Revenue: As of FY2026 Q1, the actual value is USD 631.95 M.

EPS: As of FY2026 Q1, the actual value is USD 2.62.

EBIT: As of FY2026 Q1, the actual value is USD 57.45 M.

Financial and Operational Metrics

Total Revenues

Total revenues for Hovnanian Enterprises, Inc. were $631,952 thousand in the first quarter of fiscal 2026, a decrease from $673,623 thousand in the same quarter of the prior year, but exceeded the midpoint of the company’s guidance range .

Segment Revenues

• Homebuilding Revenue: Sale of homes revenue was $575,759 thousand in Q1 fiscal 2026, down from $646,914 thousand in Q1 fiscal 2025. Land sales and other revenues increased to $37,185 thousand from $9,767 thousand year-over-year. Total homebuilding revenue was $612,944 thousand in Q1 fiscal 2026, a decrease from $656,681 thousand in Q1 fiscal 2025 .
• Financial Services Revenue: Financial services revenue increased to $19,008 thousand in Q1 fiscal 2026 from $16,942 thousand in Q1 fiscal 2025 .
• Domestic Unconsolidated Joint Ventures (Sale of Homes): Revenue from domestic unconsolidated joint ventures’ sale of homes was $72,400 thousand (118 homes) in Q1 fiscal 2026, a decrease from $131,800 thousand (197 homes) in Q1 fiscal 2025 .

Operational Metrics

• Costs and Expenses: Total costs and expenses were $606,690 thousand in Q1 fiscal 2026, compared to $642,965 thousand in Q1 fiscal 2025 .
• Homebuilding Gross Margin Percentage: After cost of sales interest expense and land charges, the gross margin percentage was 10.1% for Q1 fiscal 2026, down from 15.2% in the prior year. Before cost of sales interest expense and land charges, the gross margin percentage was 13.4% for Q1 fiscal 2026, within guidance, compared to 18.3% in the prior year .
• Land and Lot Sales Gross Margin (including interest): This margin was $23,470 thousand in Q1 fiscal 2026, significantly up from $1,663 thousand in Q1 fiscal 2025 .
• Selling, General & Administrative (SG&A): Total SG&A was $84,000 thousand, or 13.3% of total revenues, in Q1 fiscal 2026, compared with $86,900 thousand, or 12.9% of total revenues, in Q1 fiscal 2025 .
• Total Interest Expense: Total interest expense was $28,700 thousand, or 4.5% of total revenues, in Q1 fiscal 2026, compared with $28,900 thousand, or 4.3% of total revenues, in Q1 fiscal 2025 .
• Income Before Income Taxes: Income before income taxes was $28,702 thousand in Q1 fiscal 2026, down from $39,863 thousand in the prior fiscal year .
• Income Before Income Taxes (excluding land-related charges): This metric was $31,100 thousand in Q1 fiscal 2026, exceeding the high end of guidance, compared with $40,900 thousand in Q1 fiscal 2025 .
• Net Income: Net income was $20,859 thousand for Q1 fiscal 2026, down from $28,191 thousand in the prior year .
• EBITDA: EBITDA was $60,722 thousand for Q1 fiscal 2026, compared with $71,034 thousand for the prior year .
• Adjusted EBITDA: Adjusted EBITDA was $63,081 thousand for Q1 fiscal 2026, above the high end of guidance, compared with $72,074 thousand in the prior year .

Cash Flow

Operating cash flow and free cash flow data are not provided in this report.

Liquidity and Inventory

• Total Liquidity: Total liquidity as of January 31, 2026, was $471,400 thousand, significantly above the target range of $170 million to $245 million. This includes $339,900 thousand of cash and cash equivalents, $6,500 thousand of restricted cash, and $125,000 thousand available under a senior secured revolving credit facility .
• Land and Land Development Spending: Spending was $180,700 thousand in Q1 fiscal 2026, compared with $247,600 thousand in the same quarter a year ago .
• Lots Under Option or Acquired: Approximately 2,100 lots were put under option or acquired in 25 domestic consolidated communities during Q1 fiscal 2026 .
• Total Domestic Controlled Consolidated Lots: As of January 31, 2026, there were 35,560 lots, compared with 43,254 lots at the end of the previous fiscal year’s first quarter, with 86% optioned, representing a 6.7 years’ supply based on trailing twelve-month deliveries .
• Total Domestic Quick Move-In Homes (QMIs): QMIs declined by 36.2% to 742 as of January 31, 2026, from 1,163 as of January 31, 2025. Finished QMIs were 248, a decline of 22.3% year-over-year .
• Total Inventories: Total inventories were $1,647,970 thousand as of January 31, 2026, compared to $1,637,470 thousand as of October 31, 2025 .

Operational Metrics (Volume/Sales)

• Domestic Consolidated Communities: Increased by 4.8% to 131 as of January 31, 2026, from 125 a year prior. Including unconsolidated joint ventures, the count grew by 2.0% to 151 from 148 .
• Consolidated Domestic Contracts: Increased by 3.1% to 1,242 homes ($664,800 thousand) in Q1 fiscal 2026, compared with 1,205 homes ($643,300 thousand) in the same quarter last year .
• Domestic Contracts (including unconsolidated joint ventures): Decreased by 2.5% to 1,365 homes ($747,000 thousand) in Q1 fiscal 2026, compared with 1,400 homes ($770,800 thousand) in Q1 fiscal 2025 .
• Consolidated Domestic Contracts (January and February MTD): For January 2026, contracts increased by 11.3% to 560 homes from 503 in January 2025. For February month-to-date (through Feb 23, 2026), contracts increased by 13.1% to 457 homes from 404 in the prior year .
• Consolidated Domestic Contracts per Community: Declined slightly year-over-year to 9.5 in Q1 fiscal 2026 from 9.6. Including unconsolidated joint ventures, it decreased to 9.0 from 9.5 .
• Consolidated Domestic Contract Backlog (Dollar Value): Decreased by 16.0% to $782,700 thousand as of January 31, 2026, from $931,900 thousand. Including unconsolidated joint ventures, backlog decreased by 16.7% to $1,020,000 thousand from $1,230,000 thousand, partly due to increased sales of quick move-in homes .
• Gross Domestic Contract Cancellation Rate: Was 14% for consolidated contracts in Q1 fiscal 2026, down from 16% in Q1 fiscal 2025. The rate for contracts including unconsolidated joint ventures was also 14%, down from 16% .
• KSA Operations: As of January 1, 2026, the company acquired a controlling interest in a previously unconsolidated joint venture in the Kingdom of Saudi Arabia (KSA), and its results are now included in consolidated results .

Key Performance Indicators

• Net Income Return on Inventory (Trailing Twelve Months): 3.4% .
• Adjusted EBIT Return on Investment (Adjusted EBIT ROI) (Trailing Twelve Months): 17.2%, which the company believes is the second highest compared to nine publicly traded midsized homebuilder peers .

Financial Guidance (Q2 Fiscal 2026 Outlook)

For Q2 fiscal 2026, Hovnanian Enterprises, Inc. expects total revenues between $625 million and $725 million, an adjusted homebuilding gross margin of 13.0% to 14.0%, and adjusted income before income taxes between breakeven and $10 million. Adjusted EBITDA is forecasted to be between $30 million and $40 million . The company anticipates an increase in adjusted income before income taxes in the second half of fiscal 2026, driven by better contract activity and deliveries from newer, higher-margin communities . The long-term outlook for the homebuilding industry remains compelling due to a structurally undersupplied market and strong demographic trends .