KB Home (KBH) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Sep 23, 2026

After Close (Confirmed)

Period Ending

2026 (Q3)

Consensus EPS Forecast

0.91

Last Year’s EPS

1.61

Same Quarter Last Year

Analyst Consensus

Hold

Based on 11 Analysts Ratings

Earnings Call Summary

Q2 2026

Earnings Call Date:Jun 23, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call presented a mixed picture: strong operational execution and strategic progress (notably the return to a built-to-order model, faster build times, inventory reduction, backlog growth, and disciplined capital returns) that position the company for sequential improvement in the back half of fiscal 2026. These positives were offset by significant year-over-year declines in revenue, margins, and profitability driven by a softer spring selling season, pricing pressure and higher relative costs. Management provided concrete guidance for sequential margin and volume improvement, but near-term financials remain impacted by the YoY deterioration.

Company Guidance

KB Home guided to Q3 deliveries of 2.6k–2.8k homes and housing revenues of $1.2–$1.35B, and narrowed full‑year 2026 deliveries to 10.5k–11.0k with housing revenues of $4.9–$5.3B; housing gross profit margin is forecast at 16.0%–16.6% in Q3 and 16.1%–16.5% for the full year (assuming no inventory charges), up from Q2’s 15.2% (15.7% ex‑charges) with the Q3 midpoint of 16.3% implying ~60 bps sequential improvement and Q4 implying roughly a 100 bps further step; SG&A is expected to fall to 11.3%–11.9% in Q3 (11.4%–11.8% FY) from Q2’s 12.7%, the effective tax rate is pegged at 19%–21% for Q3 (22%–24% FY) assuming option exercises, and the company plans $50M–$100M of share repurchases in Q3 (Q2 repurchases: 1.4M shares/$75M; YTD: 2.2M/$125M; $775M remaining authorization); more than 80% of Q3 homes are already in backlog (quarter‑end backlog 4.53k, +26% sequentially and +45% YTD; backlog conversion rate in Q2 was 66% vs. 70% LY), homes in process total 3.99k (77% sold) with >1.5k sold‑not‑started, finished unsold inventory down to 11% of production, Q2 build time on BTO homes 100 days (‑8 days sequentially), Q2 net orders 3.32k (73% BTO) with Q2 BTO deliveries ~60% and a target of ~70% BTO by Q4, and the balance sheet / capital plan includes Q2 land investment ≈$500M (YTD $1.06B), inventory ~$5.7B, liquidity $1.12B (cash $200M, $923M revolver availability, $275M drawn), debt‑to‑capital 34.1%, book value per share ≈$62, and Q2 net income $27.3M / diluted EPS $0.43.

Built-to-Order (BTO) Strategic Shift and Backlog Growth

Net orders of 3.32k in Q2 with 73% being built-to-order; deliveries BTO mix was ~60% in Q2 and management expects ~70% BTO deliveries by Q4. Backlog ended at 4.53k homes (up 26% sequentially) and total homes in backlog are up ~45% since the start of the year. Management cited 1.5k sold-not-started homes as a negotiable pipeline asset.

Operational Efficiency — Faster Build Times and Lower Finished Inventory

Average build time for BTO homes improved by 8 days sequentially to 100 days (now ~3 months vs ~5 months historically). Finished unsold inventory fell to 11% of total production from 25% in Q1, improving inventory velocity and margin visibility.

Solid Liquidity and Capital Allocation

Total liquidity of $1.12B (including $200M cash and $923M revolver availability). Repurchased 1.4M shares in Q2 for $75M (YTD 2.2M shares for $125M) with $775M remaining authorization; returned over $90M in capital to shareholders in the quarter (including dividends). Book value per share ~ $62.

Guidance and Expected Sequential Margin Recovery

Q3 deliveries guidance of 2.6k–2.8k homes and Q3 housing revenues guidance of $1.2B–$1.35B. Full-year homes delivered narrowed to 10.5k–11.0k and housing revenues to $4.9B–$5.3B. Housing gross profit margin guidance of 16.0%–16.6% for Q3 and 16.1%–16.5% for full year, with management forecasting sequential margin expansion (~60 bps Q2→Q3 and ~100 bps Q3→Q4 at midpoints).

Improved Direct Cost Discipline and Supplier Leverage

Direct costs have improved materially over three years (in some divisions up to ~15% lower). Company highlighted diversification strategies and active rebidding/negotiation with suppliers and trade partners, aided by sold-not-started backlog to secure better costs and steady production cadence.

Buyer Credit Profile and Sales Quality

KBHS capture rate 83% for financed buyers; average down payment ~15% (≈$70k); average household income of purchasers using KBHS ~$136k and average FICO ~741. Cancellation rates remained stable and all-cash deliveries were ~8% of Q2.

Community Growth and Strategic Market Re-entry

Active communities grew to 280 (up 11% YoY) with >70 new communities opened in H1. Company noted selective re-entry/expansion into Atlanta and reopening of Bay Area portfolio, positioning for higher ASP/margin deliveries in H2 and fiscal 2027.

KB Home (KBH) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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KBH Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 23, 2026	2026 (Q3)	0.91 / -	1.61	―	―	―
Jun 23, 2026	2026 (Q2)	0.45 / 0.43	1.5	-71.33% (-1.07)
Mar 24, 2026	2026 (Q1)	0.55 / 0.52	1.49	-65.10% (-0.97)
Jan 14, 2026	2026 (Q4)	- / -	2.52	―	―	―
Dec 18, 2025	2025 (Q4)	1.79 / 1.55	2.52	-38.49% (-0.97)
Sep 24, 2025	2025 (Q3)	1.50 / 1.61	2.04	-21.08% (-0.43)
Jun 23, 2025	2025 (Q2)	1.46 / 1.50	2.15	-30.23% (-0.65)
Mar 24, 2025	2025 (Q1)	1.57 / 1.49	1.76	-15.34% (-0.27)
Jan 13, 2025	2024 (Q4)	2.44 / 2.52	1.85	36.22% (+0.67)
Sep 24, 2024	2024 (Q3)	2.06 / 2.04	1.8	13.33% (+0.24)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

KBH Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jun 23, 2026	$52.73	$61.51	+16.65%
Mar 24, 2026	$52.67	$51.86	-1.55%
Jan 14, 2026	$62.01	$61.07	-1.52%
Dec 18, 2025	$62.18	$56.87	-8.54%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.