Beazer Homes USA : Second Quarter 2026 Investor Presentation

Published: 2026-04-30 20:08:55 ET BZH

Published on 04/30/2026 at 08:08 pm EDT

Beazer Homes USA, Inc.

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Q2 2026 Earnings Presentation

THE KINGFISHER SELBYVILLE, DE

Community count, sales pace, ASP, and gross margin broadly in line with expectations

TBB sales increased to 43% of gross sales

New communities increased to 34% of gross sales

Increased liquidity via revolver upsizing and extension

Grew BV/share by repurchasing over 1 million shares at ~60% of book value

Uncertain near-term demand

Mortgage rates

Energy costs

Consumer sentiment

Environment less likely to support pace and margin expansion to grow full year EBITDA

Sales pace > 2.0

Gross margin expansion 200-300 bps

Labor and material savings

Improving mix shifts:

Higher-priced, less incentive-driven existing communities

Higher ASPs and margins in newer communities

Growing TBB sales mix

Focused on highest risk-adjusted returns

Improving land spend efficiency

Selling non-strategic assets at or above book value

Buying back stock at meaningful discount to book value

Preserving community count growth

$40

$15.1

$30.0

$12.5

$20.6

since early FY25

authorization, will

have bought back nearly 20% of our shares

Upon completion of current

Share Repurchases ($ Millions)

$30

$20

$10

Q2 FY25 Q3 FY25 Q1 FY26 Q2 FY26 2H FY26

> 200 Communities

By FYE 2027

Low 30% Net Debt to Net Capitalization

By FYE 2027

Double-Digit Book Value Per Share CAGR

Through FYE 2027

MYG: Expanding Community Count

200

> 200 Active Communities

180

169

162

160

163

167

145

140

119

140

121

120

119

123

100

Q2 FY22 Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26 FYE26 FYE27

MYG: Deleveraging Balance Sheet

48.7%

Low 30% Range

42.7%

43.4%

44.8%

52.5%

54.8%

67.5%

70%

60%

50%

40%

30%

20%

Q2 FY20 Q2 FY21 Q2 FY22 Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26 FYE26 FYE27

Net Debt to Net Capitalization

MYG: Generating Double-Digit BV/Share CAGR

$50's Book

Value Per Share

$40.58

$41.83

$37.31

$32.64

$26.03

Double-Digit Compound Annual Growth from FYE24 to FYE27

$60

$50

$40

$30

$20

$10

Q2 FY22 Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26 FYE26 FYE27

Q2 Results

Sales Pace

2.1

(7.2%)

Homebuilding Revenue ($mm)

$397.7

(28.5%)

Average Selling Price ($k)

$525.4

2.0%

SG&A as % of Total Revenue

15.5%

350 bps

Interest Amort. % of HB Revenue

3.3%

20 bps

Diluted EPS

($0.03)

Income Tax Benefit ($mm)(c) ($17.6) NM

Net Loss ($mm) ($0.9) NM

Adjusted EBITDA ($mm)(b) $2.6 (93.4%)

HB Gross Margin %(a) 15.6% (270 bps)

Closings 757 (29.8%)

Active Community Count, Avg 167 2.9%

New Home Orders 1,048 (4.6%)

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(a) Excludes impairments, abandonments, and interest amortized to cost of sales. Details are included on "Non-GAAP Homebuilding Gross Margin Reconciliation" slide in the appendix

(b) Details are included on the "Non-GAAP Adjusted EBITDA Reconciliation" slide in the appendix

(c) Includes the benefit of energy efficiency tax credits. Reflects a change in interim tax method, see disclosures in 10Q

(d) NM - indicates the percentage is "not meaningful"

Q3 Expectations

Sales Pace

In line with Q2 (~2.1 S/C/M)

Closings

~900

Adjusted HB Gross Margin %(a)

Up >50bps sequentially (>16.1%)

Land Sales Rev

~$30mm

Adjusted EBITDA $5mm - $10mm

SG&A Total $ Flat YoY

Average Selling Price $535k − $540k

Active Community Count, Ending ~170

New Home Orders >1,000

Interest Amort. as % of HB Revenue ~3%

(a) Excludes impairments, abandonments, and interest amortized to cost of sales

Driving Efficient Land Spend

60%

12 12

46%

59%

51%

52%

54%

By improving land spend efficiency, we are enabling community count growth while funding share repurchases

75% 50

Ending Active Lot Balance (in thousands)

60% 40

Option % of Active Controlled Lots

45% 30

30% 20

15% 10

0% -

Q2 FY21 Q2 FY22 Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26

Liquidity and Capitalization

$ in millions

$500

Total Liquidity ~$400mm

Upsized Revolver from $365mm to $525mm and extended maturity two years to March 2030

$400

$350

$357

$300

$250

$285

$200

$100

$80

$116

Path to value creation

Clear and differentiated strategy

Building profitability momentum

Strong balance sheet

Disciplined capital allocation

Closing Comments

Appendix

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Q2 FY26 Results

$ in millions (except ASP) Q2 FY25 Q2 FY26 ∆(d)

Profitability

Total Revenue

$565.3

$409.8

(27.5%)

Adjusted EBITDA(a)

$38.8

$2.6

($36.2)

Net Income (Loss)

$12.8

($0.9)

($13.7)

Unit Activity

New Home Orders

1,098

1,048

(4.6%)

Closings

1,079

757

(29.8%)

Average Selling Price ($k)

$515.3

$525.4

2.0%

Cancellation Rate

16.9%

13.5%

(340 bps)

Active Community Count, Avg(b)

163

167

2.9%

Sales Pace

2.3

2.1

(7.2%)

Margins

HB Gross Margin %(c)

18.3%

15.6%

(270 bps)

SG&A as % of Total Revenue

12.0%

15.5%

350 bps

Balance Sheet

Unrestricted Cash

$85.1

$116.4

$31.3

Land & Development Spend

$197.0

$187.0

($10.0)

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(a) Details are included on the "Non-GAAP Adjusted EBITDA Reconciliation" slide in the appendix

(b) Active Community Count was 162 at 3/31/2025 and 169 at 3/31/2026

(c) Excludes impairments, abandonments, and interest amortized to cost of sales. Details are included on "Non-GAAP Homebuilding Gross Margin Reconciliation" slide in the appendix

(d) Changes are calculated using unrounded numbers

Backlog Detail

Q2 FY25

Q2 FY26

Quarter Ending Backlog (units)

1,526

1,299

Quarter Ending Backlog ($ in millions)

$831.5

$756.1

ASP in Backlog ($ in thousands)

$544.9

$582.1

Quarter Beginning Backlog

1,507

1,008

Scheduled to Close in Future Qtrs.

(646)

(461)

Backlog Scheduled to Close in the Qtr.

861

547

Backlog Activity:

Cancellations(a)

(83)

(52)

Pushed to Future Qtrs.

(98)

(75)

Close Date Brought Forward

Sold & Closed During the Qtr.

367

296

Total Closings in the Qtr.

1,079

757

Backlog Conversion Rate

71.6%

75.1%

(a) Cancellations reference only the cancellations arising from homes scheduled to close in the quarter

SG&A Leverage

$80

$70

$60

$50

LTM Homebuilding

$66.6

$62.8 $63.6

$70.9

20%

16%

12%

% of Total Revenue

13.1%

11.5%

11.9%

11.6%

10.7%

15.5%

12.2%

11.2%

11.5%

12.0%

FY22

FY23

FY24

FY25

FY26

$40

$30

$20

$10

Q3 Q4 Q1 Q2 FY25 FY26

Cancellation Rates

30%

25%

20%

19%

17%

16%

15%

12%

10%

13%

12%

15%

10%

Q2 FY22 Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26

Spec Homes

1,500 20

1,306 1,306

629

158

181

287

1,084

775

787

725

413

903

893

1,019

6.5

7.5

7.7

8.1

1,125 15

Spec Homes

Specs per Community

750 10

375 5

- -

Q2 FY22 Q2 FY23 Q2 FY24 Q2 FY25 Q2 FY26

Segment ASP & Margins

($ in thousands)

Q2 FY25 ASP

Q2 FY26 ASP

Change in ASP ($)

Change in ASP (%)

Q2 FY25

Closings

Q2 FY26

Closings

Change in Mix

West

$516.5

$503.9

($12.6)

(2.4%)

65.5%

60.6%

(4.9%)

East

$523.6

$563.9

$40.3

7.7%

21.3%

Southeast

$496.3

$552.4

$56.1

11.3%

13.2%

18.1%

4.9%

Q2 FY25 GM%(a)

Q2 FY26 GM%(a)

Change in GM%

West

19.1%

14.6%

(450 bps)

East

14.7%

14.6%

(10 bps)

Southeast

16.3%

17.1%

80 bps

(a) Segment gross margin excludes impairments, abandonments, and interest amortized to cost of sales. Details are included on the "Non-GAAP Homebuilding Gross Margin Reconciliation" slide in the appendix

Non-GAAP Homebuilding Gross Margin Reconciliation

Three Months Ended March 31, 2026

HB Gross

Impairments &

HB Gross Profit excluding

HB Gross Margin excluding

Interest

HB Gross Profit excluding I&A and

Margin excluding I&A and

HB Gross

Margin

Abandonments

I&A

Amortized to

Interest (Non-

($ in thousands)

Profit (GAAP)

(GAAP)

(I&A)

(Non-GAAP)

COS (Interest)

GAAP)

West

$ 32,540

14.1 %

$ 1,174

$ 33,714

14.6 %

$ -

$ 33,714

14.6 %

East

13,250

14.6 %

13,250

14.6 %

13,250

14.6 %

Southeast

12,914

17.1 %

12,914

17.1 %

12,914

17.1 %

Corporate & unallocated(a)

(11,065)

121

(10,944)

13,087

2,143

Total homebuilding

$ 47,639

12.0 %

$ 1,295

$ 48,934

12.3 %

$ 13,087

$ 62,021

15.6 %

Three Months Ended March 31, 2025

HB Gross

Impairments &

HB Gross Profit excluding

HB Gross Margin excluding

Interest

HB Gross Profit excluding I&A and

Margin excluding I&A and

HB Gross

Margin

Abandonments

I&A

Amortized to

Interest (Non-

($ in thousands)

Profit (GAAP)

(GAAP)

(I&A)

(Non-GAAP)

COS (Interest)

GAAP)

West

$ 69,205

19.0 %

$ 528

$ 69,733

19.1 %

$ -

$ 69,733

19.1 %

East

17,677

14.7 %

17,677

14.7 %

17,677

14.7 %

Southeast

11,486

16.3 %

11,486

16.3 %

11,486

16.3 %

Corporate & unallocated(a)

(14,236)

17,226

2,990

Total homebuilding

$ 84,132

15.1 %

$ 528

$ 84,660

15.2 %

$ 17,226

$ 101,886

18.3 %

(a) Corporate and unallocated includes capitalized interest and capitalized indirect costs expensed to homebuilding cost of sale related to homes closed, as well as capitalized interest and capitalized indirect costs impaired in order to reflect projects in progress assets at fair value

Non-GAAP Adjusted EBITDA Reconciliation

Three Months Ended March 31, LTM Ended March 31,

2025

2026

26 vs 25

2025

2026

26 vs 25

($ in thousands)

Net income (loss) (GAAP)

$ 12,778

$ (904)

$ (13,682)

$ 95,184

$ (3,821)

$ (99,005)

Expense (benefit) from income taxes

1,390

(17,631)

(19,021)

12,416

(22,263)

(34,679)

Interest amortized to home construction and land sales expenses and capitalized interest impaired

17,758

13,892

(3,866)

72,640

73,013

373

EBIT (Non-GAAP)

31,926

(4,643)

(36,569)

180,240

46,929

(133,311)

Depreciation and amortization

4,647

4,084

(563)

17,763

18,592

829

EBITDA (Non-GAAP)

36,573

(559)

(37,132)

198,003

65,521

(132,482)

Stock-based compensation expense

1,712

1,876

164

7,954

7,143

(811)

Inventory impairments and abandonments(a)

528

1,260

732

2,524

14,533

12,009

Adjusted EBITDA (Non-GAAP)

$ 38,813

$ 2,577

$ (36,236)

$ 208,481

$ 87,197

$ (121,284)

(a) In periods during which we impaired certain of our inventory assets, capitalized interest that is impaired is included in the line above titled "Interest amortized to home construction and land sales expenses and capitalized interest impaired."

Non-GAAP Net Debt to Net Capitalization Reconciliation

Three Months Ended March 31,

($ in thousands)

Total debt (GAAP)

$ 1,082,231

$ 1,225,996

Stockholders' equity (GAAP)

1,228,067

1,170,780

Total capitalization (GAAP)

$ 2,310,298

$ 2,396,776

Total debt to total capitalization ratio (GAAP)

46.8 %

51.2 %

Total debt (GAAP)

$ 1,082,231

$ 1,225,996

Less: cash and cash equivalents (GAAP)

85,082

116,440

Net debt (Non-GAAP)

997,149

1,109,556

Stockholders' equity (GAAP)

1,228,067

1,170,780

Net capitalization (Non-GAAP)

$ 2,225,216

$ 2,280,336

Net debt to net capitalization ratio (Non-GAAP)

44.8 %

48.7 %

2025 2026

Beazer Tax Benefits

Cash Taxes

Deferred tax asset shields nearly $500 million of pretax income from federal taxes; expect minimal cash tax payments

(Use of predominantly energy efficiency credits)(a)

Energy Efficiency Credits(b)

No new energy efficiency tax credits generated after June 30, 2026; all existing credits remain in place and available to use for up to 20 years after date generated

GAAP Taxes

Note: Actual tax rates and cash taxes will depend on a variety of factors, including but not limited to any available net operating losses, and our financial results

(a) Utilization of energy efficient tax credits is limited to approximately 75% of a company's tax liability each year. Actual timing of alignment with GAAP taxes may vary

(b) Inflation Reduction Act of 2022 credits terminated for closings after June 30, 2026 by the One Big Beautiful Bill Act enacted on July 4, 2025

Deferred Tax Assets

($ in millions) March 31, 2025 March 31, 2026

Deferred Tax Assets

165.3

205.1

Valuation Allowance

(27.5)

(35.8)

Deferred Tax Liabilities

(5.3)

(9.7)

Net Deferred Tax Assets

132.5

159.6

Net DTA includes ~$90 million of Energy Tax Credits

As of March 31, 2026, our conclusions on whether we are more likely than not to realize all of our federal tax attributes and certain portions of our state tax attributes remain consistent with our fiscal 2025 conclusion. Valuation allowance of $35.8 million as of March 31, 2026 remains on various state attributes for which we have concluded it is not more likely than not that these attributes would be realized at that time. See our fiscal 2025 Form 10-K for additional detail.

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We build homes and communities that inspire sustainable and healthy living.

Disclaimer

Beazer Homes USA Inc. published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 23:49 UTC.