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Hovnanian Enterprises (HOV) investor relations material
Hovnanian Enterprises Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Dec, 2025
Executive summary
Fourth quarter revenues were $818 million, meeting or exceeding guidance, but down from $980 million year-over-year, with adjusted gross margin at 16.3% and SG&A at 11.2%.
Adjusted EBITDA was $89 million, exceeding guidance, and adjusted pre-tax income was $49 million, both down from prior year.
Met or exceeded all guidance metrics for Q4 and FY2025 despite a challenging housing market.
Completed $900 million unsecured debt refinancing, extending maturities to 2031 and 2033.
Increased consolidated communities by 8% year-over-year, with 140 as of October 31, 2025.
Financial highlights
Revenues declined 17% year-over-year, mainly from a 13% drop in deliveries and no large land sale as in the prior year.
Adjusted gross margin fell year-over-year due to higher incentives, especially mortgage rate buy-downs, which rose to 12.2% of average sales price.
SG&A as a percentage of revenues was 11.2%, within guidance.
Net debt to capitalization improved to 44.2% at year-end, down from 146.2% in Fiscal 2020.
Liquidity at quarter-end was $404 million, well above the target range.
Outlook and guidance
Q1 Fiscal 2026 revenue guidance: $550–$650 million; adjusted gross margin: 13–14%; SG&A: 13.5–14.5%.
Adjusted EBITDA expected between $35–$45 million; adjusted pre-tax income: $10–$20 million.
Margins expected to bottom in Q1 2026 and gradually improve through the year, assuming stable market conditions.
Community count is expected to grow further in fiscal 2026.
Ongoing use of mortgage rate buy-downs and incentives anticipated.
Quantify annual interest savings from refinancing
Detail the expected gross margin trend post-Q1 2026
How does 6.5-year land supply align with strategy
What is the expected pace of margin recovery?
Expected impact of 7-year ARM buydowns?
How does unsecured debt impact flexibility?
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Next Hovnanian Enterprises earnings date
Q1 202623 Feb, 2026
Next Hovnanian Enterprises earnings date
Q1 202623 Feb, 2026
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Frequently asked questions
Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Red Bank, New Jersey. The Company is one of the nation's largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, Michigan, Minnesota, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company's homes are marketed and sold under the trade names K. Hovnanian Homes®, Brighton Homes®, Parkwood Builders®, Town & Country Homes®, Oster Homes®, Towne Homes®, Insight Homes™ and Seasons™.
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