• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
PublishGo to AppAI Helper
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees for your businessNEW
    Legal
    Terms of usePrivacy policyCookie policy

    KB Home Reports 2025 Second Quarter Results

    6/23/25 4:10:00 PM ET
    $KBH
    Homebuilding
    Consumer Discretionary
    Get the next $KBH alert in real time by email

    Revenues of $1.53 Billion; Diluted Earnings Per Share of $1.50

    Repurchased $200.0 Million of Common Stock

    KB Home (NYSE:KBH) today reported results for its second quarter ended May 31, 2025.

    "Our second quarter financial performance was solid, with results meeting or exceeding our guidance ranges, as we continue to navigate the current environment. Our team is producing improvements in two key areas, lowering our build times and reducing direct construction costs, helping to strengthen our business," said Jeffrey Mezger, Chairman and Chief Executive Officer. "Though market conditions have softened, we remain consistent in our focus on optimizing our assets to offer the most compelling value to our buyers, maintaining pricing transparency and enhancing margins and returns."

    "We continue to take a balanced approach in allocating capital, adapting to prevailing market conditions while maintaining our priorities of future growth and returns to our stockholders. In this environment and given our strong existing land pipeline, we are scaling back our land acquisition and development investments while increasing share repurchases. In our second quarter, we repurchased $200 million of our outstanding common stock at an average price of approximately $54 per share, which is below our current book value, providing an excellent return on our capital. We expect to continue to repurchase our shares in the remainder of fiscal 2025 aligned with our commitment to enhancing long-term stockholder value," concluded Mezger.

    Three Months Ended May 31, 2025 (comparisons on a year-over-year basis)

    • Revenues totaled $1.53 billion, compared to $1.71 billion.
    • Homes delivered decreased 11% to 3,120.
    • Average selling price increased slightly to $488,700.
    • Homebuilding operating income was $131.5 million, compared to $188.2 million. The homebuilding operating income margin was 8.6%, compared to 11.1%, reflecting a lower housing gross profit margin and higher selling, general and administrative expenses ratio. Excluding total inventory-related charges of $5.6 million for the current quarter and $1.2 million for the year-earlier quarter, the homebuilding operating income margin was 9.0%, compared to 11.1%.
      • The Company's housing gross profit margin was 19.3%, compared to 21.1%. Excluding the above-mentioned inventory-related charges, the housing gross profit margin was 19.7%, compared to 21.2%, due to price reductions and other homebuyer concessions, higher relative land costs, geographic mix, and reduced operating leverage, partly offset by lower construction costs.
      • Selling, general and administrative expenses as a percentage of housing revenues were 10.7%, compared to 10.1%, primarily due to higher marketing expenses and decreased operating leverage.
    • Financial services pretax income totaled $8.2 million, compared to $13.3 million, mainly due to decreases in both insurance commissions revenues and equity in income of the Company's mortgage banking joint venture. The mortgage banking joint venture's results reflected a decrease in interest rate lock commitments and a lower volume of loan originations, largely due to fewer homes delivered.
    • Total pretax income was $142.4 million or 9.3% of total revenues. This compared to $221.1 million, which included a $12.5 million gain in interest income and other associated with the sale of a privately held technology company in which the Company had an ownership interest.
    • Net income decreased 36% to $107.9 million. Diluted earnings per share declined 30% to $1.50, reflecting current quarter net income, partly offset by the favorable impact of the Company's common stock repurchases.
      • The effective tax rate was 24.2%, compared to 23.8%.

    Six Months Ended May 31, 2025 (comparisons on a year-over-year basis)

    • Revenues totaled $2.92 billion, compared to $3.18 billion.
    • Homes delivered of 5,890 were down 10%.
    • Average selling price increased 3% to $494,400.
    • Net income decreased 29% to $217.4 million.
    • Diluted earnings per share declined 23% to $3.00.

    Net Orders and Backlog (comparisons on a year-over-year basis, except as noted)

    • Net orders of 3,460 decreased 13%. The Company's ending backlog homes totaled 4,776, compared to 6,270. Ending backlog value was down 27% to $2.29 billion.
      • Monthly net orders per community decreased to 4.5, compared to 5.5.
      • The cancellation rate as a percentage of gross orders was 16%, compared to 13%.
    • The average community count for the quarter increased 5% to 254, and the ending community count rose 2% to 253.

    Balance Sheet as of May 31, 2025 (comparisons to November 30, 2024, except as noted)

    • The Company had total liquidity of $1.19 billion, including $308.9 million of cash and cash equivalents and $881.7 million of available capacity under its unsecured revolving credit facility, with $200.0 million of cash borrowings outstanding.
    • Inventories increased 7% to $5.91 billion. On a year-over-year basis, inventories grew 11%.
      • Investments in land and land development for the 2025 second quarter decreased 23% from the prior-year quarter to $513.9 million. For the six months ended May 31, 2025, total land-related investments increased 14% to $1.43 billion, compared to $1.26 billion for the year-earlier period.
      • The Company's lots owned or under contract decreased slightly to 74,837, of which approximately 53% were owned and 47% were under contract. Year over year, the total lot portfolio grew 14%, up from 65,533.
    • Notes payable were $1.89 billion, compared to $1.69 billion, reflecting cash borrowings outstanding under the Company's unsecured revolving credit facility. The debt to capital ratio was 32.2%, compared to 29.4%.
    • Stockholders' equity totaled $3.99 billion, compared to $4.06 billion, primarily due to common stock repurchases and cash dividends in the 2025 first half, largely offset by net income for the same period.
      • In the 2025 second quarter, the Company repurchased 3,734,675 shares of its outstanding common stock at a cost of $200.0 million, or $53.55 per share, bringing its total repurchases in the 2025 first half to 4,488,614 shares at a total cost of $250.0 million, or $55.70 per share. As of May 31, 2025, the Company had $450.0 million remaining under its current common stock repurchase authorization.
      • Based on the Company's 68.1 million outstanding shares as of May 31, 2025, book value per share of $58.64 increased 10% year over year.

    Guidance

    The Company is providing the following guidance for its 2025 full year:

    • Housing revenues in the range of $6.30 billion to $6.50 billion.
    • Average selling price in the range of $480,000 to $490,000.
    • Homebuilding operating income as a percentage of revenues in the range of 8.6% to 9.0%, assuming no inventory-related charges.
      • Housing gross profit margin in the range of 19.0% to 19.4%, assuming no inventory-related charges.
      • Selling, general and administrative expenses as a percentage of housing revenues in the range of 10.2% to 10.6%.
    • Effective tax rate of approximately 24%.
    • Ending community count of approximately 250.

    The Company plans to also provide guidance for its 2025 third quarter on its conference call today.

    Conference Call

    The conference call to discuss the Company's 2025 second quarter earnings will be broadcast live TODAY at 2:00 p.m. Pacific Time, 5:00 p.m. Eastern Time. To listen, please go to the Investor Relations section of the Company's website at kbhome.com.

    About KB Home

    KB Home is one of the largest and most trusted homebuilders in the United States. We operate in 49 markets, have built nearly 700,000 quality homes in our more than 65-year history, and are honored to be the #1 customer-ranked national homebuilder based on third-party buyer surveys. What sets KB Home apart is building strong, personal relationships with every customer and creating an exceptional homebuying experience that offers our homebuyers the ability to personalize their home based on what they value at a price they can afford. As the industry leader in sustainability, KB Home has achieved one of the highest residential energy-efficiency ratings and delivered more ENERGY STAR® certified homes than any other builder, helping to lower the total cost of homeownership. For more information, visit kbhome.com.

    Forward-Looking and Cautionary Statements

    Certain matters discussed in this press release, including any statements that are predictive in nature or concern future market and economic conditions, business and prospects, our future financial and operational performance, or our future actions and their expected results are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and projections about future events and are not guarantees of future performance. We do not have a specific policy or intent of updating or revising forward-looking statements. If we update or revise any such statement(s), no assumption should be made that we will further update or revise that statement(s) or update or revise any other such statement(s). Actual events and results may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors. The most important risk factors that could cause our actual performance and future events and actions to differ materially from such forward-looking statements include, but are not limited to the following: general economic, employment and business conditions; population growth, household formations and demographic trends; conditions in the capital, credit and financial markets; our ability to access external financing sources and raise capital through the issuance of common stock, debt or other securities, and/or project financing, on favorable terms; the execution of any securities repurchases pursuant to our board of directors' authorization; material and trade costs and availability, including the greater costs associated with achieving current and expected higher standards for ENERGY STAR certified homes, and delays related to state and municipal construction, permitting, inspection and utility processes, which have been disrupted by key equipment shortages; consumer and producer price inflation; changes in interest rates, including those set by the Federal Reserve, and those available in the capital markets or from financial institutions and other lenders, and applicable to mortgage loans; our debt level, including our ratio of debt to capital, and our ability to adjust our debt level and maturity schedule; our compliance with the terms of our revolving credit facility and our senior unsecured term loan; the ability and willingness of the applicable lenders and financial institutions, or any substitute or additional lenders and financial institutions, to meet their commitments or fund borrowings, extend credit or provide payment guarantees to or for us under our revolving credit facility or unsecured letter of credit facility; volatility in the market price of our common stock; our obtaining adequate levels of affordable insurance for our business and our ability to cover any incurred costs, liabilities or losses that are not covered by the insurance we have procured or that are due to our deciding not to procure certain types or amounts of insurance coverage; home selling prices, including our homes' selling prices, being unaffordable relative to consumer incomes; weak or declining consumer confidence, either generally or specifically with respect to purchasing homes; competition from other sellers of new and resale homes; weather events, significant natural disasters and other climate and environmental factors, such as a lack of adequate water supply to permit new home communities in certain areas; any failure of lawmakers to agree on a budget or appropriation legislation to fund the federal government's operations (also known as a government shutdown), and financial markets' and businesses' reactions to any such failure; regulatory instability associated with the current U.S. presidential administration, and the impact on the economy or financial markets therefrom; government actions, policies, programs and regulations directed at or affecting the housing market (including the tax benefits associated with purchasing and owning a home, the standards, fees and size limits applicable to the purchase or insuring of mortgage loans by government-sponsored enterprises and government agencies, and the potential significant scaling back or ending of the federal conservatorship of the government-sponsored enterprises), the homebuilding industry, or construction activities; changes in existing tax laws or enacted corporate income tax rates, including those resulting from regulatory guidance and interpretations issued with respect thereto, such as Internal Revenue Service guidance regarding heightened qualification requirements for federal tax credits for building energy-efficient homes, and the potential accelerated phaseout of such tax credits in 2026; changes in U.S. trade policies, including the imposition of tariffs and duties on homebuilding materials and products, and related trade disputes with and retaliatory measures taken by other countries, and financial markets' and businesses' reactions to any such policies; disruptions in world and regional trade flows, economic activity and supply chains due to the military conflict and other attacks in the Middle East region and military conflict in Ukraine, including those stemming from wide-ranging sanctions the U.S. and other countries have imposed or may further impose on Russian business sectors, financial organizations, individuals and raw materials, the impact of which may, among other things, increase our operational costs, exacerbate building materials and appliance shortages and/or reduce our revenues and earnings; the adoption of new or amended financial accounting standards and the guidance and/or interpretations with respect thereto; the availability and cost of land in desirable areas and our ability to timely and efficiently develop acquired land parcels and open new home communities; impairment, land option contract abandonment or other inventory-related charges, including any stemming from decreases in the value of our land assets; our warranty claims experience with respect to homes previously delivered and actual warranty costs incurred; costs and/or charges arising from regulatory compliance requirements, including implementing state climate-related disclosure rules, or from legal, arbitral or regulatory proceedings, investigations, claims or settlements, including unfavorable outcomes in any such matters resulting in actual or potential monetary damage awards, penalties, fines or other direct or indirect payments, or injunctions, consent decrees or other voluntary or involuntary restrictions or adjustments to our business operations or practices that are beyond our current expectations and/or accruals; our ability to use/realize the net deferred tax assets we have generated; our ability to successfully implement our current and planned strategies and initiatives related to our product, geographic and market positioning, gaining share and scale in our served markets, through, among other things, our making substantial investments in land and land development, which, in some cases, involves putting significant capital over several years into large projects in one location, and in entering into new markets; our operational and investment concentration in markets in California; consumer interest in our new home communities and products, particularly from first-time homebuyers and higher-income consumers; our ability to generate orders and convert our backlog of orders to home deliveries and revenues, particularly in key markets in California, and the costs and margin impact we incur from the incentives or concessions we may provide to buyers to do so; our ability to successfully implement our business strategies and achieve any associated financial and operational targets and objectives, including those discussed in this release or in any of our other public filings, presentations or disclosures; income tax expense volatility associated with stock-based compensation; the ability of our homebuyers to obtain or afford homeowners and flood insurance policies, and/or typical or lender-required policies for other hazards or events, for their homes, which may depend on the ability and willingness of insurers or government-funded or -sponsored programs to offer coverage at an affordable price or at all; the ability of our homebuyers to obtain residential mortgage loans and mortgage banking services, which may depend on the ability and willingness of lenders and financial institutions to offer such loans and services to our homebuyers; the performance of mortgage lenders to our homebuyers; the performance of KBHS Home Loans, LLC ("KBHS"); the ability and willingness of lenders and financial institutions to extend credit facilities to KBHS to fund its originated mortgage loans; information technology failures and data security breaches; an epidemic, pandemic or significant seasonal or other disease outbreak, and the control response measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address it, which may precipitate or exacerbate one or more of the above-mentioned and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period; widespread protests and/or civil unrest, whether due to political events, social movements or other reasons; and other events outside of our control. Please see our periodic reports and other filings with the Securities and Exchange Commission for a further discussion of these and other risks and uncertainties applicable to our business.

    KB HOME

    CONSOLIDATED STATEMENTS OF OPERATIONS

    For the Three Months and Six Months Ended May 31, 2025 and 2024

    (In Thousands, Except Per Share Amounts – Unaudited)

     

     

    Three Months Ended May 31,

     

    Six Months Ended May 31,

     

     

    2025

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

    Total revenues

    $

    1,529,585

     

     

    $

    1,709,813

     

     

    $

    2,921,362

     

     

    $

    3,177,579

     

    Homebuilding:

     

     

     

     

     

     

     

    Revenues

    $

    1,524,716

     

     

    $

    1,701,512

     

     

    $

    2,911,757

     

     

    $

    3,163,210

     

    Costs and expenses

     

    (1,393,253

    )

     

     

    (1,513,329

    )

     

     

    (2,652,955

    )

     

     

    (2,817,351

    )

    Operating income

     

    131,463

     

     

     

    188,183

     

     

     

    258,802

     

     

     

    345,859

     

    Interest income and other

     

    1,679

     

     

     

    19,449

     

     

     

    3,758

     

     

     

    25,306

     

    Equity in income (loss) of unconsolidated joint ventures

     

    1,080

     

     

     

    224

     

     

     

    3,493

     

     

     

    (221

    )

    Homebuilding pretax income

     

    134,222

     

     

     

    207,856

     

     

     

    266,053

     

     

     

    370,944

     

    Financial services:

     

     

     

     

     

     

     

    Revenues

     

    4,869

     

     

     

    8,301

     

     

     

    9,605

     

     

     

    14,369

     

    Expenses

     

    (1,570

    )

     

     

    (1,473

    )

     

     

    (3,109

    )

     

     

    (3,019

    )

    Equity in income of unconsolidated joint venture

     

    4,862

     

     

     

    6,435

     

     

     

    9,191

     

     

     

    13,490

     

    Financial services pretax income

     

    8,161

     

     

     

    13,263

     

     

     

    15,687

     

     

     

    24,840

     

    Total pretax income

     

    142,383

     

     

     

    221,119

     

     

     

    281,740

     

     

     

    395,784

     

    Income tax expense

     

    (34,500

    )

     

     

    (52,700

    )

     

     

    (64,300

    )

     

     

    (88,700

    )

    Net income

    $

    107,883

     

     

    $

    168,419

     

     

    $

    217,440

     

     

    $

    307,084

     

    Earnings per share:

     

     

     

     

     

     

     

    Basic

    $

    1.53

     

     

    $

    2.21

     

     

    $

    3.05

     

     

    $

    4.02

     

    Diluted

    $

    1.50

     

     

    $

    2.15

     

     

    $

    3.00

     

     

    $

    3.91

     

    Weighted average shares outstanding:

     

     

     

     

     

     

     

    Basic

     

    69,976

     

     

     

    75,653

     

     

     

    70,745

     

     

     

    75,773

     

    Diluted

     

    71,226

     

     

     

    77,806

     

     

     

    72,108

     

     

     

    78,034

     

     

    KB HOME

    CONSOLIDATED BALANCE SHEETS

    (In Thousands – Unaudited)

     

     

    May 31,

    2025

     

    November 30,

    2024

    Assets

     

     

     

    Homebuilding:

     

     

     

    Cash and cash equivalents

    $

    308,861

     

    $

    597,973

    Receivables

     

    371,354

     

     

    377,533

    Inventories

     

    5,913,348

     

     

    5,528,020

    Investments in unconsolidated joint ventures

     

    57,597

     

     

    67,020

    Property and equipment, net

     

    95,054

     

     

    90,359

    Deferred tax assets, net

     

    102,421

     

     

    102,421

    Other assets

     

    107,530

     

     

    105,920

     

     

    6,956,165

     

     

    6,869,246

    Financial services

     

    61,431

     

     

    66,923

    Total assets

    $

    7,017,596

     

    $

    6,936,169

     

     

     

     

    Liabilities and stockholders' equity

     

     

     

    Homebuilding:

     

     

     

    Accounts payable

    $

    359,323

     

    $

    384,894

    Accrued expenses and other liabilities

     

    771,840

     

     

    796,261

    Notes payable

     

    1,892,941

     

     

    1,691,679

     

     

    3,024,104

     

     

    2,872,834

    Financial services

     

    2,954

     

     

    2,719

    Stockholders' equity

     

    3,990,538

     

     

    4,060,616

    Total liabilities and stockholders' equity

    $

    7,017,596

     

    $

    6,936,169

     

    KB HOME

    SUPPLEMENTAL INFORMATION

    For the Three Months and Six Months Ended May 31, 2025 and 2024

    (In Thousands, Except Average Selling Price – Unaudited)

     

     

     

     

     

     

     

     

     

    Three Months Ended May 31,

     

    Six Months Ended May 31,

     

     

    2025

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

    Homebuilding revenues:

     

     

     

     

     

     

     

    Housing

    $

    1,524,716

     

     

    $

    1,701,512

     

     

    $

    2,911,757

     

     

    $

    3,159,638

     

    Land

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    3,572

     

    Total

    $

    1,524,716

     

     

    $

    1,701,512

     

     

    $

    2,911,757

     

     

    $

    3,163,210

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Homebuilding costs and expenses:

     

     

     

     

     

     

     

    Construction and land costs

     

     

     

     

     

     

     

    Housing

    $

    1,230,055

     

     

    $

    1,342,102

     

     

    $

    2,337,469

     

     

    $

    2,486,529

     

    Land

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2,101

     

    Subtotal

     

    1,230,055

     

     

     

    1,342,102

     

     

     

    2,337,469

     

     

     

    2,488,630

     

    Selling, general and administrative expenses

     

    163,198

     

     

     

    171,227

     

     

     

    315,486

     

     

     

    328,721

     

    Total

    $

    1,393,253

     

     

    $

    1,513,329

     

     

    $

    2,652,955

     

     

    $

    2,817,351

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest expense:

     

     

     

     

     

     

     

    Interest incurred

    $

    28,626

     

     

    $

    26,577

     

     

    $

    55,018

     

     

    $

    53,082

     

    Interest capitalized

     

    (28,626

    )

     

     

    (26,577

    )

     

     

    (55,018

    )

     

     

    (53,082

    )

    Total

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other information:

     

     

     

     

     

     

     

    Amortization of previously capitalized interest

    $

    25,306

     

     

    $

    29,189

     

     

    $

    48,729

     

     

    $

    55,692

     

    Depreciation and amortization

     

    10,114

     

     

     

    10,377

     

     

     

    19,818

     

     

     

    20,572

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average selling price:

     

     

     

     

     

     

     

    West Coast

    $

    682,000

     

     

    $

    669,600

     

     

    $

    694,500

     

     

    $

    671,500

     

    Southwest

     

    475,200

     

     

     

    447,600

     

     

     

    468,200

     

     

     

    449,100

     

    Central

     

    348,900

     

     

     

    365,600

     

     

     

    357,600

     

     

     

    365,200

     

    Southeast

     

    393,300

     

     

     

    417,100

     

     

     

    396,200

     

     

     

    417,300

     

    Total

    $

    488,700

     

     

    $

    483,000

     

     

    $

    494,400

     

     

    $

    481,700

     

     

    KB HOME

    SUPPLEMENTAL INFORMATION

    For the Three Months and Six Months Ended May 31, 2025 and 2024

    (Dollars in Thousands – Unaudited)

     

     

     

     

     

     

     

     

     

    Three Months Ended May 31,

     

    Six Months Ended May 31,

     

     

    2025

     

     

    2024

     

     

    2025

     

     

    2024

    Homes delivered:

     

     

     

     

     

     

     

    West Coast

     

    968

     

     

    1,043

     

     

    1,817

     

     

    1,871

    Southwest

     

    661

     

     

    712

     

     

    1,339

     

     

    1,429

    Central

     

    811

     

     

    1,028

     

     

    1,562

     

     

    1,898

    Southeast

     

    680

     

     

    740

     

     

    1,172

     

     

    1,362

    Total

     

    3,120

     

     

    3,523

     

     

    5,890

     

     

    6,560

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net orders:

     

     

     

     

     

     

     

    West Coast

     

    1,104

     

     

    1,226

     

     

    2,002

     

     

    2,176

    Southwest

     

    557

     

     

    785

     

     

    1,102

     

     

    1,483

    Central

     

    1,030

     

     

    1,300

     

     

    1,750

     

     

    2,317

    Southeast

     

    769

     

     

    686

     

     

    1,378

     

     

    1,344

    Total

     

    3,460

     

     

    3,997

     

     

    6,232

     

     

    7,320

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net order value:

     

     

     

     

     

     

     

    West Coast

    $

    728,141

     

    $

    902,483

     

    $

    1,335,320

     

    $

    1,535,883

    Southwest

     

    268,921

     

     

    362,788

     

     

    538,143

     

     

    677,651

    Central

     

    328,614

     

     

    485,824

     

     

    568,339

     

     

    849,747

    Southeast

     

    285,338

     

     

    280,808

     

     

    515,279

     

     

    550,813

    Total

    $

    1,611,014

     

    $

    2,031,903

     

    $

    2,957,081

     

    $

    3,614,094

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    May 31, 2025

     

    May 31, 2024

     

    Homes

     

    Value

     

    Homes

     

    Value

    Backlog data:

     

     

     

     

     

     

     

    West Coast

     

    1,396

     

    $

    947,842

     

     

    1,850

     

    $

    1,304,955

    Southwest

     

    897

     

     

    443,533

     

     

    1,433

     

     

    652,578

    Central

     

    1,321

     

     

    445,853

     

     

    1,686

     

     

    615,228

    Southeast

     

    1,162

     

     

    451,003

     

     

    1,301

     

     

    549,374

    Total

     

    4,776

     

    $

    2,288,231

     

     

    6,270

     

    $

    3,122,135

     

    KB HOME

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

    (In Thousands, Except Percentages – Unaudited)

    Company management's discussion of the results presented in this press release may include information about the Company's adjusted housing gross profit margin, which is not calculated in accordance with generally accepted accounting principles ("GAAP"). The Company believes this non-GAAP financial measure is relevant and useful to investors in understanding its operations, and may be helpful in comparing the Company with other companies in the homebuilding industry to the extent they provide similar information. However, because it is not calculated in accordance with GAAP, this non-GAAP financial measure may not be completely comparable to other companies in the homebuilding industry and, thus, should not be considered in isolation or as an alternative to operating performance and/or financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the most directly comparable GAAP financial measure in order to provide a greater understanding of the factors and trends affecting the Company's operations.

    Adjusted Housing Gross Profit Margin

    The following table reconciles the Company's housing gross profit margin calculated in accordance with GAAP to the non-GAAP financial measure of the Company's adjusted housing gross profit margin:

     

    Three Months Ended May 31,

     

    Six Months Ended May 31,

     

     

    2025

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

    Housing revenues

    $

    1,524,716

     

     

    $

    1,701,512

     

     

    $

    2,911,757

     

     

    $

    3,159,638

     

    Housing construction and land costs

     

    (1,230,055

    )

     

     

    (1,342,102

    )

     

     

    (2,337,469

    )

     

     

    (2,486,529

    )

    Housing gross profits

     

    294,661

     

     

     

    359,410

     

     

     

    574,288

     

     

     

    673,109

     

    Add: Inventory-related charges (a)

     

    5,558

     

     

     

    1,210

     

     

     

    7,013

     

     

     

    2,508

     

    Adjusted housing gross profits

    $

    300,219

     

     

    $

    360,620

     

     

    $

    581,301

     

     

    $

    675,617

     

    Housing gross profit margin

     

    19.3

    %

     

     

    21.1

    %

     

     

    19.7

    %

     

     

    21.3

    %

    Adjusted housing gross profit margin

     

    19.7

    %

     

     

    21.2

    %

     

     

    20.0

    %

     

     

    21.4

    %

     

    (a) Represents inventory impairment and land option contract abandonment charges associated with housing operations.

    Adjusted housing gross profit margin is a non-GAAP financial measure, which the Company calculates by dividing housing revenues less housing construction and land costs excluding housing inventory impairment and land option contract abandonment charges (as applicable) recorded during a given period, by housing revenues. The most directly comparable GAAP financial measure is housing gross profit margin. The Company believes adjusted housing gross profit margin is a relevant and useful financial measure to investors in evaluating the Company's performance as it measures the gross profits the Company generated specifically on the homes delivered during a given period. This non-GAAP financial measure isolates the impact that housing inventory impairment and land option contract abandonment charges have on housing gross profit margins, and allows investors to make comparisons with the Company's competitors that adjust housing gross profit margins in a similar manner. The Company also believes investors will find adjusted housing gross profit margin relevant and useful because it represents a profitability measure that may be compared to a prior period without regard to variability of housing inventory impairment and land option contract abandonment charges. This financial measure assists management in making strategic decisions regarding community location and product mix, product pricing and construction pace.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250623302947/en/

    For Further Information:

    Jill Peters, Investor Relations Contact

    (310) 893-7456 or [email protected]

    Cara Kane, Media Contact

    (321) 299-6844 or [email protected]

    Get the next $KBH alert in real time by email

    Crush Q3 2025 with the Best AI Executive Assistant

    Stay ahead of the competition with Tailforce.ai - your AI-powered business intelligence partner.

    AI-Powered Inbox
    Context-aware email replies
    Strategic Decision Support
    Get Started with Tailforce.ai

    Recent Analyst Ratings for
    $KBH

    DatePrice TargetRatingAnalyst
    3/6/2025$79.00Neutral → Buy
    Seaport Research Partners
    1/15/2025Sell → Neutral
    Seaport Research Partners
    1/10/2025$70.00 → $67.00Underperform → Sector Perform
    RBC Capital Mkts
    12/11/2024$99.00 → $85.00Overweight → Equal Weight
    Barclays
    10/7/2024$80.00 → $83.00Equal Weight → Underweight
    Wells Fargo
    9/5/2024$70.00Sector Perform → Underperform
    RBC Capital Mkts
    8/5/2024$65.00Neutral → Sell
    Seaport Research Partners
    1/11/2024Buy → Neutral
    Seaport Research Partners
    More analyst ratings

    $KBH
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • KB Home upgraded by Seaport Research Partners with a new price target

      Seaport Research Partners upgraded KB Home from Neutral to Buy and set a new price target of $79.00

      3/6/25 7:26:14 AM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • KB Home upgraded by Seaport Research Partners

      Seaport Research Partners upgraded KB Home from Sell to Neutral

      1/15/25 7:37:38 AM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • KB Home upgraded by RBC Capital Mkts with a new price target

      RBC Capital Mkts upgraded KB Home from Underperform to Sector Perform and set a new price target of $67.00 from $70.00 previously

      1/10/25 8:25:49 AM ET
      $KBH
      Homebuilding
      Consumer Discretionary

    $KBH
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • KB Home Announces the Grand Opening of a New Townhome Community in Clermont, Florida

      The Sanctuary Townhomes offers personalized, new townhomes with a variety of community amenities near shopping, dining and family entertainment, priced from the $280,000s. KB Home (NYSE:KBH), one of the largest and most trusted homebuilders in the U.S., today announced the grand opening of The Sanctuary Townhomes, a new townhome community in Clermont, which is known for its picturesque rolling hills and lakes. These new townhomes are designed for the way people live today, with popular features like modern kitchens overlooking great rooms, primary bedroom suites with walk-in closets, and lofts. The community's two-story floor plans feature three bedrooms and two-and-a-half baths. Communit

      6/27/25 8:00:00 AM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • KB Home Reports 2025 Second Quarter Results

      Revenues of $1.53 Billion; Diluted Earnings Per Share of $1.50 Repurchased $200.0 Million of Common Stock KB Home (NYSE:KBH) today reported results for its second quarter ended May 31, 2025. "Our second quarter financial performance was solid, with results meeting or exceeding our guidance ranges, as we continue to navigate the current environment. Our team is producing improvements in two key areas, lowering our build times and reducing direct construction costs, helping to strengthen our business," said Jeffrey Mezger, Chairman and Chief Executive Officer. "Though market conditions have softened, we remain consistent in our focus on optimizing our assets to offer the most compelling

      6/23/25 4:10:00 PM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • KB Home Announces the Grand Opening of Its Newest Community in a Desirable Southeast Stockton, California Location

      Parkside at Kennedy Ranch offers personalized, new homes close to schools, entertainment venues and outdoor recreation, priced from the $430,000s. KB Home (NYSE:KBH), one of the largest and most trusted homebuilders in the U.S., today announced the grand opening of Parkside at Kennedy Ranch, a new community in a desirable southeast Stockton, California location close to the Sacramento-San Joaquin River Delta. The new homes are designed for the way people live today, with popular features like modern kitchens overlooking large great rooms, bedroom suites with walk-in closets, and ample storage space. Parkside at Kennedy Ranch's one- and two-story floor plans feature up to six bedrooms and

      6/20/25 8:00:00 AM ET
      $KBH
      Homebuilding
      Consumer Discretionary

    $KBH
    SEC Filings

    See more
    • KB Home filed SEC Form 8-K: Results of Operations and Financial Condition, Financial Statements and Exhibits

      8-K - KB HOME (0000795266) (Filer)

      6/23/25 4:18:21 PM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • SEC Form 11-K filed by KB Home

      11-K - KB HOME (0000795266) (Filer)

      6/13/25 4:33:26 PM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • Amendment: SEC Form SCHEDULE 13G/A filed by KB Home

      SCHEDULE 13G/A - KB HOME (0000795266) (Subject)

      5/12/25 10:32:18 AM ET
      $KBH
      Homebuilding
      Consumer Discretionary

    $KBH
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Director Collins Arthur Reginald sold $271,900 worth of shares (5,000 units at $54.38), decreasing direct ownership by 33% to 10,262 units (SEC Form 4)

      4 - KB HOME (0000795266) (Issuer)

      5/16/25 4:44:58 PM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • EVP & Chief Financial Officer Dillard Robert R was granted 19,354 shares (SEC Form 4)

      4 - KB HOME (0000795266) (Issuer)

      4/21/25 4:59:30 PM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • Director Weaver James C. was granted 3,724 shares, increasing direct ownership by 9% to 45,698 units (SEC Form 4)

      4 - KB HOME (0000795266) (Issuer)

      4/21/25 4:56:43 PM ET
      $KBH
      Homebuilding
      Consumer Discretionary

    $KBH
    Leadership Updates

    Live Leadership Updates

    See more
    • Robert R. Dillard Joins KB Home as Executive Vice President and Chief Financial Officer

      KB Home (NYSE:KBH) today announced that it has appointed Robert R. Dillard as the Company's Executive Vice President and Chief Financial Officer, effective March 31, 2025. Most recently, Mr. Dillard was the Chief Financial Officer at Sonoco Products Company (NYSE:SON), a packaging and industrial products company, with 2024 net sales of $5.3 billion. Previously, he was the President of Domtar Personal Care Europe, a division of Domtar Corporation, and the President of Stanley Hydraulics, a division of Stanley Black & Decker (NYSE:SWK). "On behalf of the entire KB Home team, we welcome Rob to the Company," said Jeffrey Mezger, Chairman and Chief Executive Officer. "Rob is a well-rounded and

      3/24/25 4:10:00 PM ET
      $KBH
      $SON
      $SWK
      Homebuilding
      Consumer Discretionary
      Containers/Packaging
      Industrial Machinery/Components
    • KB Home Reports 2020 Fourth Quarter and Full Year Results

      LOS ANGELES--(BUSINESS WIRE)--KB Home (NYSE: KBH) today reported results for its fourth quarter and year ended November 30, 2020. “We had a strong finish to this extraordinary year, particularly with the 42% year-over-year increase in our fourth quarter net orders,” said Jeffrey Mezger, Chairman, President and Chief Executive Officer. “Housing market conditions continue to be robust, as the pandemic has helped propel demand for homeownership, accentuating all the financial, health, safety and emotional benefits it offers. This fundamental shift has long been anticipated — with pent-up demographic forces, a housing supply shortage, and favorable mortgage interest rates — and COVID

      1/12/21 4:10:00 PM ET
      $KBH
      Homebuilding
      Consumer Discretionary

    $KBH
    Financials

    Live finance-specific insights

    See more
    • KB Home Reports 2025 Second Quarter Results

      Revenues of $1.53 Billion; Diluted Earnings Per Share of $1.50 Repurchased $200.0 Million of Common Stock KB Home (NYSE:KBH) today reported results for its second quarter ended May 31, 2025. "Our second quarter financial performance was solid, with results meeting or exceeding our guidance ranges, as we continue to navigate the current environment. Our team is producing improvements in two key areas, lowering our build times and reducing direct construction costs, helping to strengthen our business," said Jeffrey Mezger, Chairman and Chief Executive Officer. "Though market conditions have softened, we remain consistent in our focus on optimizing our assets to offer the most compelling

      6/23/25 4:10:00 PM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • KB Home to Release 2025 Second Quarter Earnings on June 23, 2025

      KB Home (NYSE:KBH) today announced that it will release earnings for its second quarter ended May 31, 2025 after the market closes on Monday, June 23, 2025. A live webcast of the Company's earnings conference call will be held the same day at 2:00 p.m. Pacific Time, 5:00 p.m. Eastern Time. To listen to the call, go to the Investor Relations section of the KB Home website at investor.kbhome.com and select the Second Quarter Earnings Conference Call link in the Events and Presentations section. The webcast will be available for replay at the KB Home website for 30 days. About KB Home KB Home is one of the largest and most trusted homebuilders in the United States. We operate in 49 marke

      6/9/25 4:10:00 PM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • KB Home Declares Second Quarter 2025 Dividend

      The board of directors of KB Home (NYSE:KBH) has declared a quarterly cash dividend of $.25 per share on the Company's common stock, payable on May 22, 2025 to stockholders of record on May 8, 2025. About KB Home KB Home is one of the largest and most trusted homebuilders in the United States. We operate in 49 markets, have built nearly 700,000 quality homes in our more than 65-year history, and are honored to be the #1 customer-ranked national homebuilder based on third-party buyer surveys. What sets KB Home apart is building strong, personal relationships with every customer and creating an exceptional homebuying experience that offers our homebuyers the ability to personalize their hom

      4/17/25 4:10:00 PM ET
      $KBH
      Homebuilding
      Consumer Discretionary

    $KBH
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G/A filed by KB Home (Amendment)

      SC 13G/A - KB HOME (0000795266) (Subject)

      2/12/24 11:21:35 AM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • SEC Form SC 13G/A filed by KB Home (Amendment)

      SC 13G/A - KB HOME (0000795266) (Subject)

      2/12/24 10:50:01 AM ET
      $KBH
      Homebuilding
      Consumer Discretionary
    • SEC Form SC 13G/A filed by KB Home (Amendment)

      SC 13G/A - KB HOME (0000795266) (Subject)

      2/9/24 9:16:05 AM ET
      $KBH
      Homebuilding
      Consumer Discretionary