Quarter ended January 31, 2026 (fiscal Q1).
| Revenue | $632.0M (↓6%) |
| Gross margin | 10.1% |
| Orders | 1,242 (↑3.1%) |
| Cancellation rate | 14% |
From the call
“Offsetting the year-over-year increases in incentives, our base construction and option costs per square foot on delivered homes decreased 2% year-over-year in the first quarter.”
Hovnanian is choosing pace over price, and construction savings partly offset the incentives. Cycle times fell 17 days to 133.
Source: Hovnanian Enterprises 8-K and earnings call.
