Tri Pointe Homes, Inc. Reports 2025 Second Quarter Results and Announces $50 Million Increase to Its Stock Repurchase Program
Tri Pointe Homes (NYSE:TPH) reported its Q2 2025 results with net income of $60.7 million ($0.68 per diluted share) and announced a $50 million increase to its stock repurchase program. The company delivered 1,326 homes with revenue of $879.8 million, compared to 1,700 homes and $1.1 billion in Q2 2024.
Key metrics include a homebuilding gross margin of 20.8% (22.1% excluding inventory charge), and SG&A expense of 12.6% of home sales revenue. The company maintains strong liquidity of $1.4 billion with a low homebuilding debt-to-capital ratio of 21.7%. TPH repurchased $100 million of common stock during Q2 and increased its credit facility to $850 million.
For Q3 2025, TPH expects to deliver 1,000-1,100 homes at an average price of $675,000-$685,000, with full-year guidance of 4,800-5,200 homes at $665,000-$675,000.
Tri Pointe Homes (NYSE:TPH) ha comunicato i risultati del secondo trimestre 2025 con un utile netto di 60,7 milioni di dollari (0,68 dollari per azione diluita) e ha annunciato un incremento di 50 milioni di dollari del programma di riacquisto azionario. L'azienda ha consegnato 1.326 abitazioni con ricavi per 879,8 milioni di dollari, rispetto a 1.700 abitazioni e 1,1 miliardi di dollari nel secondo trimestre 2024.
I principali indicatori includono un margine lordo sulla costruzione di case del 20,8% (22,1% escludendo la svalutazione dell'inventario) e spese SG&A pari al 12,6% dei ricavi dalle vendite di abitazioni. L’azienda mantiene una solida liquidità di 1,4 miliardi di dollari con un basso rapporto debito/capitale nella costruzione di case del 21,7%. TPH ha riacquistato 100 milioni di dollari di azioni ordinarie nel secondo trimestre e ha aumentato la sua linea di credito a 850 milioni di dollari.
Per il terzo trimestre 2025, TPH prevede di consegnare tra 1.000 e 1.100 abitazioni a un prezzo medio compreso tra 675.000 e 685.000 dollari, con una previsione per l'intero anno di 4.800-5.200 abitazioni a un prezzo medio di 665.000-675.000 dollari.
Tri Pointe Homes (NYSE:TPH) informó sus resultados del segundo trimestre de 2025 con un ingreso neto de 60,7 millones de dólares (0,68 dólares por acción diluida) y anunció un aumento de 50 millones de dólares en su programa de recompra de acciones. La compañía entregó 1.326 viviendas con ingresos de 879,8 millones de dólares, en comparación con 1.700 viviendas y 1.100 millones de dólares en el segundo trimestre de 2024.
Las métricas clave incluyen un margen bruto de construcción de viviendas del 20,8% (22,1% excluyendo el cargo por inventario) y gastos SG&A del 12,6% de los ingresos por ventas de viviendas. La empresa mantiene una fuerte liquidez de 1.400 millones de dólares con una baja relación deuda-capital en construcción de viviendas del 21,7%. TPH recompró 100 millones de dólares en acciones comunes durante el segundo trimestre y aumentó su línea de crédito a 850 millones de dólares.
Para el tercer trimestre de 2025, TPH espera entregar entre 1.000 y 1.100 viviendas a un precio promedio de 675.000 a 685.000 dólares, con una guía para todo el año de 4.800 a 5.200 viviendas a un precio de 665.000 a 675.000 dólares.
Tri Pointe Homes (NYSE:TPH)는 2025년 2분기 실적을 발표하며 순이익 6,070만 달러(희석 주당 0.68달러)를 기록했고, 자사주 매입 프로그램을 5,000만 달러 증액했다고 발표했습니다. 회사는 1,326채의 주택을 인도하며 매출액은 8억7,980만 달러를 기록했으며, 이는 2024년 2분기의 1,700채, 11억 달러와 비교됩니다.
주요 지표로는 주택 건설 총이익률 20.8%(재고 비용 제외 시 22.1%), 주택 판매 매출의 12.6%에 해당하는 판매관리비(SG&A)가 포함됩니다. 회사는 14억 달러의 강력한 유동성을 유지하고 있으며, 주택 건설 부문의 부채 대비 자본 비율은 21.7%로 낮습니다. TPH는 2분기에 1억 달러의 보통주를 재매입했고, 신용 한도를 8억5천만 달러로 늘렸습니다.
2025년 3분기에는 1,000~1,100채의 주택을 평균 가격 67만5천~68만5천 달러에 인도할 것으로 예상하며, 연간 가이던스는 4,800~5,200채를 평균 가격 66만5천~67만5천 달러에 판매할 계획입니다.
Tri Pointe Homes (NYSE:TPH) a publié ses résultats du deuxième trimestre 2025 avec un bénéfice net de 60,7 millions de dollars (0,68 dollar par action diluée) et a annoncé une augmentation de 50 millions de dollars de son programme de rachat d’actions. La société a livré 1 326 maisons pour un chiffre d’affaires de 879,8 millions de dollars, contre 1 700 maisons et 1,1 milliard de dollars au deuxième trimestre 2024.
Les indicateurs clés incluent une marge brute de construction de maisons de 20,8 % (22,1 % hors charge d’inventaire) et des frais SG&A représentant 12,6 % du chiffre d’affaires des ventes de maisons. La société maintient une forte liquidité de 1,4 milliard de dollars avec un faible ratio d’endettement dans la construction de maisons de 21,7 %. TPH a racheté 100 millions de dollars d’actions ordinaires au cours du deuxième trimestre et a augmenté sa facilité de crédit à 850 millions de dollars.
Pour le troisième trimestre 2025, TPH prévoit de livrer entre 1 000 et 1 100 maisons à un prix moyen de 675 000 à 685 000 dollars, avec une prévision annuelle de 4 800 à 5 200 maisons à un prix de 665 000 à 675 000 dollars.
Tri Pointe Homes (NYSE:TPH) meldete seine Ergebnisse für das zweite Quartal 2025 mit einem Nettoeinkommen von 60,7 Millionen US-Dollar (0,68 US-Dollar pro verwässerter Aktie) und kündigte eine Erhöhung seines Aktienrückkaufprogramms um 50 Millionen US-Dollar an. Das Unternehmen lieferte 1.326 Häuser mit einem Umsatz von 879,8 Millionen US-Dollar, verglichen mit 1.700 Häusern und 1,1 Milliarden US-Dollar im zweiten Quartal 2024.
Wichtige Kennzahlen umfassen eine Bruttomarge im Hausbau von 20,8 % (22,1 % ohne Lagerkosten) und Vertriebskosten (SG&A) von 12,6 % des Umsatzes aus Hausverkäufen. Das Unternehmen verfügt über eine starke Liquidität von 1,4 Milliarden US-Dollar und eine niedrige Verschuldungsquote im Hausbau von 21,7 %. TPH kaufte im zweiten Quartal 100 Millionen US-Dollar an Stammaktien zurück und erhöhte seine Kreditlinie auf 850 Millionen US-Dollar.
Für das dritte Quartal 2025 erwartet TPH die Lieferung von 1.000 bis 1.100 Häusern zu einem durchschnittlichen Preis von 675.000 bis 685.000 US-Dollar, mit einer Jahresprognose von 4.800 bis 5.200 Häusern zu 665.000 bis 675.000 US-Dollar.
- None.
- Net income declined 48.6% YoY from $118.0M to $60.7M
- Home deliveries decreased 22% YoY from 1,700 to 1,326 homes
- Gross margin declined from 23.6% to 20.8% year-over-year
- Cancellation rate increased to 13% from 9% year-over-year
- Backlog value decreased 40% YoY from $2.0B to $1.2B
Insights
Tri Pointe reports mixed Q2 results with declining metrics but maintains financial strength; increases share repurchase authorization amid housing headwinds.
Tri Pointe Homes delivered $879.8 million in revenue from 1,326 home deliveries in Q2 2025, showing a significant decline from the 1,700 homes and $1.1 billion revenue in Q2 2024. The company's net income fell to $60.7 million ($0.68 per diluted share) from $118.0 million ($1.25 per diluted share) year-over-year, representing a
Looking deeper at operational metrics reveals mixed performance. Homebuilding gross margin decreased to
On the positive side, Tri Pointe maintains exceptional balance sheet strength with a homebuilding debt-to-capital ratio of
The company's forward guidance suggests continued caution, projecting Q3 deliveries of 1,000-1,100 homes with gross margins of
-New Home Deliveries of 1,326-
-Home Sales Revenue of
-Repurchased
-Homebuilding Debt-to-Capital Ratio of
-Increased Credit Facility to a Total of
INCLINE VILLAGE, Nev., July 24, 2025 (GLOBE NEWSWIRE) -- Tri Pointe Homes, Inc. (the “Company”) (NYSE:TPH) today announced results for the second quarter ended June 30, 2025. The Company also announced that its Board of Directors has authorized the repurchase of up to an additional
Results and Operational Data for Second Quarter 2025 and Comparisons to Second Quarter 2024
- Net income available to common stockholders was
$60.7 million , or$0.68 per diluted share, compared to$118.0 million , or$1.25 per diluted share. Excluding an inventory-related charge of$11.0 million , our net income available to common stockholders was$68.7 million , or$0.77 * per diluted share. - Home sales revenue of
$879.8 million compared to$1.1 billion - New home deliveries of 1,326 homes compared to 1,700 homes
- Average sales price of homes delivered of
$664,000 compared to$666,000
- Homebuilding gross margin percentage of
20.8% compared to23.6% . Excluding an inventory-related charge of$11.0 million , our homebuilding gross margin percentage was22.1% *.- Excluding interest and impairments and lot option abandonments, adjusted homebuilding gross margin percentage was
25.2% *
- Excluding interest and impairments and lot option abandonments, adjusted homebuilding gross margin percentage was
- SG&A expense as a percentage of home sales revenue of
12.6% compared to11.0% - Net new home orders of 1,131 compared to 1,651
- Active selling communities averaged 149.8 compared to 152.5
- Net new home orders per average selling community were 7.6 orders (2.5 monthly) compared to 10.8 orders (3.6 monthly)
- Cancellation rate of
13% compared to9%
- Backlog units at quarter end of 1,520 homes compared to 2,692
- Dollar value of backlog at quarter end of
$1.2 billion compared to$2.0 billion - Average sales price of homes in backlog at quarter end of
$776,000 compared to$743,000
- Dollar value of backlog at quarter end of
- Ratios of homebuilding debt-to-capital and net homebuilding debt-to-net capital of
21.7% and8.0% *, respectively, as of June 30, 2025 - Repurchased 3,187,982 shares of common stock at a weighted average price per share of
$31.37 for an aggregate dollar amount of$100.0 million in the three months ended June 30, 2025 - Increased the maximum amount of our revolving credit facility from
$750 million to$850 million and extended the maturity date of our revolving credit facility to June 2030 - Ended the second quarter of 2025 with total liquidity of
$1.4 billion , including cash and cash equivalents of$622.6 million and$785.7 million of availability under our revolving credit facility
“Tri Pointe Homes delivered another solid quarter, meeting our revenue and earnings guidance despite ongoing macroeconomic headwinds,” said Doug Bauer, Tri Pointe Homes Chief Executive Officer. “In the second quarter, we closed 1,326 homes at an average sales price of
Mr. Bauer continued, “While policy uncertainty and geopolitical tensions continue to impact buyer sentiment, the long-term outlook for housing remains constructive, supported by structural undersupply and favorable demographics. We are actively managing through near-term volatility with targeted incentives, balanced spec inventory, and disciplined land investments. Our strong balance sheet, with
“We remain confident in the resilience of housing demand and in our long-term business strategy,” said Tom Mitchell, Tri Pointe Homes President and Chief Operating Officer. “Our operational focus, centered on margin discipline, capital efficiency, and customer satisfaction, is enabling us to navigate today’s environment while positioning for future upside. Our expansion into Utah, Florida, and the Coastal Carolinas continues to progress on schedule, and we are deploying capital into these high-potential markets with scalable, efficient operating models. Coupled with opportunistic share repurchases and strategic land investments, we are driving returns and laying the foundation for sustained growth.”
| * | See “Reconciliation of Non-GAAP Financial Measures” |
Outlook
For the third quarter, the Company anticipates delivering between 1,000 and 1,100 homes at an average sales price between
For the full year, the Company anticipates delivering between 4,800 and 5,200 homes at an average sales price between
Stock Repurchase Program
On July 23, 2025, the Company’s Board of Directors approved the repurchase of up to an additional
Earnings Conference Call
The Company will host a conference call via live webcast for investors and other interested parties beginning at 10:00 a.m. Eastern Time on Thursday, July 24, 2025. The call will be hosted by Doug Bauer, Chief Executive Officer, Tom Mitchell, President and Chief Operating Officer, Glenn Keeler, Chief Financial Officer, and Linda Mamet, Executive Vice President and Chief Marketing Officer. Interested parties can listen to the call live and view the related slides on the Internet under the Events & Presentations heading in the Investors section of the Company’s website at www.TriPointeHomes.com. Listeners should go to the website at least fifteen minutes prior to the call to download and install any necessary audio software. The call can also be accessed toll free at (877) 407-3982, or (201) 493-6780 for international participants. Participants should ask for the Tri Pointe Homes Second Quarter 2025 Earnings Conference Call. Those dialing in should do so at least ten minutes prior to the start of the call. A replay of the call will be available for two weeks following the call toll free at (844) 512-2921, or (412) 317-6671 for international participants, using the reference number 13754565. An archive of the webcast will also be available on the Company’s website for a limited time.
About Tri Pointe Homes, Inc.
One of the largest homebuilders in the U.S., Tri Pointe Homes, Inc. (NYSE: TPH) is a publicly traded company operating in 12 states and the District of Columbia, and is a recognized leader in customer experience, innovative design, and environmentally responsible business practices. The company builds premium homes and communities with deep ties to the communities it serves—some for as long as a century. Tri Pointe Homes combines the financial resources, technology platforms and proven leadership of a national organization with the regional insights, longstanding community connections and agility of empowered local teams. Tri Pointe has won multiple Builder of the Year awards and was named 2024 Developer of the Year. The company was also named to the 2024 Fortune World’s Most Admired Companies™ list, is one of the 2023 and 2025 Fortune 100 Best Companies to Work For® and was designated as one of the PEOPLE Companies That Care® in 2023 and 2024. The company was also named as a Great Place To Work-Certified™ company for four consecutive years, and was named on several Great Place To Work® Best Workplaces list (2022 through 2024). For more information, please visit TriPointeHomes.com.
Forward-Looking Statements
Various statements contained in this press release, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include, but are not limited to, statements regarding our strategy, projections and estimates concerning the timing and success of specific projects and our future production, land and lot sales, operational and financial results, including our estimates for growth, financial condition, sales prices, prospects, and capital spending. Forward-looking statements that are included in this press release are generally accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “future,” “goal,” “guidance,” “intend,” “likely,” “may,” “might,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “strategy,” “target,” “will,” “would,” or other words that convey future events or outcomes. The forward-looking statements in this press release speak only as of the date of this press release, and we disclaim any obligation to update these statements unless required by law, and we caution you not to rely on them unduly. These forward-looking statements are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. The following factors, among others, may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements: the effects of general economic conditions, including employment rates, housing starts, interest rate levels, home affordability, inflation, consumer sentiment, availability of financing for home mortgages and strength of the U.S. dollar; market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions; the availability of desirable and reasonably priced land and our ability to control, purchase, hold and develop such parcels; access to adequate capital on acceptable terms; geographic concentration of our operations; levels of competition; the successful execution of our internal performance plans, including restructuring and cost reduction initiatives; the prices and availability of supply chain inputs, including raw materials, labor and home components; oil and other energy prices; the effects of U.S. trade policies, including the imposition of tariffs and duties on homebuilding products and retaliatory measures taken by other countries; the effects of weather, including the occurrence of drought conditions in parts of the western United States; the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, and shortages and price increases in labor or materials associated with such natural disasters; the risk of loss from acts of war, terrorism, civil unrest or public health emergencies, including outbreaks of contagious disease, such as COVID-19; transportation costs; federal and state tax policies; the effects of land use, environment and other governmental laws and regulations; legal proceedings or disputes and the adequacy of reserves; risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, synergies, indebtedness, financial condition, losses and future prospects; changes in accounting principles; risks related to unauthorized access to our computer systems, theft of our homebuyers’ confidential information or other forms of cyber-attack; and additional factors discussed under the sections captioned “Risk Factors” included in our annual and quarterly reports filed with the Securities and Exchange Commission. The foregoing list is not exhaustive. New risk factors may emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risk factors on our business.
Investor Relations Contact:
InvestorRelations@TriPointeHomes.com, 949-478-8696
Media Contact:
Carol Ruiz, cruiz@newgroundco.com, 310-437-0045
| KEY OPERATIONS AND FINANCIAL DATA (dollars in thousands) (unaudited) | |||||||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
| 2025 | 2024 | Change | % Change | 2025 | 2024 | Change | % Change | ||||||||||||||||||||||
| Operating Data: | (unaudited) | ||||||||||||||||||||||||||||
| Home sales revenue | $ | 879,832 | $ | 1,133,008 | $ | (253,176 | ) | (22.3)% | $ | 1,600,618 | $ | 2,051,361 | $ | (450,743 | ) | (22.0)% | |||||||||||||
| Homebuilding gross margin | $ | 183,202 | $ | 267,327 | $ | (84,125 | ) | (31.5)% | $ | 355,715 | $ | 478,376 | $ | (122,661 | ) | (25.6)% | |||||||||||||
| Homebuilding gross margin % | 20.8 | % | 23.6 | % | (2.8)% | 22.2 | % | 23.3 | % | (1.1)% | |||||||||||||||||||
| Adjusted homebuilding gross margin %* | 25.2 | % | 27.1 | % | (1.9)% | 26.1 | % | 26.8 | % | (0.7)% | |||||||||||||||||||
| SG&A expense | $ | 110,974 | $ | 124,551 | $ | (13,577 | ) | (10.9)% | $ | 211,591 | $ | 226,103 | $ | (14,512 | ) | (6.4)% | |||||||||||||
| SG&A expense as a % of home sales revenue | 12.6 | % | 11.0 | % | 1.6 | % | 13.2 | % | 11.0 | % | 2.2 | % | |||||||||||||||||
| Net income available to common stockholders | $ | 60,748 | $ | 118,002 | $ | (57,254 | ) | (48.5)% | $ | 124,784 | $ | 217,057 | $ | (92,273 | ) | (42.5)% | |||||||||||||
| Adjusted EBITDA* | $ | 139,322 | $ | 215,998 | $ | (76,676 | ) | (35.5)% | $ | 265,020 | $ | 391,891 | $ | (126,871 | ) | (32.4)% | |||||||||||||
| Interest incurred | $ | 20,374 | $ | 30,378 | $ | (10,004 | ) | (32.9)% | $ | 41,693 | $ | 66,534 | $ | (24,841 | ) | (37.3)% | |||||||||||||
| Interest in cost of home sales | $ | 25,578 | $ | 38,994 | $ | (13,416 | ) | (34.4)% | $ | 48,613 | $ | 69,643 | $ | (21,030 | ) | (30.2)% | |||||||||||||
| Other Data: | |||||||||||||||||||||||||||||
| Net new home orders | 1,131 | 1,651 | (520 | ) | (31.5)% | 2,369 | 3,465 | (1,096 | ) | (31.6)% | |||||||||||||||||||
| New homes delivered | 1,326 | 1,700 | (374 | ) | (22.0)% | 2,366 | 3,093 | (727 | ) | (23.5)% | |||||||||||||||||||
| Average sales price of homes delivered | $ | 664 | $ | 666 | $ | (2 | ) | (0.3)% | $ | 677 | $ | 663 | $ | 14 | 2.1 | % | |||||||||||||
| Cancellation rate | 13 | % | 9 | % | 4 | % | 12 | % | 8 | % | 4 | % | |||||||||||||||||
| Average selling communities | 149.8 | 152.5 | (2.7 | ) | (1.8)% | 147.7 | 152.7 | (5.0 | ) | (3.3)% | |||||||||||||||||||
| Selling communities at end of period | 151 | 153 | (2 | ) | (1.3)% | ||||||||||||||||||||||||
| Backlog (estimated dollar value) | $ | 1,179,715 | $ | 1,999,852 | $ | (820,137 | ) | (41.0)% | |||||||||||||||||||||
| Backlog (homes) | 1,520 | 2,692 | (1,172 | ) | (43.5)% | ||||||||||||||||||||||||
| Average sales price in backlog | $ | 776 | $ | 743 | $ | 33 | |||||||||||||||||||||||
| June 30, | December 31, | ||||||||||||||||||||||||||||
| 2025 | 2024 | Change | % Change | ||||||||||||||||||||||||||
| Balance Sheet Data: | (unaudited) | ||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 622,642 | $ | 970,045 | $ | (347,403 | ) | (35.8)% | |||||||||||||||||||||
| Real estate inventories | $ | 3,301,302 | $ | 3,153,459 | $ | 147,843 | |||||||||||||||||||||||
| Lots owned or controlled | 34,025 | 36,490 | (2,465 | ) | (6.8)% | ||||||||||||||||||||||||
| Homes under construction (1) | 2,798 | 2,386 | 412 | ||||||||||||||||||||||||||
| Homes completed, unsold | 422 | 464 | (42 | ) | (9.1)% | ||||||||||||||||||||||||
| Total homebuilding debt | $ | 909,974 | $ | 917,504 | $ | (7,530 | ) | (0.8)% | |||||||||||||||||||||
| Stockholders’ equity | $ | 3,289,961 | $ | 3,335,710 | $ | (45,749 | ) | (1.4)% | |||||||||||||||||||||
| Book capitalization | $ | 4,199,935 | $ | 4,253,214 | $ | (53,279 | ) | (1.3)% | |||||||||||||||||||||
| Ratio of homebuilding debt-to-capital | 21.7 | % | 21.6 | % | 0.1 | % | |||||||||||||||||||||||
| Ratio of net homebuilding debt-to-net capital* | 8.0 | % | (1.6)% | 9.6 | % | ||||||||||||||||||||||||
__________
| (1) | Homes under construction included 59 and 43 models as of June 30, 2025 and December 31, 2024, respectively. |
| * | See “Reconciliation of Non-GAAP Financial Measures” |
| CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) | |||||
| June 30, | December 31, | ||||
| 2025 | 2024 | ||||
| Assets | (unaudited) | ||||
| Cash and cash equivalents | $ | 622,642 | $ | 970,045 | |
| Receivables | 165,716 | 111,613 | |||
| Real estate inventories | 3,301,302 | 3,153,459 | |||
| Investments in unconsolidated entities | 194,089 | 173,924 | |||
| Mortgage loans held for sale | 104,862 | 115,001 | |||
| Goodwill and other intangible assets, net | 156,603 | 156,603 | |||
| Deferred tax assets, net | 45,975 | 45,975 | |||
| Other assets | 206,653 | 164,495 | |||
| Total assets | $ | 4,797,842 | $ | 4,891,115 | |
| Liabilities | |||||
| Accounts payable | $ | 81,448 | $ | 68,228 | |
| Accrued expenses and other liabilities | 417,304 | 465,563 | |||
| Loans payable | 262,921 | 270,970 | |||
| Senior notes | 647,053 | 646,534 | |||
| Mortgage repurchase facilities | 99,022 | 104,098 | |||
| Total liabilities | 1,507,748 | 1,555,393 | |||
| Commitments and contingencies | |||||
| Equity | |||||
| Stockholders’ equity: | |||||
| Preferred stock, | — | — | |||
| Common stock, | 875 | 925 | |||
| Additional paid-in capital | — | — | |||
| Retained earnings | 3,289,086 | 3,334,785 | |||
| Total stockholders’ equity | 3,289,961 | 3,335,710 | |||
| Noncontrolling interests | 133 | 12 | |||
| Total equity | 3,290,094 | 3,335,722 | |||
| Total liabilities and equity | $ | 4,797,842 | $ | 4,891,115 | |
| CONSOLIDATED STATEMENT OF OPERATIONS (in thousands, except share and per share amounts) (unaudited) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Homebuilding: | |||||||||||||||
| Home sales revenue | $ | 879,832 | $ | 1,133,008 | $ | 1,600,618 | $ | 2,051,361 | |||||||
| Land and lot sales revenue | 3,364 | 4,160 | 5,185 | 11,228 | |||||||||||
| Other operations revenue | 814 | 782 | 1,634 | 1,569 | |||||||||||
| Total revenues | 884,010 | 1,137,950 | 1,607,437 | 2,064,158 | |||||||||||
| Cost of home sales | 696,630 | 865,681 | 1,244,903 | 1,572,985 | |||||||||||
| Cost of land and lot sales | 3,253 | 3,841 | 4,994 | 9,598 | |||||||||||
| Other operations expense | 793 | 765 | 1,587 | 1,530 | |||||||||||
| Sales and marketing | 50,171 | 56,804 | 93,113 | 107,028 | |||||||||||
| General and administrative | 60,803 | 67,747 | 118,478 | 119,075 | |||||||||||
| Homebuilding income from operations | 72,360 | 143,112 | 144,362 | 253,942 | |||||||||||
| Equity in income of unconsolidated entities | 471 | 99 | 966 | 156 | |||||||||||
| Other income, net | 7,174 | 9,934 | 16,303 | 25,160 | |||||||||||
| Homebuilding income before income taxes | 80,005 | 153,145 | 161,631 | 279,258 | |||||||||||
| Financial Services: | |||||||||||||||
| Revenues | 18,403 | 16,974 | 35,904 | 30,168 | |||||||||||
| Expenses | 14,058 | 10,890 | 26,675 | 19,617 | |||||||||||
| Financial services income before income taxes | 4,345 | 6,084 | 9,229 | 10,551 | |||||||||||
| Income before income taxes | 84,350 | 159,229 | 170,860 | 289,809 | |||||||||||
| Provision for income taxes | (23,640 | ) | (41,227 | ) | (46,133 | ) | (72,811 | ) | |||||||
| Net income | 60,710 | 118,002 | 124,727 | 216,998 | |||||||||||
| Net loss attributable to noncontrolling interests | 38 | — | 57 | 59 | |||||||||||
| Net income available to common stockholders | $ | 60,748 | $ | 118,002 | $ | 124,784 | $ | 217,057 | |||||||
| Earnings per share | |||||||||||||||
| Basic | $ | 0.68 | $ | 1.25 | $ | 1.38 | $ | 2.29 | |||||||
| Diluted | $ | 0.68 | $ | 1.25 | $ | 1.38 | $ | 2.28 | |||||||
| Weighted average shares outstanding | |||||||||||||||
| Basic | 88,914,413 | 94,059,037 | 90,269,159 | 94,645,676 | |||||||||||
| Diluted | 89,234,359 | 94,740,019 | 90,648,492 | 95,305,469 | |||||||||||
| MARKET DATA BY REPORTING SEGMENT & GEOGRAPHY (dollars in thousands) (unaudited) | |||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| New Homes Delivered | Average Sales Price | New Homes Delivered | Average Sales Price | New Homes Delivered | Average Sales Price | New Homes Delivered | Average Sales Price | ||||||||||||
| Arizona | 152 | $ | 773 | 140 | $ | 712 | 291 | $ | 773 | 277 | $ | 724 | |||||||
| California | 345 | 698 | 570 | 762 | 633 | 721 | 987 | 766 | |||||||||||
| Nevada | 82 | 593 | 117 | 646 | 124 | 586 | 230 | 665 | |||||||||||
| Washington | 61 | 1,036 | 74 | 875 | 113 | 1,030 | 127 | 886 | |||||||||||
| West total | 640 | 735 | 901 | 748 | 1,161 | 750 | 1,621 | 754 | |||||||||||
| Colorado | 50 | 635 | 53 | 675 | 68 | 647 | 95 | 703 | |||||||||||
| Texas | 431 | 536 | 475 | 556 | 790 | 543 | 915 | 553 | |||||||||||
| Central total | 481 | 546 | 528 | 568 | 858 | 551 | 1,010 | 567 | |||||||||||
| Carolinas(1) | 120 | 498 | 208 | 489 | 205 | 507 | 382 | 477 | |||||||||||
| Washington D.C. Area(2) | 85 | 1,025 | 63 | 904 | 142 | 1,076 | 80 | 937 | |||||||||||
| East total | 205 | 717 | 271 | 586 | 347 | 740 | 462 | 556 | |||||||||||
| Total | 1,326 | $ | 664 | 1,700 | $ | 666 | 2,366 | $ | 677 | 3,093 | $ | 663 | |||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Net New Home Orders | Average Selling Communities | Net New Home Orders | Average Selling Communities | Net New Home Orders | Average Selling Communities | Net New Home Orders | Average Selling Communities | ||||||||||||
| Arizona | 84 | 16.5 | 182 | 15.2 | 207 | 15.3 | 338 | 13.6 | |||||||||||
| California | 309 | 36.5 | 576 | 42.2 | 662 | 37.2 | 1,189 | 44.1 | |||||||||||
| Nevada | 75 | 10.0 | 118 | 8.3 | 175 | 10.0 | 272 | 8.9 | |||||||||||
| Washington | 55 | 5.8 | 77 | 5.8 | 123 | 5.3 | 184 | 5.7 | |||||||||||
| West total | 523 | 68.8 | 953 | 71.5 | 1,167 | 67.8 | 1,983 | 72.3 | |||||||||||
| Colorado | 37 | 9.8 | 25 | 10.5 | 69 | 9.9 | 72 | 10.7 | |||||||||||
| Texas | 386 | 51.2 | 441 | 52.5 | 767 | 50.7 | 924 | 52.4 | |||||||||||
| Central total | 423 | 61.0 | 466 | 63.0 | 836 | 60.6 | 996 | 63.1 | |||||||||||
| Carolinas(1) | 109 | 13.0 | 130 | 11.5 | 215 | 11.9 | 309 | 11.4 | |||||||||||
| Washington D.C. Area(2) | 76 | 7.0 | 102 | 6.5 | 151 | 7.4 | 177 | 5.9 | |||||||||||
| East total | 185 | 20.0 | 232 | 18.0 | 366 | 19.3 | 486 | 17.3 | |||||||||||
| Total | 1,131 | 149.8 | 1,651 | 152.5 | 2,369 | 147.7 | 3,465 | 152.7 | |||||||||||
| (1) | Carolinas comprises North Carolina and South Carolina. |
| (2) | Washington D.C. Area comprises Maryland, Virginia and the District of Columbia. |
| MARKET DATA BY REPORTING SEGMENT & GEOGRAPHY, continued (dollars in thousands) (unaudited) | |||||||||||||||
| As of June 30, 2025 | As of June 30, 2024 | ||||||||||||||
| Backlog Units | Backlog Dollar Value | Average Sales Price | Backlog Units | Backlog Dollar Value | Average Sales Price | ||||||||||
| Arizona | 221 | $ | 179,643 | $ | 813 | 320 | $ | 245,870 | $ | 768 | |||||
| California | 370 | 267,974 | 724 | 900 | 724,667 | 805 | |||||||||
| Nevada | 112 | 75,837 | 677 | 173 | 100,881 | 583 | |||||||||
| Washington | 110 | 158,796 | 1,444 | 147 | 138,919 | 945 | |||||||||
| West total | 813 | 682,250 | 839 | 1,540 | 1,210,337 | 786 | |||||||||
| Colorado | 16 | 11,459 | 716 | 25 | 18,664 | 747 | |||||||||
| Texas | 434 | 260,516 | 600 | 715 | 428,420 | 599 | |||||||||
| Central total | 450 | 271,975 | 604 | 740 | 447,084 | 604 | |||||||||
| Carolinas(1) | 97 | 50,724 | 523 | 209 | 115,638 | 553 | |||||||||
| Washington D.C. Area(2) | 160 | 174,766 | 1,092 | 203 | 226,793 | 1,117 | |||||||||
| East total | 257 | 225,490 | 877 | 412 | 342,431 | 831 | |||||||||
| Total | 1,520 | $ | 1,179,715 | $ | 776 | 2,692 | $ | 1,999,852 | $ | 743 | |||||
| June 30, | December 31, | ||||||||||||||
| 2025 | 2024 | ||||||||||||||
| Lots Owned or Controlled: | |||||||||||||||
| Arizona | 1,810 | 2,099 | |||||||||||||
| California | 9,652 | 10,291 | |||||||||||||
| Nevada | 1,204 | 1,437 | |||||||||||||
| Washington | 484 | 597 | |||||||||||||
| West total | 13,150 | 14,424 | |||||||||||||
| Colorado | 1,342 | 1,561 | |||||||||||||
| Texas | 12,885 | 12,711 | |||||||||||||
| Utah | 405 | 1,006 | |||||||||||||
| Central total | 14,632 | 15,278 | |||||||||||||
| Carolinas(1) | 4,279 | 5,004 | |||||||||||||
| Florida | 542 | 252 | |||||||||||||
| Washington D.C. Area(2) | 1,422 | 1,532 | |||||||||||||
| East total | 6,243 | 6,788 | |||||||||||||
| Total | 34,025 | 36,490 | |||||||||||||
| June 30, | December 31, | ||||||||||||||
| 2025 | 2024 | ||||||||||||||
| Lots by Ownership Type: | |||||||||||||||
| Lots owned | 16,523 | 16,609 | |||||||||||||
| Lots controlled (3) | 17,502 | 19,881 | |||||||||||||
| Total | 34,025 | 36,490 | |||||||||||||
| (1) | Carolinas comprises North Carolina and South Carolina. |
| (2) | Washington D.C. Area comprises Maryland, Virginia and the District of Columbia. |
| (3) | As of June 30, 2025 and December 31, 2024, lots controlled included lots that were under land option contracts or purchase contracts. As of June 30, 2025 and December 31, 2024, lots controlled for Central include 5,739 and 5,816 lots, respectively, and lots controlled for East include zero and 14 lots, respectively, which represent our expected share of lots owned by our investments in unconsolidated land development joint ventures. |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(unaudited)
In this press release, we utilize certain financial measures that are non-GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to management and investors in evaluating the Company’s operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with Generally Accepted Accounting Principles (“GAAP”), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.
The following tables reconcile the homebuilding gross margin percentage, as reported and prepared in accordance with GAAP, to the non-GAAP measure adjusted homebuilding gross margin percentage. We believe this information is meaningful as it isolates the impact that leverage has on homebuilding gross margin and permits investors to make better comparisons with our competitors, who adjust gross margins in a similar fashion.
| Three Months Ended June 30, | |||||||||||||
| 2025 | % | 2024 | % | ||||||||||
| (dollars in thousands) | |||||||||||||
| Home sales revenue | $ | 879,832 | 100.0 | % | $ | 1,133,008 | 100.0 | % | |||||
| Cost of home sales | 696,630 | 79.2 | % | 865,681 | 76.4 | % | |||||||
| Homebuilding gross margin | 183,202 | 20.8 | % | 267,327 | 23.6 | % | |||||||
| Add: interest in cost of home sales | 25,578 | 2.9 | % | 38,994 | 3.4 | % | |||||||
| Add: impairments and lot option abandonments | 13,096 | 1.5 | % | 968 | 0.1 | % | |||||||
| Adjusted homebuilding gross margin | $ | 221,876 | 25.2 | % | $ | 307,289 | 27.1 | % | |||||
| Homebuilding gross margin percentage | 20.8 | % | 23.6 | % | |||||||||
| Adjusted homebuilding gross margin percentage | 25.2 | % | 27.1 | % | |||||||||
| Six Months Ended June 30, | |||||||||||||
| 2025 | % | 2024 | % | ||||||||||
| Home sales revenue | $ | 1,600,618 | 100.0 | % | $ | 2,051,361 | 100.0 | % | |||||
| Cost of home sales | 1,244,903 | 77.8 | % | 1,572,985 | 76.7 | % | |||||||
| Homebuilding gross margin | 355,715 | 22.2 | % | 478,376 | 23.3 | % | |||||||
| Add: interest in cost of home sales | 48,613 | 3.0 | % | 69,643 | 3.4 | % | |||||||
| Add: impairments and lot option abandonments | 14,169 | 0.9 | % | 1,370 | 0.1 | % | |||||||
| Adjusted homebuilding gross margin(1) | $ | 418,497 | 26.1 | % | $ | 549,389 | 26.8 | % | |||||
| Homebuilding gross margin percentage | 22.2 | % | 23.3 | % | |||||||||
| Adjusted homebuilding gross margin percentage(1) | 26.1 | % | 26.8 | % | |||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued)
(unaudited)
The following table reconciles the Company’s ratio of homebuilding debt-to-capital to the non-GAAP ratio of net homebuilding debt-to-net capital. We believe that the ratio of net homebuilding debt-to-net capital is a relevant financial measure for management and investors to understand the leverage employed in our operations and as an indicator of the Company’s ability to obtain financing.
| June 30, 2025 | December 31, 2024 | ||||||
| Loans payable | $ | 262,921 | $ | 270,970 | |||
| Senior notes | 647,053 | 646,534 | |||||
| Mortgage repurchase facilities | 99,022 | 104,098 | |||||
| Total debt | 1,008,996 | 1,021,602 | |||||
| Less: mortgage repurchase facilities | (99,022 | ) | (104,098 | ) | |||
| Total homebuilding debt | 909,974 | 917,504 | |||||
| Stockholders’ equity | 3,289,961 | 3,335,710 | |||||
| Total capital | $ | 4,199,935 | $ | 4,253,214 | |||
| Ratio of homebuilding debt-to-capital(1) | 21.7 | % | 21.6 | % | |||
| Total homebuilding debt | $ | 909,974 | $ | 917,504 | |||
| Less: Cash and cash equivalents | (622,642 | ) | (970,045 | ) | |||
| Net homebuilding debt | 287,332 | (52,541 | ) | ||||
| Stockholders’ equity | 3,289,961 | 3,335,710 | |||||
| Net capital | $ | 3,577,293 | $ | 3,283,169 | |||
| Ratio of net homebuilding debt-to-net capital(2) | 8.0 | % | (1.6)% | ||||
__________
| (1) | The ratio of homebuilding debt-to-capital is computed as the quotient obtained by dividing total homebuilding debt by the sum of total homebuilding debt plus stockholders’ equity. |
| (2) | The ratio of net homebuilding debt-to-net capital is computed as the quotient obtained by dividing net homebuilding debt (which is total homebuilding debt less cash and cash equivalents) by the sum of net homebuilding debt plus stockholders’ equity. |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued)
(unaudited)
The following table contains information about our operating results reflecting certain adjustments to homebuilding gross margin, income before income taxes, provision for income taxes, net income, net income available to common stockholders and earnings per share (diluted). We believe reflecting these adjustments is useful to investors in understanding our recurring operations by eliminating the effects of certain non-routine events, and may be helpful in comparing the Company to other homebuilders to the extent they provide similar information.
| Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | ||||||||||||||||||||||||
| As Reported | Adjustments | Adjusted | As Reported | Adjustments | Adjusted | ||||||||||||||||||||
| Gross Margin Reconciliation | (in thousands, except share and per share amounts) | ||||||||||||||||||||||||
| Home sales revenue | $ | 879,832 | $ | — | $ | 879,832 | $ | 1,600,618 | $ | — | $ | 1,600,618 | |||||||||||||
| Cost of home sales | 696,630 | (11,000 | ) | (1 | ) | 685,630 | 1,244,903 | (11,000 | ) | (1 | ) | 1,233,903 | |||||||||||||
| Homebuilding gross margin | $ | 183,202 | $ | 11,000 | $ | 194,202 | $ | 355,715 | $ | 11,000 | $ | 366,715 | |||||||||||||
| Homebuilding gross margin percentage | 20.8 | % | 1.3 | % | 22.1 | % | 22.2 | % | 0.7 | % | 22.9 | % | |||||||||||||
| Income Reconciliation | |||||||||||||||||||||||||
| Income before income taxes | $ | 84,350 | $ | 11,000 | (1 | ) | $ | 95,350 | $ | 170,860 | $ | 11,000 | (1 | ) | $ | 181,860 | |||||||||
| Provision for income taxes | (23,640 | ) | (3,083 | ) | (2 | ) | (26,723 | ) | (46,133 | ) | (2,970 | ) | (2 | ) | (49,103 | ) | |||||||||
| Net income | 60,710 | 7,917 | 68,627 | 124,727 | 8,030 | 132,757 | |||||||||||||||||||
| Net loss attributable to noncontrolling interests | 38 | — | 38 | 57 | — | 57 | |||||||||||||||||||
| Net income available to common stockholders | $ | 60,748 | $ | 7,917 | $ | 68,665 | $ | 124,784 | $ | 8,030 | $ | 132,814 | |||||||||||||
| Earnings per share | |||||||||||||||||||||||||
| Diluted | $ | 0.68 | $ | 0.09 | $ | 0.77 | $ | 1.38 | $ | 0.09 | $ | 1.47 | |||||||||||||
| Weighted average shares outstanding | |||||||||||||||||||||||||
| Diluted | 89,234,359 | 89,234,359 | 90,648,492 | 90,648,492 | |||||||||||||||||||||
| Effective tax rate | 28.0 | % | 28.0 | % | 27.0 | % | 27.0 | % | |||||||||||||||||
__________
| (1) | Comprises an |
| (2) | Comprises the impact on provision for income taxes related to the inventory impairment charge described in footnote (1). |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued)
(unaudited)
The following table calculates the non-GAAP financial measures of EBITDA and Adjusted EBITDA and reconciles those amounts to net income available to common stockholders, as reported and prepared in accordance with GAAP. EBITDA means net income available to common stockholders before (a) interest expense, (b) expensing of previously capitalized interest included in costs of home sales, (c) income taxes and (d) depreciation and amortization. Adjusted EBITDA means EBITDA before (e) amortization of stock-based compensation and (f) impairments and lot option abandonments. Other companies may calculate EBITDA and Adjusted EBITDA (or similarly titled measures) differently. We believe EBITDA and Adjusted EBITDA are useful measures of the Company’s ability to service debt and obtain financing.
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (in thousands) | |||||||||||||||
| Net income available to common stockholders | $ | 60,748 | $ | 118,002 | $ | 124,784 | $ | 217,057 | |||||||
| Interest expense: | |||||||||||||||
| Interest incurred | 20,374 | 30,378 | 41,693 | 66,534 | |||||||||||
| Interest capitalized | (20,374 | ) | (30,378 | ) | (41,693 | ) | (66,534 | ) | |||||||
| Amortization of interest in cost of sales | 25,578 | 39,164 | 48,731 | 70,010 | |||||||||||
| Provision for income taxes | 23,640 | 41,227 | 46,133 | 72,811 | |||||||||||
| Depreciation and amortization | 7,657 | 7,697 | 15,044 | 15,024 | |||||||||||
| EBITDA | 117,623 | 206,090 | 234,692 | 374,902 | |||||||||||
| Amortization of stock-based compensation | 8,603 | 8,940 | 16,159 | 15,619 | |||||||||||
| Impairments and lot option abandonments | 13,096 | 968 | 14,169 | 1,370 | |||||||||||
| Adjusted EBITDA | $ | 139,322 | $ | 215,998 | $ | 265,020 | $ | 391,891 | |||||||
FAQ
What were Tri Pointe Homes (TPH) Q2 2025 earnings results?
How much stock did TPH repurchase in Q2 2025?
What is TPH's guidance for full year 2025?
What is Tri Pointe Homes' current financial position?
How much did TPH increase its stock repurchase program?
