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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FOR

FOR fundamentals

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