Quarter ended May 31, 2026 (fiscal Q2).
| Closings | 2,395 (↓23%) |
| Revenue | $1.11B (↓27%) |
| Gross margin | 15.2% |
| Orders | 3,317 (↓4%) |
From the call
“It’s right around 4 points of spread is what we typically see between BTO and spec sales even within the same community, same product.”
Same community, same plan, about 4 points of margin difference between sold-before-start and spec. That is the clearest number we have seen on what spec inventory really costs.
Source: KB Home 8-K and earnings call.
