Revenue: As of FY2026 Q2, the actual value is USD 374.3 M, beating the estimate of USD 373.65 M.EPS: As of FY2026 Q2, the actual value is USD 0.63, missing the estimate of USD 0.6311.<h4>Financial Highlights (Q2 Fiscal 2026 vs. Q2 Fiscal 2025)</h4><ul><li>Net income attributable to [Forestar 集团] increased 2% to $32.1 million.</li><li>Pre-tax income increased 8% to $43.9 million.</li></ul><h4>Financial Highlights (Six Months Ended March 31, 2026 vs. Six Months Ended March 31, 2025)</h4><ul><li>Net income attributable to [Forestar 集团] decreased 1% to $47.5 million.</li><li>Pre-tax income increased 4% to $64.8 million.</li></ul><h4>Balance Sheet (as of March 31, 2026)</h4><ul><li>Cash and cash equivalents: $362.2 million.</li><li>Real estate: $2,709.7 million.</li><li>Property and equipment, net: $7.7 million.</li><li>Other assets: $93.0 million.</li><li>Total assets: $3,172.6 million.</li><li>Accounts payable: $73.3 million.</li><li>Accrued development costs: $113.9 million.</li><li>Earnest money on sales contracts: $208.6 million.</li><li>Deferred tax liability, net: $84.3 million.</li><li>Accrued expenses and other liabilities: $79.1 million.</li><li>Debt: $793.5 million.</li><li>Total liabilities: $1,352.7 million.</li><li>Common stock: $51.0 million.</li><li>Additional paid-in capital: $674.2 million.</li><li>Retained earnings: $1,093.6 million.</li><li>Stockholders’ equity: $1,818.8 million.</li><li>Noncontrolling interests: $1.1 million.</li><li>Total equity: $1,819.9 million.</li><li>Total liabilities and equity: $3,172.6 million.</li></ul><h4>Statement of Operations (Three Months Ended March 31, 2026)</h4><ul><li>Cost of sales: $294.1 million.</li><li>Selling, general and administrative expense: $37.9 million.</li><li>Interest and other income: - $1.6 million.</li><li>Loss on extinguishment of debt: $0 million.</li><li>Income tax expense: $11.7 million.</li><li>Net income: $32.2 million.</li><li>Net income attributable to noncontrolling interests: $0.1 million.</li></ul><h4>Statement of Operations (Six Months Ended March 31, 2026)</h4><ul><li>Cost of sales: $512.1 million.</li><li>Selling, general and administrative expense: $74.3 million.</li><li>Interest and other income: - $3.9 million.</li><li>Loss on extinguishment of debt: $0 million.</li><li>Income tax expense: $17.1 million.</li><li>Net income: $47.7 million.</li><li>Net income attributable to noncontrolling interests: $0.2 million.</li></ul><h4>Capital Structure, Leverage and Liquidity (as of March 31, 2026)</h4><ul><li>Total liquidity: $1.0 billion, comprising $362.2 million of unrestricted cash and $672.1 million of available borrowing capacity on its senior unsecured revolving credit facility.</li><li>During the quarter, the company increased its senior unsecured revolving credit facility capacity by $50 million.</li><li>Reimbursements related to infrastructure costs in utility and improvement districts collected: $130.9 million.</li><li>Debt: $793.5 million, with no senior note maturities in the next twelve months.</li><li>Net debt to total capital ratio: 19.2%.</li></ul><h4>Operational Metrics</h4><ul><li>Lots sold during Q2 fiscal 2026: 2,938 lots, a 14% decrease compared to 3,411 lots in Q2 fiscal 2025.</li><li>Lots sold to customers other than D.R. Horton in Q2 fiscal 2026: 488 lots, compared to 910 lots in the prior year quarter (which included 362 lots sold to a lot banker).</li><li>Lots sold during the six months ended March 31, 2026: 4,882 lots, a 15% decrease compared to 5,744 lots in the same period of fiscal 2025.</li><li>Lots sold to customers other than D.R. Horton in the six months ended March 31, 2026: 805 lots, compared to 1,131 lots in the same period of fiscal 2025.</li><li>Lot position at March 31, 2026: 94,400 lots, with 63,500 owned and 30,900 controlled through land and lot purchase contracts.</li><li>Owned lots fully developed at March 31, 2026: 9,300.</li><li>Owned lots under contract to be sold: 24,100 lots, representing approximately $2.2 billion of future revenue.</li><li>Owned lots subject to a right of first offer to D.R. Horton: 18,100 lots.</li><li>Average sales price per lot for Q2 fiscal 2026: $112,800, up from $101,700 in Q2 fiscal 2025.</li><li>Average sales price per lot for the six months ended March 31, 2026: $116,000, up from $103,200 in the same period of fiscal 2025.</li></ul><h4>Unique Metrics</h4><ul><li>Return on equity: 9.6% for the trailing twelve months ended March 31, 2026.</li><li>Book value per share increased 10% to $35.66.</li></ul><h4>Outlook</h4>[Forestar 集团] updated its fiscal 2026 lot delivery guidance to between 14,000 and 14,500 lots, narrowing it from the prior guidance of 14,000 to 15,000 lots. The company maintained its fiscal 2026 revenue guidance of $1.6 billion to $1.7 billion. [Forestar 集团] expects to continue aggregating market share, supported by its financial strength, operating platform, strategic relationship with D.R. Horton, and $2.2 billion of contracted future revenue.

Forestar | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 374.3 M