KB Home Q2 Revenue Falls 27% to $1.11B; Cuts Full-Year Delivery Outlook
KBH sits 29% above its 52-week low of $44.025.
Summary
KB Home reported a 27% drop in Q2 revenue to $1.11 billion and cut its full-year delivery outlook, reflecting a tough housing market. The company also provided Q3 guidance below last year's levels.
Key Events · Earnings and Guidance · KBH
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Q2 Revenue and Earnings Plunge
Revenue fell 27% YoY to $1.11 billion, net income dropped 75% to $27.3 million, and diluted EPS was $0.43 vs. $1.50 a year ago.
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Full-Year Delivery Guidance Cut
Management now expects 10,500-11,000 home deliveries in 2026, down from 12,902 in 2025, with housing revenues of $4.90-$5.30 billion.
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Margin Pressure Continues
Housing gross margin fell to 15.2% from 19.3% a year ago; full-year margin is guided to 16.1%-16.5%, below 2025's 19.1%.
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Leadership and Operational Changes
The CFO resigned in May, and the CEO is serving as interim principal financial officer. The company also announced a corporate headquarters relocation from Los Angeles to Tempe, Arizona.
Analysis · KBH · Real Estate & Construction
KB Home's second quarter results underscore the deepening housing downturn. Revenue dropped 27% year-over-year to $1.11 billion, with net income plunging 75% to $27.3 million. The company lowered its full-year delivery forecast to 10,500-11,000 homes, down from 12,902 in 2025, and guided for a housing gross margin of 16.1%-16.5%, well below last year's 19.1%. The results reflect persistent affordability pressures, elevated mortgage rates, and cautious buyer sentiment. Against this backdrop, KB Home is navigating a CFO departure and a corporate headquarters relocation, while leaning on share buybacks and credit facility borrowings to manage capital. The updated guidance signals management expects the challenging conditions to persist through year-end.
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At the time of this filing, KBH was trading at $56.71 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $3.6B. The 52-week trading range was $44.03 to $68.71. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.