Short answer
LGI Homes, Inc. (LGIH) filed its fiscal 2025 10-K annual report with the SEC on Feb 20, 2026. It reported revenue of $1.7B (−22.6% year over year) and net income of $73M.
- Top risk flagged: Regulatory risk: FASB ASU 2023-09 effective after Dec 15, 2024, requires expanded income tax disclosures by jurisdiction for taxes >5% of total paid
FY2025 key financial metrics · XBRL
- Revenue
- $1.7B
- −22.6% YoY
- Net income
- $73M
- −63.0% YoY
- Operating margin
- 4.7%
- −5.0 pp YoY
- EPS (diluted)
- $3.12
- −62.4% YoY
- ROE
- 3.5%
- −6.2 pp YoY
- Operating cash flow
- −$140M
- +2.6% YoY
Source: XBRL data from the LGI Homes, Inc. (LGIH) FY2025 10-K on SEC EDGAR. USD.
LGI Homes, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Residential home construction specializing in affordable housing
- No new products, services, or segments introduced or emphasized this year
- No strategic shifts or changed competitive positioning disclosed in this filing
- Proxy statement to detail executive compensation, ownership, and related party transactions as per SEC Regulation 14A
- Filing primarily incorporates multiple key disclosures by reference to 2026 proxy statement
Management Discussion & Analysis
- Revenue $1.7B, down 22.6% YoY from $2.2B; home closings 4,685, down 22.3% from 6,028; ASP $364K, down 0.4% YoY
- Gross margin 20.7% vs 24.2%; adjusted gross margin 24.0% vs 26.3%; EBITDA margin 8.7% vs 13.8%; net income $72.6M, down 63% YoY
- Best segment Southeast: net income before tax $47.7M (48.4%), $472.2M revenue; worst segment Florida: net loss before tax $(6.5)M (-6.6%), $237.9M revenue
- Net debt to capital 43.2% vs 41.2%; no capital expenditure or dividend/buyback details disclosed in excerpt
- Management highlights affordability constraints and lower absorption rate as key challenges, increased wholesale channel sales; inventory impairment risk noted ($6.7M)
Risk Factors
- Regulatory risk: FASB ASU 2023-09 effective after Dec 15, 2024, requires expanded income tax disclosures by jurisdiction for taxes >5% of total paid
- Macroeconomic risk: $1.6B notes payable and borrowings under Credit Agreement exposed to Interest rate risk at SOFR +1.85% margin, with SOFR floor at 0.50%
- Operational risk: Land banking financing arrangements expose company to repurchase land from land banker within less than a year, impacting cash flows
- Competitive risk: Increasing home leasing operations via rental property transfers ($77.1M in 2025) may face disruption from alternative housing platforms or rental models
- Financial risk: Concentrated debt maturity of $493.7M in 2028 and $733.9M in 2029 could pressure liquidity and refinancing capability
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