BEAZER HOMES USA INC
For the period ended Nov 13, 2025. Filed Nov 13, 2025.
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Nov 13, 2025 · Filed Nov 13, 2025
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Contents
EX-99.1 · Commitment to Sustainability
Commitment to Sustainability
In October 2025, Beazer Homes launched a new marketing campaign, Enjoy the Great Indoors TM, as part of a total brand refresh, which includes a new website, enhanced advertising, and a creative new look and feel. This initiative is designed to highlight the Company's advanced home performance features, such as energy efficiency, cleaner air quality, and exceptional comfort. A component of these advanced home features is solar-ready capability, allowing homeowners to install a solar renewable energy system with no additional infrastructure or retrofits needed.
Charity Title Agency and Charity Home Insurance Agency are wholly-owned by Beazer Homes and donate 100% of their net profits, after normal business expenses, taxes, reserves, and mission-related costs, to the Beazer Charity Foundation (the Foundation), the Company's philanthropic arm. During the fiscal year ended September 30, 2025, contributions to the Foundation totaled $2.2 million. The Foundation is a nonprofit entity that provides donations to vetted national and local non-profits. Partnering with charitable organizations at local level aligns the Foundation's financial contributions with opportunities for Beazer's employees to have a positive impact on the communities the Company serves. In March 2025, the Company held its inaugural Day of Service, a day devoted to making a collective impact in the community. In just one day, our employees contributed more than 4,000 volunteer hours to both national and local charitable organizations.
In September, the Company published its 2024 Sustainability Update, which highlights its leadership in building energy-efficient homes and significant progress in advancing sustainability.
Summary results for the fiscal year ended September 30, 2025 and 2024 are as follows:
| Fiscal Year Ended September 30, | ||||
|---|---|---|---|---|
| 2025 · 2024 · Change* | ||||
| New home orders, net of cancellations | 3,890 | 4,221 | (7.8)% | |
| Cancellation rates | 17.7% | 17.7% | — | bps |
| Orders per community per month | 2.0 | 2.4 | (19.3)% | |
| Average active community count | 164 | 144 | 14.2% | |
| Active community count at period-end | 169 | 162 | 4.3% | |
| Land acquisition and land development spending (in millions) | $684.0 | $776.5 | (11.9)% | |
| Total home closings | 4,427 | 4,450 | (0.5)% | |
| ASP from closings (in thousands) | $520.1 | $515.3 | 0.9% | |
| Homebuilding revenue (in millions) | $2,302.6 | $2,293.0 | 0.4% | |
| Homebuilding gross margin | 14.3% | 18.0% | (370) | bps |
| Homebuilding gross margin, excluding impairments and abandonments (I&A) (Non-GAAP) | 14.7% | 18.1% | (340) | bps |
| Homebuilding gross margin, excluding I&A and interest amortized to cost of sales (Non-GAAP) | 18.0% | 21.1% | (310) | bps |
| SG&A expenses as a percentage of total revenue | 11.9% | 11.4% | 50 | bps |
| Income from continuing operations before income taxes (in millions) | $40.9 | $159.1 | (74.3)% | |
| (Benefit) expense from income taxes (in millions) | $(4.7) | $18.9 | (125.1)% | |
| Income from continuing operations (in millions) | $45.6 | $140.2 | (67.5)% | |
| Basic income per share from continuing operations | $1.53 | $4.59 | (66.7)% | |
| Diluted income per share from continuing operations | $1.52 | $4.53 | (66.4)% | |
| Income from continuing operations before income taxes (in millions) | $40.9 | $159.1 | (74.3)% | |
| Loss on debt extinguishment, net (in millions) | $— | $(0.4) | (100.0)% | |
| Inventory impairments and abandonments (in millions) | $(13.0) | $(2.0) | 549.2% | |
| Income from continuing operations excluding inventory impairments and abandonments and loss on debt extinguishment before income taxes (in millions)(a) (Non-GAAP) | $53.9 | $161.5 | (66.6)% | |
| Income from continuing operations excluding inventory impairments and abandonments and loss on debt extinguishment after income taxes (in millions)(a)(b) (Non-GAAP) | $60.1 | $142.3 | (57.8)% | |
| Net income (in millions) | $45.6 | $140.2 | (67.5)% | |
| Adjusted EBITDA (in millions) (Non-GAAP) | $157.7 | $243.4 | (35.2)% | |
| Total debt to total capitalization ratio | 45.2% | 45.4% | (20) bps | |
| Net debt to net capitalization ratio (Non-GAAP) | 39.5% | 40.0% | (50) bps | |
- Change is calculated using unrounded numbers.
(a)Management believes that these measures assist investors in understanding and comparing the operating characteristics of homebuilding activities by eliminating the differences in companies' respective level of inventory impairments and abandonments. These measures should not be considered alternatives to income from continuing operations before income taxes and income from continuing operations after income taxes determined in accordance with GAAP as indicators of operating performance.
(b)Inventory impairments and abandonments and loss on debt extinguishment were tax-effected at the effective tax rate of (11.6)% and 11.9% for the fiscal years ended September 30, 2025 and 2024, respectively.
Summary results for the three months ended September 30, 2025 and 2024 are as follows:
| Three Months Ended September 30, | |||
|---|---|---|---|
| 2025 | 2024 | Change* | |
| New home orders, net of cancellations | 999 | 1,029 | (2.9)% |
| Cancellation rates | 17.9% | 21.9% | (400) bps |
| Orders per community per month | 2.0 | 2.2 | (10.7)% |
| Average active community count | 166 | 153 | 8.7% |
| Land acquisition and land development spending (in millions) | $121.7 | $179.0 | (32.0)% |
| Total home closings | 1,406 | 1,496 | (6.0)% |
| ASP from closings (in thousands) | $534.0 | $523.9 | 1.9% |
| Homebuilding revenue (in millions) | $750.8 | $783.8 | (4.2)% |
| Homebuilding gross margin | 13.7% | 17.2% | (350) bps |
| Homebuilding gross margin, excluding I&A | 13.8% | 17.4% | (360) bps |
| Homebuilding gross margin, excluding I&A and interest amortized to cost of sales | 17.2% | 20.4% | (320) bps |
| SG&A expenses as a percentage of total revenue | 9.6% | 9.7% | (10) bps |
| Income from continuing operations before income taxes (in millions) | $26.0 | $60.6 | (57.1)% |
| (Benefit) expense from income taxes (in millions) | $(4.0) | $8.5 | (146.6)% |
| Income from continuing operations (in millions) | $30.0 | $52.1 | (42.4)% |
| Basic income per share from continuing operations | $1.03 | $1.72 | (40.1)% |
| Diluted income per share from continuing operations | $1.02 | $1.69 | (39.6)% |
| Income from continuing operations before income taxes (in millions) | $26.0 | $60.6 | (57.1)% |
| Inventory impairments and abandonments (in millions) | $(2.1) | $(1.8) | 16.5% |
| Income from continuing operations excluding inventory impairments and abandonments and loss on debt extinguishment before income taxes (in millions)(a) (Non-GAAP) | $28.1 | $62.4 | (55.0)% |
| Income from continuing operations excluding inventory impairments and abandonments and loss on debt extinguishment after income taxes (in millions)(a)(b) (Non-GAAP) | $31.4 | $55.0 | (42.9)% |
| Net income (in millions) | $30.0 | $52.1 | (42.4)% |
| Adjusted EBITDA (in millions) (Non-GAAP) | $63.8 | $93.1 | (31.5)% |
- Change is calculated using unrounded numbers.
(a)Management believes that these measures assist investors in understanding and comparing the operating characteristics of homebuilding activities by eliminating the differences in companies' respective level of inventory impairments and abandonments. These measures should not be considered alternatives to income from continuing operations before income taxes and income from continuing operations after income taxes determined in accordance with GAAP as indicators of operating performance.
(b)Inventory impairments and abandonments were tax-effected at the effective tax rate of (11.6)% and 11.9% for the fiscal years ended September 30, 2025 and 2024, respectively.
| As of September 30, | |||
|---|---|---|---|
| 2025 | 2024 | Change | |
| Backlog units | 945 | 1,482 | (36.2)% |
| Dollar value of backlog (in millions) | $516.5 | $797.2 | (35.2)% |
| ASP in backlog (in thousands) | $546.5 | $537.9 | 1.6% |
| Land position and lots controlled | 25,660 | 28,538 | (10.1)% |
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