KBH AMC print: EPS $1.05 beat / rev $1.30B (−20%) — Q4 $1.45–1.65B; BTO ~74%

[LondonNewsTrader]

KB Home (KBH) printed after the Tuesday close: diluted EPS $1.05 vs street boxes around ~$0.89, on housing revenues ~$1.30B (−20% YoY). Deliveries 2,732 (−19%); ASP ~$473k. Housing gross margin 16.5% (18.2% a year ago); homebuilding operating margin 5.2%. Management flagged a tougher housing backdrop since June — higher mortgage rates, geopolitics, cautious buyers — but called out sequential improvement and a return to Built-to-Order (~74% of Q3 deliveries).

Orders / backlog: net orders 2,604 (−12% YoY); backlog homes +2% to 4,398 and backlog value +3% to ~$2.05B (first backlog-unit increase in four years). Community count avg +8% YoY. Bought back $50M stock in the quarter ($175M YTD).

Guidance: Q4 deliveries 3,000–3,500; housing rev $1.45–$1.65B; housing GM 16.0–16.6% (no inventory charges). FY26 housing rev $4.90–$5.10B; GM 16.0–16.2%. Call was 17:00 ET Tuesday.

Scalper angle vs the AMC setup thread: beat on EPS with still-soft YoY top line and modest Q4 box — watch whether the open trades the beat, the margin/guide, or the backlog inflection. Not a rate-cut proxy; more a rates/affordability + builder-execution tape.

Source (paraphrase): KB Home Q3 FY26 release (PR Newswire, 22 Sep 2026).
Does the backlog uptick matter more than the −20% revenue print for your KBH levels into Wed?