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Oct 31, 2025
Hovnanian Q4 2025 Earnings Report
Hovnanian Enterprises, Inc. Reports Fourth Quarter and Fiscal Year 2025 Results
Key Takeaways
Hovnanian Enterprises, Inc. met or exceeded all guidance metrics for the fourth quarter and fiscal year 2025, reporting total revenues of $817.9 million for the quarter and $2.98 billion for the fiscal year. The company also successfully completed a $900 million unsecured debt refinancing.
Total revenues for Q4 2025 were $817.9 million, within the guidance range.
Homebuilding gross margin percentage, after cost of sales interest expense and land charges, was 10.7% for Q4 2025.
Consolidated contracts decreased by 10.8% to 1,209 homes in Q4 2025 compared to the prior year.
Successfully completed a $900 million unsecured debt refinancing, extending maturities until 2031 and 2033.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the first quarter of fiscal 2026, Hovnanian Enterprises expects total revenues between $550 million and $650 million, adjusted homebuilding gross margin between 13.0% and 14.0%, adjusted income before income taxes between $10 million and $20 million, and adjusted EBITDA between $35 million and $45 million.
Positive Outlook
- Expected total revenues between $550 million and $650 million.
- Anticipated adjusted homebuilding gross margin between 13.0% and 14.0%.
- Projected adjusted income before income taxes between $10 million and $20 million.
- Forecasted adjusted EBITDA between $35 million and $45 million.
- Gross margin percentage expected to gradually increase in subsequent quarters after Q1 2026.
Challenges Ahead
- Guidance assumes no adverse changes in current market conditions.
- Excludes further impact to SG&A expenses from phantom stock expense related to stock price movements.
- Cannot provide reconciliation for non-GAAP projections due to uncertainty of certain significant items.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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