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Nov 30, 2025
KB Home Q4 2025 Earnings Report
KB Home reported lower revenue and income in Q4 2025 amid challenging housing conditions.
Key Takeaways
KB Home faced a decline in revenue and net income in Q4 2025 due to reduced home deliveries and lower average selling prices. Despite the market headwinds, the company maintained profitability and repurchased $100 million in stock.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
KB Home expects housing revenues between $1.05B and $1.15B in Q1 2026, with margins pressured and deliveries between 2,300–2,500 homes.
Positive Outlook
- Q1 2026 housing revenues guided at $1.05B to $1.15B
- Expected housing gross profit margin between 15.4% and 16.0%
- SG&A expenses projected to improve as % of revenue
- Planned deliveries of 2,300 to 2,500 homes
- Continued repurchase of common stock ($50M–$100M for FY26)
Challenges Ahead
- Elevated mortgage rates may continue to affect affordability
- Lower average selling prices projected
- High cancellation rate sustained at 18%
- Order backlog decreased significantly year over year
- Inventory-related and equity comp charges impacted margins in Q4
Historical Earnings Impact
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Avg. Return Before/After Earnings
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