Here are the 10-Q quarterly reports from Smith Douglas Homes Corp. (SDHC) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow SDHC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SDHC filings page.
Smith Douglas Homes Corp. reported third-quarter 2026 home closing revenue of $262.509 million, compared with $262.041 million a year earlier. Home closing gross profit was $42.718 million versus $54.970 million; consolidated net income was $3.031 million versus $16.215 million, and net income attributable to SDHC was $577,000 versus $2.126 million. Diluted earnings per share were $0.07, compared with $0.24.
For the first nine months of 2026, revenue was $741.979 million versus $710.687 million, while consolidated net income was $8.861 million versus $51.360 million. Operating cash used was $28.486 million, compared with $41.094 million. Notes payable were $101.420 million at September 30, 2026, compared with $44.075 million at December 31, 2025; cash and cash equivalents were $5.922 million versus $12.741 million on those dates. The company recorded $4.742 million in inventory impairment charges at five communities for the nine-month period.
During the nine months, the company repurchased 790,325 Class A shares at a total cost of $10.4 million; $39.7 million remained under the program authorization at September 30, 2026.
Smith Douglas Homes Corp., a single-family homebuilder operating in southeastern and southern U.S. markets, reported higher home closing revenue but sharply lower profitability for the three and six months ended June 30, 2026. Home closing revenue was $273.0 million for the quarter and $479.5 million year‑to‑date, up from $223.9 million and $448.6 million in the prior‑year periods. Quarterly net income fell to $1.8 million from $17.2 million, with net income attributable to Smith Douglas Homes Corp. at $0.2 million (diluted EPS $0.03). For the six‑month period, net income was $5.8 million versus $35.1 million, with EPS of $0.09.
Total assets were $592.1 million at June 30, 2026, including $331.2 million of real estate inventory and $139.3 million of deposits on real estate under option or contract. Notes payable totaled $66.0 million, primarily borrowings of $63.0 million under a $325.0 million unsecured revolving credit facility maturing in 2029, with about $199.7 million of availability. Operating cash flow improved to $4.9 million provided in the first half of 2026 compared with $63.8 million used a year earlier. The company operates an Up‑C structure: public Class A shareholders indirectly hold about 17.7% of the economic interest in Smith Douglas Holdings LLC, while Continuing Equity Owners retain 82.3% and voting control through high‑vote Class B stock and a Tax Receivable Agreement under which they receive 85% of specified tax benefits. A $50.0 million stock repurchase program led to repurchases of 761,955 Class A shares for $10.1 million in the first half, leaving $40.0 million authorized.
Smith Douglas Homes Corp. reported lower results for the three months ended March 31, 2026. Home closing revenue was $206.4 million compared with $224.7 million a year earlier, while net income fell to $4.1 million from $18.7 million. Net income attributable to Smith Douglas Homes Corp. was $0.6 million, or $0.06 per diluted share, versus $2.7 million, or $0.30 per share, in the prior-year period, reflecting lower home closing gross profit and higher selling, general and administrative costs.
Cash and cash equivalents increased to $28.0 million as of March 31, 2026, from $12.7 million at year-end, supported by modest positive operating cash flow and net borrowings under a $325.0 million revolving credit facility, on which $65.0 million was outstanding. Real estate inventory rose to $314.7 million, and the company recorded a $1.0 million inventory impairment charge. Smith Douglas also repurchased 449,604 Class A shares for $5.7 million under its authorized buyback program, and continues to operate an Up‑C structure in which public Class A stockholders hold an indirect minority economic interest in Smith Douglas Holdings LLC while Continuing Equity Owners retain most economic interest and voting control.
Smith Douglas Homes Corp. reported Q3 2025 results. Home closing revenue was $262.041 million and net income was $16.215 million, with diluted EPS of $0.24. For the nine months ended September 30, revenue reached $710.687 million and net income was $51.360 million.
Profitability softened year over year as home closing gross profit in Q3 was $54.970 million and SG&A was $36.088 million. The company recorded $0.6 million of inventory impairment and $2.3 million of lot option abandonment charges year to date. Operating cash flow was an outflow of $41.094 million year to date, reflecting higher real estate inventory and option deposits.
On the balance sheet, cash was $14.775 million and real estate inventory was $314.524 million. Notes payable were $53.637 million, including $49.0 million outstanding on the revolving credit facility at a 6.57% rate, with approximately $201.4 million of availability. As of October 31, 2025, Class A shares outstanding were 9,017,638 and Class B shares were 42,435,897; Smith Douglas Homes Corp. held approximately 17.5% of the economic interest in Smith Douglas Holdings LLC.