10-K · March 12, 2026
Smith Douglas reported a Q4 2025 revenue beat with home-closing revenue of $260,429,000 and delivered full-year revenue roughly $971.0 million (sum of quarterly results). Profitability and cash flow compressed through…
Earnings analysis · 10-Q
SDHC earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Smith Douglas Homes reported a decrease in revenue and margins in Q1 2026, with home closing revenue falling to $206.4 million, an 8.1% decline year-over-year. Diluted EPS dropped to $0.06, representing a 79.1% decrease…
Read full summary
Smith Douglas Homes reported a decrease in revenue and margins in Q1 2026, with home closing revenue falling to $206.4 million, an 8.1% decline year-over-year. Diluted EPS dropped to $0.06, representing a 79.1% decrease from the prior year, reflecting operational challenges despite increased order activity and backlog.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.06
- Gross margin
- 19.6%
What stood out
-
Revenue Decline
Home closing revenue fell to $206.4M, down 8.1% from $224.7M in Q1 2025.
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Significant EPS Drop
Reported diluted EPS of $0.06 decreased 79.1% from $0.30 in the previous year.
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Net New Orders Surge
Net new home orders increased by 27.7%, reaching 981 units compared to 768 in Q1 2025.
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Backlog Homes Up
Total backlog homes increased to 869, a 10% rise from 791 in the same period last year.
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Increased Cash Position
Cash and cash equivalents rose to $28M from $12.7M year-over-year.
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Reduced Interest Expense Impact
Interest expense increased marginally by 27.3% to $0.848M compared to $0.666M in Q1 2025.
What to watch
-
Decreased Home Closings
Home closings fell to 624, a 7% decrease from 671 in Q1 2025.
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Gross Margin Compression
Home closing gross margin shrank to 19.6%, down from 23.8% in the prior year.
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Decline in Income Before Taxes
Income before taxes dropped 77.9% to $4.3M from $19.6M in Q1 2025.
Management's outlook
Outlook deferred to earnings call.
Earlier filings 4
10-Q · November 5, 2025
Q3 results showed revenue of $262,041,000 (beat consensus) but diluted EPS of $0.24 missed estimates. Margins compressed materially year-over-year (gross ~21.0%, operating ~7.2%) while inventory and financed land…
10-Q · May 14, 2025
Smith Douglas Homes reported Q1 home closing revenue of $224,722,000, up $35,513,000 (+18.8%) versus $189,209,000 in Q1 2024, but margins compressed with home closing gross profit of $53,530,000 (23.8% gross margin) and…
10-Q · August 14, 2024
Q2 results beat consensus: revenue of $220,933,000 and EPS of $0.40 (vs. $209,140,000 est. and $0.37 est.). Revenue and profitability improved vs the prior quarter (Q1 revenue $189.0M → +$31.9M; gross margin +0.6 ppt to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.