[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","uuni063cfddxktkzqskf78ls3","revision",2,"title","KB Home 2026年Q3营收12.97亿美元，同比下降19.96%","originalTitle","KB HOME (0000795266) (Filer)","summary","KB Home 2026年Q3总营收为12.97亿美元，同比下降19.96%；净收入为6528万美元，同比下降40.48%。各区域表现差异显著，西海岸、西南部及中部地区运营利润率均下降。公司面临债务增加、评级下调及宏观经济不确定性等风险。","reason","KB Home 2026年第三季度营收和净收入均出现显著下滑，毛利率和运营利润率承压，同时面临债务增加和评级下调风险。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_78":92},"publishedAt","2026-10-08T20:38:41.000Z","discoveredAt","2026-10-08T20:54:06.349Z","timelineAt","category","ai-products","tags",[84,85,86,87,88,89],"stockSymbols",[83],"score",77,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","f_p61SY9_PbI",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","80a619d7-e678-4ecf-8a31-c6b60750a58e","KB Home 2026年Q3财报发布",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表

☒ 根据《1934 年证券交易法》第 13 条或第 15(d) 条提交的季度报告。

截至 2026 年 8 月 31 日的季度。

或

☐ 根据《1934 年证券交易法》第 13 条或第 15(d) 条提交的过渡报告。

从 [ ] 到 [ ] 的过渡期。

委员会文件编号 001-09195

KB HOME

（根据其章程指定的注册人全名）


特拉华州	95-3666267
（成立州）	（IRS 雇主识别号码）

10990 威尔希尔大道

洛杉矶，加利福尼亚州 90024

(310) 231-4000

（主要执行办公室的地址，包括邮编和电话号码）

根据《法案》第 12(b) 条注册的证券：

每类证券的名称

交易符号

每种证券的交易市场名称
（注册的交易所）

普通股（面值 1.00 美元/股）

KBH

纽约证券交易所

通过勾选方框表明注册人（1）是否已提交根据《1934 年证券交易法》第 13 条或第 15(d) 条在前 12 个月（或注册人需提交此类报告的较短期间）内应提交的所有报告，以及（2）是否在过去 90 天内受此类提交要求约束。是 ☒ 否 ☐

通过勾选方框表明注册人是否已根据《S-T 规则》第 405 条在前 12 个月内（或注册人需提交此类文件的较短期间）提交了所有应提交的交互式数据文件。是 ☒ 否 ☐

通过勾选方框表明注册人是大型加速提交者、加速提交者、非加速提交者、小规模报告公司，还是新兴成长公司。请参见《交易法》第 12b-2 条中“大型加速提交者”、“加速提交者”、“小规模报告公司”和“新兴成长公司”的定义。


大型加速提交者	☒	加速提交者	☐
非加速提交者	☐	小规模报告公司	☐
		新兴成长公司	☐

如果是一家新兴成长公司，通过勾选方框表明注册人是否已选择不使用《交易法》第 13(a) 条规定的任何新修订的财务会计标准的延长过渡期。 ☐

通过勾选方框表明注册人是否为壳公司（根据《交易法》第 12b-2 条的定义）。是 ☐ 否 ☒

截至 2026 年 8 月 31 日，注册人每股面值 1.00 美元的普通股流通股为 60,762,736 股。

KB HOME

FORM 10-Q

索引


	页码编号
第一部分财务信息

第1项财务报表

合并损益表 - 截至2026年8月31日和2025年8月31日的三个月和九个月	3

合并资产负债表 - 截至2026年8月31日和2025年11月30日	4

合并股东权益变动表 - 截至2026年8月31日和2025年8月31日的三个月和九个月	5

合并现金流量表 - 截至2026年8月31日和2025年8月31日的九个月	6

合并财务报表附注	7

第2项管理层讨论与分析	29

第3项关于市场风险的定量和定性披露	50

第4项内部控制与程序	50

第二部分其他信息

第1项法律诉讼	51

第1A项风险因素	51

第2项未注册的股权证券销售及资金用途	51

第5项其他信息	51

第6项附录	52

签名	53

第一部分财务信息

第1项财务报表

KB HOME

合并损益表

（单位为千美元，每股金额除外 – 未经审计）


	截至2026年8月31日的三个月		截至2026年8月31日的九个月
	2026		2025		2026		2025
总收入	$	1,297,101			$	1,620,474		$	3,486,547	$	4,541,836
住宅建设：
收入	$	1,292,350			$	1,614,462		$	3,471,516	$	4,526,219
建筑和土地成本	(1,078,590)			(1,321,147)			(2,925,028)		(3,658,616)
销售、一般及行政费用	(146,626)			(162,152)			(418,217)		(477,638)
营业利润	67,134			131,163			128,271		389,965
利息收入和其他	4,518			1,870			6,963		5,628

未合并合资企业收益	2,147			1,509			3,938		5,002

住宅建设税前利润	73,799			134,542			139,172		400,595
金融服务：
收入	4,751			6,012			15,031		15,617
支出	(1,464)			(1,580)			(4,507)		(4,689)
未合并合营企业的权益收益	4,094			4,254			9,057		13,445
金融服务税前利润	7,381			8,686			19,581		24,373
总税前利润	81,180			143,228			158,753		424,968
所得税费用	(15,900)			(33,400)			(32,700)		(97,700)
净利润	$	65,280			$	109,828		$	126,053	$	327,268
每股收益：
基本每股收益	$	1.07			$	1.64		$	2.03	$	4.69
稀释每股收益	$	1.05			$	1.61		$	2.00	$	4.60
加权平均流通股数：
基本每股收益	60,833			66,368			61,753		69,279
稀释每股收益	61,759			67,737			62,732		70,643

详见附注。

KB HOME

合并资产负债表

（单位：千美元，除股票外——未经审计）


	2026年8月31日 2026年8月31日		2025年11月30日 2025年11月30日
资产
住宅建设：
现金及现金等价物	$	159,018			$	228,614
应收账款	397,791			350,636
存货	5,981,182			5,670,802
对未合并合营企业的投资	74,763			72,436
固定资产，净值	102,880			101,457
净递延税资产	88,665			88,665
其他资产	106,431			107,833
	6,910,730			6,620,443
金融服务	58,422			59,809
总资产	$	6,969,152			$	6,680,252

负债和股东权益
住宅建设：
应付账款	$	319,520			$	351,261
应计费用和其他负债	736,954			731,946
应付票据	2,109,145			1,692,977
	3,165,619			2,776,184
金融服务	2,024			3,210
股东权益：
普通股 — 截至2026年8月31日和2025年11月30日分别发行了63,969,624股和74,477,254股	63,970			74,477
实收资本	843,573			863,718
留存收益	3,082,822			3,629,638
其他综合亏损累计	(3,538)			(3,538)

库藏股，按成本计算 — 截至2026年8月31日和2025年11月30日分别有3,206,888股和11,303,643股	(185,318)			(663,437)
股东权益总额	3,801,509			3,900,858
总负债和股东权益	$	6,969,152			$	6,680,252

详见附注。

KB HOME

股东权益合并报表

（以千为单位 – 未经审计）


	截至2026年8月31日和2025年同期的三个月
	股数
	普通股	库藏股		普通股	实收资本		留存收益		其他综合亏损累计			库藏股		股东权益总额
2026年5月31日余额	63,653		(2,344)		$	63,653			$	840,401		$	3,032,713		$	(3,538)			$	(136,419)	$	3,796,810
净利润	—		—		—			—			65,280		—				—	65,280
普通股股息	—		—		—			—			(15,171)		—				—	(15,171)
员工股票期权/其他	317		—		317			4,813			—		—				—	5,130

股票奖励	—		25		—			(1,426)			—		—				1,426	—
基于股票的薪酬	—		—		—			(215)			—		—				—	(215)
股票回购，包括消费税	—		(888)		—			—			—		—				(50,325)	(50,325)


2026年8月31日余额	63,970		(3,207)		$	63,970			$	843,573		$	3,082,822		$	(3,538)			$	(185,318)	$	3,801,509

2025年5月31日余额	74,437		(6,387)		$	74,437			$	840,296		$	3,450,350		$	(3,704)			$	(370,841)	$	3,990,538


净利润	—		—		—			—			109,828		—				—	109,828
普通股股息	—		—		—			—			(16,293)		—				—	(16,293)
员工股票期权/其他	14		—		14			193			—		—				—	207

基于股票的薪酬	—		—		—			8,420			—		—				—	8,420
股票回购，包括消费税	—		(3,300)		—			—			—		—				(190,337)	(190,337)

2025年8月31日余额	74,451		(9,687)		$	74,451			$	848,909		$	3,543,885		$	(3,704)			$	(561,178)	$	3,902,363


	截至2026年8月31日和2025年同期的九个月
	股数
	普通股	库藏股		普通股	实收资本		留存收益		其他综合收益累计额			库藏股票		股东权益总额
2025年11月30日的余额	74,477		(11,304)		$	74,477			$	863,718		$	3,629,638		$	(3,538)			$	(663,437)	$	3,900,858

净利润	—		—		—			—			126,053		—				—	126,053
普通股股息	—		—		—			—			(47,746)		—				—	(47,746)
员工股票期权/其他	352		—		352			5,336			—		—				—	5,688
股票奖励	—		624		—			(36,779)			—		—				36,779	—
基于股票的薪酬	—		—		—			11,298			—		—				—	11,298
股票回购，包括消费税	—		(3,104)		—			—			—		—				(176,306)	(176,306)
与基于股票的薪酬奖励相关的税款支付	—		(282)		—			—			—		—				(18,336)	(18,336)
库藏股票的注销	(10,859)		10,859		(10,859)			—			(625,123)		—				635,982	—
2026年8月31日的余额	63,970		(3,207)		$	63,970			$	843,573		$	3,082,822		$	(3,538)			$	(185,318)	$	3,801,509

2024年11月30日的余额	74,410		(2,253)		$	74,410			$	862,049		$	3,269,423		$	(3,704)			$	(141,562)	$	4,060,616


净利润	—		—		—			—			327,268		—				—	327,268
普通股股息	—		—		—			—			(52,806)		—				—	(52,806)
员工股票期权/其他	41		—		41			611			—		—				—	652
股票奖励	—		612		—			(38,882)			—		—				38,882	—
基于股票的薪酬	—		—		—			25,131			—		—				—	25,131
股票回购，包括消费税	—		(7,788)		—			—			—		—				(442,614)	(442,614)
与基于股票的薪酬奖励相关的税款支付	—		(258)		—			—			—		—				(15,884)	(15,884)
2025年8月31日的余额	74,451		(9,687)		$	74,451			$	848,909		$	3,543,885		$	(3,704)			$	(561,178)	$	3,902,363

参见附注。

KB HOME

现金流量表

（以千为单位 – 未经审计）


	截至8月31日的九个月
	2026		2025
经营活动产生的现金流量：
净利润	$	126,053			$	327,268
调整项目以将净利润调节为经营活动产生的净现金（用于）：
联营企业中的收益	(12,995)			(18,447)
联营企业的收益分配	12,993			27,741
债务发行成本的摊销	3,171			2,686
折旧和摊销	31,094			27,440



出售投资的收益	(3,528)			—
基于股票的薪酬	11,298			25,131
存货减值和土地期权合同放弃	10,720			18,351
资产和负债的变化：
应收账款	(32,739)			7,166
存货	(326,481)			(330,019)
应付账款、应计费用和其他负债	(49,191)			(63,835)
其他，净额	725			8,358
经营活动产生的净现金	(228,880)			31,840
投资活动产生的现金流量：
对未合并合营企业的出资	(19,422)			(10,593)
未合并合营企业投资的收回	16,557			2,965
出售投资所得	20,028			—

净额购置物业和设备	(32,510)			(34,609)
投资活动使用的净现金	(15,347)			(42,237)
筹资活动产生的现金流量：



循环信用额度借款	900,000			555,000
循环信用额度还款	(485,000)			(305,000)

向土地出售方和其他贷款方偿还的抵押贷款和土地合同款项	(641)			—

员工股票计划下发行的普通股	5,688			652
股票回购和缴纳的税款	(180,123)			(438,460)
与基于股票的薪酬奖励相关的税款支付	(18,336)			(15,884)
现金股息支付	(47,746)			(52,806)
筹资活动产生的净现金	173,842			(256,498)
现金及现金等价物的净减少额	(70,385)			(266,895)
期初现金及现金等价物	230,443			599,193
期末现金及现金等价物	$	160,058			$	332,298

详见附注。

KB HOME

合并财务报表附注

（未经审计）

1. 列报基础和重要会计政策

列报基础。附带的未经审计的合并财务报表是根据美国通用会计准则（“GAAP”）的中期财务信息要求以及证券交易委员会（“SEC”）的规则和法规编制的。因此，它们不包含GAAP要求的完整财务报表所需的所有信息和脚注。应将这些未经审计的合并财务报表与我们截至2025年11月30日止年度的经审计合并财务报表一起阅读，这些报表包含在该期间的年度报告10-K表中。截至2025年11月30日的合并资产负债表取自该日期的经审计合并财务报表。管理层认为，附带的未经审计的合并财务报表包含所有必要的调整（包括正常的经常性调整），以公允列示所列示的期间的业绩。截至2026年8月31日的三个月和九个月的合并运营结果不一定代表全年预期结果，因为运营结果存在季节性波动和其他因素。

除非上下文另有说明，本报告中使用的“我们”、“我们的”和“我们”一词指的是特拉华州公司KB Home及其子公司。

估计的使用。根据GAAP编制财务报表需要管理层做出影响合并财务报表和附注中所报告金额的估计和判断。实际结果可能与这些估计不同。

现金及现金等价物。我们认为所有期限为三个月或更短的高流动性短期投资均为现金等价物。截至2026年8月31日，我们的现金等价物总额为3570万美元，截至2025年11月30日为1.526亿美元。截至2026年8月31日和2025年11月30日，我们的现金等价物主要投资于有息银行存款账户和货币市场基金。

全面收益。截至2026年8月31日的三个月内，我们的全面收益为6530万美元，截至2025年8月31日的三个月内为1.098亿美元。截至2026年8月31日和2025年8月31日的九个月内，我们的全面收益分别为1.261亿美元和3.273亿美元。截至2026年8月31日和2025年8月31日的各三个月和九个月期间的全面收益等于相应期间的净利润。

尚未采用的最新会计准则。 2023年12月，财务会计准则委员会（“FASB”）发布了会计准则更新No. 2023-09，“所得税（主题740）：所得税披露改进”（“ASU 2023-09”），该更新修改了所得税披露规则，要求实体披露（1）税率调节中的特定类别，（2）持续经营业务在所得税费用或收益前的收入或亏损（按国内和国外分开），以及（3）持续经营业务的所得税费用或收益（按联邦、州和外国分开）。ASU 2023-09还要求实体披露其向国际、联邦、州和地方管辖区支付的所得税，以及其他变更。该指南适用于2024年12月15日之后开始的年度期间。对于尚未发布或尚未可供发布的年度财务报表，允许提前采用。ASU 2023-09应按前瞻性方式应用，但允许追溯应用。我们正在评估采用这项新指南对我们合并财务报表及相关披露的潜在影响。

2024年11月，FASB发布了会计准则更新No. 2024-03，“利润表——报告全面收益——费用分解披露（子主题220-40）：利润表费用的分解”（“ASU 2024-03”），该更新要求在合并财务报表的附注中按中期和年度披露某些成本和费用。该指南适用于2026年12月15日之后开始的年度报告期间，以及2027年12月15日之后开始的年度报告期间内的中期期间。允许提前采用。ASU 2024-03应（1）按前瞻性方式应用于2026年12月15日之后的报告期间发布的财务报表，或（2）按追溯方式应用于财务报表中所列示的任何或所有先前期间。我们正在评估采用这项新指南对我们合并财务报表及相关披露的潜在影响。

2025年9月，FASB发布了会计准则更新第2025-06号“无形资产-商誉和其他-内部使用软件（子主题350-40）：对内部使用软件会计处理的针对性改进”（“ASU 2025-06”），通过删除所有关于项目阶段的引用并明确实体开始资本化成本的门槛，对与内部使用软件相关的成本会计处理进行了现代化。

该指南适用于2027年12月15日之后开始的年度报告期间以及这些年度报告期间内的中期报告期间，可以采用前瞻性、追溯性或修改后的过渡方法进行应用。在年度报告期间开始时即可提前采用该新指南。我们目前正在评估采用该新指南对我们合并财务报表及相关披露的潜在影响。

2。分部信息

我们经营两大主要业务：房屋建筑和金融服务。经营分部是指企业中单独财务信息可用，并且其分部结果由首席运营决策者（“CODM”）定期评估以决定如何分配资源和评估绩效的部分。

我们每个房屋建筑部门都被认定为一个经营分部。我们的房屋建筑经营分部已根据经济和地理特征、产品类型、监管环境、销售和建造房屋的方法以及土地收购特征的相似性，汇总为四个房屋建筑报告分部。截至2026年2月28日，我们的首席执行官和首席运营官共同担任我们的CODM，用于报告分部披露，并定期审查构成我们报告分部的各个经营分部的经营结果。自2026年3月1日起，我们的首席执行官转任董事会执行董事长，我们的首席运营官被晋升为首席执行官。因此，自2026年3月1日起，我们的CODM为我们的董事会执行董事长和首席执行官。此次CODM的变动并未影响CODM在分配资源或评估我们经营分部绩效方面的做法。

CODM主要根据各自房屋毛利和税前利润（亏损）来评估我们房屋建筑经营分部的绩效。这些盈利指标被CODM用于在分部层面做出运营和资本资源配置决策，包括对土地收购和土地销售交易的审查和批准。CODM还使用这些指标进行业务规划和预测，并在评估分部绩效时考虑这些指标的预算与实际差异。此外，分部税前利润（亏损）被CODM用于确定某些员工的薪酬。

截至2026年8月31日，我们的房屋建筑报告分部在以下各州开展持续运营：


西海岸：	加利福尼亚州、爱达荷州和华盛顿州
西南部：	亚利桑那州和内华达州
中部：	科罗拉多州和德克萨斯州
东南部：	佛罗里达州、佐治亚州和北卡罗来纳州

我们的房屋建筑报告部门从事土地的收购和开发，主要用途为住宅，并提供多种类型的房屋，旨在吸引首次购房者、首次升级购房者和活跃成年人购房者。我们的房屋建筑业务主要通过向购房者交付完成的房屋来产生收入。他们也通过出售土地获得收入。

我们还有一个金融服务报告部门。CODM 会审查我们金融服务部门的税前收入，以评估其表现，并就向该部门分配资源以及金融服务产品提供情况进行决策。

我们的金融服务报告部门向我们的购房者提供财产和责任保险，在某些情况下还提供地震、洪水和个人财产保险，这些市场与我们的房屋建筑报告部门相同，并在我们位于西南、中部和东南部的房屋建筑报告部门的大部分市场中提供产权服务。我们的金融服务报告部门主要通过保险佣金和产权服务的提供获得收入。

我们通过与 GR Alliance Ventures, LLC（“GR Alliance”）（ Guaranteed Rate, Inc. 的子公司）的非合并合资企业 KBHS Home Loans, LLC（“KBHS”）间接向我们的购房者提供抵押贷款银行业务，包括住宅消费者抵押贷款（“抵押贷款”）的发放。我们和 GR Alliance 各拥有 50.0% 的股权，GR Alliance 负责 KBHS 运营的管理监督。金融服务报告部门在我们的合并财务报表和第 3 章 – 金融服务中单独列示。

公司及其他是一个非运营部门，负责制定和监督公司范围内的战略计划，并通过集中某些行政职能来为我们报告部门提供支持。公司管理层负责，除其他事项外，评估并选择我们运营的地理市场，符合我们的整体业务战略；将资本资源分配给用于土地收购和开发活动的市场；做出与员工薪酬和福利相关的重大人事决策；并监控我们各部门的财务和运营表现。公司及其他包括运营我们公司总部的相关一般及行政费用。公司及其他产生的部分费用会分配给我们的房屋建筑报告部门。

我们的报告部门遵循与我们合并财务报表相同的会计政策。每个报告部门的业绩不一定反映如果该部门在所列期间作为一个独立的、单独的实体运营所产生的业绩，也不代表未来期间的业绩预期。

以下表格展示了与我们房屋建筑报告部门相关的某些损益信息（单位：千美元）：


	截至 2026 年 8 月 31 日的三个月
	西海岸		西南部		中部		东南部		公司及其他		总计
收入：
住房	$	620,017			$	222,080			$	205,567		$	244,686		$	—	$	1,292,350
土地	—			—			—			—		—		—
总计	620,017			222,080			205,567			244,686		—		1,292,350
建筑和土地成本：
住房	(515,589)			(178,287)			(176,495)			(202,860)		(2,373)		(1,075,604)
土地	—			—			—			—		—		—
库存相关费用	(731)			—			(887)			(1,368)		—		(2,986)
总计	(516,320)			(178,287)			(177,382)			(204,228)		(2,373)		(1,078,590)
毛利：
住房 (a)	103,697			43,793			28,185			40,458		(2,373)		213,760
土地	—			—			—			—		—		—
总计	103,697			43,793			28,185			40,458		(2,373)		213,760
营销费用	(17,378)			(5,464)			(8,181)			(7,876)		(823)		(39,722)
佣金费用	(19,965)			(7,161)			(7,960)			(9,272)		—		(44,358)
一般及行政费用 (b)	(13,380)			(5,219)			(8,601)			(7,180)		(28,166)		(62,546)
运营收入（亏损）	52,974			25,949			3,443			16,130		(31,362)		67,134
其他 (c)	2,238			(91)			—			—		4,518		6,665
建筑前税收入（亏损）	$	55,212			$	25,858			$	3,443		$	16,130		$	(26,844)	$	73,799
住房毛利占住房收入的百分比	16.7	%		19.7	%		13.7	%		16.5	%	—	%	16.5	%


	截至2025年8月31日的三个月
	西海岸		西南部		中部		东南部		公司及其他		总计
收入：
住房	$	664,880			$	335,505			$	310,603		$	302,987		$	—	$	1,613,975
土地	—			—			—			487		—		487
总计	664,880			335,505			310,603			303,474		—		1,614,462
建筑和土地成本：
住房	(548,199)			(254,004)			(254,059)			(251,035)		(1,976)		(1,309,273)
土地	—			—			—			(536)		—		(536)
库存相关费用	(1,133)			(511)			(7,240)			(2,454)		—		(11,338)
总计	(549,332)			(254,515)			(261,299)			(254,025)		(1,976)		(1,321,147)
毛利：
住房 (a)	115,548			80,990			49,304			49,498		(1,976)		293,364
土地	—			—			—			(49)		—		(49)
总计	115,548			80,990			49,304			49,449		(1,976)		293,315
营销费用	(15,052)			(6,011)			(9,606)			(7,939)		(1,286)		(39,894)
佣金费用	(20,108)			(10,703)			(13,284)			(11,967)		—		(56,062)
一般及行政费用	(10,739)			(6,830)			(8,206)			(7,318)		(33,103)		(66,196)
运营收入（亏损）	69,649			57,446			18,208			22,225		(36,365)		131,163
其他 (c)	1,631			(108)			3			—		1,853		3,379
建筑前税收入（亏损）	$	71,280			$	57,338			$	18,211		$	22,225		$	(34,512)	$	134,542
住房毛利占住房收入的百分比	17.4	%		24.1	%		15.9	%		16.3	%	—	%	18.2	%


	截至2026年8月31日的九个月
	西海岸		西南部		中部		东南部		公司及其他		总计
收入：
住房	$	1,579,864			$	568,937			$	635,004		$	686,271		$	—	$	3,470,076
土地	855			—			—			585		—		1,440
总计	1,580,719			568,937			635,004			686,856		—		3,471,516
建筑和土地成本：
住房	(1,334,336)			(452,799)			(539,559)			(579,856)		(6,462)		(2,913,012)
土地	(780)			—			—			(516)		—		(1,296)
库存相关费用	(5,711)			(408)			(1,903)			(2,698)		—		(10,720)
总计	(1,340,827)			(453,207)			(541,462)			(583,070)		(6,462)		(2,925,028)
毛利：
住房 (a)	239,817			115,730			93,542			103,717		(6,462)		546,344
土地	75			—			—			69		—		144
总计	239,892			115,730			93,542			103,786		(6,462)		546,488
营销费用	(49,881)			(16,060)			(25,698)			(22,104)		(3,755)		(117,498)
佣金费用	(52,431)			(18,696)			(26,379)			(26,593)		—		(124,099)
一般及行政费用 (b)	(32,714)			(14,025)			(19,955)			(18,253)		(91,673)		(176,620)
运营收入（亏损）	104,866			66,949			21,510			36,836		(101,890)		128,271
其他 (c)	4,198			(256)			1			(3)		6,961		10,901
建筑前税收入（亏损）	$	109,064			$	66,693			$	21,511		$	36,833		$	(94,929)	$	139,172
住房毛利占住房收入的百分比	15.2	%		20.3	%		14.7	%		15.1	%	—	%	15.7	%


	截至2025年8月31日的九个月
	西海岸		西南部		中部		东南部		公司及其他		总计
收入：
住房	$	1,926,722			$	962,486			$	869,182		$	767,342		$	—	$	4,525,732
土地	—			—			—			487		—		487
总计	1,926,722			962,486			869,182			767,829		—		4,526,219
建筑和土地成本：
住房	(1,576,651)			(721,997)			(703,144)			(632,245)		(5,692)		(3,639,729)
土地	—			—			—			(536)		—		(536)
库存相关费用	(2,973)			(1,642)			(9,372)			(4,364)		—		(18,351)
总计	(1,579,624)			(723,639)			(712,516)			(637,145)		(5,692)		(3,658,616)
毛利：
住房 (a)	347,098			238,847			156,666			130,733		(5,692)		867,652
土地	—			—			—			(49)		—		(49)
总计	347,098			238,847			156,666			130,684		(5,692)		867,603
营销费用	(44,693)			(17,787)			(29,489)			(22,337)		(7,853)		(122,159)
佣金费用	(55,731)			(30,781)			(38,153)			(31,077)		—		(155,742)
一般及行政费用	(34,939)			(18,677)			(24,649)			(21,738)		(99,734)		(199,737)
运营收入（亏损）	211,735			171,602			64,375			55,532		(113,279)		389,965
其他 (c)	5,190			(170)			12			(3)		5,601		10,630
建筑前税收入（亏损）	$	216,925			$	171,432			$	64,387		$	55,529		$	(107,678)	$	400,595
住房毛利占住房收入的百分比	18.0	%		24.8	%		18.0	%		17.0	%	—	%	19.2	%

(a) 住房毛利是通过从住房收入中减去住房建筑和土地成本以及库存相关费用计算得出的。

(b) 截至2026年8月31日的三个月和九个月，公司及其他部分的一般及行政费用分别包括190万美元和340万美元与我们总部搬迁计划相关的费用，详情请参阅第21号注释——总部搬迁。

(c) 其他主要由利息收入、利息支出和未合并合营企业的收益（损失）组成。截至2026年8月31日的三个月和九个月期间的公司及其他部分的其他项目包括出售一家私人技术公司股权证券的350万美元收益，如第10章——其他资产中所述。以下表格按住宅建筑报告分部总结了未合并合营企业的收益（损失）（以千为单位）：


	截至2026年8月31日的三个月		截至2026年8月31日的九个月
	2026		2025		2026		2025


未合并合营企业的收益（损失）：
西海岸	$	2,238			$	1,617		$	4,197	$	5,175
西南部	(91)			(108)			(256)		(170)
中部	—			—			—		—
东南部	—			—			(3)		(3)
总计	$	2,147			$	1,509		$	3,938	$	5,002

以下表格展示了与我们的住宅建筑报告分部相关的某些资产负债表信息（以千为单位）：


	2026年8月31日 2025年11月30日		2026年8月31日 2025年11月30日
存货：
西海岸	$	3,214,169			$	3,048,056
西南部	1,173,794			969,260
中部	757,883			758,962
东南部	835,336			894,524
总计	$	5,981,182			$	5,670,802


	2026年8月31日 2025年11月30日		2026年8月31日 2025年11月30日
对未合并合营企业的投资：
西海岸	$	70,308			$	68,708
西南部	1,891			1,180
中部	—			—
东南部	2,564			2,548
总计	$	74,763			$	72,436



资产：
西海岸	$	3,551,068		$	3,300,212
西南部	1,244,243		1,019,475
中部	916,343		910,307
东南部	866,235		943,846
公司及其他	332,841		446,603
总计	$	6,910,730		$	6,620,443

3. 金融服务

以下表格展示了与我们的金融服务报告分部相关的财务信息（以千为单位）：


	截至2026年8月31日的三个月		截至8月31日的九个月
	2026		2025		2026		2025
收入
保险佣金	$	2,914			$	3,331		$	9,599	$	8,268
标题服务	1,837			2,681			5,432		7,349

总计	4,751			6,012			15,031		15,617

费用
一般及行政费用	(1,464)			(1,580)			(4,507)		(4,689)
运营收入	3,287			4,432			10,524		10,928
未合并联营公司的收益份额	4,094			4,254			9,057		13,445
税前收益	$	7,381			$	8,686		$	19,581	$	24,373


	截至8月31日 2026年		截至11月30日 2025年
资产
现金及现金等价物	$	1,040			$	1,829
应收账款	2,476			5,569
对未合并联营公司的投资	14,738			13,231
其他资产（a）	40,168			39,180
总资产	$	58,422			$	59,809

负债
应付账款及应计费用	$	2,024			$	3,210
总负债	$	2,024			$	3,210

(a)截至2026年8月31日和2025年11月30日的其他资产分别包括4010万美元和3910万美元的合同资产，用于预计未来续费佣金。

4. 每股收益

基本和稀释每股收益的计算如下（千为单位，除非每股金额）：


	截至8月31日的三个月		截至8月31日的九个月
	2026		2025		2026		2025
分子：
净利润	$	65,280			$	109,828		$	126,053	$	327,268
减：分配给参与性证券的收益	(73)			(113)			(221)		(339)
减：分配给参与性证券的未分配收益	(240)			(633)			(371)		(1,779)
基本每股收益的分子	64,967			109,082			125,461		325,150
稀释性证券的影响：

加：分配给参与性证券的未分配收益	240			633			371		1,779
减：重新分配给参与性证券的未分配收益	(237)			(620)			(366)		(1,745)
稀释每股收益的分子	$	64,970			$	109,095		$	125,466	$	325,184



分母：
基本加权平均流通股数	60,833			66,368			61,753		69,279
稀释性证券的影响：
基于股票的薪酬	926			1,369			979		1,364
稀释性加权平均流通股数	61,759			67,737			62,732		70,643
基本每股收益	$	1.07			$	1.64		$	2.03	$	4.69
稀释每股收益	$	1.05			$	1.61		$	2.00	$	4.60

我们使用两步法计算每股收益，该方法是将收益在普通股持有人和公司参与性证券持有人之间进行分配。我们未到期的限制性股票具有不可撤销的分红权，因此根据两步法计算每股收益时，这些股票被视为参与性证券。截至2026年8月31日和2025年8月31日，我们没有其他参与性证券。

对于截至2026年8月31日和2025年8月31日的三个月和九个月期间，没有未到期的股票期权被排除在稀释每股收益计算之外。与未到期的基于业绩的限制性股票单位（每个称为“PSU”）相关的可有条件发行的股份未被计入所列期间的基本每股收益计算，因为适用的行权条件尚未满足。

5. 应收款

应收款包括以下内容（以千美元为单位）：


	2026年8月31日		2025年11月30日
来自公用事业公司、改进区和市政当局的应收款	$	219,184			$	184,924
与自保和其他法律索赔相关的回收款	126,533			115,210
可退还的存款和保证金	12,722			9,468
应计所得税	4,942			12,108

其他	38,443			33,473
小计	401,824			355,183
坏账准备金	(4,033)			(4,547)
总额	$	397,791			$	350,636

6. 存货

存货包括以下内容（以千美元为单位）：


	2026年8月31日		2025年11月30日
已完工或在建的房屋	$	1,721,316			$	1,571,793
待开发的土地	4,259,866			4,099,009
总额	$	5,981,182			$	5,670,802

截至2026年8月31日和2025年11月30日的待开发土地包括分别价值1000万美元和2730万美元的用于未来开发的土地。

在相关社区或土地地块正在积极开发，直到房屋完工或土地可供立即出售之前，利息会计入存货。资本化利息在相关存货交付给购房者或土地买家（视情况而定）时，按比例分摊至建筑和土地成本。我们不会对用于未来开发的土地和待售土地进行利息资本化。

我们的利息成本如下（以千美元为单位）：


	截至2026年8月31日的三个月		截至2026年8月31日的九个月
	2026		2025		2026		2025
期初资本化利息	$	145,204			$	128,676		$	125,627	$	122,387
产生的利息	31,520			29,658			88,629		84,676

分摊至建筑和土地成本的利息（a）	(22,552)			(27,026)			(60,084)		(75,755)
期末资本化利息	$	154,172			$	131,308		$	154,172	$	131,308

(a)截至2025年8月31日的三个月和九个月期间分摊至建筑和土地成本的利息包括与期间内土地销售相关的少量金额。

7. 存货减值和土地期权合同放弃

我们对自有库存中的每个社区或土地地块每季度进行评估，以确定是否存在潜在减值的迹象。当社区或土地地块处于活跃状态或计划未来开发时，如果存在潜在减值的迹象，并且房地产资产的账面价值高于该资产预期产生的未折现未来净现金流，我们会确认库存减值费用。这些房地产资产会按公允价值减记，公允价值主要根据考虑了每项资产固有风险的预计未来净现金流折现确定，或其他估值技术。当土地处于待售状态时，如果土地地块的账面价值高于其公允价值，我们会确认库存减值费用。这些房地产资产会按公允价值减去相关销售成本进行减记。此类资产的估计公允价值通常基于来自外部方的正式意向书、已签署的销售合同、经纪人报价或类似信息。

截至2026年8月31日，我们对23个活跃的社区或土地地块进行了可回收性评估，其账面价值为3.161亿美元。截至2025年11月30日，我们对11个活跃的社区或土地地块进行了可回收性评估，其账面价值为1.541亿美元。此外，我们还分别在2026年8月31日和2025年11月30日对计划未来开发的土地进行了可回收性评估。

根据评估结果，我们确认了与一个社区相关的110万美元库存减值费用，该费用适用于截至2026年8月31日的三个月；以及与两个社区相关的420万美元库存减值费用，该费用适用于截至2026年8月31日的九个月。对于截至2025年8月31日的三个月和九个月期间，我们确认了730万美元的库存减值费用，主要与一个社区相关。如果我们改变战略或任何资产的市场条件发生变化，我们可能在以后期间确认额外的减值费用。

下表总结了我们在将减值社区按公允价值减记时所使用的与公允价值计量相关的重大定量不可观察输入：


	截至2026年8月31日的三个月	截至2026年8月31日的九个月
不可观察输入	2026	2025	2026	2025
平均售价	$225,800	$394,500 - $578,900	$225,800 - $627,500	$394,500 - $578,900
每月交付量	4	2 - 3	1 - 4	2 - 3
折现率	17%	17% - 20%	17%	17% - 20%

截至2026年8月31日，受库存减值费用影响的库存总账面价值为2400万美元，涉及六个社区和多个其他土地地块。截至2025年11月30日，受库存减值费用影响的库存总账面价值为3800万美元，涉及七个社区和多个其他土地地块。

我们受土地期权合同和其他类似合同约束的库存，每季度进行评估，以确定其是否继续符合我们的投资回报标准。当由于市场状况和/或我们营销策略的变化而决定不行使某些土地期权合同和其他类似合同时，我们会核销相关的库存成本，包括不可退还的定金和不可收回的购前成本。根据评估结果，我们分别确认了截至2026年8月31日的三个月和九个月期间的190万美元和650万美元的土地期权合同放弃费用。截至2025年8月31日的三个月和九个月期间，我们分别确认了400万美元和1100万美元的土地期权合同放弃费用。

由于我们在库存减值和土地期权合同放弃评估过程中所采用的判断和假设，以及我们对库存资产剩余运营寿命和库存余额实现的估计，特别是针对未来开发而持有的土地，实际结果可能与估计值存在重大差异，尤其是在住房市场波动或更广泛的经济状况下。

8. 可变利益实体

未合并的合资企业。我们偶尔参与一些合资企业，这些合资企业在我们住宅开发业务所在的各个市场进行土地收购、土地开发和/或其它住宅建设活动。我们对这些合资企业的投资可能会根据协议的合同条款产生对可变利益实体（“VIE”）的可变利益。我们根据可变利益模型分析我们的合资企业，以确定它们是否为VIE，并且如果是，则确定我们是否为主要受益人。根据我们的分析，我们确定截至2026年8月31日和2025年11月30日，我们的一个合资企业为VIE，但我们并非该VIE的主要受益人。因此，截至2026年8月31日和2025年11月30日，我们所有的合资企业均为未合并的，并按照权益法进行核算，因为我们并未拥有控制性财务利益。

土地期权合同和其他类似合同。在我们的日常业务中，我们与第三方和未合并实体签订土地期权合同和其他类似合同，以获得用于建造住宅的土地权利。根据这些合同，我们通常支付指定的期权费用或定金，以换取未来以预定价格购买土地的权利。我们根据可变利益模型分析每份土地期权合同和其他类似合同，以确定土地卖方是否为VIE，如果是，则确定我们是否为VIE的主要受益人。尽管我们并未拥有底层土地的法律所有权，但如果我们是VIE的主要受益人，则必须合并该VIE。由于我们的分析，我们确定截至2026年8月31日和2025年11月30日，我们并未从通过土地期权合同和其他类似合同获得土地权利的任何VIE中成为主要受益人。

下表列示了我们对土地期权合同和其他类似合同的兴趣摘要（以千为单位）：


	2026年8月31日		2025年11月30日
	现金存款		总购买价格		现金存款		总购买价格
未合并的VIE	$	36,933			$	974,524		$	51,872	$	1,320,433
其他土地期权合同和其他类似合同	29,055			708,585			29,014		742,861
总计	$	65,988			$	1,683,109		$	80,886	$	2,063,294

除上表中列示的现金存款外，我们与第三方和未合并实体的土地期权合同和其他类似合同相关的损失敞口包括2026年8月31日的预收购成本8.75亿美元和2025年11月30日的6.28亿美元。这些预收购成本和现金存款已包含在我们合并资产负债表中的存货中。

对于土地卖方实体根据可变利益模型不需要合并的土地期权合同和其他类似合同，我们考虑是否应将其作为融资安排进行会计处理。可能被视为融资安排的土地期权合同和其他类似合同包括我们与第三方土地融资方或开发商签订的合同，这些第三方在我们的指示下代表我们收购特定的土地地块，以及与其他土地所有者签订的合同，我们在适用的期权期内或我们的代表对期权土地地块进行改进。对于这些土地期权合同和其他类似合同，如果我们确定我们实际上被强制行使购买土地地块的期权，我们会在合并资产负债表中的存货中记录相关土地地块的剩余购买价格，并相应地记录融资义务。由于我们对土地期权合同和其他类似合同进行融资安排的评估，我们在合并资产负债表中记录了存货，相应地增加了应计费用和其他负债，2026年8月31日为1.1亿美元，2025年11月30日为1.54亿美元。

9. 对未合并合资企业的投资

住宅建筑。我们在未合并的合资企业中有投资，这些合资企业在美国住宅建筑业务所在的各种市场中开展土地收购、土地开发和/或其他住宅建筑活动。我们和我们的未合并合资企业合作伙伴根据各自的股权比例，通常按比例向这些未合并的合资企业进行初始和/或持续的资本出资。作出资本出资的义务由每个未合并合资企业的运营协议及相关治理文件规定。

截至2026年8月31日和2025年11月30日，我们有六个住宅建筑未合并的合资企业。下表列示了我们住宅建筑未合并合资企业的损益表的合并简要信息（以千为单位）：


	截至2026年8月31日的三个月		截至2026年8月31日的九个月
	2026		2025		2026		2025
收入	$	30,400			$	19,027		$	61,466	$	58,767
建筑和土地成本	(24,129)			(14,371)			(48,397)		(44,176)
其他费用，净额	(1,914)			(1,567)			(5,018)		(4,474)
收入	$	4,357			$	3,089		$	8,051	$	10,117

截至2026年8月31日和2025年8月31日的三个月和九个月期间的全部合并收入以及大部分建筑和土地成本均与加利福尼亚州一家未合并的合资企业在交付的房屋有关。

下表列示了我们住宅建筑未合并合资企业的合并简要资产负债表信息（以千美元为单位）：


	2026年8月31日 2025年11月30日		2025年11月30日 2025年11月30日
资产
现金	$	28,074			$	14,347
应收款	15,439			5,517
存货	148,542			155,015
其他资产	872			620
总资产	$	192,927			$	175,499

负债和权益
应付账款和其他负债	$	22,312			$	10,063

应付票据（a）	44,100			40,216
权益	126,515			125,220
总负债和权益	$	192,927			$	175,499

（a）截至2026年8月31日和2025年11月30日，我们位于加利福尼亚州的一家未合并合资企业分别有2440万美元和4020万美元的借款，这些借款是通过与第三方贷款人签订的定期贷款协议获得的，用于为其土地收购、开发和建筑活动提供资金。根据经修订的贷款协议条款，截至2025年11月30日，总承诺额为5520万美元，并于2026年2月28日减少至4000万美元。2026年4月，贷款协议进一步修订，将总承诺额减少至3920万美元，并将到期日延长至2027年11月30日，且不再有进一步延长的选项。2026年8月31日，贷款协议再次修订，将总承诺额调整为3160万美元。定期贷款下的借款由相关物业和项目资产担保。这家未合并的合资企业在截至2026年8月31日和2025年8月31日的三个月和九个月期间交付了房屋。

截至2026年8月31日，另一家位于加利福尼亚州的未合并合资企业通过在该日与第三方贷款人签订的循环信贷协议获得了1970万美元的借款，用于为其土地收购、开发和建筑活动提供资金。该循环信贷协议的最大承诺额为3750万美元，预计将于2028年8月1日减少至3500万美元。循环信贷协议下的借款由相关物业和项目资产担保。该信贷协议将于2029年8月31日到期，除非根据其适用条款进行延期或终止。

我们为上述描述的定期贷款和循环信用额度向贷款人提供某些保证和赔偿，包括对利息和持有成本的保证；一旦项目启动，对某些指定改进工程的建设完成的保证；对因未合并的合资企业或其合伙人的一些不当行为或不作为而导致的损失的保证；以及来自环境问题的赔偿。除了与上述保证和赔偿有关的部分外，我们不对定期贷款或循环信用额度下的借款偿还承担任何保证或其他义务，也不对底层抵押品的价值提供支持。然而，定期贷款和循环信用额度以及相关保证和赔偿义务下适用各种财务和非财务契约，未能遵守这些契约可能导致违约，并导致相关贷款人寻求执行此类保证和赔偿义务。截至本报告日期，我们已遵守相关契约。我们认为，我们目前在与定期贷款和循环信用额度下未偿还借款相关的保证和赔偿义务下的风险对我们的合并财务报表并不重大。

金融服务。下表列示了我们未合并的金融服务合资企业的损益表的合并简明信息（以千为单位）：


	截至8月31日的三个月		截至8月31日的九个月
	2026		2025		2026		2025
收入	$	25,181			$	26,362		$	64,924	$	79,326
费用	(16,993)			(17,854)			(46,810)		(52,437)
利润	$	8,188			$	8,508		$	18,114	$	26,889

收入主要来自于从抵押贷款发放中获得的费用、KBHS在贷款持有期间获得的利息以及出售待售抵押贷款的收益。出售待售抵押贷款的收益包括与这些贷款公允价值变动以及任何相关衍生金融工具相关的已实现和未实现收益和损失。

下表列示了我们未合并的金融服务合资企业的合并简明资产负债表信息（以千为单位）：


	2026年8月31日 2026年8月31日		2025年11月30日 2025年11月30日
资产
现金及现金等价物（a）	$	23,511			$	23,393
待售抵押贷款	198,888			177,068
其他资产	10,849			8,104
总资产	$	233,248			$	208,565

负债和权益
应付账款和其他负债	$	14,040			$	13,394
融资设施	189,732			168,709

权益	29,476			26,462
总负债和权益	$	233,248			$	208,565

（a）现金及现金等价物在2026年8月31日和2025年11月30日均包括0.9百万美元的受限现金。

待售抵押贷款。预期在可预见的未来出售到二级市场的已发放抵押贷款在KBHS的资产负债表中作为待售抵押贷款列示，并按公允价值计量，公允价值变动在KBHS的损益表中确认为收入。

利率锁定承诺（“IRLCs”）. KBHS在发放某些待售抵押贷款时，会与已申请抵押贷款并符合特定信用和承销标准的客户签订IRLCs，按指定利率并在指定时间内锁定。KBHS将IRLCs作为独立的衍生品进行核算，并未将其指定为对冲会计的对冲工具。因此，IRLCs在KBHS的资产负债表中按公允价值列示，公允价值变动产生的损益在KBHS的损益表中作为收入确认。IRLCs的公允价值基于市场价格，包括对相关抵押贷款服务权公允价值的估计，同时考虑了预计的抵押贷款发放成本以及抵押贷款在IRLCs条款内获得资金的可能性。截至2026年8月31日，KBHS资产负债表中包含的IRLCs公允价值为690万美元，截至2025年11月30日为460万美元。IRLCs公允价值的变动在相关期间作为收入报告，截至2026年8月31日的三个月和九个月期间分别产生了120万美元和220万美元的收益，而截至2025年8月31日的三个月和九个月期间则分别出现了300万美元和660万美元的损失。

KBHS通过签订最佳努力期房销售承诺来管理其未到期IRLCs的利率和价格风险，即与借款人锁定的抵押贷款同时以固定价格承诺出售给二级市场投资者，前提是相关抵押贷款获得资金。这些最佳努力期房销售承诺不符合衍生金融工具的定义，因此未在KBHS的

资产负债表中记录。如果IRLCs相关的抵押贷款未能获得资金，KBHS没有义务履行对二级市场投资者的承诺。

融资设施. KBHS与多家金融机构保持仓库信用额度和主回购协议，以资助其发放的抵押贷款，其待售抵押贷款作为这些协议下的抵押品。这些协议包含某些财务要求的条款，包括维持最低有形净值、最低流动资产、最大债务与净值比率和正向净利润，具体定义见协议内容。截至2026年8月31日，KBHS符合这些条款。除了符合这些条款外，KBHS还依赖相关贷款人和金融机构（包括任何替代或额外的贷款人和金融机构）愿意并能够向KBHS提供此类融资设施以资助其发放的抵押贷款。KBHS计划在2026年和2027年不同到期日到期时续展这些设施。仓库信用额度和主回购协议并未由我们或任何担保我们高级债券、与多家银行的无担保循环信用额度（“信用额度”）和高级无担保定期贷款协议（“定期贷款”）（统称为“担保子公司”）的子公司提供担保。

10。其他资产

其他资产包括以下内容（以千为单位）：


	2026年8月31日 2025年11月30日		2026年8月31日 2025年11月30日
公司拥有的人寿保险合同的现金退保价值	$	48,905			$	51,182
租赁使用权资产	28,040			17,494
预付费用	21,857			14,982
其他（a）	7,629			24,175
总计	$	106,431			$	107,833

（a）截至2025年11月30日，包括对一家未公开上市的技术公司股权证券的1,520万美元投资，该投资的公允价值无法合理确定。2026年8月21日，我们以2,000万美元的现金对价出售了该投资，并确认了350万美元的收益，该收益包含在我们截至2026年8月31日的三个月及九个月合并运营报表中的利息收入和其他项目中。我们的一些高管，包括我们的董事会执行主席，根据通过激励计划在持有该投资的有限责任公司中获得的所有权权益，有权获得部分出售对价，如我们2025年股东年会的代理声明中所述。

11.应计费用和其他负债

应计费用和其他负债包括以下内容（以千为单位）：


	2026年8月31日 2025年11月30日		2026年8月31日 2025年11月30日
自保和其他法律负债	$	312,782			$	290,107
员工薪酬及相关福利	131,236			157,170
保修负债	101,810			101,245
与库存相关的义务（a）	40,170			48,243
租赁负债	30,957			19,775
客户存款	29,689			28,033
应计利息应付	19,170			29,219
房地产和商业税	18,255			13,612

其他	52,885			44,542
总计	$	736,954			$	731,946

（a）代表第8号注释——可变利益实体中讨论的融资安排的负债，以及与税收增值融资实体（“TIFE”）评估相关的固定或可确定金额的负债。随着房屋的交付，我们对每块相关地块的剩余TIFE评估的付款义务转移给购房者。因此，只有在我们未在相关地块上交付房屋的情况下，这些评估义务才会由我们支付。

12.租赁

我们在运营中租用某些财产和设备。我们通常在租赁期内按直线法确认租赁费用，并将所有租赁的租赁和非租赁组成部分合并。对于在起始日预期租期超过12个月的租赁，租赁使用权资产和租赁负债会在我们的合并资产负债表中记录。租赁费用包含在我们的合并损益表的销售、一般及行政费用中，包括租期超过12个月的租赁费用以及租期为12个月或更短的短期租赁费用。我们的总租赁费用为550万美元，分别适用于截至2026年8月31日和2025年8月31日的三个月期间，其中分别包括短期租赁费用200万美元和210万美元。截至2026年8月31日和2025年8月31日的九个月期间，我们的总租赁费用分别为1600万美元和1540万美元，分别包括短期租赁费用560万美元和540万美元。截至2026年8月31日和2025年8月31日的三个月和九个月期间的可变租赁费用和外部转租收入金额微不足道。

下表列示了我们的租赁使用权资产和租赁负债（以千为单位）：


	2026年8月31日		2025年11月30日
租赁使用权资产	$	28,049			$	17,519
租赁负债	30,967			19,801

租赁使用权资产和租赁负债主要位于我们的住宅建筑业务中，我们的金融服务业务中仅有少量。

13。所得税

所得税费用。我们的所得税费用和有效税率如下（以千为单位）：


	截至8月31日的三个月		截至8月31日的九个月
	2026		2025		2026		2025
所得税费用	$	15,900			$	33,400			$	32,700		$	97,700
有效税率	19.6	%		23.3	%		20.6	%		23.0	%

Our income tax expense and effective tax rate for the three months ended August 31, 2026 reflected the favorable impacts of $3.8 million of Internal Revenue Code Section 45L (“Section 45L”) tax credits we recognized primarily from building energy-efficient homes and $3.4 million of excess tax benefits related to stock-based compensation, partly offset by $3.3 million of non-deductible executive compensation expense. Our income tax expense and effective tax rate for the three months ended August 31, 2025 included the favorable impacts of $5.3 million of Section 45L tax credits and $.2 million of excess tax benefits related to stock-based compensation, partly offset by $3.6 million of non-deductible executive compensation expense.

For the nine months ended August 31, 2026, our income tax expense and effective tax rate included the favorable impact of $7.2 million of excess tax benefits related to stock-based compensation and $5.3 million of Section 45L tax credits, partly offset by $6.0 million of non-deductible executive compensation expense. Our income tax expense and effective tax rate for the nine months ended August 31, 2025 reflected the favorable impact of $10.1 million of Section 45L tax credits and $5.6 million of excess tax benefits related to stock-based compensation, partly offset by $8.8 million of non-deductible executive compensation expense.

On July 4, 2025, H.R.1, the One Big Beautiful Bill Act (“OBBBA”), was signed into law. Among its provisions is the repeal of Section 45L tax credits for new energy-efficient homes delivered after June 30, 2026. As a result, our income tax expense and effective tax rate for the three months and nine months ended August 31, 2026 reflected the lower Section 45L benefit for the homes delivered after the effective date. The other tax-related provisions of the OBBBA did not have a material impact on our consolidated financial statements.

Deferred Tax Asset Valuation Allowance. We evaluate our deferred tax assets quarterly to determine if adjustments to our valuation allowance are required based on the consideration of all available positive and negative evidence using a “more likely than not” standard with respect to whether deferred tax assets will be realized. Our evaluation considers, among other factors, our historical operating results, our expectation of future profitability, the duration of the applicable statutory carryforward periods, and conditions in the housing market and the broader economy. The ultimate realization of our deferred tax assets depends primarily on our ability to generate future taxable income during the periods in which the related deferred tax assets become deductible. The value of our deferred tax assets depends on applicable income tax rates.

As of both August 31, 2026 and November 30, 2025, we had deferred tax assets of $104.2 million that were partly offset by valuation allowances of $15.5 million. The deferred tax asset valuation allowances at August 31, 2026 and November 30, 2025 were primarily related to certain state net operating losses that had not met the “more likely than not” realization standard at those dates. Based on the evaluation of our deferred tax assets as of August 31, 2026, we determined that most of our deferred tax assets would be realized. Therefore, no adjustments to our deferred tax asset valuation allowance were needed for the nine months ended August 31, 2026.

We will continue to evaluate both the positive and negative evidence on a quarterly basis in determining the need for a valuation allowance with respect to our deferred tax assets. The accounting for deferred tax assets is based upon estimates of future results. Changes in positive and negative evidence, including differences between estimated and actual results, could result in changes in the valuation of our deferred tax assets that could have a material impact on our consolidated financial statements. Changes in existing federal and state tax laws and corporate income tax rates could also affect actual tax results and the realization of deferred tax assets over time.

14.Notes Payable

Notes payable consisted of the following (in thousands):


	August 31, 2026		November 30, 2025
Unsecured revolving credit facility	$	415,000			$	—
Senior unsecured term loan due November 12, 2029	358,640			358,317
6.875% Senior notes due June 15, 2027	299,524			299,096
4.80% Senior notes due November 15, 2029	298,604			298,309
7.25% Senior notes due July 15, 2030	347,492			347,084
4.00% Senior notes due June 15, 2031	387,450			387,095
Mortgages and land contracts due to land sellers and other loans	2,435			3,076
Total	$	2,109,145			$	1,692,977

The carrying amounts of our senior notes listed above are net of unamortized debt issuance costs, which totaled $8.3 million at August 31, 2026 and $10.1 million at November 30, 2025.

Unsecured Revolving Credit Facility. We have a $1.20 billion Credit Facility that will mature on November 12, 2030. The Credit Facility contains an uncommitted accordion feature under which its aggregate principal amount of available loans can be increased to a maximum of $1.70 billion under certain conditions, including obtaining additional bank commitments. The Credit Facility also contains a sublimit of $250.0 million for the issuance of letters of credit. Interest on amounts borrowed under the Credit Facility accrues at a term Secured Overnight Financing Rate (“SOFR”), daily SOFR or a base rate, plus a spread that depends on our consolidated leverage ratio (“Leverage Ratio”), as defined under the Credit Facility. Interest is payable monthly (base rate or daily SOFR borrowings) or each month or three months (term SOFR borrowings). The Credit Facility also requires the payment of a commitment fee at a per annum rate ranging from .15% to .35% of the unused commitment, based on our Leverage Ratio. Under the terms of the Credit Facility, we are required, among other things, to maintain compliance with various covenants, including financial covenants relating to our consolidated tangible net worth, Leverage Ratio, and either a consolidated interest coverage ratio (“Interest Coverage Ratio”) or minimum level of liquidity, each as defined therein. Our obligations to pay borrowings under the Credit Facility are guaranteed on a joint and several basis by our Guarantor Subsidiaries. The amount of the Credit Facility available for cash borrowings and the issuance of letters of credit depends on the total cash borrowings and letters of credit outstanding under the Credit Facility and the maximum available amount under the terms of the Credit Facility. As of August 31, 2026, we had $415.0 million of cash borrowings and $1.6 million of letters of credit outstanding under the Credit Facility. Therefore, as of August 31, 2026, we had $783.4 million available for cash borrowings under the Credit Facility, with up to

$248.4 million of that amount available for the issuance of letters of credit. As of August 31, 2026, the weighted average annual interest rate on our outstanding borrowings under the Credit Facility was 5.0%.

Senior Unsecured Term Loan. We have a $360.0 million Term Loan with the lenders party thereto. The Term Loan will mature on November 12, 2029. Interest under the Term Loan accrues at a term SOFR, daily SOFR or a base rate, plus a spread that depends on our Leverage Ratio. Interest is payable quarterly (base rate borrowings), monthly (daily SOFR borrowings), or each month or three months (term SOFR borrowings). The Term Loan contains various covenants that are substantially the same as those under the Credit Facility. The proceeds drawn under the Term Loan are guaranteed on a joint and several basis by our Guarantor Subsidiaries. As of August 31, 2026, the weighted average annual interest rate on our outstanding borrowings under the Term Loan was 5.2%.

Letter of Credit Facility. We maintain an unsecured letter of credit agreement with a financial institution (“LOC Facility”) to obtain letters of credit from time to time in the ordinary course of operating our business. Under the LOC Facility, which expires on February 13, 2028, we may issue up to $100.0 million of letters of credit. As of August 31, 2026 and November 30, 2025, we had letters of credit outstanding under the LOC Facility of $53.5 million and $68.2 million, respectively.

Senior Notes. All the senior notes outstanding at August 31, 2026 and November 30, 2025 represent senior unsecured obligations that are guaranteed by our Guarantor Subsidiaries and rank equally in right of payment with all of our and our Guarantor Subsidiaries’ existing unsecured and unsubordinated indebtedness. All of our senior notes were issued in underwritten public offerings. Interest on each of these senior notes is payable semi-annually.

The indenture governing our senior notes does not contain any financial covenants. Subject to specified exceptions, the indenture contains certain restrictive covenants that, among other things, limit our ability to incur secured indebtedness, or engage in sale and leaseback transactions involving property above a certain specified value. In addition, the indenture contains certain limitations related to mergers, consolidations, and sales of assets.

As of August 31, 2026, we were in compliance with the applicable terms of all of our covenants and other requirements under the Credit Facility, the Term Loan, the senior notes, the indenture, the LOC Facility, and the mortgages and land contracts due to land sellers and other loans. Our ability to access the Credit Facility for cash borrowings and letters of credit and our ability to secure future debt financing depend, in part, on our ability to remain in such compliance. Our ability to access the Credit Facility’s full borrowing capacity, as well as the LOC Facility’s full issuance capacity, also depends on the ability and willingness of the applicable lenders and financial institutions, including any substitute or additional lenders and financial institutions, to meet their commitments to fund loans, extend credit or provide payment guarantees to or for us under those instruments.

Mortgages and Land Contracts Due to Land Sellers and Other Loans. As of August 31, 2026, inventories having a carrying value of $22.7 million were pledged to collateralize mortgages and land contracts due to land sellers and other loans.

Shelf Registration. On July 14, 2026, we filed an automatically effective universal shelf registration statement (“2026 Shelf Registration”) with the SEC. The 2026 Shelf Registration registers the offering of securities that we may issue from time to time in amounts to be determined. Our ability to issue securities is subject to market conditions and, with respect to debt securities, other factors impacting our borrowing capacity. The 2026 Shelf Registration replaced our previous such registration statement filed with the SEC on July 10, 2023. We have not made any offerings of securities under the 2026 Shelf Registration.

As of August 31, 2026, principal payments on our senior notes, mortgages and land contracts due to land sellers and other loans are due during each year ending November 30 as follows: 2026 – $.2 million; 2027 – $301.1 million; 2028 – $.8 million; 2029 – $660.4 million; 2030 – $350.0 million and thereafter – $390.0 million.

15.Fair Value Disclosures

Fair value measurements of assets and liabilities are categorized based on the following hierarchy:


Level 1		Fair value determined based on quoted prices in active markets for identical assets or liabilities.

Level 2		Fair value determined using significant observable inputs, such as quoted prices for similar assets or liabilities or quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data, by correlation or other means.



Level 3		Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques.

Fair value measurements are used for inventories on a nonrecurring basis when events and circumstances indicate that their carrying value is not recoverable. The following table presents the fair value hierarchy and our assets measured at fair value on a nonrecurring basis for the nine months ended August 31, 2026 and the year ended November 30, 2025 (in thousands):


		August 31, 2026		November 30, 2025
Description	Fair Value Hierarchy	Pre-Impairment Value		Inventory Impairment Charges	Fair Value (a)		Pre-Impairment Value	Inventory Impairment Charges		Fair Value (a)
Inventories	Level 3	$	13,454		$	(4,203)		$	9,251		$	54,095	$	(15,531)	$	38,564

(a)Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period, as of the date that the fair value measurements were made. The carrying value for these real estate assets may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.

The fair values for inventories that were determined using Level 3 inputs were based on the estimated future net cash flows discounted for inherent risk associated with each underlying asset.

The following table presents the fair value hierarchy, carrying values and estimated fair values of our financial instruments, except those for which the carrying values approximate fair values (in thousands):


		August 31, 2026		November 30, 2025
Description	Fair Value Hierarchy	Carrying Value (a)		Estimated Fair Value	Carrying Value (a)		Estimated Fair Value
Financial Liabilities:
Senior notes	Level 2	$	1,333,070		$	1,307,875		$	1,331,584	$	1,333,188

(a)The carrying value for the senior notes, as presented, includes unamortized debt issuance costs. Debt issuance costs are not factored into the estimated fair values of these notes.

The fair values of our senior notes are generally estimated based on quoted market prices for these instruments. The carrying values reported for cash and cash equivalents, outstanding borrowings under the Credit Facility, if any, the Term Loan, and mortgages and land contracts due to land sellers and other loans approximate fair values. The carrying value of corporate-owned life insurance is based on the cash surrender value of the policies and, accordingly, approximates fair value.

16.Commitments and Contingencies

Commitments and contingencies include typical obligations of homebuilders for the completion of contracts and those incurred in the ordinary course of business.

Warranty. We provide a limited warranty on all of our homes. The specific terms and conditions of our limited warranty program vary depending upon the markets in which we do business. We generally provide a structural warranty of 10 years, a warranty on electrical, heating, cooling, plumbing and certain other building systems each varying from two to five years based on geographic market and state law, and a warranty of one year for other components of the home. Our limited warranty program is ordinarily how we respond to and account for homeowners’ requests to local division offices seeking repairs of certain conditions or defects, including claims where we could have liability under applicable state statutes or tort law for a defective condition in or damages to a home. Our warranty liability covers the costs of repairs associated with homeowner claims made under our limited warranty program. These claims are generally made directly by a homeowner and involve their individual home.

We estimate the costs that may be incurred under each limited warranty and record a liability in the amount of such costs at the time the revenue associated with the sale of each home is recognized. Our primary assumption in estimating the amounts we accrue for warranty costs is that historical claims experience is a strong indicator of future claims experience.

Factors that affect our warranty liability include the number of homes delivered, historical and anticipated rates of warranty claims, and cost per claim. We periodically assess the adequacy of our accrued warranty liability, which is included in accrued expenses and other liabilities in our consolidated balance sheets, and adjust the amount as necessary based on our assessment. Our assessment includes a review of our actual warranty costs incurred to identify trends and changes in our warranty claims experience, and considers our home construction quality and customer service initiatives and outside events. While we believe the warranty liability currently reflected in our consolidated balance sheets to be adequate, unanticipated changes or developments in the legal environment, local weather, land or environmental conditions, quality of materials or methods used in the construction of homes or customer service practices and/or our warranty claims experience could have a significant impact on our actual warranty costs in future periods and such amounts could differ significantly from our current estimates.

The changes in our warranty liability were as follows (in thousands):


	Three Months Ended August 31,		Nine Months Ended August 31,
	2026		2025		2026		2025
Balance at beginning of period	$	102,270			$	97,658		$	101,245	$	96,026
Warranties issued	8,585			10,642			23,400		29,643
Payments	(9,045)			(9,702)			(22,835)		(27,071)

Balance at end of period	$	101,810			$	98,598		$	101,810	$	98,598

Guarantees. In the normal course of our business, we issue certain representations, warranties and guarantees related to our home sales and land sales. Based on historical experience, we do not believe any potential liability with respect to these representations, warranties or guarantees would be material to our consolidated financial statements.

Self-Insurance. We maintain, and require the majority of our independent contractors to maintain, general liability insurance (including construction defect and bodily injury coverage) and workers’ compensation insurance. These insurance policies protect us against a portion of our risk of loss from claims related to our homebuilding activities, subject to certain self-insured retentions, deductibles and other coverage limits. We also maintain certain other insurance policies. Costs associated with our self-insurance programs are included in selling, general and administrative expenses. In Arizona, California, Colorado and Nevada, our contractors’ general liability insurance primarily takes the form of a wrap-up policy under a program where eligible independent contractors are enrolled as insureds on each community. Enrolled contractors generally contribute toward the cost of the insurance and agree to pay a contractual amount in the future if there is a claim related to their work. To the extent provided under the wrap-up program, we absorb the enrolled contractors’ general liability associated with the work performed on our homes within the applicable community as part of our overall general liability insurance and our self-insurance.

We self-insure a portion of our overall risk through the use of a captive insurance subsidiary, which provides coverage for our exposure to construction defect, bodily injury and property damage claims and related litigation or regulatory actions, up to certain limits. Our self-insurance liability generally covers the costs of settlements and/or repairs, if any, as well as our costs to defend and resolve the following types of claims:

•Construction defect: Construction defect claims, which represent the largest component of our self-insurance liability, typically originate through a legal or regulatory process rather than directly by a homeowner and involve the alleged occurrence of a condition affecting two or more homes within the same community, or they involve a common area or homeowners’ association property within a community. These claims typically involve higher costs to resolve than individual homeowner warranty claims, and the rate of claims is highly variable.

•Bodily injury: Bodily injury claims typically involve individuals (other than our employees) who claim they were injured while on our property or as a result of our operations.

•Property damage: Property damage claims generally involve claims by third parties for alleged damage to real or personal property as a result of our operations. Such claims may occasionally include those made against us by owners of property located near our communities.

Our self-insurance liability at each reporting date represents the estimated costs of reported claims, claims incurred but not yet reported, and claim adjustment expenses. The amount of our self-insurance liability is based on an analysis performed by a third-party actuary that uses our historical claim and expense data, as well as industry data to estimate these overall costs. Key assumptions used in developing these estimates include claim frequencies, severities and resolution patterns, which can occur over an extended period of time. These estimates are subject to variability due to the length of time

between the delivery of a home to a homebuyer and when a construction defect claim is made, and the ultimate resolution of such claim; uncertainties regarding such claims relative to our markets and the types of products we build; and legal or regulatory actions and/or interpretations, among other factors. Due to the degree of judgment involved and the potential for variability in these underlying assumptions, our actual future costs could differ from those estimated. In addition, changes in the frequency and severity of reported claims and the estimates to resolve claims can impact the trends and assumptions used in the actuarial analysis, which could be material to our consolidated financial statements. Though state regulations vary, construction defect claims are reported and resolved over a long period of time, which can extend for 10 years or more. As a result, the majority of the estimated self-insurance liability based on the actuarial analysis relates to claims incurred but not yet reported. Therefore, adjustments related to individual existing claims generally do not significantly impact the overall estimated liability. Adjustments to our liabilities related to homes delivered in prior years are recorded in the period in which a change in our estimate occurs.

Our self-insurance liability is presented on a gross basis for all periods without consideration of insurance recoveries and amounts we have paid on behalf of and expect to recover from other parties, if any. Estimated probable insurance and other recoveries of $27.2 million and $22.3 million are included in receivables in our consolidated balance sheets at August 31, 2026 and November 30, 2025, respectively. These self-insurance recoveries are principally based on actuarially determined amounts and depend on various factors, including, among other things, the above-described claim cost estimates, our insurance policy coverage limits for the applicable policy year(s), historical third-party recovery rates, insurance industry practices, the regulatory environment and legal precedent, and are subject to a high degree of variability from period to period. Because of the inherent uncertainty and variability in these assumptions, our actual insurance recoveries could differ significantly from amounts currently estimated.

The changes in our self-insurance liability were as follows (in thousands):


	Three Months Ended August 31,		Nine Months Ended August 31,
	2026		2025		2026		2025
Balance at beginning of period	$	178,815			$	187,277		$	179,247	$	185,428
Self-insurance provided	4,299			5,334			12,192		13,907
Payments	(1,500)			(1,199)			(8,786)		(12,540)
Adjustments (a)	5,905			(2,663)			4,866		1,954
Balance at end of period	$	187,519			$	188,749		$	187,519	$	188,749

(a)Represents net changes in the portion of our self-insurance liability estimated to be recoverable from our insurers or other parties, and/or actual recoveries funded directly by our insurers or other parties, and/or adjustments, if any, to our previously recorded liability based on actuarially determined estimates.

For most of our claims, there is no interaction between our warranty liability and self-insurance liability. Typically, if a matter is identified at its outset as either a warranty or self-insurance claim, it remains as such through its resolution. However, there can be instances of interaction between the liabilities, such as where individual homeowners in a community separately request warranty repairs to their homes to address a similar condition or issue and subsequently join together to initiate, or potentially initiate, a legal process with respect to that condition or issue and/or the repair work we have undertaken. In these instances, the claims and related repair work generally are initially covered by our warranty liability, and the costs associated with resolving the legal matter (including any additional repair work) are covered by our self-insurance liability.

The payments we make in connection with claims and related repair work may be recovered from our insurers to the extent such payments exceed the self-insured retentions or deductibles under, and are within the scope of coverage provided by, our general liability insurance policies. Also, in certain instances, in the course of resolving a claim, we pay amounts in advance of and/or on behalf of an independent contractor(s) or their insurer(s) and believe we will be reimbursed for such payments. Estimates of all such amounts, if any, are recorded as receivables in our consolidated balance sheets when any such recovery is considered probable.

In addition to the risk that is effectively self-insured through our captive insurance subsidiary, we often obtain project-specific insurance coverage for construction defect risk on attached projects (e.g., condominiums or townhomes) with self-insured retentions generally ranging from $50,000 to $250,000. We record estimated liabilities and recoveries for projected losses related to these projects on a gross basis, including for known claims as well as estimates for claims incurred but not yet reported, to the extent such amounts are considered probable and estimable.

Performance Bonds and Letters of Credit. We are often required to provide to various municipalities and other government agencies performance bonds and/or letters of credit to secure the completion of our projects and/or in support of obligations to build community improvements such as roads, sewers, water systems and other utilities, and to support similar development activities by certain of our unconsolidated joint ventures. At August 31, 2026, we had $1.35 billion of performance bonds and $55.1 million of letters of credit outstanding. At November 30, 2025, we had $1.37 billion of performance bonds and $69.8 million of letters of credit outstanding. If any such performance bonds or letters of credit are called, we would be obligated to reimburse the issuer of the performance bond or letter of credit. We do not believe that a material amount of any currently outstanding performance bonds or letters of credit will be called. Performance bonds do not have stated expiration dates. Rather, we are released from the performance bonds as the underlying performance is completed. The expiration dates of some letters of credit issued in connection with community improvements coincide with the expected completion dates of the related projects or obligations. Most letters of credit, however, are issued with an initial term of one year and are typically extended on a year-to-year basis until the related performance obligations are completed.

Land Option Contracts and Other Similar Contracts. In the ordinary course of our business, we enter into land option contracts and other similar contracts to acquire rights to land for the construction of homes. At August 31, 2026, we had total cash deposits of $66.0 million to purchase land having an aggregate purchase price of $1.68 billion. Our land option contracts and other similar contracts generally do not contain provisions requiring our specific performance.

Civil Subpoena. On October 2, 2023, we received a subpoena from the U.S. Department of Justice Civil Division, dated September 27, 2023, to produce certain documents and testimony with respect to the inspection, rating, marketing and advertising of our ENERGY STAR® certified homes, including our contracts and/or communications with U.S. Environmental Protection Agency and third-party ENERGY STAR rating companies, real estate brokers, real estate appraisers, financial institutions and other parties, as well as inspection-related guidelines, instructions, methods, policies, processes and procedures. We are cooperating with the government and have produced documents and information. As of the date of this report, we are unable to predict what actions the government will take, if any; the timing or nature of the ultimate outcome in this matter; or the impact, if any, such outcome may have on our business or consolidated financial statements. As a result, while a loss or penalty, if any, is reasonably possible in this matter, it is not considered to be probable or estimable.

17.Legal Matters

We are involved in litigation and regulatory proceedings incidental to our business that are in various procedural stages. We believe the accruals we have recorded for probable and reasonably estimable losses with respect to these proceedings are adequate and that, as of August 31, 2026, it was not reasonably possible that an additional material loss had been incurred in an amount in excess of the estimated amounts already recognized or disclosed in our consolidated financial statements. We evaluate our accruals for litigation and regulatory proceedings at least quarterly and, as appropriate, adjust them to reflect (a) the facts and circumstances known to us at the time, including information regarding negotiations, settlements, rulings and other relevant events and developments; (b) the advice and analyses of counsel; and (c) the assumptions and judgment of management. Similar factors and considerations are used in establishing new accruals for proceedings as to which losses have become probable and reasonably estimable at the time an evaluation is made. Our accruals for litigation and regulatory proceedings are presented on a gross basis without consideration of recoveries and amounts we have paid on behalf of and expect to recover from other parties, if any. Estimates of recoveries and amounts we have paid on behalf of and expect to recover from other parties, if any, are recorded as receivables when such recoveries are considered probable. Based on our experience, we believe the amounts that may be claimed or alleged against us in these proceedings are not a meaningful indicator of our potential liability. The outcome of any of these proceedings, including the defense and other litigation-related costs and expenses we may incur, however, is inherently uncertain and could differ significantly from the estimate reflected in a related accrual, if made. Therefore, it is possible that the ultimate outcome of any proceeding, if in excess of a related accrual or if an accrual has not been made, could be material to our consolidated financial statements. Pursuant to SEC rules, we will disclose any proceeding in which a governmental authority is a party and that arises under any federal, state or local provisions enacted or adopted regulating the discharge of materials into the environment or primarily for the purpose of protecting the environment only where we believe that such proceeding will result in monetary sanctions on us, exclusive of interest and costs, above $1.0 million or is otherwise material to our consolidated financial statements.

18.Stockholders’ Equity

On February 20, 2026, the management development and compensation committee of our board of directors approved the payout of 568,696 shares of our common stock in connection with the vesting of PSUs that were granted to certain employees on November 14, 2022. The shares paid out under the PSUs reflected our achievement of certain performance measures that were based on cumulative earnings per share, average return on invested capital, and revenue growth relative to a peer group of high-production public homebuilding companies over the three-year period from December 1, 2022 through November 30, 2025. Of the shares of common stock paid out, 261,364 shares, or $17.1 million, were purchased by us in the 2026 first quarter to satisfy the recipients’ withholding taxes on the vesting of the PSUs. The shares purchased were not considered repurchases under the authorizations described below.

On October 9, 2025, our board of directors authorized us to repurchase up to $1.00 billion of our outstanding common stock. As of November 30, 2025, there was $900.0 million of remaining availability under this share repurchase authorization. In the nine months ended August 31, 2026, we repurchased 3,104,677 shares of our common stock at a total cost of $175.0 million. Repurchases under the authorization may occur periodically through open market purchases, privately negotiated transactions or otherwise, with the timing and amount at management’s discretion and dependent on market, business and other conditions. This share repurchase authorization will continue in effect until fully used or earlier terminated or suspended by our board of directors, and does not obligate us to purchase any shares. As of August 31, 2026, there was $725.0 million of remaining availability under this share repurchase authorization.

The Inflation Reduction Act of 2022, which was enacted into law on August 16, 2022, imposed a non-deductible 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. In the three months and nine months ended August 31, 2026 and 2025, we reflected the applicable excise tax in treasury stock as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise taxes payable in accrued expenses and other liabilities on our consolidated balance sheet. All dollar amounts presented in this report related to our share repurchases and our share repurchase authorization exclude such excise taxes, to the extent applicable, unless otherwise indicated.

In the 2026 and 2025 third quarters, our board of directors declared, and we paid, a quarterly cash dividend of $.25 per share. Quarterly dividends declared and paid during each of the nine-month periods ended August 31, 2026 and 2025 totaled $.75 per share.

In April 2026, we retired 10,858,494 shares of our treasury stock. Upon the retirement of the treasury stock, we deducted the par value from common stock and reflected the excess of cost over par value as a reduction to retained earnings.

19.Stock-Based Compensation

Stock Options. At November 30, 2025, we had 350,864 stock options outstanding with a weighted average exercise price of $16.21. During the nine months ended August 31, 2026, all of these stock options were exercised; accordingly, no stock options were outstanding at August 31, 2026. We have not granted stock option awards since 2016. As all stock options had been fully vested since 2019, no stock-based compensation expense related to stock options was recognized during the three-month and nine-month periods ended August 31, 2026 and 2025.

Other Stock-Based Awards. From time to time, we grant restricted stock and PSUs to various employees as a compensation benefit. We recognized a nominal stock-based compensation amount related to these awards for the three months ended August 31, 2026, compared to expense of $8.4 million for the three months ended August 31, 2025. For the nine months ended August 31, 2026 and 2025, we recognized stock-based compensation expense of $11.3 million and $25.1 million, respectively, related to these awards. The year-over-year decreases in stock-based compensation expense for both the three-month and nine-month periods were primarily due to lower compensation expense associated with PSUs, reflecting reduced expected achievement levels relative to the applicable performance metrics.

20.Supplemental Disclosure to Consolidated Statements of Cash Flows

The following are supplemental disclosures to the consolidated statements of cash flows (in thousands):


	Nine Months Ended August 31,
	2026		2025
Summary of cash and cash equivalents at end of period:
Homebuilding	$	159,018			$	330,586
Financial services	1,040			1,712
Total	$	160,058			$	332,298

Supplemental disclosures of cash flow information:
Interest paid, net of amounts capitalized	$	10,049			$	1,453
Income taxes paid	23,307			88,901
Supplemental disclosures of non-cash activities:
Decrease in consolidated inventories not owned	(4,414)			(5,762)
Non-cash change in investment in unconsolidated joint venture, net	(967)			4,890

21.Relocation of Corporate Headquarters

On April 8, 2026, we announced plans to relocate our corporate headquarters office from Los Angeles, California to Tempe, Arizona. The relocation is intended to bring executive leadership and corporate functions together in a more centralized location and is expected to reduce our cost structure over time. Relocation activities will primarily occur in two phases, with the larger phase anticipated to be substantially complete in 2027 and a smaller phase expected to continue into 2028.

Based on our current estimates and assumptions, and subject to our relocation efforts proceeding as currently planned, we expect to incur total costs associated with the relocation of approximately $8.0 million to $12.0 million. The majority of these costs are expected to be incurred through 2027, with certain costs extending into 2028. These estimates are subject to change as our relocation plan progresses and workforce transition decisions and other factors continue to evolve; accordingly, actual costs and the timing of when such costs are incurred may differ from current expectations. The relocation cost estimates mainly consist of employee separation, retention and relocation expenses, with a smaller portion related to other exit costs such as travel; legal, consulting and other professional services; contract terminations; and asset impairments. As employees are required to provide service through applicable dates to receive separation or retention benefits, the expenses and related liabilities are recognized ratably over the required service period. Relocation expenditures and other exit costs are generally recognized in the period incurred.

For the three months ended August 31, 2026, we recognized $1.9 million of expenses related to the relocation. For the nine months ended August 31, 2026, we recognized $3.4 million of expenses related to the relocation, including $.5 million of asset impairments. All such expenses for both periods were included in selling, general and administrative expenses, within our Corporate and other non-operating segment, in our consolidated statements of operations. As of August 31, 2026, the liability for relocation costs totaled $2.8 million and was included within accrued expenses and other liabilities in our consolidated balance sheet.

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

Results of Operations

OVERVIEW

Revenues are generated from our homebuilding and financial services operations. The following table presents a summary of our consolidated results of operations (dollars in thousands, except per share amounts):


	Three Months Ended August 31,		Nine Months Ended August 31,
	2026		2025		Variance		2026	2025		Variance
Revenues:
Homebuilding	$	1,292,350			$	1,614,462		(20)	%		$	3,471,516	$	4,526,219	(23)	%
Financial services	4,751			6,012			(21)		15,031			15,617	(4)
Total revenues	$	1,297,101			$	1,620,474		(20)	%		$	3,486,547	$	4,541,836	(23)	%
Pretax income:
Homebuilding	$	73,799			$	134,542		(45)	%		$	139,172	$	400,595	(65)	%
Financial services	7,381			8,686			(15)		19,581			24,373	(20)
Total pretax income	81,180			143,228			(43)		158,753			424,968	(63)
Income tax expense	(15,900)			(33,400)			52		(32,700)			(97,700)	67
Net income	$	65,280			$	109,828		(41)	%		$	126,053	$	327,268	(61)	%
Diluted earnings per share	$	1.05			$	1.61		(35)	%		$	2.00	$	4.60	(57)	%

During the 2026 third quarter, housing market conditions remained challenging, weakening from the prior quarter as an increase in mortgage loan interest rates further pressured affordability in many of our served markets. Higher interest rates coupled with persistent inflation, attributable in part to rising commodity and oil prices, heightened macroeconomic uncertainties and geopolitical tensions, including the military conflicts in the Middle East and in Ukraine, caused prospective buyers to become more cautious on purchasing a home. In addition, resale home inventory, which is our largest competitor, increased to its highest levels in a decade, and we are seeing pricing trending downward in several areas within our operational footprint. Even with the significant headwinds, demand for our Built to Order® homes contributed to our first year-over-year increase in ending backlog in four years, as these homes are generally sold prior to the start of construction and remain in backlog until delivered.

Reflecting the operating environment, we produced 2,604 net orders in the 2026 third quarter, down 12% from the year-earlier quarter, which contributed, along with a higher average community count, to a decline in the monthly net order pace per community to 3.1, compared to 3.8 for the prior-year period. Our average community count increased 8% year over year to 279, and our ending community count rose 5% to 277, primarily reflecting our continued investments in land and land development to support future growth. The value of net orders for the quarter was $1.21 billion, down 8% from the year-earlier period, primarily due to lower net orders, partly offset by a 4% increase in their average selling price to $463,600.

To support orders, we have remained focused in 2026 on our strategy of offering customers a simple, straightforward and transparent base price with limited, if any, concessions or incentives, intended to provide a compelling value competitive with area resale home prices. In addition, while selling through our existing inventory, we have continued to prioritize orders of our Built to Order homes, which are our core competency and a key industry differentiator for us that typically generate higher gross profit margins than inventory homes, and we generated predominantly Built to Order net orders in each of the first three quarters of 2026.

We believe this reflects, in part, how the value proposition of our Built to Order homes to prospective customers has increased with the meaningful reduction in build times we have achieved over the past few years. In 2026, our average build times improved year over year by 22% in the first quarter, 24% in the second quarter and 19% in the third quarter. With the substantial Built to Order net orders we generated in the first nine months of the year, we reached our goal of a predominantly Built to Order mix of homes delivered in the 2026 third quarter, with these homes comprising 74% of homes delivered and benefiting our housing gross profit margin.

Homebuilding revenues for the three months ended August 31, 2026 were generated solely from housing operations. For the three months ended August 31, 2025, homebuilding revenues were generated from housing operations and nominal land sales. Housing revenues for the 2026 third quarter decreased 20% year over year to $1.29 billion, due to a 19% decrease in the number of homes delivered to 2,732 and a slight decline in their average selling price to $473,000. Approximately 50% of our

homes delivered in the 2026 third quarter were to first-time homebuyers. Our homes delivered as a percentage of backlog at the beginning of the quarter were 60% for the 2026 third quarter, compared to 71% for the year-earlier quarter. This decrease reflects growth in our backlog since the beginning of the year, as well as a lower percentage of homes sold and delivered within the same quarter, corresponding to our strategic shift toward increasing our mix of Built to Order net orders.

Homebuilding operating income for the three months ended August 31, 2026 was $67.1 million, compared to $131.2 million for the year-earlier period. As a percentage of revenues, homebuilding operating income was 5.2% for the 2026 third quarter, compared to 8.1% for the corresponding 2025 period, mainly due to a lower housing gross profit margin and higher selling, general and administrative expenses as a percentage of revenues. Excluding inventory-related charges of $3.0 million for the current quarter and $11.3 million for the year-earlier quarter, the homebuilding operating income margin was 5.4%, compared to 8.8%. Our housing gross profit margin was 16.5%, compared to 18.2% for the year-earlier quarter. Excluding the above-mentioned inventory-related charges, the housing gross profit margin was 16.8%, compared to 18.9%, primarily reflecting pricing pressure, higher relative land costs and reduced operating leverage. Selling, general and administrative expenses as a percentage of housing revenues increased 130 basis points year over year to 11.3%, mainly due to a decrease in operating leverage from lower housing revenues.

Total pretax income for the 2026 third quarter was $81.2 million, including a $3.5 million gain associated with the sale of an investment in equity securities of a privately held technology company, compared to $143.2 million for the year-earlier period. Net income and diluted earnings per share for the three months ended August 31, 2026 were $65.3 million and $1.05, respectively, compared to $109.8 million and $1.61, respectively, for the three months ended August 31, 2025. Our diluted earnings per share for the 2026 third quarter reflected lower net income, partly offset by a 9% reduction in our weighted-average diluted share count attributable to common stock repurchases over the past several quarters.

We continue to take a balanced approach to capital allocation, guided by market conditions and our priorities of investing in land and land development to support future growth and returning capital to our stockholders. Our investments in land and land development for the 2026 third quarter totaled $722.3 million, a 40% increase compared to the year-earlier quarter. During the 2026 third quarter, we repurchased .9 million shares of our common stock at a total cost of $50.0 million, compared to 3.3 million shares at a total cost of $188.5 million in the year-earlier quarter. For the nine months ended August 31, 2026, we invested $1.79 billion in land and land development, representing an 8% decrease from the corresponding year-earlier period, and repurchased 3.1 million shares of our common stock at a total cost of $175.0 million. We ended the 2026 third quarter with total liquidity of $942.4 million, including cash and cash equivalents and $783.4 million of available capacity under the Credit Facility. We had $415.0 million of cash borrowings outstanding under the Credit Facility at August 31, 2026.

With our ending backlog value at August 31, 2026 up 3% year over year to approximately $2.05 billion, we believe we are well positioned to achieve our projections for the 2026 fourth quarter and full year, as described below under “Outlook.”

HOMEBUILDING

Financial Results. The following table presents a summary of certain financial and operational data for our homebuilding operations (dollars in thousands, except average selling price):


	Three Months Ended August 31,		Nine Months Ended August 31,
	2026		2025		2026		2025
Revenues:
Housing	$	1,292,350			$	1,613,975		$	3,470,076	$	4,525,732
Land	—			487			1,440		487
Total	1,292,350			1,614,462			3,471,516		4,526,219
Costs and expenses:
Construction and land costs
Housing	(1,078,590)			(1,320,611)			(2,923,732)		(3,658,080)
Land	—			(536)			(1,296)		(536)
Total	(1,078,590)			(1,321,147)			(2,925,028)		(3,658,616)
Selling, general and administrative expenses	(146,626)			(162,152)			(418,217)		(477,638)
Total	(1,225,216)			(1,483,299)			(3,343,245)		(4,136,254)
Operating income	67,134			131,163			128,271		389,965


	Three Months Ended August 31,		Nine Months Ended August 31,
	2026		2025		2026		2025
Interest income and other	$	4,518			$	1,870			$	6,963		$	5,628
Equity in income of unconsolidated joint ventures	2,147			1,509			3,938			5,002

Homebuilding pretax income	$	73,799			$	134,542			$	139,172		$	400,595


Homes delivered	2,732			3,393			7,497			9,283
Average selling price	$	473,000			$	475,700			$	462,900		$	487,500
Housing gross profit margin as a percentage of housing revenues	16.5	%		18.2	%		15.7	%		19.2	%
Adjusted housing gross profit margin as a percentage of housing revenues	16.8	%		18.9	%		16.1	%		19.6	%

Selling, general and administrative expenses as a percentage of housing revenues	11.3	%		10.0	%		12.0	%		10.6	%
Operating income as a percentage of revenues	5.2	%		8.1	%		3.7	%		8.6	%

Revenues. Homebuilding revenues for the three months ended August 31, 2026 consisted solely of housing revenues. In the three months ended August 31, 2025, homebuilding revenues were generated from housing operations and nominal land sale revenues. Housing revenues for the 2026 third quarter declined 20% from the year-earlier quarter due to a decrease of 19% in the number of homes delivered and a slight decline in their overall average selling price. Each of our homebuilding reporting segments posted year-over-year decreases in third-quarter housing revenues, ranging from 7% in our West Coast segment to 34% in our Southwest and Central segments. The decline in the overall number of homes delivered primarily resulted from our having 5% fewer homes in backlog at the beginning of the 2026 third quarter compared to the year-earlier period, as well as our strategic shift toward a higher mix of Built to Order sales in the 2026 first nine months.

For the nine months ended August 31, 2026 and 2025, homebuilding revenues consisted of housing revenues and land sale revenues. Housing revenues for the nine months ended August 31, 2026 decreased 23% from the corresponding 2025 period due to a 19% decline in the number of homes delivered and a 5% decrease in their average selling price.

There were no land sale revenues for the three months ended August 31, 2026, compared to land sale revenues of $.5 million for the corresponding 2025 period. For the nine months ended August 31, 2026, land sale revenues totaled $1.4 million, compared to $.5 million for the nine months ended August 31, 2025. Generally, land sale revenues fluctuate with our decisions to maintain or decrease our land ownership position in certain markets based upon the volume of our holdings, our business strategy, the strength and number of developers and other land buyers in particular markets at given points in time, the availability of opportunities to sell land at acceptable prices and prevailing market conditions.

Operating Income. Our homebuilding operating income for the three months ended August 31, 2026 decreased 49% from the prior-year period, reflecting lower housing gross profits, partly offset by lower selling, general and administrative expenses. Operating income for the 2026 third quarter included $3.0 million of inventory-related charges, compared to $11.3 million for the year-earlier quarter. As a percentage of revenues, our operating income for the three months ended August 31, 2026 was 5.2%, compared to 8.1% for the corresponding 2025 period, due to a lower housing gross profit margin and higher selling, general and administrative expenses as a percentage of housing revenues. Excluding inventory-related charges, our operating income as a percentage of revenues was 5.4% for the three months ended August 31, 2026, compared to 8.8% for the year-earlier period.

For the nine months ended August 31, 2026, our homebuilding operating income declined 67% from the year-earlier period mainly due to a decrease in housing gross profits, partially offset by lower selling, general and administrative expenses. Operating income for the nine months ended August 31, 2026 included inventory-related charges of $10.7 million, compared to $18.4 million of such charges for the corresponding 2025 period. As a percentage of revenues, our operating income for the nine months ended August 31, 2026 decreased 490 basis points year over year to 3.7%, mainly reflecting a lower housing gross profit margin and higher selling, general and administrative expenses as a percentage of revenues. Excluding inventory-related charges, our operating income as a percentage of revenues declined 500 basis points to 4.0% for the nine months ended August 31, 2026.

•Housing Gross Profits – Housing gross profits of $213.8 million for the three months ended August 31, 2026 were down 27% year over year, reflecting lower housing revenues and a 170 basis-point decrease in our housing gross profit margin to

16.5%. The decline in the housing gross profit margin primarily reflected continued pricing pressure, higher relative land costs and reduced operating leverage. As a percentage of housing revenues, the amortization of previously capitalized interest associated with housing operations, which is included in construction and land costs, was 1.7% for both the three months ended August 31, 2026 and 2025. Excluding the above-mentioned inventory-related charges, all of which were associated with housing operations, our adjusted housing gross profit margin of 16.8% for the 2026 third quarter decreased 210 basis points year over year.

For the nine months ended August 31, 2026, our housing gross profits of $546.3 million decreased from $867.7 million for the year-earlier period due to lower housing revenues and a 350 basis-point decline in our housing gross profit margin. The housing gross profit margin decrease primarily reflected the same factors described above for the three months ended August 31, 2026. As a percentage of housing revenues, the amortization of previously capitalized interest associated with housing operations was 1.7% for both the nine months ended August 31, 2026 and 2025. Excluding the above-mentioned inventory-related charges, all of which were associated with housing operations, our adjusted housing gross profit margin of 16.1% for the nine months ended August 31, 2026 decreased 350 basis points year over year.

The calculation of adjusted housing gross profit margin, which we believe provides a clearer measure of the performance of our business, is described below under “Non-GAAP Financial Measures.”

•Land Sale Profits – There were no land sales during the three months ended August 31, 2026. Land sales generated nominal results for the nine months ended August 31, 2026 and the three-month and nine-month periods ended August 31, 2025.

•Selling, General and Administrative Expenses – The following table presents the components of our selling, general and administrative expenses (dollars in thousands):


	Three Months Ended August 31,		Nine Months Ended August 31,
	2026		% of Housing Revenues		2025		% of Housing Revenues		2026		% of Housing Revenues		2025	% of Housing Revenues
Marketing expenses	$	39,722			3.1	%		$	39,894			2.4	%	$	117,498	3.4	%	$	122,159	2.7	%
Commission expenses (a)	44,358			3.4			56,062			3.5			124,099		3.5	155,742		3.5
General and administrative expenses	62,546			4.8			66,196			4.1			176,620		5.1	199,737		4.4
Total	$	146,626			11.3	%		$	162,152			10.0	%	$	418,217	12.0	%	$	477,638	10.6	%

(a)Commission expenses include sales commissions on homes delivered paid to internal sales counselors and external real estate brokers.

Our selling, general and administrative expenses for the three months ended August 31, 2026 decreased 10% compared to the year-earlier period, primarily reflecting a decrease in commission expenses resulting from fewer homes delivered in the 2026 period and a reduction in general and administrative expenses largely due to lower costs associated with performance-based compensation and personnel reductions. As a percentage of housing revenues, our selling, general and administrative expenses for the three months ended August 31, 2026 increased 130 basis points year over year, mainly due to a decrease in operating leverage from lower housing revenues, partly offset by lower costs associated with certain performance-based employee compensation plans and personnel reductions. For the nine months ended August 31, 2026, selling, general and administrative expenses decreased 12% year over year, primarily due to the same factors described above for the three months ended August 31, 2026 as well as the favorable impact of $8.0 million in insurance recoveries. As a percentage of housing revenues, selling, general and administrative expenses for the nine months ended August 31, 2026 increased 140 basis points, primarily reflecting decreased operating leverage from lower housing revenues, partly offset by lower costs associated with certain performance-based employee compensation plans and personnel reductions, and the insurance recoveries.

Interest Income/Expense and Other. Interest income and other for the three months and nine months ended August 31, 2026 consisted of interest income and a $3.5 million gain associated with the sale of an investment in equity securities of a privately held technology company. Further information regarding this gain is provided in Note 10 – Other Assets in the Notes to Consolidated Financial Statements in this report. For the three months and nine months ended August 31, 2025, interest income and other was comprised solely of interest income.

Interest income, which is generated from short-term investments, was $1.0 million for the three months ended August 31, 2026, compared to $1.9 million for the year-earlier quarter. For the nine months ended August 31, 2026, interest income was $3.5 million, compared to $5.6 million for the corresponding 2025 period. The year-over-year decreases for the three-month and nine-month periods ended August 31, 2026 reflected our lower average balance of cash equivalents and a lower interest rate in the 2026 periods. Generally, increases and decreases in interest income are attributable to changes in the interest-bearing average balances of short-term investments and fluctuations in interest rates.

We incur interest principally from our borrowings to finance land acquisitions, land development, home construction and other operating and capital needs. All interest incurred during the three-month and nine-month periods ended August 31, 2026 and 2025 was capitalized as the average amount of our inventory qualifying for interest capitalization was higher than our average debt level for each period. Accordingly, we had no interest expense for these periods. Further information regarding our interest incurred and capitalized is provided in Note 6 – Inventories in the Notes to Consolidated Financial Statements in this report.

Equity in Income of Unconsolidated Joint Ventures. Our equity in income of unconsolidated joint ventures was $2.1 million for the three months ended August 31, 2026, compared to $1.5 million for the year-earlier period. For the nine months ended August 31, 2026, our equity in income of unconsolidated joint ventures was $3.9 million, compared to $5.0 million for the corresponding 2025 period. Further information regarding our investments in homebuilding unconsolidated joint ventures is provided in Note 9 – Investments in Unconsolidated Joint Ventures in the Notes to Consolidated Financial Statements in this report.

Net Orders, Cancellation Rates, Backlog and Community Count. The following table presents information about our net orders, cancellation rate, ending backlog and community count (dollars in thousands):


	Three Months Ended August 31,		Nine Months Ended August 31,
	2026		2025		2026		2025
Net orders	2,604			2,950			8,767			9,182
Net order value (a)	$	1,207,224			$	1,314,607			$	4,119,932		$	4,271,688
Cancellation rate (b)	18	%		17	%		14	%		16	%
Ending backlog — homes	4,398			4,333			4,398			4,333
Ending backlog — value	$	2,053,208			$	1,988,863			$	2,053,208		$	1,988,863
Ending community count	277			264			277			264
Average community count	279			259			276			258

(a) Net order value represents potential future housing revenues associated with net orders generated during the period, as well as homebuyer selections of lot and product premiums and design choices and options for homes in backlog during the same period.

(b) Cancellation rate represents the total number of contracts for new homes cancelled during a period divided by the total (gross) orders for new homes generated during the same period.

Net Orders. Net orders for the 2026 third quarter were down 12% compared to the year-earlier quarter, driven by decreases ranging from 2% in our Southwest homebuilding reporting segment to 26% in our Central segment, partly offset by an increase of 8% in our West Coast segment. The pace of monthly net orders per community was 3.1 in the 2026 third quarter, compared to 3.8 for the corresponding 2025 quarter, reflecting the lower net order volume and our higher average community count. The value of net orders for the 2026 third quarter was $1.21 billion, a decline of 8% from year-earlier quarter, reflecting the lower net order volume, partly offset by a 4% increase in average selling price of those net orders to $463,600. Our cancellation rate as a percentage of gross orders for the three months ended August 31, 2026 was nearly even with the year-earlier period.

To support sales in the nine months ended August 31, 2026, we remained focused on offering customers a simple, straightforward, transparent base price with limited, if any, concessions or incentives, intended to provide a compelling value competitive with area resale home prices. Further, while selling through our existing inventory, we have continued to prioritize orders of our Built to Order homes, which are our core competency and a key industry differentiator for us that typically generate higher gross margins than inventory homes, and we generated predominantly Built to Order net orders in each of the first three quarters of 2026. This momentum contributed to a 74% mix of Built to Order homes delivered in the 2026 third quarter and helped drive the first year-over-year increase in our ending backlog in four years, as these homes are generally sold prior to the start of construction and remain in backlog until delivered.

Backlog. The number of homes in our backlog at August 31, 2026 increased 2% compared to August 31, 2025. Our overall backlog value at August 31, 2026 grew 3% year over year due to the increased number of homes in backlog and their higher average selling price. Backlog value reflected a year-over-year increase of 22% in our West Coast homebuilding reporting segment, partially offset by decreases ranging from 9% in our Southwest segment to 12% in our Southeast segment. Based on our historical experience, a portion of the homes in backlog will not result in homes delivered due to cancellations. Among other benefits, our larger backlog of Built to Order homes generally provides us with greater visibility into future deliveries and enhanced predictability of housing gross profit margins compared to inventory homes, as the selling price and cost to build are usually known prior to starting the home.

Community Count. We use the term “community count” to refer to the number of communities open for sale with at least five homes left to sell at the end of a reporting period. Our ending community count for the 2026 third quarter grew 5% and our average community count increased 8%, each as compared to the year-earlier quarter.

HOMEBUILDING REPORTING SEGMENTS

Operational Data. The following tables present information about our homes delivered, net orders, cancellation rates as a percentage of gross orders, net order value, average community count and ending backlog (number of homes and value) by homebuilding reporting segment (dollars in thousands):


	Three Months Ended August 31,
	Homes Delivered		Net Orders		Cancellation Rates
Segment	2026		2025		2026		2025	2026		2025
West Coast	966			972			937		870			16	%		18	%
Southwest	503			681			448		459			17			15
Central	609			943			587		795			19			17
Southeast	654			797			632		826			20			17
Total	2,732			3,393			2,604		2,950			18	%		17	%




	Net Order Value		Average Community Count
Segment	2026		2025		Variance		2026	2025		Variance
West Coast	$	596,541			$	550,753		8	%		111			89		25	%
Southwest	194,690			218,931			(11)		38			36		6
Central	188,092			255,530			(26)		67			66		2
Southeast	227,901			289,393			(21)		63			68		(7)
Total	$	1,207,224			$	1,314,607		(8)	%		279			259		8	%

	Nine Months Ended August 31,
	Homes Delivered		Net Orders		Cancellation Rates
Segment	2026		2025		2026		2025	2026		2025
West Coast	2,494			2,789			3,142		2,872			13	%		15	%
Southwest	1,256			2,020			1,485		1,561			12			14
Central	1,880			2,505			2,050		2,545			15			16
Southeast	1,867			1,969			2,090		2,204			15			19
Total	7,497			9,283			8,767		9,182			14	%		16	%


	Nine Months Ended August 31,
	Net Order Value		Average Community Count
Segment	2026		2025		Variance		2026		2025		Variance
West Coast	$	2,025,545			$	1,886,073			7	%		106			88			20	%
Southwest	644,590			757,074			(15)			38			38			—
Central	691,528			823,869			(16)			67			67			—
Southeast	758,269			804,672			(6)			65			65			—
Total	$	4,119,932			$	4,271,688			(4)	%		276			258			7	%

	August 31,
	Backlog – Homes		Backlog – Value
Segment	2026		2025		Variance		2026		2025		Variance
West Coast	1,589			1,294			23	%		$	1,019,253			$	833,715		22	%
Southwest	696			675			3			296,130			326,959		(9)
Central	1,042			1,173			(11)			351,418			390,780		(10)
Southeast	1,071			1,191			(10)			386,407			437,409		(12)
Total	4,398			4,333			2	%		$	2,053,208			$	1,988,863		3	%

The composition of our homes delivered, net orders and backlog shifts with the product and geographic mix of our active communities and the corresponding average selling prices of the homes ordered and/or delivered at these communities in any particular period, changing as new communities open and existing communities wind down or sell out in the ordinary course. In addition, with our Built to Order business model, the selling prices of individual homes within a community may vary due to differing lot sizes and locations, home square footage, product premiums and the design choices and options buyers select. These intrinsic variations in our business limit the comparability of our homes delivered, net orders and backlog, as well as their corresponding values, between sequential and year-over-year periods, in addition to the effect of prevailing economic or housing market conditions in or across any particular periods.

Financial Results. Below is a discussion of the financial results for each of our homebuilding reporting segments. Further information regarding these segments, including their pretax income (loss), is included in Note 2 – Segment Information in the Notes to Consolidated Financial Statements in this report. The difference between each homebuilding reporting segment’s operating income (loss) and pretax income (loss) is generally due to the equity in income (loss) of unconsolidated joint ventures and/or interest income and expense.

In addition to the results of our homebuilding reporting segments presented below, our consolidated homebuilding operating income includes the results of Corporate and other, a non-operating segment. Corporate and other had operating losses of $31.4 million and $36.4 million in the three months ended August 31, 2026 and 2025, respectively. For the nine months ended August 31, 2026, Corporate and other had an operating loss of $101.9 million, compared to $113.3 million for the corresponding year-earlier period.

The financial results of our homebuilding reporting segments for the three months and nine months ended August 31, 2026 and 2025 were impacted to varying degrees by price reductions and other homebuyer concessions we extended to buyers in conjunction with our sales strategies, as well as product and geographic mix shifts of homes delivered.

West Coast. The following table presents financial information related to our West Coast segment (dollars in thousands, except average selling price):


	Three Months Ended August 31,		Nine Months Ended August 31,
	2026		2025		Variance		2026	2025		Variance
Revenues	$	620,017			$	664,880		(7)	%		$	1,580,719	$	1,926,722	(18)	%
Construction and land costs	(516,320)			(549,332)			6		(1,340,827)			(1,579,624)	15
Selling, general and administrative expenses	(50,723)			(45,899)			(11)		(135,026)			(135,363)	—
Operating income	$	52,974			$	69,649		(24)	%		$	104,866	$	211,735	(50)	%


	Three Months Ended August 31,		Nine Months Ended August 31,
	2026		2025		Variance		2026		2025		Variance
Homes delivered	966			972			(1)	%		2,494			2,789		(11)	%
Average selling price	$	641,800			$	684,000			(6)	%		$	633,500		$	690,800	(8)	%
Operating income as a percentage of revenues	8.5	%		10.5	%		(200)	bps		6.6	%		11.0	%	(440)	bps

This segment’s revenues for the three months ended August 31, 2026 and the three-month and nine-month periods ended August 31, 2025 were generated solely from housing operations. For the nine months ended August 31, 2026, this segment’s revenues consisted of housing revenues and nominal land sale revenues. Housing revenues for the three months and nine months ended August 31, 2026 decreased from the corresponding year-earlier periods, reflecting declines in both the number of homes delivered and their average selling price. Operating income for the three months ended August 31, 2026 decreased year over year due to lower housing gross profits and higher selling, general and administrative expenses. Operating income as a percentage of revenues decreased from the prior-year quarter due to a 70 basis-point decline in the housing gross profit margin to 16.7% and a 130 basis-point increase in selling, general and administrative expenses as a percentage of housing revenues to 8.2%. For the nine months ended August 31, 2026, operating income decreased from the corresponding 2025 period, primarily reflecting lower housing gross profits. Operating income as a percentage of revenues also declined, mainly due to a 280 basis-point decrease in the housing gross profit margin to 15.2% and a 160 basis-point increase in selling, general and administrative expenses as a percentage of housing revenues to 8.5%.

The year-over-year decrease in the housing gross profit margin for the three months and nine months ended August 31, 2026 was primarily due to continued pricing pressure, higher relative land costs, and product and geographic mix. For the nine months ended August 31, 2026, the housing gross profit margin was also impacted by higher relative construction costs and reduced operating leverage. For the three months ended August 31, 2026, inventory-related charges associated with housing operations were $.7 million, compared to $1.1 million for the year-earlier period. For the nine months ended August 31, 2026, inventory-related charges associated with housing operations were $5.7 million, compared to $3.0 million for the year-earlier period. The year-over-year increase in selling, general and administrative expenses as a percentage of housing revenues for the three months and nine months ended August 31, 2026 was mainly due to higher marketing and other expenses associated with our expanded community count in this segment as well as a decrease in operating leverage from lower housing revenues. For the nine months ended August 31, 2026, these impacts were partly offset by insurance recoveries.

Southwest. The following table presents financial information related to our Southwest segment (dollars in thousands, except average selling price):


	Three Months Ended August 31,		Nine Months Ended August 31,
	2026		2025		Variance		2026		2025		Variance
Revenues	$	222,080			$	335,505			(34)	%		$	568,937		$	962,486	(41)	%
Construction and land costs	(178,287)			(254,515)			30			(453,207)			(723,639)		37
Selling, general and administrative expenses	(17,844)			(23,544)			24			(48,781)			(67,245)		27
Operating income	$	25,949			$	57,446			(55)	%		$	66,949		$	171,602	(61)	%


Homes delivered	503			681			(26)	%		1,256			2,020		(38)	%
Average selling price	$	441,500			$	492,700			(10)	%		$	453,000		$	476,500	(5)	%
Operating income as a percentage of revenues	11.7	%		17.1	%		(540)	bps		11.8	%		17.8	%	(600)	bps

For the three-month and nine-month periods ended August 31, 2026 and 2025, this segment’s revenues were generated solely from housing operations. This segment’s housing revenues declined year over year in both periods, reflecting decreases in both the number of homes delivered and their average selling price. Operating income for the three-month and nine-month periods ended August 31, 2026 decreased from the corresponding year-earlier periods due to lower housing gross profits, partially offset by lower selling, general and administrative expenses. As a percentage of revenues, operating income for the 2026 third quarter declined from the year-earlier quarter, reflecting a 440 basis-point decrease in the housing gross profit margin to 19.7% and a 100 basis-point increase in selling, general and administrative expenses as a percentage of housing revenues to 8.0%. For the nine months ended August 31, 2026, operating income as a percentage of revenues also decreased year over year due to a

450 basis-point decrease in the housing gross profit margin to 20.3% and a 150 basis-point increase in selling, general and administrative expenses as a percentage of housing revenues to 8.6%.

The year-over-year decrease in the housing gross profit margin for the three months and nine months ended August 31, 2026 primarily reflected continued pricing pressure, higher relative land costs and decreased operating leverage on lower housing revenues. There were no inventory-related charges associated with housing operations for the three months ended August 31, 2026, and such charges totaled $.4 million for the nine months ended August 31, 2026, compared to $.5 million and $1.6 million, respectively, for the corresponding year-earlier periods. The year-over-year increase in selling, general and administrative expenses as a percentage of housing revenues for both the three months and nine months ended August 31, 2026 was mainly due to a decrease in operating leverage from lower housing revenues.

Central. The following table presents financial information related to our Central segment (dollars in thousands, except average selling price):


	Three Months Ended August 31,		Nine Months Ended August 31,
	2026		2025		Variance		2026		2025		Variance
Revenues	$	205,567			$	310,603			(34)	%		$	635,004		$	869,182	(27)	%
Construction and land costs	(177,382)			(261,299)			32			(541,462)			(712,516)		24
Selling, general and administrative expenses	(24,742)			(31,096)			20			(72,032)			(92,291)		22
Operating income	$	3,443			$	18,208			(81)	%		$	21,510		$	64,375	(67)	%

Homes delivered	609			943			(35)	%		1,880			2,505		(25)	%
Average selling price	$	337,500			$	329,400			2	%		$	337,800		$	347,000	(3)	%
Operating income as a percentage of revenues	1.7	%		5.9	%		(420)	bps		3.4	%		7.4	%	(400)	bps

This segment’s revenues for the three-month and nine-month periods ended August 31, 2026 and 2025 were generated solely from housing operations. Housing revenues for the three months and nine months ended August 31, 2026 were down from the corresponding year-earlier periods primarily due to a decrease in the number of homes delivered. Operating income for the three-month and nine-month periods ended August 31, 2026 declined from the corresponding year-earlier periods due to lower housing gross profits, partly offset by lower selling, general and administrative expenses. This segment’s operating income as a percentage of revenues for the 2026 third quarter decreased from the year-earlier period due to a 220 basis-point decline in the housing gross profit margin to 13.7% and a 200 basis-point increase in selling, general and administrative expenses as a percentage of housing revenues to 12.0%. For the nine months ended August 31, 2026, operating income as a percentage of revenues decreased year over year, reflecting a 330 basis-point decrease in the housing gross profit margin to 14.7%, and a 70 basis-point increase in selling, general and administrative expenses as a percentage of housing revenues to 11.3%.

The housing gross profit margin declined year over year for both the three-month and nine-month periods ended August 31, 2026, mainly due to continued pricing pressure, higher relative land costs, product and geographic mix, and decreased operating leverage on lower housing revenues, partly offset by decreased inventory-related charges. Inventory-related charges associated with housing operations for the three months ended August 31, 2026 were $.9 million, compared to $7.2 million for the year-earlier period. For the nine months ended August 31, 2026, inventory-related charges associated with housing operations were $1.9 million, compared to $9.4 million for the year-earlier period. The year-over-year increase in selling, general and administrative expenses as a percentage of housing revenues for the three months and nine months ended August 31, 2026 primarily reflected a decrease in operating leverage from lower housing revenues. For the nine months ended August 31, 2026, the year-over-year increase was largely offset by the favorable impact of insurance recoveries.

Southeast. The following table presents financial information related to our Southeast segment (dollars in thousands, except average selling price):


	Three Months Ended August 31,		Nine Months Ended August 31,
	2026		2025		Variance		2026		2025		Variance
Revenues	$	244,686			$	303,474			(19)	%		$	686,856		$	767,829	(11)	%
Construction and land costs	(204,228)			(254,025)			20			(583,070)			(637,145)		8
Selling, general and administrative expenses	(24,328)			(27,224)			11			(66,950)			(75,152)		11
Operating income	$	16,130			$	22,225			(27)	%		$	36,836		$	55,532	(34)	%


Homes delivered	654			797			(18)	%		1,867			1,969		(5)	%
Average selling price	$	374,100			$	380,200			(2)	%		$	367,600		$	389,700	(6)	%
Operating income as a percentage of revenues	6.6	%		7.3	%		(70)	bps		5.4	%		7.2	%	(180)	bps

For the three months ended August 31, 2026, this segment’s revenues were generated solely from housing operations. For the nine months ended August 31, 2026 and the three-month and nine-month periods ended August 31, 2025, this segment’s revenues were comprised of housing revenues and nominal land sale revenues. Housing revenues for the three months ended August 31, 2026 decreased 19% year over year and, for the nine months ended August 31, 2026, declined 11% from the corresponding year-earlier period. In both periods, the decline reflected decreases in both the number of homes delivered and their average selling price. Operating income for the three months and nine months ended August 31, 2026 was down from the corresponding year-earlier periods mainly due to lower housing gross profits, partially offset by lower selling, general and administrative expenses. As a percentage of revenues, operating income for the 2026 third quarter declined from the year-earlier quarter primarily due to a 90 basis-point increase in selling, general and administrative expenses as a percentage of housing revenues to 9.9%, partially offset by a 20 basis-point increase in the housing gross profit margin to 16.5%. Operating income as a percentage of revenues for the nine months ended August 31, 2026 declined from the year-earlier period due to a 190 basis-point decrease in the housing gross profit margin to 15.1%, partly offset by a 10 basis-point improvement in selling, general and administrative expenses as a percentage of housing revenues to 9.8%.

The year-over-year increase in the housing gross profit margin for three months ended August 31, 2026 primarily reflected lower construction costs, which more than offset the effects of continued pricing pressure and higher relative land costs. For the nine months ended August 31, 2026, the housing gross profit margin decreased from the year-earlier period, mainly due to continued pricing pressure, higher land costs, and product and geographic mix, partially offset by lower construction costs. Inventory-related charges associated with housing operations for the three months ended August 31, 2026 were $1.4 million, compared to $2.5 million for the year-earlier quarter. For the nine months ended August 31, 2026, inventory-related charges associated with housing operations were $2.7 million, compared to $4.4 million for the corresponding 2025 period. The year-over-year increase in selling, general and administrative expenses as a percentage of housing revenues for the three months ended August 31, 2026 was mainly due to a decrease in operating leverage from lower housing revenues.

FINANCIAL SERVICES REPORTING SEGMENT

The following table presents a summary of selected financial and operational data for our financial services reporting segment (dollars in thousands):


	Three Months Ended August 31,		Nine Months Ended August 31,
	2026		2025		2026		2025
Revenues	$	4,751			$	6,012		$	15,031	$	15,617
Expenses	(1,464)			(1,580)			(4,507)		(4,689)
Equity in income of unconsolidated joint venture	4,094			4,254			9,057		13,445
Pretax income	$	7,381			$	8,686		$	19,581	$	24,373


	Three Months Ended August 31,		Nine Months Ended August 31,
	2026		2025		2026		2025
Total originations (a):
Loans	2,010			2,314			5,331			6,630
Principal	$	812,099			$	917,658			$	2,105,042		$	2,717,138
Percentage of homebuyers using KBHS	85	%		83	%		83	%		86	%
Average FICO score	742			740			742			743

Loans sold (a):
Loans sold to GR Alliance	1,536			1,786			4,107			5,021
Principal	$	634,695			$	712,367			$	1,653,980		$	2,034,811
Loans sold to third parties	510			469			1,207			1,457
Principal	$	186,307			$	189,837			$	429,040		$	631,511

(a)Loan originations and sales occurred within KBHS.

Revenues. Financial services revenues for the three months ended August 31, 2026 declined 21% year over year, reflecting lower title services revenues and insurance commission revenues. For the nine months ended August 31, 2026, financial services revenues decreased 4% from the corresponding year-earlier period, as lower title services revenues were partly offset by higher insurance commission revenues. Lower title services revenues in both periods primarily reflected fewer homes delivered in the 2026 periods. Insurance commission revenues decreased in the three-month period and increased in the nine-month period, primarily due to changes in estimated future renewal commissions.

Pretax income. Financial services pretax income for the three months ended August 31, 2026 decreased 15% from the year-earlier period, mainly reflecting lower results from title and insurance operations. Our equity in income of KBHS declined 4% year over year due to a decline in KBHS’ income that primarily reflected fewer loans originated resulting from the lower number of homes we delivered, partially offset by a higher percentage of our homebuyers using KBHS. The impact of the lower loan volume on KBHS’ income was partly offset by a $1.2 million gain in the fair value of IRLCs in the three months ended August 31, 2026, compared to a $3.0 million loss for the year‑earlier period.

For the nine months ended August 31, 2026, financial services pretax income declined 20% from the corresponding year-earlier period, primarily due to a 33% decrease in the equity in income of our unconsolidated joint venture, KBHS. Our equity in income of KBHS declined from the corresponding year-earlier period due to a decrease in KBHS’ income that mainly reflected fewer loans originated as a result of both the lower number of homes we delivered and a lower percentage of our homebuyers using KBHS. The impact of the lower loan volume for the nine months ended August 31, 2026 was partially offset by a $2.2 million gain in the fair value of IRLCs, compared to a $6.6 million loss in the corresponding period of 2025.

Further information regarding our investments in unconsolidated joint ventures, including KBHS, is provided in Note 9 – Investments in Unconsolidated Joint Ventures in the Notes to Consolidated Financial Statements in this report.

INCOME TAXES

Income Tax Expense. Our income tax expense and effective tax rates were as follows (dollars in thousands):


	Three Months Ended August 31,		Nine Months Ended August 31,
	2026		2025		2026		2025
Income tax expense	$	15,900			$	33,400			$	32,700		$	97,700
Effective tax rate	19.6	%		23.3	%		20.6	%		23.0	%

Our effective tax rate for the three months ended August 31, 2026 decreased from the year-earlier period, primarily due to an increase in excess benefits from stock based compensation as well as the lower pretax income we generated for the 2026 period, which heightened their relative impact. For the nine months ended August 31, 2026, our effective tax rate decreased from the year-earlier period, mainly due to the lower pretax income, which resulted in a higher relative impact of excess tax benefits from stock-based compensation in the 2026 period, partly offset by a higher relative impact of non-deductible executive compensation expense.

On July 4, 2025, the OBBBA was signed into law. Among its provisions is the repeal of Section 45L tax credits for new energy-efficient homes delivered after June 30, 2026. As a result, our income tax expense and effective tax rate for the three months and nine months ended August 31, 2026 reflected the lower Section 45L benefit for the homes delivered after the effective date. The other tax-related provisions of the OBBBA did not have a material impact on our consolidated financial statements.

Further information regarding our income taxes is provided in Note 13 – Income Taxes in the Notes to Consolidated Financial Statements in this report.

NON-GAAP FINANCIAL MEASURES

This report contains information about our adjusted housing gross profit margin, which is not calculated in accordance with GAAP. We believe this non-GAAP financial measure is relevant and useful to investors in understanding our operations, and may be helpful in comparing us with other companies in the homebuilding industry to the extent they provide similar information. However, because it is not calculated in accordance with GAAP, this non-GAAP financial measure may not be completely comparable to other companies in the homebuilding industry and, thus, should not be considered in isolation or as an alternative to operating performance and/or financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the most directly comparable GAAP financial measure in order to provide a greater understanding of the factors and trends affecting our operations.

Adjusted Housing Gross Profit Margin. The following table reconciles our housing gross profit margin calculated in accordance with GAAP to the non-GAAP financial measure of our adjusted housing gross profit margin (dollars in thousands):


	Three Months Ended August 31,		Nine Months Ended August 31,
	2026		2025		2026		2025
Housing revenues	$	1,292,350			$	1,613,975			$	3,470,076		$	4,525,732
Housing construction and land costs	(1,078,590)			(1,320,611)			(2,923,732)			(3,658,080)
Housing gross profits	213,760			293,364			546,344			867,652
Add: Inventory-related charges (a)	2,986			11,338			10,720			18,351
Adjusted housing gross profits	$	216,746			$	304,702			$	557,064		$	886,003

Housing gross profit margin as a percentage of housing revenues	16.5	%		18.2	%		15.7	%		19.2	%
Adjusted housing gross profit margin as a percentage of housing revenues	16.8	%		18.9	%		16.1	%		19.6	%

(a) Represents inventory impairment and land option contract abandonment charges associated with housing operations.

Adjusted housing gross profit margin is a non-GAAP financial measure, which we calculate by dividing housing revenues less housing construction and land costs excluding housing inventory impairment and land option contract abandonment charges (as applicable) recorded during a given period, by housing revenues. The most directly comparable GAAP financial measure is housing gross profit margin. We believe adjusted housing gross profit margin is a relevant and useful financial measure to investors in evaluating our performance as it measures the gross profits we generated specifically on the homes delivered during a given period. This non-GAAP financial measure isolates the impact that the housing inventory impairment and land option contract abandonment charges have on housing gross profit margins, and allows investors to make comparisons with our competitors that adjust housing gross profit margins in a similar manner. We also believe investors will find adjusted housing gross profit margin relevant and useful because it represents a profitability measure that may be compared to a prior period without regard to variability of housing inventory impairment and land option contract abandonment charges. This financial measure assists us in making strategic decisions regarding community location and product mix, product pricing and construction pace.

Liquidity and Capital Resources

Overview. We have funded our homebuilding and financial services activities over the last several years with:

•internally generated cash flows;

•public issuances of debt securities;

•borrowings under the Credit Facility;

•the Term Loan;

•land option contracts and other similar contracts and seller notes;

•public issuances of our common stock; and

•letters of credit and performance bonds.

We manage our use of cash in the operation of our business to support the execution of our primary strategic goals. Over the past several years, we have primarily used cash for:

•land acquisitions and land development;

•home construction;

•operating expenses;

•principal and interest payments on notes payable;

•repayments of borrowings under the Credit Facility;

•dividends paid to stockholders; and

•repurchases of our common stock.

We ended the 2026 third quarter with total liquidity of $942.4 million, including cash and cash equivalents and $783.4 million of available capacity under the Credit Facility, with $415.0 million of cash borrowings outstanding. Cash and cash equivalents totaled $159.0 million at August 31, 2026, compared to $228.6 million at November 30, 2025. Cash equivalents included in the total were $35.7 million at August 31, 2026 and $152.6 million at November 30, 2025, and were mainly invested in interest-bearing bank deposit accounts and money market funds. Based on our financial position as of August 31, 2026, and our business forecast as discussed below under “Outlook,” we have no material concerns related to our liquidity. We believe that our existing cash and cash equivalents, our anticipated cash flows from operations and amounts available under our Credit Facility will be sufficient to fund our anticipated operating and land-related investment needs for at least the next 12 months.

Cash Requirements. In the nine months ended August 31, 2026, there have been no significant changes in our cash requirements from those reported in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our Annual Report on Form 10-K for the year ended November 30, 2025.

Investments in Land and Land Development. Our investments in land and land development for the nine months ended August 31, 2026 totaled $1.79 billion, an 8% decrease compared to the year-earlier period; the prior period included our purchase of two sizable land parcels in our Southwest homebuilding reporting segment. In the nine months ended August 31, 2026, land acquisition expenditures, which are included in our investments in land and land development, decreased to $650.3 million, or 36% of our total investments, compared to $771.3 million, or 40% of our total investments, in the corresponding period of 2025. While land and land development investments were made in all of our homebuilding reporting segments during the nine months ended August 31, 2026 and 2025, our West Coast segment comprised 47% and 51%, respectively, of our total investments.

In the 2026 fourth quarter, we intend to continue to invest in and develop land positions within attractive submarkets and selectively acquire or control additional land that meets our investment standards, depending significantly on market conditions and available opportunities that meet our investment return standards.

The following table presents the number of lots we owned or controlled under land option contracts and other similar contracts and the carrying value of inventory by homebuilding reporting segment (dollars in thousands):


	August 31, 2026	November 30, 2025		Variance
Segment	Lots	Carrying Value		Lots	Carrying Value		Lots		Carrying Value
West Coast	20,471		$	3,214,169		20,750			$	3,048,056		(279)		$	166,113
Southwest	10,165		1,173,794		11,142			969,260			(977)		204,534
Central	18,967		757,883		20,614			758,962			(1,647)		(1,079)
Southeast	11,978		835,336		12,106			894,524			(128)		(59,188)
Total	61,581		$	5,981,182		64,612			$	5,670,802		(3,031)		$	310,380

The carrying value of lots we owned or controlled under land option contracts and other similar contracts at August 31, 2026 increased 5% from November 30, 2025, mainly due to land and land development investments during the nine months ended August 31, 2026. The number of lots we owned or controlled as of August 31, 2026 decreased 5% from November 30, 2025, largely reflecting homes delivered and our strategic abandonment of 8,777 previously controlled lots, partly offset by newly optioned lots during the period. The number of lots in inventory as of August 31, 2026 included 9,549 lots under contract where the associated deposits were refundable at our discretion, compared to 7,715 of such lots at November 30, 2025. Our lots controlled under land option contracts and other similar contracts as a percentage of total lots was 40% at August 31, 2026, compared to 43% at November 30, 2025. Generally, this percentage fluctuates with our decisions to control (or abandon) lots under land option contracts and other similar contracts or to purchase (or sell owned) lots based on available opportunities and our investment return standards.

Land Option Contracts and Other Similar Contracts. As discussed in Note 8 – Variable Interest Entities in the Notes to Consolidated Financial Statements in this report, our land option contracts and other similar contracts generally do not contain provisions requiring our specific performance. Our decision to exercise a particular land option contract or other similar contract depends on the results of our due diligence reviews and ongoing market and project feasibility analysis that we conduct after entering into such a contract. In some cases, our decision to exercise a land option contract or other similar contract may be conditioned on the land seller obtaining necessary entitlements, such as zoning rights and environmental and development approvals, and/or physically developing the underlying land by a pre-determined date. We typically have the ability not to exercise our rights to the underlying land for any reason and, if applicable, forfeit our deposits without further penalty or obligation to the sellers. If we were to acquire all the land we had under land option contracts and other similar contracts at August 31, 2026, we estimate the remaining purchase price to be paid would be as follows: 2026 – $358.3 million; 2027 – $859.0 million; 2028 – $297.3 million; 2029 – $98.5 million; 2030 – $4.0 million; and thereafter – $0.

Liquidity. The table below summarizes our cash and cash equivalents, and total liquidity (in thousands):


	August 31, 2026		November 30, 2025
Cash and cash equivalents	$	159,018			$	228,614
Credit Facility commitment	1,200,000			1,200,000
Borrowings outstanding under the Credit Facility	(415,000)			—
Letters of credit outstanding under the Credit Facility	(1,610)			(1,610)
Credit Facility availability	783,390			1,198,390
Total liquidity	$	942,408			$	1,427,004

Capital Resources. Our notes payable consisted of the following (in thousands):


	August 31, 2026		November 30, 2025		Variance
Credit Facility	$	415,000			$	—		$	415,000
Term Loan	358,640			358,317			323
Senior notes	1,333,070			1,331,584			1,486
Mortgages and land contracts due to land sellers and other loans	2,435			3,076			(641)
Total	$	2,109,145			$	1,692,977		$	416,168

Our financial leverage, as measured by the ratio of debt to capital, increased 540 basis points to 35.7% at August 31, 2026, compared to 30.3% at November 30, 2025 due to cash borrowings outstanding under the Credit Facility. The ratio of debt to capital is calculated by dividing notes payable by capital (notes payable plus stockholders’ equity).

LOC Facility. We maintain the LOC Facility to obtain letters of credit from time to time in the ordinary course of operating our business. Under the LOC Facility, which expires on February 13, 2028, we may issue up to $100.0 million of letters of credit. As of August 31, 2026 and November 30, 2025, we had letters of credit outstanding under the LOC Facility of $53.5 million and $68.2 million, respectively.

Performance Bonds. As discussed in Note 16 – Commitments and Contingencies in the Notes to Consolidated Financial Statements in this report, we had $1.35 billion and $1.37 billion of performance bonds outstanding at August 31, 2026 and November 30, 2025, respectively.

Under the terms of the Credit Facility and the Term Loan, we are required, among other things, to maintain compliance with various covenants, including financial covenants regarding our consolidated tangible net worth, Leverage Ratio, and either an Interest Coverage Ratio or minimum liquidity level, each as defined therein. Our compliance with these financial covenants is measured by calculations and metrics that are specifically defined or described by the terms of the Credit Facility and the Term Loan and can differ in certain respects from comparable GAAP or other commonly used terms. The financial covenant requirements under the Credit Facility and the Term Loan are set forth below:

•Consolidated tangible net worth – We must maintain a consolidated tangible net worth at the end of any fiscal quarter greater than or equal to the sum of (a) $2.70 billion, plus (b) an amount equal to 50% of the aggregate of the cumulative consolidated net income for each fiscal quarter commencing after August 31, 2025 and ending as of the last day of such fiscal quarter (though there is no reduction if there is a consolidated net loss in any fiscal quarter), plus (c) an amount equal to 50% of the cumulative net proceeds we receive from the issuance of our capital stock after August 31, 2025.

•Leverage Ratio – We must also maintain a Leverage Ratio of less than or equal to .60 at the end of each fiscal quarter. The Leverage Ratio is calculated as the ratio of our consolidated total indebtedness to the sum of consolidated total indebtedness and consolidated tangible net worth, all as defined under the Credit Facility and the Term Loan.

•Interest Coverage Ratio or liquidity – We are also required to maintain either (a) an Interest Coverage Ratio of greater than or equal to 1.50 at the end of each fiscal quarter; or (b) a minimum level of liquidity, but not both. The Interest Coverage Ratio is the ratio of our consolidated adjusted EBITDA to consolidated interest incurred, each as defined under the Credit Facility and the Term Loan, in each case for the previous 12 months. Our minimum liquidity is required to be greater than or equal to consolidated interest incurred, as defined under the Credit Facility and the Term Loan, for the four most recently ended fiscal quarters in the aggregate.

In addition, under the Credit Facility and the Term Loan, our equity investments in joint ventures and non-guarantor subsidiaries and other unconsolidated entities as of the end of each fiscal quarter cannot exceed the sum of (a) $104.8 million and (b) 20% of consolidated tangible net worth. Further, for so long as we do not hold an investment grade rating, as defined under the Credit Facility and the Term Loan, the Credit Facility and the Term Loan do not permit our borrowing base indebtedness, which, subject to certain exceptions, is the aggregate principal amount of our and certain of our subsidiaries’ outstanding indebtedness for borrowed money and non-collateralized financial letters of credit, to be greater than our borrowing base (a measure relating to our inventory and unrestricted cash assets).

The covenants and other requirements under the Credit Facility and the Term Loan represent the most restrictive covenants that we are subject to with respect to our notes payable. The following table summarizes the financial covenants and other requirements under the Credit Facility and the Term Loan, and our actual levels or ratios (as applicable) with respect to those covenants and other requirements, in each case as of August 31, 2026:

Financial Covenants and Other Requirements

Covenant Requirement

Actual

Consolidated tangible net worth

$2.82 billion

$3.76 billion

Leverage Ratio

.600

.345

Interest Coverage Ratio (a)

1.500

3.863

Minimum liquidity (a)

$112.7 million

$942.4 million

Investments in joint ventures and non-guarantor subsidiaries

$856.9 million

$472.0 million

Borrowing base in excess of borrowing base indebtedness (as defined)

n/a

$2.07 billion

(a) Under the terms of the Credit Facility and the Term Loan, we are required to maintain either a minimum Interest Coverage Ratio or a minimum level of liquidity.

The indenture governing our senior notes does not contain any financial covenants. Subject to specified exceptions, the indenture contains certain restrictive covenants that, among other things, limit our ability to incur secured indebtedness, or engage in sale-leaseback transactions involving property above a certain specified value. In addition, the indenture contains certain limitations related to mergers, consolidations, and sales of assets.

As of August 31, 2026, we were in compliance with the applicable terms of all of our covenants and other requirements under the Credit Facility, the Term Loan, the senior notes, the indenture, the LOC Facility and the mortgages and land contracts due to land sellers and other loans. Our ability to access the Credit Facility for cash borrowings and letters of credit and our ability to secure future debt financing depend, in part, on our ability to remain in such compliance. Our ability to access the Credit Facility’s full borrowing capacity, as well as the LOC Facility’s full issuance capacity, also depends on the ability and willingness of the applicable lenders and financial institutions, including any substitute or additional lenders and financial institutions, to meet their commitments to fund loans, extend credit or provide payment guarantees to or for us under those instruments.

There are no agreements that restrict our payment of dividends other than the Credit Facility and the Term Loan, which would restrict our payment of certain dividends, such as cash dividends on our common stock, if a default under the Credit Facility or the Term Loan exists at the time of any such payment, or if any such payment would result in such a default (other than dividends paid within 60 days after declaration, if there was no default at the time of declaration).

Depending on available terms, we finance certain land acquisitions with purchase-money financing from land sellers or with other forms of financing from third parties. At August 31, 2026, we had outstanding mortgages and land contracts due to land sellers and other loans payable in connection with such financing of $2.4 million, secured primarily by the underlying property, which had an aggregate carrying value of $22.7 million.

Senior Unsecured Term Loan. We have a $360.0 million Term Loan with the lenders party thereto that will mature on November 12, 2029, or earlier if we secure borrowings under the Credit Facility without similarly securing the Term Loan (subject to certain exceptions). The Term Loan is further described in Note 14 – Notes Payable in the Notes to Consolidated Financial Statements in this report.

Unconsolidated Joint Ventures. As discussed in Note 9 – Investments in Unconsolidated Joint Ventures in the Notes to Consolidated Financial Statements in this report, we have investments in unconsolidated joint ventures in various markets where our homebuilding operations are located. As of August 31, 2026, two of our unconsolidated joint ventures had borrowings outstanding with third-party lenders, secured by the underlying property and related project assets.

Credit Rating. Our credit ratings are periodically reviewed by rating agencies. In July 2026, S&P Global Ratings downgraded our corporate credit rating to BB from BB+ and changed its rating outlook to negative from stable based primarily on the impact of persistent macroeconomic headwinds and softer homebuilding business conditions on our financial performance.

Consolidated Cash Flows. The following table presents a summary of net cash provided by (used in) our operating, investing and financing activities (in thousands):


	Nine Months Ended August 31,
	2026		2025
Net cash provided by (used in):
Operating activities	$	(228,880)			$	31,840
Investing activities	(15,347)			(42,237)
Financing activities	173,842			(256,498)
Net decrease in cash and cash equivalents	$	(70,385)			$	(266,895)

Operating Activities. Generally, our net operating cash flows fluctuate mainly based on changes in our inventories and our profitability. Our net cash used by operating activities for the nine months ended August 31, 2026 mainly reflected a net increase in inventories of $326.5 million, a net decrease in accounts payable, accrued expenses and other liabilities of $49.2 million, and a net increase in receivables of $32.7 million, partly offset by net income of $126.1 million. In the nine months ended August 31, 2025, our net cash provided by operating activities primarily reflected net income of $327.3 million and a net decrease in receivables of $7.2 million, partly offset by a net increase in inventories of $330.0 million and a net decrease in accounts payable, accrued expenses and other liabilities of $63.8 million.

Investing Activities. In the nine months ended August 31, 2026, net cash used in investing activities consisted of $32.5 million for net purchases of property and equipment and $19.4 million of contributions to unconsolidated joint ventures, partially offset by $20.0 million of proceeds from the sale of our investment in the equity securities of a privately held technology company and a $16.6 million return of investments in unconsolidated joint ventures. In the nine months ended August 31, 2025, our net cash used in investing activities included $34.6 million for net purchases of property and equipment and $10.6 million for contributions to unconsolidated joint ventures, partly offset by a $3.0 million return of investments in unconsolidated joint ventures.

Financing Activities. In the nine months ended August 31, 2026, cash was provided by $415.0 million of net borrowings under the Credit Facility and $5.7 million of issuances of common stock under employee stock plans. The cash provided was partly offset by stock repurchases and excise taxes paid of $180.1 million, dividend payments on our common stock of $47.7 million, and tax payments associated with stock-based compensation awards of $18.3 million. In the nine months ended August 31, 2025, our uses of cash included stock repurchases of $438.5 million, dividend payments on our common stock of $52.8 million and tax payments associated with stock-based compensation awards of $15.9 million. The cash used was partially offset by $250.0 million of net borrowings under the Credit Facility and $.7 million of issuances of common stock under employee stock plans.

Dividends. In the 2026 and 2025 third quarters, our board of directors declared, and we paid, a quarterly cash dividend of $.25 per share. Quarterly dividends declared and paid during each of the nine-month periods ended August 31, 2026 and 2025 totaled $.75 per share. The declaration and payment of future cash dividends on our common stock, whether at current levels or at all, are at the discretion of our board of directors, and depend upon, among other things, our expected future earnings, cash flows, capital requirements, access to external financing, debt structure and any adjustments thereto, operational and financial investment strategy and general financial condition, as well as general business conditions.

Share Repurchase Program. On October 9, 2025, our board of directors authorized us to repurchase up to $1.00 billion of our outstanding common stock. As of November 30, 2025, there was $900.0 million of remaining availability under this share repurchase authorization. In the nine months ended August 31, 2026, we repurchased 3,104,677 shares of our common stock at a total cost of $175.0 million. Repurchases under the authorization may occur periodically through open market purchases, privately negotiated transactions or otherwise, with the timing and amount at management’s discretion and dependent on market, business and other conditions. This share repurchase authorization will continue in effect until fully used or earlier terminated or suspended by our board of directors, and does not obligate us to purchase any shares. As of August 31, 2026, there was $725.0 million of remaining availability under this share repurchase authorization.

Shelf Registration. On July 14, 2026, we filed the 2026 Shelf Registration with the SEC. The 2026 Shelf Registration registers the offering of securities that we may issue from time to time in amounts to be determined. Our ability to issue securities is subject to market conditions and, with respect to debt securities, other factors impacting our borrowing capacity. The 2026 Shelf Registration replaced our previous such registration statement filed with the SEC on July 10, 2023. We have not made any offerings of securities under the 2026 Shelf Registration.

As stated above, we believe we have adequate capital resources and sufficient access to external financing sources to satisfy our current and reasonably anticipated requirements for funds to conduct our operations and meet other needs in the ordinary course of our business. For the remainder of 2026, we expect to use or redeploy our cash resources or cash borrowings under the Credit Facility to support our business within the context of prevailing market conditions. During this time, we may also engage in capital markets, bank loan, project debt or other financial transactions, including the repurchase of debt or equity securities or potential new issuances of debt or equity securities to support our business needs. The amounts involved in these transactions, if any, may be material. In addition, as necessary or desirable, we may adjust or amend the terms of and/or expand the capacity of the Credit Facility or the LOC Facility, or enter into additional letter of credit facilities, or other similar facility arrangements, in each case with the same or other financial institutions, or allow any such facilities or loans to mature or expire. Our ability to engage in such transactions may be constrained by volatile or tight economic, capital, credit and/or financial market conditions or other factors, including those described below under “Outlook,” and/or our liquidity, leverage and net worth, and we can provide no assurance as to successfully completing, the costs of, or the operational limitations arising from any one or series of such transactions.

Supplemental Guarantor Financial Information

As of August 31, 2026, we had $1.34 billion in aggregate principal amount of outstanding senior notes, $415.0 million of borrowings outstanding under the Credit Facility and $360.0 million in aggregate principal amount of borrowings outstanding under the Term Loan. Our obligations to pay principal and interest on the senior notes and borrowings, if any, under the Credit Facility and the Term Loan are guaranteed on a joint and several basis by our Guarantor Subsidiaries. Our other subsidiaries, including all of our subsidiaries associated with our financial services operations, do not guarantee any such indebtedness (collectively, “Non-Guarantor Subsidiaries”), although we may cause a Non-Guarantor Subsidiary to become a Guarantor Subsidiary if we believe it to be in our or the relevant subsidiary’s best interest. See Note 14 – Notes Payable in the Notes to Consolidated Financial Statements in this report for additional information regarding the terms of our senior notes, the Credit Facility and the Term Loan.

The guarantees are full and unconditional, and the Guarantor Subsidiaries are 100% owned by us. The guarantees are senior unsecured obligations of each of the Guarantor Subsidiaries and rank equally in right of payment with all unsecured and unsubordinated indebtedness and guarantees of such Guarantor Subsidiaries. The guarantees are effectively subordinated to any secured indebtedness of such Guarantor Subsidiaries to the extent of the value of the assets securing such indebtedness, and structurally subordinated to indebtedness and other liabilities of Non-Guarantor Subsidiaries.

Pursuant to the terms of the indenture governing the senior notes and the terms of the Credit Facility and the Term Loan, if any of the Guarantor Subsidiaries ceases to be a “significant subsidiary” as defined by Rule 1-02 of Regulation S-X using a 5% rather than a 10% threshold (provided that the assets of our Non-Guarantor Subsidiaries do not in the aggregate exceed 10% of an adjusted measure of our consolidated total assets), it will be automatically and unconditionally released and discharged from its guaranty of the senior notes, the Credit Facility and the Term Loan so long as all guarantees by such Guarantor Subsidiary of any other of our or our subsidiaries’ indebtedness are terminated at or prior to the time of such release.

The following tables present summarized financial information for KB Home and the Guarantor Subsidiaries on a combined basis, excluding unconsolidated joint ventures and after the elimination of (a) intercompany transactions and balances between KB Home and the Guarantor Subsidiaries and (b) equity in earnings from and investments in the Non-Guarantor Subsidiaries. See Note 9 – Investments in Unconsolidated Joint Ventures in the Notes to Consolidated Financial Statements in this report for additional information regarding our unconsolidated joint ventures.


	August 31, 2026		November 30, 2025
Summarized Balance Sheet Data (in thousands)
Assets
Cash	$	119,843			$	170,338
Inventories	5,633,436			5,311,390
Amounts due from Non-Guarantor Subsidiaries	236,066			278,680
Total assets	6,632,617			6,360,871


	August 31, 2026		November 30, 2025
Summarized Balance Sheet Data (in thousands)
Liabilities and Stockholders’ Equity
Notes payable	$	2,109,145			$	1,692,977
Amounts due to Non-Guarantor Subsidiaries	461,472			438,762
Total liabilities	3,228,296			2,831,933
Stockholders’ equity	3,404,321			3,528,938



Summarized Statement of Operations Data (in thousands)	Nine Months Ended August 31, 2026
Revenues	$	3,164,958
Construction and land costs	(2,648,617)
Selling, general and administrative expenses	(401,080)
Interest income from Non-Guarantor Subsidiaries	13,736
Pretax income	135,079
Net income	107,879

Critical Accounting Policies and Estimates

The preparation of our consolidated financial statements requires the use of judgment in the application of accounting policies and estimates of uncertain matters. There have been no significant changes to our critical accounting policies and estimates during the three months ended August 31, 2026 from those disclosed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our Annual Report on Form 10-K for the year ended November 30, 2025.

Recent Accounting Pronouncements

There are no recent accounting pronouncements that are expected to have a material impact on our consolidated financial statements.

Outlook

We expect housing market conditions to remain challenging through the 2026 fourth quarter and into 2027 as higher mortgage loan interest rates, which increased further during the 2026 third quarter, continue to challenge affordability and, along with rising resale inventory levels, contribute to pricing pressure across many of our served markets. In addition, consumer confidence and homebuyer demand are expected to be negatively affected by persistent inflation, attributable in part to rising commodity and oil prices, heightened macroeconomic uncertainties and geopolitical tensions, including the military conflicts in the Middle East and in Ukraine. To the extent these conditions continue or worsen, net order activity, including net orders for our Built to Order homes, could remain subdued. As we navigate these near-term headwinds, we remain focused on executing our Built to Order strategy, balancing sales pace, pricing, and profitability, and selectively investing in land and land development to support future growth. We continue to believe that favorable demographic trends, an ongoing structural undersupply of homes and the appeal of new, personalized energy-efficient homes support the long-term outlook for our business.

Entering the 2026 fourth quarter, we plan to maintain the simplified sales approach we implemented more than a year ago. Additionally, while selling through our existing inventory, we will continue to emphasize sales of our Built to Order homes. Our mix of net orders in the 2026 first, second and third quarters was predominantly Built to Order. As a result, we believe we are positioned to achieve our goal of a 2026 full-year mix of Built to Order homes delivered within our historical average of 60% to 70%, compared to 56% for 2025.

The number of homes in our backlog at August 31, 2026 was up 2% from August 31, 2025, marking the first year-over-year increase in our ending backlog in four years. Among other benefits, a larger backlog of Built to Order homes generally provides us with greater visibility into future deliveries. We also intend to continue focusing on improving our build times and tightly managing our direct construction costs. However, as our average build time for the 2026 third quarter was the lowest in more than a decade, we expect the pace of future improvement to be more gradual relative to recent periods.

Based on the present and expected housing market environment and our results through the first nine months of 2026, we currently expect our housing gross profit margin for the 2026 fourth quarter to decline sequentially from the third quarter. Accordingly, we have modestly lowered and narrowed our full-year housing gross profit margin outlook compared to our prior outlook.

We have maintained a strong financial position and financial flexibility, supported by our Credit Facility, which we expanded at the end of our 2025 fiscal year. For the 2026 fourth quarter, in order to strengthen our long-term growth platform, we intend, subject to the operating environment and available opportunities, to acquire and control additional land positions within attractive submarkets in our served markets that meet our investment standards. We also plan to continue to develop land we own in a manner that prioritizes capital efficiency, including developing lots in smaller phases, where possible, and aligning development with our starts pace to optimally manage our inventory of finished lots. Reflecting our ongoing investments in land and land development, our ending community count for the 2026 third quarter increased 5% year over year to 277.

Consistent with our balanced approach to capital allocation, we plan to continue returning capital to our stockholders, primarily through additional share repurchases. As of August 31, 2026, we had $725.0 million remaining under our current board of directors share repurchase authorization. This provides us with the opportunity to repurchase our common stock in the 2026 fourth quarter, with the pace, volume and timing based on considerations of our operating cash flow, liquidity outlook, land investment opportunities and needs, the market price of our common stock, and the housing market and general economic conditions.

Based on the foregoing, we have updated the 2026 full-year projections that were previously disclosed in our Quarterly Report on Form 10-Q for the quarterly period ended May 31, 2026. Our present outlook for the 2026 fourth quarter and full‑year for certain metrics is as follows:

2026 Fourth Quarter

•We expect deliveries to be in the range of 3,000 to 3,500, compared to 3,619 for the 2025 fourth quarter.

•We expect to generate housing revenues in the range of $1.45 billion to $1.65 billion, compared to $1.68 billion for the corresponding 2025 period.

•We expect our housing gross profit margin will be in the range of 16.0% to 16.6%, assuming no inventory-related charges, compared to 17.8% for the corresponding 2025 quarter.

•We expect our selling, general and administrative expenses as a percentage of housing revenues to be in the range of 10.3% to 10.9%, compared to 10.0% for the 2025 fourth quarter.

•We expect our effective tax rate will be approximately 26.0%, compared to 21.4% for the year-earlier quarter.

•We expect our ending community count will be in the range of 270 to 275, compared to 271 for the 2025 fourth quarter.

•We expect to repurchase up to $50.0 million of our common stock.

2026 Full Year

•We expect deliveries to be in the range of 10,500 to 11,000, compared to 12,902 for 2025.

•We expect our housing revenues to be in the range of $4.90 billion to $5.10 billion, compared to $6.21 billion for 2025.

•We expect our housing gross profit margin will be in the range of 16.0% to 16.2%, assuming no inventory-related charges, compared to 19.1% for 2025.

•We expect our selling, general and administrative expenses as a percentage of housing revenues to be in the range of 11.5% to 11.7%, compared to 10.4% for 2025.

•We expect our effective tax rate will be approximately 23.0%, compared to 22.6% for 2025.

In addition to factors discussed elsewhere in this report, our future performance and the strategies we implement (and adjust or refine as necessary or appropriate) will depend significantly on economic, employment, homebuilding industry and capital, credit and financial market conditions, as well as a fairly stable and constructive political and regulatory environment, particularly in regard to housing and mortgage loan financing policies. This includes U.S. trade policy and any tariffs, and other countries’ countervailing measures, including those recently established between the U.S. and Canada, that remain in effect on raw building materials such as steel, lumber, drywall and concrete, and/or finished products. Though certain tariffs

and countervailing measures instituted in 2025 have affected pricing in adjacent sectors, we have not experienced significant cost increases or raw material/finished product availability constraints to date. However, if U.S. or foreign governments take actions that cause tariff-related cost or availability pressures to escalate or expand, we could experience higher construction costs and/or supply chain disruptions that would affect our business and consolidated financial statements in future reporting periods.

We also believe the ongoing significant volatility in global energy, credit and capital markets, international shipping instability, and negative consumer confidence impacts from the conflicts in the Middle East and in Ukraine, particularly if it intensifies or is prolonged, could cause supply chain disruptions, increase our land development and input costs – such as for lumber and oil‑ and petroleum‑based building products – or reduce our revenues or housing gross profit margins beyond our ability to offset through pricing or cost‑management initiatives. Additionally, as the Federal Reserve increased interest rates in September 2026 and its projections pointed to another possible increase before year-end, there can be no assurance it will implement rate reductions or other monetary policy changes in the near term that would meaningfully lower mortgage loan interest rates, increase demand or positively affect our business, results of operations or consolidated financial statements.

The potential extent and effect of these and other factors on our business is highly uncertain, unpredictable and outside our control, and our past performance, including in the three months ended August 31, 2026, should not be considered indicative of our future results on any metric or set of metrics, including, but not limited to, our net orders, backlog, revenues, margins and returns.

Forward-Looking Statements

Investors are cautioned that certain statements contained in this report, as well as some statements by us in periodic press releases and other public disclosures and some oral statements by us to securities analysts, stockholders and others during presentations, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “hope,” and similar expressions constitute forward-looking statements. In addition, any statements that we may make or provide concerning future financial or operating performance (including without limitation future revenues, community count, homes delivered, net orders, selling prices, sales pace per new community, expenses, expense ratios, housing gross profits, housing gross profit margins, earnings or earnings per share, or growth or growth rates), future market conditions, future interest rates, and other economic conditions, ongoing business strategies or prospects, future dividends and changes in dividend levels, the value of our backlog (including amounts that we expect to realize upon delivery of homes included in our backlog and the timing of those deliveries), the value of our net orders, potential future asset acquisitions and the impact of completed acquisitions, future share issuances or repurchases, future debt issuances, repurchases or redemptions and other possible future actions are also forward-looking statements as defined by the Act. Forward-looking statements are based on our current expectations and projections about future events and are subject to risks, uncertainties, and assumptions about our operations, economic and market factors, and the homebuilding industry, among other things. These statements are not guarantees of future performance, and we have no specific policy or intention to update these statements. If we update or revise any such statement(s), no assumption should be made that we will further update or revise that statement(s) or update or revise any other such statement(s). In addition, forward-looking and other statements in this report and in other public or oral disclosures that express or contain opinions, views or assumptions about market or economic conditions; the success, performance, effectiveness and/or relative positioning of our strategies, initiatives or operational activities; and other matters, may be based in whole or in part on general observations or opinions of our management, limited or anecdotal evidence and/or business or industry experience without in-depth or any particular empirical investigation, inquiry or analysis and are not intended, and do not express, factual assertions about past events.

Actual events and results may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors. The most important risk factors that could cause our actual performance and future events and actions to differ materially from such forward-looking statements include, but are not limited to, the following:

•general economic, employment and business conditions (including, without limitation, consumer and producer price inflation; interest rates and terms available from outside financing sources for our business and for consumer mortgage loans; and consumer confidence, either generally or specifically with respect to purchasing homes);

•material and trade costs and availability;

•disruptions in world and regional trade flows and supply chains due to the military conflicts in the Middle East and in Ukraine and/or U.S. trade policies, including the imposition of tariffs and duties on homebuilding materials and products, and related trade disputes with and retaliatory measures taken by other countries;

•population, household formations and demographic trends;

•government actions, policies, programs and regulations, including tax-related, directed at or affecting, directly or indirectly, the housing market, the homebuilding industry, or our business;

•our ability to successfully implement our business strategies, achieve any associated financial and operational targets and objectives, and manage the related challenges or risks, including those identified or discussed in this report or in any of our other public filings, presentations or disclosures;

•changes in our credit rating;

•homebuyer interest in and ability to afford to purchase our homes (including their ability to obtain typical or lender-required insurance or other policies to cover hazards to their homes);

•our debt level, including our ratio of debt to capital, and our ability to adjust our debt level and maturity schedule;

•our compliance with the terms of our Credit Facility and our Term Loan;

•the execution of any securities repurchases pursuant to our board of directors’ authorization;

•impairment, land option contract abandonment or other inventory-related charges, including any stemming from decreases in the value of our land assets;

•volatility in the market price of our common stock;

•the costs we incur in connection with relocating our corporate headquarters office from Los Angeles, California to Tempe, Arizona in 2027;

•the performance of mortgage lenders for our homebuyers;

•the performance of KBHS;

•information technology failures and data security breaches; and

•other events outside of our control.

Please see our Annual Report on Form 10-K for the year ended November 30, 2025 and other filings with the SEC for a further discussion of these and other risks and uncertainties applicable to our business.

Item 3.Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes in our market risk since November 30, 2025, other than our $415.0 million of cash borrowings outstanding under the Credit Facility as of August 31, 2026. As disclosed in Note 14 – Notes Payable in the Notes to Consolidated Financial Statements in this report, our Credit Facility is subject to interest rate changes as the borrowing rates are based on SOFR or a base rate, plus a spread that depends on our Leverage Ratio. For additional information regarding our market risk, refer to the “Quantitative and Qualitative Disclosures About Market Risk” section of our Annual Report on Form 10-K for the year ended November 30, 2025.

Item 4.Controls and Procedures

We have established disclosure controls and procedures to ensure that information we are required to disclose in the reports we file or submit under the Securities Exchange Act of 1934, as amended (“Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and accumulated and communicated to management, as appropriate, including our president and chief executive officer, who is our principal executive officer and, effective July 6, 2026, our interim principal financial officer, to allow timely decisions regarding required disclosure. Under the supervision and with the participation of senior management, including our president and chief executive officer in his capacity as principal executive officer and interim principal financial officer, we evaluated our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Exchange Act. Based on this evaluation, our president and chief executive officer, as principal executive officer and interim principal financial officer, concluded that our disclosure controls and procedures were effective as of August 31, 2026.

There have been no changes in our internal control over financial reporting during the quarter ended August 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II.OTHER INFORMATION

Item 1.Legal Proceedings

For a discussion of our legal proceedings, see Note 17 – Legal Matters in the Notes to Consolidated Financial Statements in this report.

Item 1A.Risk Factors

There have been no material changes to the risk factors we previously disclosed in our Annual Report on Form 10-K for the year ended November 30, 2025. However, we cannot provide any assurance that any such risk factor will not materialize.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

The following table summarizes purchases of our own equity securities during the three months ended August 31, 2026 (dollars in thousands, except per share amounts):


Period	Total Number of Shares Purchased	Average Price Paid per Share		Dollar Value of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs (a)
June 1-30	—		$	—		$	—		$	775,000
July 1-31	801,998		56.30		45,155			729,845
August 1-31	86,343		56.11		4,845			725,000
Total	888,341		$	56.28		$	50,000

(a) On October 9, 2025, our board of directors authorized us to repurchase up to $1.00 billion of our outstanding common stock. As of November 30, 2025, there was $900.0 million of remaining availability under this share repurchase authorization. In the 2026 third quarter, we repurchased 888,341 shares of our common stock on the open market pursuant to this authorization at a total cost of $50.0 million. As of August 31, 2026, we were authorized to repurchase up to $725.0 million of our outstanding common stock.

Item 5.Other Information

None of our directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the quarter ended August 31, 2026, as such terms are defined under Item 408(a) of Regulation S-K. Additionally, we did not adopt or terminate a Rule 10b5–1 trading arrangement during the quarter ended August 31, 2026.

Item 6.Exhibits


Exhibits




10.26		KB Home Executive Severance Plan, filed as an exhibit to our Amended Current Report on Form 8-K/A dated February 26, 2026 (File No. 001-09195), is incorporated by reference herein.

22		List of Guarantor Subsidiaries, filed as an exhibit to our Annual Report on Form 10-K for the year ended November 30, 2025 (File No. 001-09195), is incorporated by reference herein.

31.1		Certification of Robert V. McGibney, President and Chief Executive Officer of KB Home Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.



32.1		Certification of Robert V. McGibney, President and Chief Executive Officer of KB Home Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.



101.INS		XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	KB HOME Registrant

Dated

October 8, 2026

By:

/s/ ROBERT V. MCGIBNEY

Robert V. McGibney
President and Chief Executive Officer
(Principal Executive Officer and Interim Principal Financial Officer)

Dated

October 8, 2026

By:

/s/ WILLIAM R. HOLLINGER

William R. Hollinger
Senior Vice President and Chief Accounting Officer
(Principal Accounting Officer)

","original","zhKind","translation","complete",false,"KBH","公司与财报","宏观与美联储","行业与主题","政策与监管","观点与解读","其他","aihot","/items/uuni063cfddxktkzqskf78ls3","https://www.sec.gov/Archives/edgar/data/795266/000079526626000071/0000795266-26-000071-index.htm","rss-sec-xbrl","name","SEC · EDGAR 财务披露","rss","firstParty","iconUrl","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar&exp=1791763200&sig=95a77c187c5dca32","iconSrcSet","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-48&exp=1791763200&sig=3a0fa885471986b2 48w, /api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-96&exp=1791763200&sig=31c65723824c6538 96w","changelogVersion","2026-10-01T08:00"]