Revenue: As of FY2025 Q4, the actual value is USD 817.9 M.

EPS: As of FY2025 Q4, the actual value is USD -0.51.

EBIT: As of FY2025 Q4, the actual value is USD 30.34 M.

Financial Metrics by Segment

Non-GAAP Measures

• EBIT, EBITDA, Adjusted EBIT, and Adjusted EBITDA: These measures exclude inventory impairments, land option write-offs, and loss (gain) on extinguishment of debt, providing a clearer view of the Company’s financial performance without the effects of various items not characteristic of ongoing operations.
• Homebuilding Gross Margin: Excludes cost of sales interest expense and land charges, offering a clearer view of operating performance.
• Adjusted Income Before Income Taxes: Excludes land-related charges and loss (gain) on extinguishment of debt, providing a better metric of operating performance.
• Adjusted Investment: Excludes liabilities from inventory not owned, net of debt issuance costs and interest capitalized, and includes investments in and advances to unconsolidated joint ventures.
• Adjusted EBIT ROI: Measures operational performance irrespective of the Company’s capital structure, reflecting the longer-term period required to build and sell homes.

Segment Revenue

• Total revenues for the fourth quarter of fiscal 2025 were $817.9 million, compared to $979.6 million in the same quarter of the prior year. For the year ended October 31, 2025, total revenues were $2.98 billion, compared to $3.00 billion in fiscal 2024.
• Domestic unconsolidated joint ventures’ sale of homes revenues for the fourth quarter of fiscal 2025 increased 27.3% to $180.4 million (285 homes) compared with $141.7 million (235 homes) for the three months ended October 31, 2024.

Operational Metrics

• Homebuilding gross margin percentage, after cost of sales interest expense and land charges, was 10.7% for the three months ended October 31, 2025, compared with 18.0% during the fourth quarter a year ago.
• Total SG&A was $91.5 million, or 11.2% of total revenues, in the fourth quarter of fiscal 2025 compared with $87.7 million, or 9.0% of total revenues, in the fourth quarter of fiscal 2024.
• The company incurred losses related to the early extinguishment of debt and land charges of $52.9 million, contributing to a loss before income taxes for the fourth quarter of fiscal 2025 of $4.1 million compared with income before income taxes of $117.9 million in the fourth quarter of the prior fiscal year.
• Net loss was $0.7 million, or $0.51 per diluted common share, for the three months ended October 31, 2025, compared with net income of $94.3 million, or $12.79 per diluted common share, in the same period of the previous fiscal year.

Cash Flow

• Total liquidity as of October 31, 2025, was $404.1 million, which was significantly above the target liquidity range of $170 million to $245 million.

Unique Metrics

• The number of consolidated communities increased by 7.7% to 140 as of October 31, 2025, compared with 130 communities as of October 31, 2024.

Outlook / Guidance

• For the first quarter of fiscal 2026, total revenues are expected to be between $550 million and $650 million, adjusted homebuilding gross margin is expected to be between 13.0% and 14.0%, adjusted income before income taxes is expected to be between $10 million and $20 million, and adjusted EBITDA is expected to be between $35 million and $45 million.