The firm recorded earnings of $2.72 per share for the quarter, surpassing analyst projections despite a 22.3 percent decline from a year earlier.
The company generated quarterly sales of $2.53 billion, a decrease of 6.6 percent from the same period last year, yet exceeding analyst estimates.
In the second quarter, adjusted home sales gross margin was 26.2 percent, compared to 27.5 percent a year earlier. SG&A, as a percentage of home sales revenues, was 10.3 percent, up from 9.5 percent in the prior year.
For the six months ended April 30, 2026, home sales gross margin was 24.2 percent, and adjusted home sales gross margin was 26.3 percent. SG&A, as a percentage of home sales revenues, was 11.8 percent. Net income for the period was $471.5 million, or $4.91 per diluted share.
The company forecasts third-quarter deliveries between 2,600 and 2,700 units, with an average delivered price per home ranging from $965,000 to $985,000. Full fiscal year deliveries are expected to be between 10,400 and 10,700 units, with an average delivered price per home between $985,000 and $1,000,000.
Third-quarter adjusted home sales gross margin is projected at 25.25 percent, while the full fiscal year is expected to be 26.10 percent. SG&A, as a percentage of home sales revenues, is anticipated to be 10.0 percent for the third quarter and 10.10 percent for the full fiscal year. Period-end community count is projected to be 475 for the third quarter and between 480 and 490 for the full fiscal year.
Other income and gross margin from land sales and other are expected to be $5 million for the third quarter and $120 million for the full fiscal year. The tax rate is forecasted at 26.0 percent for the third quarter and 25.5 percent for the full fiscal year.
Karl K. Mistry, chief executive officer, stated: “In the second quarter, we once again successfully navigated a challenging market and produced strong results. We delivered 2,491 homes at an average price of $1,009,000 in the quarter, generating $2.5 billion of home sales revenues, or approximately $110 million above the midpoint of our guidance.”
