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Tuesday, February 17, 2026 at 12:30 p.m. ET
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Management cited a 19.5% sequential revenue increase, achieved via targeted initiatives, but highlighted that gross and adjusted gross margins fell due to incentives, discounting, and a higher wholesale mix. The backlog rose 133% in homes and 112% in dollar value, incorporating a large wholesale agreement, but cancellation rates reached 43.3% and are anticipated to remain high. The quarter concluded with lower year-over-year G&A expense, a 14.2% reduction in lot inventory, and improved net debt to capital. Guidance for 2026 forecasts steady closings, active communities, and gross margin ranges roughly flat with 2025, while incentives and wholesale mix are expected to remain key influences on financial results.
Eric Thomas Lipar, LGI Homes, Inc.’s Chief Executive Officer and Chairman of the Board, and Charles Michael Merdian, Chief Financial Officer and Treasurer. I will now turn the call over to Eric Thomas Lipar. Thanks, Josh. Good afternoon, and thanks for joining us to discuss our fourth quarter and full year results. This marks our fiftieth earnings call. And on reflection, I am proud to say that the same principles that guided us and drove our success over the years were once again on display in 2025. Throughout the year, our team successfully navigated a dynamic and challenging market environment. Affordability remained the primary pressure point and rate volatility added uncertainty across the market. Even so, our teams executed with discipline, generating leads, managing inventory, supporting our customers, and delivering homes with the exceptional service that sets LGI Homes, Inc. apart. That discipline is evident in our fourth quarter results. During the quarter, we delivered 1,362 homes. Of this total, 1,301 homes contributed directly to our reported revenue of $474 million. The remaining 61 were currently or previously leased homes, the profits of which were reflected in other income. Notably, during December, we closed our 80,000th home, another significant milestone that highlights our growing scale and longevity of our business model. Our margins continue to demonstrate resilience relative to industry expectations, supported by our approach to pricing, incentives, and inventory management. During the quarter, we delivered a gross margin before inventory-related charges of over 19% and adjusted gross margin of over 22%. These results were below the guidance ranges provided, primarily due to the outsized impact of buy downs and price discounts on older inventory. However, even with this targeted activity to right-size our inventory, our margins continue to reflect the strength of our operating model and the deliberate choices we make to enhance affordability while supporting profitability. We ended the year with 144 active communities and averaged 3.1 closings per community per month in the fourth quarter, our highest pace of the year, driven by solid execution and our strong finish in December. During the fourth quarter, our top markets on a closing per community basis were Charlotte with six, Northern California with 5.8, Las Vegas with 4.6, and Atlanta with 4.2 closings per community per month. For the full year, our top markets were Charlotte with 5.2, Atlanta with 4.4, and Las Vegas with four closings per community per month. Congratulations to the teams in these markets on their performance. We continue to write contracts in a market where many buyers need additional time to save for a down payment, strengthen their credit, or finalize the sale of an existing home. As a result, the time between contract and close remains extended, and we expect this trend to persist for the foreseeable future. As a result, our cancellation rate increased to 43.3%, with affordability pressures and broader economic uncertainty amplifying the typical factors that drive cancellations. Further, we expect this dynamic to continue for the foreseeable future. It is important to remember that a gross sale simply reflects a buyer placing a deposit on a home—the start of the home purchasing process—and some of those early commitments naturally do not progress through the qualification process. However, while some will not reach the finish line, writing those additional deals enables us to close an incremental number of qualified buyers. During the quarter, our net orders increased 39% year over year, our backlog grew 133% to 1,394 homes, and the value of our backlog exceeded $501 million, up 112% compared to the same period last year. Included in these results was an agreement with a wholesale buyer to acquire 480 homes that will deliver throughout 2026. Excluding that agreement, our backlog was still up 53% from 2024. January leads and retail net orders were up slightly, admittedly compared to a softer comp last year. Nevertheless, we expect results in the first quarter to be similar to last year as we continue to monitor the pull-through on our backlog and the ongoing evolution in cancellation rates. Stepping back, 2025 was a year defined by disciplined execution. We remain focused on what we can control: managing cost, offering competitive financing options, supporting our margins, and delivering affordable, move-in ready homes to first-time buyers. We continue to invest in people, land, and operating platforms to support our long-term strategy even as we adapted to near-term market conditions. Before turning the call over to Charles, I want to reiterate that our long-term outlook for the housing market remains positive. The supply-demand imbalance, favorable demographic trends, and essential need for attainable homeownership all reinforce the strength of our strategy. As we move into 2026, we do so with resilience, focus, and a deep commitment to navigating the market with the same determination that has guided us throughout our history.
With that, I will invite Charles to provide additional details on our financial results. Thanks, Eric. Revenue in the fourth quarter was $474 million, a 19.5% sequential increase driven primarily by the elevated sales activity generated through our targeted sales initiatives in the back half of the year.
Charles Michael Merdian: Of the 1,301 homes we closed during the fourth quarter, 158, or 12.1%, were through our wholesale business compared to 173, or 11.3%, during the same period last year. The average selling price of fourth quarter closings was $364,000, down slightly compared to last year, primarily driven by geographic mix, a higher percentage of wholesale closings, and financing incentives. Additionally, targeted discounts on selected aged inventory were reflected in roughly one-third of our closings. Our fourth quarter gross margin, excluding inventory-related charges, was 19.2% compared to 22.9% in the same period last year. The year-over-year decline was primarily attributable to financing incentives, discounts on older inventory, a higher percentage of wholesale closings, and higher borrowing costs.
These dynamics were partially offset by the margin benefit of our self-developed lot positions. Adjusted gross margin was 22.3%, which excluded $14.4 million of capitalized interest and $609,000 related to purchase accounting. During the quarter, we took an inventory impairment charge of $6.7 million related to four underperforming communities impacted by lower-than-modeled pace, financing incentives, and price discounts on aged inventory. We regularly review our inventory positions and will continue to monitor conditions closely. However, at this time, nothing in our analysis points to future impairments meaningfully different from the amount recognized in the fourth quarter. Combined selling, general, and administrative expenses totaled $65.6 million, or 13.8% of revenue, down 90 basis points year over year.
Selling expenses were $42.5 million, or 9% of revenue, similar to the same period last year. General and administrative expenses were $23.1 million, a decrease of $8.1 million, or 26%, from the prior year and were down 70 basis points as a percentage of revenue. The year-over-year improvement was driven primarily by compensation-related adjustments. Other income was $5.5 million, driven by the gain on sale of leased homes, finished lots, and income from our ongoing leasing operations. Pretax net income was $24 million, or 5.1% of revenue. Our effective tax rate was 27.9%, above our outlook, reflecting the impact of higher state income tax rates and the impact of impairment.
Fourth quarter net income was $17.3 million, or $0.75 per basic and diluted share. Excluding impairment-related charges, net income was $22.4 million, or $0.97 per basic and diluted share. For the full year, we delivered a total of 4,788 homes, including 103 currently or previously leased homes. Of this total, 4,685 homes contributed to our full year reported revenue of $1.7 billion. During the year, we closed 737 homes through our wholesale business, representing 15.7% of total closings and generating over $230 million in revenue, compared to 9.2% of closings, or $164 million in revenue, in 2024. Our full year average selling price was $364,000, roughly in line with the prior year.
Our full year gross margin, excluding inventory-related charges, was 21.1%, and adjusted gross margin was 24%. Combined selling, general, and administrative expenses totaled $273.8 million, or 16.1% of revenue, a 150 basis point increase compared to 2024, driven primarily by fewer closings and a higher average community count this year compared to last. During the year, we generated $18.7 million in other income, driven by the sale of nearly 550 lots, 103 currently or previously leased homes, and commercial property, along with income from our joint ventures. Pretax net income for the year was $98.5 million. Net income was $72.6 million, representing $3.13 per basic share and $3.12 per diluted share.
Excluding impairment-related charges, full year net income was $77.6 million, or $3.35 per basic share and $3.34 per diluted share. Turning to our lot position, our on-balance sheet land portfolio remains a key strategic advantage. Self-development allows significantly more operational flexibility while supporting profitability in a challenging market. Across the lots we currently control, the average finished lot cost is approximately $70,000, and lot cost last year represented about 21% of our ASP, underscoring the structural benefit of our land strategy. At year end, we owned and controlled 60,842 lots, a decrease of 14.2% year over year and 2.8% sequentially.
The decline reflects ongoing discipline in capital allocation and continued focus on evaluating future land investment with the current pace of sales. Of our total lots, 51,890, or 85.3%, were owned, and 8,952 lots, or 14.7%, were controlled. Of our owned lots, 35,416 were raw land or land under development, of which approximately 22% are in active development and 36% are in engineering. Of the remaining 16,474 owned lots, 13,109 were vacant finished lots, and the remaining 3,365 were completed homes or homes under construction, down 9% compared to the third quarter and 16.8% compared to the same time last year. I will now turn the call over to Joshua D. Fattor for a discussion of our capital position.
Joshua D. Fattor: Thank you, Charles. We ended the year with $1.7 billion of debt outstanding, including $528 million drawn on our revolver. In the fourth quarter, we reduced our net debt to capital ratio 160 basis points to 43.2%. Throughout 2026, we expect to continue to work through older inventory, selectively monetize certain lot positions, and use the proceeds to reduce debt as we make progress toward the midpoint of our 35% to 45% target leverage range. Total liquidity at year end was $335 million, including over $61 million cash on hand and $274 million of revolver availability.
With nearly $2.1 billion of equity at year end, our balance sheet remains well positioned to navigate the current operating environment, support our long-term growth, and continue executing our strategy in 2026. At this point, I will turn the call back to Eric.
Eric Thomas Lipar: To conclude, I will share our outlook for 2026. Our guidance reflects our current view of demand trends, our elevated starting backlog, and what we believe is attainable if market conditions remain generally consistent with our most recent experience. For the full year, we expect to close between 4,600 and 5,400 homes and to end the year with 150 to 160 active selling communities. We expect selling prices to be relatively stable as we balance affordability with margin discipline. Based on product and geographic mix, backlog composition, and expected community openings, we are guiding to a full year average sales price between $355,000 and $365,000.
To support affordability, we will continue to lean into incentives including closing costs, interest rate buy downs, discounts to older inventory, and selective price adjustments by community. Based on our most recent results, we are guiding to a full year gross margin between 18% and 20% and adjusted gross margin between 21% and 23%. Finally, we expect SG&A to range between 15% and 16% and our full year tax rate to be approximately 26.5%. In closing, I want to thank our team members for their continued dedication and the strong execution delivered in 2025. We remain focused on operational excellence, maintaining profitability, and positioning LGI Homes, Inc. for sustainable long-term growth.
I am confident in the strength of our model, the experience of our team, and believe we are well positioned to navigate the year ahead. We will now open the call for questions.
Operator: Certainly. As a reminder, to ask a question, you will need to press 1-1 on your telephone and wait for your name to be announced. To withdraw your question, please press 1-1 again. And our first question will be coming from Michael Rehaut of JPMorgan. Your line is open, Michael.
Michael Rehaut: Thanks. Good afternoon, everyone. Thanks for taking my questions.
Eric Thomas Lipar: I wanted to start off with
Michael Rehaut: you know, the gross margin outlook.
Eric Thomas Lipar: And kind of a two-parter on this one, if you do not mind. First,
Michael Rehaut: to line out, layout, the drivers of the sequential decline in the fourth quarter. Obviously, I know you talked about kind of working through aged inventory, and if it was purely through, you know, greater than expected incentives and discounts, and, you know, looking towards 2026, you know, what could drive the upside to the 20% range as opposed to staying at the lower end? Just trying to understand the rationale behind the range and if there is anything you, you, you know, that could push you towards the higher end.
Eric Thomas Lipar: Yeah. Thanks, Michael. This is Eric. I can start. Yes, I think the sequential decline in Q4 is like we talked about in our prepared remarks, we leaned into incentives in Q4, you know, had a really solid December, cleared out some aged inventory through buy downs, forward commitments, aged inventory discounts, pricing adjustments, you know, a lot of things that other builders are doing in the market. It is also influencing that to keep up with everyone, if you said, you know, certainly appraisals come into that as well. So keep it in line with market pricing and all of what our competitors are doing is really the sequential decline.
Then our outlook for 2026 on gross margin is just taking that gross margin in Q4 and expecting everything to be similar. We expect 2026 to be another year we are leaning into incentives
Michael Rehaut: discounts, mortgage buy downs, we need to be, you know, take appraisals into consideration, what our competitors are doing. So those factors, we thought it was prudent for our gross margin guidance
Eric Thomas Lipar: 2026 to be similar to 2025.
Michael Rehaut: Okay. And then, I guess, secondly, when you think about the closings outlook, you know, it seems like you are looking for maybe a similar closings pace in 2026 versus 2025. I just want to make sure I have that right. And, you know, if there is a portion of closings that are expected from wholesale, I am sorry, from your wholesale business, just wanted to kind of understand your level of confidence there. And if the recent, you know, talk around limiting, you know, institutional buyers of single-family homes that, that if you feel like that is a risk to whatever portion of closings that you might expect would come from that channel.
Eric Thomas Lipar: Yeah. Mike, again, it is Eric. You know, a really good question on the institutional investor. Starting at wholesale, we expect wholesale closings to be 10% to 15% of our closings this year for LGI Homes, Inc. We feel really good about the 10% because that is kind of orders are already created, that is our backlog. We feel confident that those will close this year. New orders, you know, we will see. New orders right now are somewhat on pause until we get more clarification on the policy. I think for guidance for 2026 at closings, you are right on. You know, we are expecting a similar closings per community guidance
Michael Rehaut: for 2026. That makes sense.
Eric Thomas Lipar: Similar to our gross margin discussion, we think 2026 is going to be very similar
Michael Rehaut: to 2025 as far as guidance goes.
Michael Rehaut: Great. Thank you. You are welcome.
Operator: And our next question will be coming from Paul Przybylski of Wolfe. Your line is open, Paul.
Paul Przybylski: Yes. Good morning. Going back to
Paul Przybylski: I guess, the wholesale, the 480 orders you have now, how should we think about profitability on those, both gross margin and op margin? And will all those flow through the other income line?
Eric Thomas Lipar: It is Eric. I could start. From a profitability standpoint, you can expect
Charles Michael Merdian: you know, those from an operating margin standpoint are similar to operating margin from the retail standpoint, as we have always said from a wholesale business.
Eric Thomas Lipar: Standpoint, our gross margin is less when we sell to any wholesale operator, but operating margin is similar. And then for the overall, you know, year, the percentage of wholesale business could influence gross margin either direction. You know, our guidance for this year on the wholesale business is 10% to 15% of our closings. Last year was 15.7%, so we are expecting it to be slightly down as a percentage of our closings this year.
Charles Michael Merdian: Yeah, Paul. This is Charles. I will just add. These units would be expected to come through
Eric Thomas Lipar: the top line. So our wholesale business goes through home sales revenue. It is just the previously or currently leased units that run through other income. We had 103 last year.
Paul Przybylski: Okay. Okay. Thanks for clarifying that. And then I guess on your community count growth expectations for 2026, are those going to be pretty even throughout the year? And then how should we think about, I guess, new community openings relative to that net growth? And are you seeing higher absorptions on your new communities relative to some of your legacy projects?
Eric Thomas Lipar: I would say not necessarily, you know, higher absorptions. I think the new communities will be spread out or more weighted to the back half because we see our January community count was down. We are expecting to add a few in February. And then the rest of the year more. I would do more back-half weighted, but we do plan on opening a number of communities and feel confident in our 150 to 160 end-of-year community count guidance.
Paul Przybylski: Great. I will pass it on. Thank you. Appreciate it.
Paul Przybylski: Thank you.
Operator: As a reminder, if you would like to ask a question, please press 1-1 on your telephone and wait for your name to be announced. Our next question is coming from Alex Rygiel of Texas Capital Securities. Again, our next question will be coming from Alex of Texas Capital Securities. Your line is open.
Alex Rygiel: Thank you. Can you provide some additional color on the older inventory and the land that may be sold?
Alex Rygiel: 2026?
Eric Thomas Lipar: Yeah. I can start, and Charles can add to it. You know, I think the land is primarily finished lots that we have been selling. You know, we have certain land positions across the country. We have more finished lots on the ground than needed for the current absorption pace, and that is really where the market is for other builders buying lots from us. And what I have described as very opportunistic, if we see a price or have a bid on some finished lots where we have excess inventory, we are engaging in that. And it is a good opportunity for us to drive some other income and pay down our debt. Yeah.
So I would just add on the older inventory. So we just have a number of communities scattered throughout the country where we had starts that were outsized, if you will, from what the actual absorption pace was. So we are just taking a look at what we have got those priced at, how they age in our inventory, and then just making great decisions as leads come in and evaluate whether we should move those or work through maybe any other issues that may be relevant to moving those inventory units.
Alex Rygiel: And then
Alex Rygiel: kind of a question about cancellations. Obviously, the number has kind of been walking up a little bit here. Generally speaking, how long are these homes kind of off the market before they are canceled? Is that a few days, or is it weeks or months? And then has the reason for canceling changed much over the last couple of quarters?
Eric Thomas Lipar: Yeah. I can start on this one as well, Alex. It is a great question. Our cancellation rate is elevated. The reason for
Charles Michael Merdian: cancellation has not changed at all. The reason for cancellation is strictly due to the ability to get financing.
Eric Thomas Lipar: What has happened is, you know, we are in a more challenging market environment right now for closings and sales and affordability. So
Charles Michael Merdian: our customers are staying on the house longer. You know,
Eric Thomas Lipar: after a couple weeks is really the time we measure cancellation rate as far as giving them time to do the loan
Charles Michael Merdian: application. But in a lot of cases, after a couple weeks, the customer needs more time, whether it is paying off debt, saving up for a down payment,
Eric Thomas Lipar: potentially working on their credit score, and when we have enough inventory in select communities, it is likely worth it to keep that customer engaged and keep them working on that down payment.
Alex Rygiel: Funds, if you will.
Eric Thomas Lipar: Because there is a chance that they will have that and be able to close in a timely manner. So we think that is the best strategy in this market. So in a
Charles Michael Merdian: more challenging market, we are spending more time with
Eric Thomas Lipar: them. They are taking longer to get across the finish line. We think that is the right strategy, although it is going to lead to a higher cancellation rate. Net-net, we think it is accretive to our closings.
Alex Rygiel: Helpful. Thank you.
Alex Rygiel: You are welcome.
Operator: Our next question will be from Jay McCanless of Citizens Bank. Your line is open, Jay.
Jay McCanless: Hey, everyone. Thanks for taking my question. I did want to dig down on that a little more here because I do not remember
Eric Thomas Lipar: and apologies if I missed this, but when you guys talked about contingency issues with buyers selling their homes, I guess,
Jay McCanless: has your, where is your mix now of first time versus move up buyers, and how has that changed over the last couple of years?
Charles Michael Merdian: Yeah. I think it is growing. The amount of move up buyers is growing, one, because of, you know, our
Eric Thomas Lipar: Terrata brand that continues to expand, then also just the price point.
Charles Michael Merdian: You know, the entry-level price point now at, you know,
Eric Thomas Lipar: $360,000 plus is just an elevated price point. So the income needed for a customer to qualify or the household to qualify is elevated.
Charles Michael Merdian: And the odds of that customer being in an ownership situation is
Eric Thomas Lipar: higher than it used to be. Still predominantly, you know, first-time homebuyers, but certainly it is elevated.
Jay McCanless: Okay.
Jay McCanless: And can you just remind us what percentage of your communities are Terrata?
Eric Thomas Lipar: I would say 10%. Yeah. I would say 10% to 15%.
Jay McCanless: Yeah.
Eric Thomas Lipar: Okay. And then I guess my next one is could you just talk about current conditions? I mean, it sounds like it is still pretty aggressive discounting at the entry level. Maybe are you seeing any relief there or the larger competitors still leaning in from that perspective? Yeah. I think all of us are leaning into incentives, Jay. We are still battling affordability. You know, rates have come down somewhat.
Charles Michael Merdian: Over the last couple months, the ten-year is down, you know, closer to 4.05 now, as high as 4.25. So that is helping the mortgage rates. Spreads have compressed. Now I go to affordability in general is
Eric Thomas Lipar: rates, but also, you know, the sales price of the house. It is
Charles Michael Merdian: the insurance. It is property taxes. It is all the other bills the
Eric Thomas Lipar: consumer is facing outside of their new mortgage payment as well, I think, is weighing on affordability pressures for our consumer. So we are doing as much as we can. I think that is probably the sentiment of the entire industry to help assist and work with our buyers as much as possible on the affordability and
Charles Michael Merdian: creating that first-time homebuyer, which we think is good,
Jay McCanless: a good win-win for everybody involved.
Jay McCanless: Then the other question I had just on the year-over-year decline in G&A, I guess, Charles, could you maybe give us an idea of what run-rate G&A is going to be for this year? Is it going to be similar to 4Q or a little higher than that?
Eric Thomas Lipar: Yeah. The year, for the year, we came in, you know, just over $110 million total in G&A. So I would say the answer is very similar to what we are saying in most of the other categories is 2026 is going to look a lot like 2025, so somewhere in around that number for a full year. And then it may bounce around quarter to quarter depending on how expenses come in.
Jay McCanless: Okay. That is great. Thank you.
Operator: And our next question is a follow-up from Michael Rehaut of JPMorgan. Your line is open, Michael.
Michael Rehaut: Hi. Thanks for taking my follow-up. I just wanted to circle back to the question I had earlier around the gross margin range that you laid out for 2026. And what do you think would be the drivers to get you towards that higher end of the range or even the midpoint of the range, let us start at the baseline, perhaps that is a more appropriate question. To hit, like, that 19%, would you need incentives to come down a little bit, or would that be with incentives kind of staying where they are but maybe other factors driving improvement, lower labor costs or, you know, better land cost basis?
Eric Thomas Lipar: Yeah. It is a great question, Michael. And I think I would look at it as
Charles Michael Merdian: the, you know, the midpoint, if you will, for our gross margin is expecting similar
Eric Thomas Lipar: similar to 2026 Q4—similar to 2025. Excuse me. So I think your example is correct. The, you know, the higher gross margin will result from lower incentives.
Charles Michael Merdian: You know, our cost, whether it is in land development cost, or impact fee cost, or house construction cost, labor and materials,
Eric Thomas Lipar: if costs come down, obviously that would be helpful in gross margin. The wholesale business, the greater percentage of wholesale business above last year would result in a factor of either up or down on gross margin. We do not hope we have less wholesale business. That would certainly help the overall gross margin. So it is all those categories of improvements that would lead to a higher gross margin than modeled.
Michael Rehaut: Alright. Thank you. Yeah. You are welcome.
Operator: And our next question is a follow-up from Paul Przybylski of Wolfe. Your line is open.
Paul Przybylski: Yes. Thank you. Regarding your G&A, you mentioned comp reduction. Was that more permanent change to your overhead or was that more bonus-driven? And then the high end of your closing guide, I think, is right around three absorptions. You know, if you were to achieve that sales pace, do you let volumes continue to run, or do you start taking some price?
Eric Thomas Lipar: Yeah. I can start on the G&A question. Certainly, the fourth quarter was more bonus-driven, but we think the annual run-rate should be similar for the year.
Charles Michael Merdian: Yeah. I mean, and I think at three a month, we continue to lean into that pace and see if we can push that even higher once we get to the three-a-month pace.
Paul Przybylski: Okay. Great. Thank you. Appreciate it.
Paul Przybylski: You are welcome.
Operator: And I would now like to turn the call back to Eric for closing remarks.
Eric Thomas Lipar: Yeah. Thanks, everyone, for participating and listening on today’s call and your continued interest in LGI Homes, Inc. Have a great day.
Operator: And this concludes today’s conference. Thank you for participating. You may now disconnect.
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