Short answer
KB HOME (KBH) filed its fiscal 2025 10-K annual report with the SEC on Jan 23, 2026. It reported revenue of $6.2B (−10.0% year over year) and net income of $429M.
- Top risk flagged: Government shutdown Oct-Nov 2025 and potential budget impasse post-Jan 30, 2026 risking federal funding delays, notably in California
FY2025 key financial metrics · XBRL
- Revenue
- $6.2B
- −10.0% YoY
- Net income
- $429M
- −34.5% YoY
- EPS (diluted)
- $6.15
- −27.2% YoY
- ROE
- 11.0%
- −5.1 pp YoY
- Operating cash flow
- $336M
- −7.5% YoY
Source: XBRL data from the KB HOME (KBH) FY2025 10-K on SEC EDGAR. USD.
KB HOME FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: homebuilding with focus on construction, land acquisition, and community development across multiple U.S. regions
- New emphasis on accelerated operational strategies to monetize investments, leading to 4 inventory impairment charges and $15.5M charge in 2025
- Strategic shift: increased focus on faster home selling, building and delivery pace amid rising land development and construction costs
- Inventory balance $5.67B as of Nov 30, 2025, with 94% expected delivery within 5 years; warranty liability stable, no accrual changes in 2025
- Noteworthy: $143.7M deposits in land option contracts with potential risks of write-offs if home prices decline; inflation pressures expected to persist into 2026
Management Discussion & Analysis
- Revenue $6.24B, down 10% YoY driven by homebuilding decline from $6.90B in 2024
- Homebuilding operating margin 8.2% vs 11.1%, housing gross profit margin 18.6% vs 21.0%
- Best segment Southeast with net order value down 3% to $1.01B, worst Central down 27% to $1.04B
- Cash $229M, liquidity $1.43B, land and development capex $2.61B down 8%, buybacks $538.5M repurchasing 9.4M shares
- 2026 outlook positive with planned new community openings; risks from soft demand, affordability, cancellations at 17%
Risk Factors
- Government shutdown Oct-Nov 2025 and potential budget impasse post-Jan 30, 2026 risking federal funding delays, notably in California
- Military conflict in Ukraine exacerbating macroeconomic uncertainties with potential adverse impact on housing demand
- Insurance underwriting pullbacks in California, Florida, Texas raising risks of homebuyer cancellations due to lack of affordable coverage
- Competitor pressure intensified by rising resale home supply since mid-2024 forcing price reductions and concessions
- Dependence on third-party lenders including GR Alliance, with lender performance delays disrupting home closings and sales contract cancellations
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.