KB Home reported third quarter results for the period ended August 31, 2025, with revenues of $1.62 billion, down from $1.75 billion in the same quarter last year. The company delivered 3,393 homes in the quarter, a 7% decrease compared to the prior year. The average selling price of homes was $475,700, slightly lower than the year-earlier period. Net income for the third quarter was $130.7 million, compared to $149.9 million in the same period of 2024. Diluted earnings per share for the quarter were $1.61, compared to $1.80 in the prior year's quarter. The homebuilding operating income margin was 8.1%, down from 10.8%, primarily due to a lower housing gross profit margin. Excluding inventory-related charges, the homebuilding operating income margin was 8.8%, compared to 10.9% last year. For the nine months ended August 31, 2025, revenues totaled $4.54 billion, down from $4.93 billion for the same period in 2024. Homes delivered over this nine-month period decreased 9% to 9,283. Net income for the period was $327.3 million, compared to $464.4 million in the previous year. Net orders in the third quarter declined 4% year-over-year to 2,950. The company's ending backlog consisted of 4,333 homes valued at $1.99 billion, compared to 5,724 homes valued at $2.92 billion at the end of the same quarter last year. The ending community count was approximately 260. KB Home repurchased $188.5 million of common stock during the quarter. The company reported an effective tax rate of 23.3%, compared to 24.2% last year. The company indicated it will provide fourth quarter 2025 guidance on its earnings conference call.