lgih-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2025


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to .

Commission file number 001-36126

LGI HOMES, INC.

(Exact name of registrant as specified in its charter)

Delaware

46-3088013

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1450 Lake Robbins Drive,

Suite 430,

The Woodlands,

Texas

77380

(Address of principal executive offices)

(Zip code)

(281)

362-8998

(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, par value $0.01 per share

LGIH

NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 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 such 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 (§232.405 of this chapter) 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 definition 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 ☒

As of October 31, 2025, there were 23,079,100 shares of the registrant’s common stock, par value $0.01 per share, outstanding.

Table of Contents

TABLE OF CONTENTS


		Page
PART I - FINANCIAL INFORMATION
Item 1.	LGI Homes, Inc. Consolidated Financial Statements (Unaudited)
	Consolidated Balance Sheets as of September 30 , 2025 and December 31, 2024	4
	Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024	5
	Consolidated Statements of Equity for the three and nine months ended September 30, 2025 and 2024	6
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	8
	Notes to the Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	42
Item 4.	Controls and Procedures	42

PART II - OTHER INFORMATION
Item 1A.	Risk Factors	36

Item 5.	Other Information	43
Item 6.	Exhibits	44

SIGNATURES		45

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

LGI HOMES, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share data)



	September 30,		December 31,
	2025		2024
ASSETS
Cash and cash equivalents	$	61,979	$	53,197
Accounts receivable	21,239		28,717
Real estate inventory	3,646,945		3,387,853
Pre-acquisition costs and deposits	27,720		36,049
Property and equipment, net	101,550		57,038
Other assets	158,756		174,391
Deferred tax assets, net	9,624		9,271
Goodwill	12,018		12,018
Total assets	$	4,039,831	$	3,758,534

LIABILITIES AND EQUITY
Accounts payable	$	37,944	$	33,271
Accrued expenses and other liabilities	171,086		207,317
Notes payable	1,751,427		1,480,718
Total liabilities	1,960,457		1,721,306

COMMITMENTS AND CONTINGENCIES
EQUITY
Common stock, par value $0.01, 250,000,000 shares authorized, 27,735,692 shares issued and 23,079,100 shares outstanding as of September 30, 2025 and 27,644,413 shares issued and 23,397,074 shares outstanding as of December 31, 2024	277		276
Additional paid-in capital	347,714		337,161
Retained earnings	2,141,018		2,085,787
Treasury stock, at cost, 4,656,592 shares as of September 30, 2025 and 4,247,339 shares as of December 31, 2024	(409,635)		(385,996)
Total equity	2,079,374		2,037,228
Total liabilities and equity	$	4,039,831	$	3,758,534

See accompanying notes to the consolidated financial statements.

Table of Contents

LGI HOMES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except share and per share data)





	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Home sales revenues	$	396,632	$	651,854	$	1,231,537	$	1,645,202

Cost of sales	311,520		488,362		962,104		1,239,425
Selling expenses	35,661		55,196		119,602		149,196
General and administrative	27,967		27,991		88,570		90,022
Operating income	21,484		80,305		61,261		166,559
Other income, net	(5,217)		(11,547)		(13,204)		(25,270)
Net income before income taxes	26,701		91,852		74,465		191,829
Income tax provision	6,997		22,277		19,234		46,628
Net income	$	19,704	$	69,575	$	55,231	$	145,201
Earnings per share:
Basic	$	0.85	$	2.96	$	2.38	$	6.17
Diluted	$	0.85	$	2.95	$	2.37	$	6.15

Weighted average shares outstanding:
Basic	23,056,904		23,500,349		23,223,736		23,540,620
Diluted	23,149,005		23,579,592		23,289,280		23,611,906

See accompanying notes to the consolidated financial statements.

Table of Contents

LGI HOMES, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(In thousands, except share data)

Common Stock

SEC Form 10-Q filed by LGI Homes Inc.