Quarter ended July 31, 2026 (fiscal Q3).
| Closings | 1,259 (↓12%) |
| Revenue | $705.7M (↓12%) |
| Gross margin | 11.8% |
| Orders | 1,155 (↓5%) |
From the call
“At the end of the third quarter, 82% of our lots were controlled in fiscal year 2023 or later, after incentives had moved substantially above historical levels.”
The margin hit comes from older land bought before today’s incentives. Hovnanian is clearing it and replacing it with lots underwritten at current prices, and 87% of its lots are now optioned.
Source: Hovnanian Enterprises 8-K and earnings call.
