -3.9% | | Book Value per Share (USD) | 60.25 | - | +11% (YoY) | [Liquidity and Debt](index=2&type=section&id=Liquidity%20and%20Debt) KB Home maintained total liquidity of **$1.16 billion**, comprising cash and available credit, while notes payable increased, leading to a higher debt to capital ratio compared to the end of the previous fiscal year Liquidity and Debt (as of August 31, 2025) | Metric | August 31, 2025 | November 30, 2024 | Change (vs. Nov 30, 2024) | | :----- | :-------------- | :---------------- | :------------------------ | | Total Liquidity (Billions USD) | 1.16 | - | - | | Cash and Cash Equivalents (Millions USD) | 330.6 | 598.0 | -44.8% | | Available Revolving Credit Facility (Millions USD) | 831.7 | - | - | | Notes Payable (Billions USD) | 1.94 | 1.69 | +14.8% | | Debt to Capital Ratio (%) | 33.2% | 29.4% | +3.8 pp | [Shareholder Returns](index=1&type=section&id=Shareholder%20Returns) The company continued its commitment to shareholder returns, repurchasing **$188.5 million** of common stock in Q3 2025 and a total of **$438.5 million** in the first nine months of the fiscal year, contributing to over **$490 million** returned to stockholders, including dividends Common Stock Repurchases | Period | Shares Repurchased | Cost (Millions USD) | Average Price per Share (USD) | | :----- | :----------------- | :------------------ | :---------------------------- | | Q3 2025 | 3.3 million | 188.5 | 57.12 | | 9 Months Ended Aug 31, 2025 | 7.8 million | 438.5 | 56.30 | - As of August 31, 2025, the Company had **$261.5 million** remaining under its current common stock repurchase authorization[13](index=13&type=chunk) [Financial Guidance](index=3&type=section&id=Financial%20Guidance) KB Home provided its full year 2025 outlook, projecting housing revenues between **$6.10 billion** and **$6.20 billion** with anticipated operating income and gross profit margins [Full Year 2025 Outlook](index=3&type=section&id=Full%20Year%202025%20Outlook) KB Home provided guidance for its 2025 full year, projecting housing revenues between **$6.10 billion** and **$6.20 billion**, with an average selling price of approximately **$483,000**, and anticipates a homebuilding operating income margin of about **8.9%** and a housing gross profit margin between **19.2%** and **19.3%**, assuming no inventory-related charges Full Year 2025 Guidance | Metric | Guidance | | :----- | :------- | | Housing Revenues (Billions USD) | $6.10 to $6.20 | | Average Selling Price (USD) | ~$483,000 | | Homebuilding Operating Income as % of Revenues (excl. inventory charges) (%) | ~8.9% | | Housing Gross Profit Margin (excl. inventory charges) (%) | 19.2% to 19.3% | | SG&A as % of Housing Revenues (%) | 10.2% to 10.3% | | Effective Tax Rate (%) | ~23% | | Ending Community Count | ~260 | [Supplemental Financial Data](index=5&type=section&id=Supplemental%20Financial%20Data) This section provides detailed consolidated statements of operations and balance sheets, along with supplemental homebuilding information and non-GAAP financial measure reconciliations [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) The consolidated statements of operations provide detailed financial performance for the three and nine months ended August 31, 2025 and 2024, covering total revenues, homebuilding and financial services segment results, pretax income, income tax expense, net income, and earnings per share | | Three Months Ended August 31, | | Nine Months Ended August 31, | | :--- | :--- | :--- | :--- | :--- | | | 2025 | 2024 | 2025 | 2024 | | Total revenues (Thousands USD) | 1,620,474 | 1,752,608 | 4,541,836 | 4,930,187 | | Homebuilding operating income (Thousands USD) | 131,163 | 188,950 | 389,965 | 534,809 | | Financial services pretax income (Thousands USD) | 8,686 | 10,953 | 24,373 | 35,793 | | Total pretax income (Thousands USD) | 143,228 | 207,429 | 424,968 | 603,213 | | Net income (Thousands USD) | 109,828 | 157,329 | 327,268 | 464,413 | | Diluted EPS (USD) | 1.61 | 2.04 | 4.60 | 5.94 | | Diluted Weighted Average Shares Outstanding | 67,737 | 76,630 | 70,643 | 77,565 | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheets present the company's financial position as of August 31, 2025, and November 30, 2024, detailing assets, liabilities, and stockholders' equity for both homebuilding and financial services segments | | August 31, 2025 | November 30, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents (Thousands USD) | 330,586 | 597,973 | | Inventories (Thousands USD) | 5,838,816 | 5,528,020 | | Total assets (Thousands USD) | 6,985,572 | 6,936,169 | | **Liabilities and stockholders' equity** | | | | Notes payable (Thousands USD) | 1,943,582 | 1,691,679 | | Stockholders' equity (Thousands USD) | 3,902,363 | 4,060,616 | | Total liabilities and stockholders' equity (Thousands USD) | 6,985,572 | 6,936,169 | [Homebuilding Supplemental Information](index=7&type=section&id=Homebuilding%20Supplemental%20Information) This section provides additional details on homebuilding revenues, costs, and operational metrics, including regional breakdowns for homes delivered, net orders, net order value, and backlog data for the three and nine months ended August 31, 2025 and 2024 Homebuilding Revenues (Three Months Ended August 31) | Metric | 2025 | 2024 | | :----- | :--- | :--- | | Housing Revenues (Thousands USD) | 1,613,975 | 1,745,979 | | Land Revenues (Thousands USD) | 487 | — | | Total Homebuilding Revenues (Thousands USD) | 1,614,462 | 1,745,979 | Homebuilding Costs and Expenses (Three Months Ended August 31) | Metric | 2025 | 2024 | | :----- | :--- | :--- | | Construction and Land Costs (Housing) (Thousands USD) | 1,320,611 | 1,385,563 | | Selling, General and Administrative Expenses (Thousands USD) | 162,152 | 171,466 | | Total Homebuilding Costs and Expenses (Thousands USD) | 1,483,299 | 1,557,029 | Regional Net Orders (Three Months Ended August 31) | Region | 2025 | 2024 | Change (YoY) | | :----- | :--- | :--- | :----------- | | West Coast | 870 | 958 | -9.2% | | Southwest | 459 | 616 | -25.4% | | Central | 795 | 871 | -8.8% | | Southeast | 826 | 640 | +29.1% | | Total | 2,950 | 3,085 | -4.4% | [Non-GAAP Financial Measures Reconciliation](index=9&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) This section provides a reconciliation of the company's housing gross profit margin (GAAP) to its adjusted housing gross profit margin (non-GAAP), with the adjusted measure excluding inventory impairment and land option contract abandonment charges to offer a clearer view of profitability and enable comparisons Adjusted Housing Gross Profit Margin Reconciliation (Three Months Ended August 31) | Metric | 2025 | 2024 | | :----- | :--- | :--- | | Housing Gross Profits (GAAP) (Thousands USD) | 293,364 | 360,416 | | Add: Inventory-related charges (Thousands USD) | 11,338 | 1,177 | | Adjusted Housing Gross Profits (Thousands USD) | 304,702 | 361,593 | | Housing Gross Profit Margin (GAAP) (%) | 18.2% | 20.6% | | Adjusted Housing Gross Profit Margin (Non-GAAP) (%) | 18.9% | 20.7% | - Adjusted housing gross profit margin is a non-GAAP measure that isolates the impact of housing inventory impairment and land option contract abandonment charges, providing a more comparable profitability metric for investors[27](index=27&type=chunk) [Corporate Information](index=3&type=section&id=Corporate%20Information) This section provides an overview of KB Home, details on the Q3 2025 earnings conference call, and important forward-looking and cautionary statements [About KB Home](index=3&type=section&id=About%20KB%20Home) KB Home is a leading US homebuilder operating in **49** markets, known for building nearly **700,000** quality homes over **65** years, emphasizing personalized homebuying experiences, affordability, and sustainability as a leader in ENERGY STAR certified homes - One of the largest and most trusted homebuilders in the United States, operating in **49** markets[11](index=11&type=chunk) - Built nearly **700,000** quality homes in over **65** years and ranked 1 customer-ranked national homebuilder[11](index=11&type=chunk) - Industry leader in sustainability, achieving high residential energy-efficiency ratings and delivering more ENERGY STAR certified homes than any other builder[11](index=11&type=chunk) [Conference Call](index=3&type=section&id=Conference%20Call) A conference call to discuss the 2025 third quarter earnings was scheduled for September 24, 2025, at 2:00 p.m. Pacific Time, with details available on the company's investor relations website - Conference call to discuss 2025 third quarter earnings broadcast live on September 24, 2025, at 2:00 p.m. Pacific Time[10](index=10&type=chunk) [Forward-Looking and Cautionary Statements](index=3&type=section&id=Forward-Looking%20and%20Cautionary%20Statements) This section contains important disclosures regarding forward-looking statements, highlighting that actual events and results may differ materially from forecasts due to various risk factors, including general economic conditions, capital market conditions, material and trade costs, interest rate changes, and government policies - Statements in the press release that are predictive in nature or concern future market and economic conditions, business prospects, or financial performance are 'forward-looking statements' under the Private Securities Litigation Reform Act of 1995[12](index=12&type=chunk) - Actual events and results may differ materially from forward-looking statements due to factors such as general economic conditions, capital market conditions, material and trade costs, changes in interest rates, and government actions affecting the housing market[12](index=12&type=chunk)[14](index=14&type=chunk) - The company does not have a specific policy or intent of updating or revising forward-looking statements[12](index=12&type=chunk)

Group 1 - The article does not provide any specific content or data related to a company or industry [1]

Market Overview - Stocks are experiencing a decline for the second consecutive session, pulling back from record highs achieved on Monday, primarily due to profit-taking and market pushback [1] - The AI trade had previously driven the market to record levels, but some of the best-performing stocks are now giving back a portion of their gains, with Oracle and Micron leading the tech sector down [1] Meta Platforms - Meta Platforms' CEO Mark Zuckerberg announced that Instagram has reached 3 billion monthly active users, surpassing both Facebook and WhatsApp, which also crossed the 3 billion mark earlier this year [1] - Instagram's growth in engagement is attributed to the focus on Reels, a short-form video feature, and the use of artificial intelligence to enhance recommendation systems, leading to increased time spent on the app [1] - Meta is making changes to the Instagram app to prioritize private messaging and Reels, and is testing features that allow users to open directly into Reels, indicating a strategy to optimize user engagement and maximize advertiser returns [1] Upcoming Reports and Economic Data - KB Home is set to report earnings after the market closes on Wednesday, while Accenture and Jabil will report before the market opens on Thursday [1] - A range of economic data will be released on Thursday, including the third read on second-quarter GDP, durable goods orders, and existing home sales, alongside initial jobless claims which provide insights into the labor market [1] - Recent trends show that bond yields have risen following a significant drop in initial jobless claims, which has impacted stocks like Home Depot that are reliant on lower interest rates to stimulate housing demand [1]

Core Viewpoint - The home building sector, particularly KB Home, is facing challenges with declining sales and margins, leading to a negative outlook for earnings in the near term, with expectations for a turnaround not anticipated until 2026 at the earliest [3][6][7]. Company Summary - KB Home is expected to report adjusted EPS of $1.50 for Q3, with revenue projected at $1.6 billion [1]. - The company has struggled with sales pace and has overbuilt spec supply, resulting in a year-to-date price decline of approximately 10% [3]. - The earnings and orders for KB Home are expected to be down year-over-year due to these challenges [3][6]. Industry Summary - The home building industry has been negatively impacted by high mortgage rates, with most builders, including KB Home, experiencing margin compression [3][11]. - Builders have been competing by cutting prices and offering incentives, such as below-market mortgage rates, to attract buyers [7][8]. - The recent Fed rate cut of 25 basis points has not significantly affected the market, as many builders have already been offering lower rates throughout the year [8][9]. - Builders focused on build-to-order rather than spec homes are better positioned to manage margin pressures, with those serving entry-level markets facing the greatest challenges [11][12][13].

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Core Insights - New home sales for August significantly exceeded expectations, coming in at 800,000 compared to the anticipated 650,000, with previous months also revised upward [1][2] - There was a remarkable 20.5% month-over-month increase in new home sales, indicating a potential seasonal trend rather than a long-term shift [3] - The housing market is showing signs of recovery, with mortgage applications increasing as rates decline, leading to a rise in refinancing activity [5][7] Housing Market Trends - The increase in new home sales may be linked to decreasing mortgage rates, which have encouraged more buyers to enter the market [2][4] - Mortgage application volume rose by 0.6% week-over-week, while refinance applications increased by 1% week-over-week and 42% year-over-year, indicating strong demand for refinancing [7][8] - Building permits have shown better-than-expected results, although there is a long-term deceleration in the issuance of these permits [10] Company-Specific Insights - KB Home is expected to report lower performance metrics due to margin pressures and the need to lower prices to attract buyers [12][14] - The focus for KB Home should be on future guidance regarding deliveries and new orders, which will provide insight into demand trends [16][17] - The company primarily targets first-time homebuyers, who may face more pressure from rising mortgage rates, impacting their sales performance [17][19]

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Group 1 - Cintas Corp. is expected to report quarterly earnings of $1.19 per share on revenue of $2.70 million [2] - Micron Technology Inc. reported fourth-quarter revenue of $11.32 billion, exceeding analyst estimates of $11.22 billion, with adjusted earnings of $3.03 per share, surpassing expectations of $2.86 per share [2] - Thor Industries Inc. is anticipated to post earnings of $1.24 per share on revenue of $2.33 billion for the latest quarter [2] - AAR Corp. reported positive earnings for the first quarter, although shares fell by 0.7% in after-hours trading [2] - KB Home is expected to report quarterly earnings of $1.50 per share on revenue of $1.59 billion [2]

Homebuilder company KB Home KBH aims to reverse recent trends in the sector and the company's performance, as indicated by its recent earnings report, when third-quarter financial results are reported on Wednesday after the market close.Earnings Estimates: Analysts expect KB Home to report third-quarter revenue of $1.59 billion, down from $1.75 billion in last year's third quarter, according to data from Benzinga Pro.The company beat analyst estimates for revenue in the second quarter and has beaten estimat ...

KB Home KBH will release earnings results for the third quarter, after the closing bell on Wednesday, Sept. 24.Analysts expect the company to report quarterly earnings at $1.51 per share, down from $2.04 per share in the year-ago period. KB Home projects to report quarterly revenue at $1.59 billion. It reported $1.75 billion a year earlier, according to data from Benzinga Pro.On June 23, KB Home reported second-quarter revenue of $1.52 billion, beating analyst estimates of $1.51 billion. The company reporte ...