What guidance did Forestar's management provide for the next earnings period?

What is the revenue and EPS growth rate for Forestar year over year?

What were the key takeaways from Forestar's earnings call?

What is the market's earnings forecast for Forestar next quarter?

What does Forestar do and what are its main business segments?

Did Forestar beat or miss consensus estimates last quarter?

What is Forestar's latest dividend and current dividend yield?

What were the key takeaways from Forestar’s earnings call?

- **Revenue Growth**: Q4 2025 revenue up 22% YoY to $670.5M; FY2025 revenue up 10% to $1.7B
- **Profitability**: FY2025 book value per share increases 11% to $34.78; gross margin 22.3%
- **Customer Relationships**: 15% of D.R. Horton's 2025 starts on Forestar lots; 33% target
- **Liquidity**: $968M liquidity (cash: $379M; revolver: $589M)
- **2026 Outlook**: 14,000-15,000 lot deliveries ($1.6B-$1.7B revenue); back-half weighted

**【CEO Opening Remarks】**
- Q4 2025 revenue: $670.5M (22% YoY growth); FY2025 revenue: $1.7B (10% YoY growth)
- FY2025 book value per share: $34.78 (11% YoY increase)
- FY2025 land investments: $1.7B; FY2026 expected land investments: $1.4B
- 2026 delivery guidance: 14,000-15,000 lots ($1.6B-$1.7B revenue)
- 2026 cadence: Q1 lowest quarter, H2 > H1

**【CFO Financial Commentary】**
- Q4 2025 net income: $87M ($1.70 EPS); FY2025 net income: $167.9M ($3.29 EPS)
- Q4 2025 gross profit margin: 22.3% (down 160bps YoY)
- FY2025 SG&A: $154.4M (9.3% of revenue)
- FY2025 liquidity: $968M (cash: $379M; revolver: $589M)
- FY2025 book value per share: $34.78 (11% YoY increase)

**【COO Operational Update】**
- Q4 2025 lot sales: 4,891 lots ($115.7K avg price)
- FY2025 lot sales: 14,240 lots ($108.4K avg price)
- Lot inventory: 99,800 total (65% owned, 35% controlled)
- 23,800 owned lots under contract ($193M earnest money)
- 8,900 finished lots (11% QoQ decline)
- 2026 land investment allocation: 67% development, 33% land

**【Q&A Highlights】**
- D.R. Horton market share: 15% of their 2025 starts; target 33%
- 2026 growth: low single digits vs. Horton's low single digits
- SG&A trends: headcount flat YoY; 2026 SG&A ~$150M
- Pricing pushback: limited; focus on affordable price points
- Regional trends: Texas and Florida seeing choppy demand but strong absorption at entry-level
- 2026 delivery cadence: similar to 2025 (back-half weighted)

Forestar Group Inc. (FOR) Q4 2025 Earnings Call Transcript

Residential Lot Sales

Tract Sales and Other

Deferred Development Lot Sales

FOR

FOR fundamentals

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