The earnings call presented a mixed picture. While KB Home reported strong financial results, improved build times, and significant cash returns to shareholders, it also faced challenges with subdued demand, revised guidance, and municipal delays impacting community openings. The overall sentiment is neutral, as highlights and lowlights are balanced.

Company Guidance -

Q2 2025

During the KB Home 2025 Second Quarter Earnings Conference Call, the company provided guidance on several key financial metrics. For fiscal 2025, KB Home revised its revenue expectation to between $6.3 billion and $6.5 billion, adjusting from previous projections due to a softer market environment. The company anticipates third-quarter housing revenues between $1.5 billion and $1.7 billion, with an average selling price expected to range from $470,000 to $480,000. For the full year, the average selling price is projected to be between $480,000 and $490,000. Additionally, the adjusted housing gross profit margin is expected to be between 18.1% and 18.7% for the third quarter, and between 19% and 19.4% for the full year. The company also plans to repurchase between $100 million and $200 million of its shares in the third quarter, continuing its capital allocation strategy amidst ongoing market conditions.

Solid Financial Results

KB Home delivered solid financial results in the second quarter, meeting or exceeding guidance ranges. Total revenues amounted to $1.5 billion, and diluted earnings per share reached $1.50. The company achieved a gross margin of 19.7%, excluding inventory-related charges, which was above the guidance range.

Improved Build Times

Build times improved sequentially by 7 days to 140 days, returning to pre-pandemic levels. For build-to-order homes, build times are currently 132 days, moving closer to the goal of 120 days.

Increased Book Value per Share

The book value per share increased to nearly $59, a 10% year-over-year increase.

Strong Cash Returns to Shareholders

KB Home repurchased $200 million of shares in the second quarter and returned just under $290 million in cash to shareholders in the first half of 2025, including share repurchases and dividends.

KB Home (KBH) Earnings, Revenues Date & History

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KBH Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 17, 2025	2025 (Q3)	1.57 / -	2.04	―	―	―
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)
Jun 18, 2024	2024 (Q2)	1.80 / 2.15	1.94	10.82% (+0.21)
Mar 20, 2024	2024 (Q1)	1.57 / 1.76	1.45	21.38% (+0.31)
Jan 10, 2024	2023 (Q4)	1.70 / 1.85	2.47	-25.10% (-0.62)
Sep 20, 2023	2023 (Q3)	1.43 / 1.80	2.86	-37.06% (-1.06)
Jun 21, 2023	2023 (Q2)	1.33 / 1.94	2.32	-16.38% (-0.38)

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, 2025	$53.32	$53.08	-0.45%
Mar 24, 2025	$61.50	$58.30	-5.20%
Jan 13, 2025	$63.54	$66.61	+4.83%
Sep 24, 2024	$86.42	$81.80	-5.35%

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.