HOVNANIAN ENTERPRISES INC
For the period ended Jul 31, 2026. Filed Aug 28, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jul 31, 2026 · Filed Aug 28, 2026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
| ☒ | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
|---|
For the quarterly period ended July 31, 2026
OR
| ☐ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
|---|
Commission file number 1-8551
Hovnanian Enterprises, Inc. (Exact Name of Registrant as Specified in Its Charter)
Delaware (State or Other Jurisdiction of Incorporation or Organization)
22-1851059 (I.R.S. Employer Identification No.)
90 Matawan Road, 5th Floor, Matawan, NJ 07747 (Address of Principal Executive Offices)
732-747-7800 (Registrant’s Telephone Number, Including Area Code)
N/A (Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Class A Common Stock, $0.01 par value per share | HOV | New York Stock Exchange |
| Preferred Stock Purchase Rights(1) | N/A | New York Stock Exchange |
| Depositary Shares each representing 1/1,000th of a share of 7.625% Series A Preferred Stock | HOVNP | The Nasdaq Stock Market LLC |
(1)Each share of Common Stock includes an associated Preferred Stock Purchase Right. Each Preferred Stock Purchase Right initially represents the right, if such Preferred Stock Purchase Right becomes exercisable, to purchase from the Company one ten-thousandth of a share of its Series B Junior Preferred Stock for each share of Common Stock. The Preferred Stock Purchase Rights currently cannot trade separately from the underlying Common Stock.
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒ No☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒ No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large Accelerated Filer ☐ | Accelerated Filer ☒ | Nonaccelerated Filer ☐ | Smaller Reporting Company ☐ | Emerging Growth Company ☐ |
|---|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.5,122,255 shares of Class A Common Stock and 837,635 shares of Class B Common Stock were outstanding as of August 25, 2026.
HOVNANIAN ENTERPRISES, INC.
FORM 10-Q
| INDEX | PAGE NUMBER |
|---|---|
| PART I. Financial Information | |
| Item l. Financial Statements: | |
| Condensed Consolidated Balance Sheets (unaudited) as of July 31, 2026 and October 31, 2025 | 3 |
| Condensed Consolidated Statements of Operations (unaudited) for the three and nine months ended July 31, 2026 and 2025 | 4 |
| Condensed Consolidated Statements of Changes in Equity (unaudited) for the three and nine months ended July 31, 2026 and 2025 | 5 |
| Condensed Consolidated Statements of Cash Flows (unaudited) for the nine months ended July 31, 2026 and 2025 | 7 |
| Notes to Condensed Consolidated Financial Statements (unaudited) | 9 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 30 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk | 46 |
| Item 4. Controls and Procedures | 46 |
| PART II. Other Information | 47 |
| Item 1. Legal Proceedings | 47 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 47 |
| Item 5. Other Information | 47 |
| Item 6. Exhibits | 48 |
| Signatures | 50 |
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
| July 31, 2026 | October 31, 2025 | |
|---|---|---|
| ASSETS | ||
| Homebuilding: | ||
| Cash and cash equivalents | $249,090 | $272,772 |
| Restricted cash | 9,208 | 12,608 |
| Inventories: | ||
| Sold and unsold homes and lots under development | 1,267,287 | 1,132,798 |
| Land and land options held for future development or sale | 178,913 | 171,793 |
| Consolidated inventory not owned | 348,244 | 332,879 |
| Total inventories | 1,794,444 | 1,637,470 |
| Investments in and advances to unconsolidated joint ventures | 155,086 | 163,469 |
| Receivables, deposits and notes, net | 49,603 | 26,454 |
| Property and equipment, net | 56,223 | 50,539 |
| Goodwill | 31,705 | - |
| Deferred tax assets, net | 224,442 | 229,617 |
| Prepaid expenses and other assets | 128,537 | 89,773 |
| Total homebuilding | 2,698,338 | 2,482,702 |
| Financial services | 162,720 | 151,211 |
| Total assets | $2,861,058 | $2,633,913 |
| LIABILITIES AND EQUITY | ||
| Homebuilding: | ||
| Nonrecourse mortgages secured by inventory, net of debt issuance costs | $32,411 | $29,494 |
| Accounts payable and other liabilities | 466,507 | 438,920 |
| Customers’ deposits | 235,355 | 46,376 |
| Liabilities from inventory not owned, net of debt issuance costs | 228,622 | 244,723 |
| Senior notes and credit facilities (net of discounts, premiums and debt issuance costs) | 902,492 | 900,718 |
| Accrued interest | 33,017 | 11,874 |
| Total homebuilding | 1,898,404 | 1,672,105 |
| Financial services | 141,698 | 130,873 |
| Total liabilities | 2,040,102 | 1,802,978 |
| Equity: | ||
| Hovnanian Enterprises, Inc. stockholders' equity: | ||
| Preferred stock, $0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of $140,000 at July 31, 2026 and October 31, 2025 | 135,299 | 135,299 |
| Common stock, Class A, $0.01 par value - authorized 16,000,000 shares; issued 6,645,124 shares at July 31, 2026 and 6,503,722 shares at October 31, 2025 | 66 | 65 |
| Common stock, Class B, $0.01 par value (convertible to Class A at time of sale) - authorized 2,400,000 shares; issued 865,304 shares at July 31, 2026 and 812,410 shares at October 31, 2025 | 9 | 8 |
| Paid in capital - common stock | 752,820 | 757,391 |
| Retained Earnings | 138,093 | 127,326 |
| Treasury stock - at cost – 1,523,992 shares of Class A common stock at July 31, 2026 and 1,348,087 shares at October 31, 2025; 27,669 shares of Class B common stock at July 31, 2026 and October 31, 2025 | (207,621) | (189,154) |
| Total Hovnanian Enterprises Inc. stockholders’ equity | 818,666 | 830,935 |
| Noncontrolling interest | 2,290 | - |
| Total equity | 820,956 | 830,935 |
| Total liabilities and equity | $2,861,058 | $2,633,913 |
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