bzh-20251231

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_____________________________________________________________

FORM 10-Q

_____________________________________________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended December 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-12822

_____________________________________________________________

BEAZER HOMES USA, INC.

(Exact name of registrant as specified in its charter)

_____________________________________________________________


Delaware						58-2086934
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


2002 Summit Boulevard NE, 15th Floor, Atlanta, Georgia						30319
(Address of principal executive offices)						(Zip Code)

(770) 829-3700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	BZH	New York Stock Exchange

_____________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days. Yes ☒ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act:

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Number of shares of common stock outstanding as of January 26, 2026: 29,506,806

Table of Contents

BEAZER HOMES USA, INC.

TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION			2
Item 1. Financial Statements			2
Condensed Consolidated Balance Sheets as of December 31, 2025 and September 30, 2025 (Unaudited)			2
Condensed Consolidated Statements of Operations for the three months ended December 31, 2025 and 2024 (Unaudited)			3
Condensed Consolidated Statements of Stockholders' Equity for the three months ended December 31, 2025 and 2024 (Unaudited)			4
Condensed Consolidated Statements of Cash Flows for the three months ended December 31, 2025 and 2024 (Unaudited)			5
Notes to Condensed Consolidated Financial Statements			6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			25
Item 3. Quantitative and Qualitative Disclosures About Market Risk			38
Item 4. Controls and Procedures			38

PART II. OTHER INFORMATION			38
Item 1. Legal Proceedings			39
Item 1A. Risk Factors			39
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			39
Item 5. Other Information			39
Item 6. Exhibits			40

SIGNATURES			41

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

BEAZER HOMES USA, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


in thousands (except share and per share data)	December 31, 2025		September 30, 2025
ASSETS
Cash and cash equivalents	$	120,757	$	214,705
Restricted cash	3,592		3,866
Accounts receivable (net of allowance of $266 and $266, respectively)	92,759		78,145


Inventory	2,140,766		2,029,433



Deferred tax assets, net	141,953		142,647
Property and equipment, net	49,461		47,945
Operating lease right-of-use assets	33,100		34,987
Goodwill	11,376		11,376
Other assets	45,949		46,604
Total assets	$	2,639,713	$	2,609,708
LIABILITIES AND STOCKHOLDERS’ EQUITY
Trade accounts payable	$	120,149	$	143,481
Operating lease liabilities	27,093		27,762
Other liabilities	167,168		160,445

Total debt (net of debt issuance costs of $6,187 and $6,611, respectively)	1,125,055		1,029,114
Total liabilities	1,439,465		1,360,802
Stockholders’ equity:
Preferred stock (par value $0.01 per share, 5,000,000 shares authorized, no shares issued)	—		—
Common stock (par value $0.001 per share, 63,000,000 shares authorized, 29,507,049 issued and outstanding and 29,762,293 issued and outstanding, respectively)	30		30
Paid-in capital	809,042		825,103
Retained earnings	391,176		423,773

Total stockholders’ equity	1,200,248		1,248,906
Total liabilities and stockholders’ equity	$	2,639,713	$	2,609,708

See accompanying notes to condensed consolidated financial statements.

Table of Contents

BEAZER HOMES USA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended
	December 31,
in thousands (except per share data)		2025		2024
Total revenue		$	363,491	$	468,953
Home construction and land sales expenses		323,917		396,875
Inventory impairments and abandonments		2,370		—
Gross profit		37,204		72,078
Commissions		12,016		16,113
General and administrative expenses		52,989		49,772
Depreciation and amortization		4,042		4,055


Operating (loss) income		(31,843)		2,138


Other income, net		778		1,028
(Loss) income before income taxes		(31,065)		3,166
Expense from income taxes		1,532		36
Net (loss) income		$	(32,597)	$	3,130
Weighted-average number of shares:
Basic		28,928		30,426
Diluted		28,928		30,800

(Loss) income per share:
Basic		$	(1.13)	$	0.10
Diluted		$	(1.13)	$	0.10

See accompanying notes to condensed consolidated financial statements.

Table of Contents

BEAZER HOMES USA, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Unaudited)


	Three Months Ended December 31, 2025
	Common Stock			Paid-in Capital		Retained Earnings
in thousands	Shares	Amount						Total
Balance as of September 30, 2025	29,762	$	30	$	825,103	$	423,773	$	1,248,906
Net loss and comprehensive loss	—	—		—		(32,597)		(32,597)
Stock-based compensation expense	—	—		1,554		—		1,554

Shares issued under employee stock plans, net	564	1		(1)		—		—
Forfeiture and other settlements of restricted stock	(7)	—		—		—		—
Common stock redeemed for tax liability	(115)	—		(2,488)		—		(2,488)
Share repurchases	(697)	(1)		(15,126)		—		(15,127)

Balance as of December 31, 2025	29,507	$	30	$	809,042	$	391,176	$	1,200,248


	Three Months Ended December 31, 2024
	Common Stock			Paid-in Capital		Retained Earnings
in thousands	Shares	Amount						Total
Balance as of September 30, 2024	31,048	$	31	$	853,895	$	378,185	$	1,232,111
Net income and comprehensive income	—	—		—		3,130		3,130
Stock-based compensation expense	—	—		1,913		—		1,913

Shares issued under employee stock plans, net	267	—		—		—

SEC Form 10-Q filed by Beazer Homes USA Inc.