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LGI Homes (LGIH) investor relations material
LGI Homes Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 home closings fell 39.4% year-over-year to 1,065–1,107 units, with revenue down 39.2% to $396.6–$397 million and net income dropping 71.7% to $19.7 million, but net orders and backlog increased sequentially and year-over-year.
Year-to-date, home closings declined 24.7% and revenue decreased 25.1%, with net income down 62% to $55.2 million.
The company focused on affordability, disciplined inventory management, and competitive financing options to support first-time buyers amid a challenging macroeconomic environment.
Market conditions were pressured by elevated mortgage rates, inflation, and a government shutdown impacting federally backed mortgage programs and loan processing.
Positioned for a strong year-end finish, supported by favorable demographic trends and a persistent shortage of entry-level homes.
Financial highlights
Q3 2025 revenue was $396.6 million, with gross margin at 21.5% (down from 25.1% last year) and adjusted gross margin at 24.5% (down from 27.2%).
Net income for Q3 was $19.7 million ($0.85 per share), pre-tax net income $26.7 million (6.7% of revenue), and EBITDA margin 9.8%.
Average sales price per home closed in Q3 was $372,424, up 0.4% year-over-year.
SG&A expenses were $63.6 million (16% of revenue); selling expenses $35.7 million (9% of revenue).
All five segments posted double-digit revenue declines, with Florida and Northwest experiencing the largest drops; Central and Southeast contributed the most pre-tax income.
Outlook and guidance
Q4 2025 closings expected between 1,300–1,500 homes, a 26% increase at midpoint over Q3, with average sales price $365,000–$375,000 and gross margin 21–22%.
SG&A expected at 15–16% of revenue; tax rate around 26%.
Year-end 2025 community count expected at ~145, with 2026 count to grow 10–15%, mainly in Florida, Texas, and California.
Management believes liquidity and borrowing capacity are sufficient to fund operations and growth for at least the next twelve months.
Outlook assumes stable economic conditions, but ongoing monitoring of affordability constraints and government shutdown impacts.
Q3 net order growth impact on backlog value?
How does LGI maintain affordability with ASPs?
How do raw/finished lots support future growth?
Impact of 3.99% ARM on sales momentum?
Plan for monetizing excess finished lots?
SG&A leverage with Q4 volume increase?
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Q4 202524 Feb, 2026
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Frequently asked questions
LGI Homes, Inc. designs, constructs, and sells homes in the United States. Its entry-level homes include attached, townhome, duplex, and detached single-family residential projects containing total floor area ranges from 1,200 to 1,700 square feet under the LGI Homes brand name as well as active adult homes and vacant land opportunities containing total floor area ranging from 1,200 to 2,400 square feet under the LGI Homes brand name. The company's luxury series homes comprise single-family detached residential projects containing total floor area ranging from 3,500 to 5,600 square feet under the Terrata Homes brand name. It markets its homes through In-House Sales Team and wholesalers. LGI Homes is based in The Woodlands, Texas.
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