DFH Reports Q3 2025 Financial Results

By Philip Seaworth • Thursday, October 30 10:38 • Permanent Link

Dream Finders Homes, Inc. (NYSE: DFH) has announced its financial results for the third quarter ended September 30, 2025. The company reported several significant changes compared to the third quarter of 2024.

Homebuilding revenues for the third quarter of 2025 were $917 million, down 7% from $986 million in the same quarter of 2024. Home closings increased by 1% to 1,915 from 1,889, marking a third-quarter company record.

Net new orders for the third quarter of 2025 increased by 20% to 2,021 from 1,680 in the third quarter of 2024, also setting a third-quarter company record.

The homebuilding gross margin percentage for the third quarter of 2025 was 17.5%, a decrease of 170 basis points from 19.2% in the third quarter of 2024. Adjusted homebuilding gross margin (non-GAAP) was 26.7%, down from 27.6% in the same period of the previous year.

Financial services pre-tax income increased by 11% to $9 million from $8 million in the third quarter of 2024.

The company's controlled lot pipeline stood at 64,341 as of September 30, 2025, compared to 54,698 as of December 31, 2024.

Dream Finders Homes also issued $300 million in aggregate principal amount of 6.875% senior unsecured notes, which were used to repay a portion of the outstanding balance under the revolving credit facility. The total liquidity of the company as of September 30, 2025, was $625 million, comprised of cash and cash equivalents and availability under the revolving credit facility.

The return on participating equity was 22.0%, down from 30.4% in the third quarter of 2024.

The company repurchased 357,715 class A common shares for $10 million during the three months ended September 30, 2025.

In terms of management commentary, Patrick Zalupski, Dream Finders Homes Chairman and CEO, highlighted the company's performance and its ability to execute in a challenging market. He also mentioned the completion of a $300 million bond offering and the progress made on the integration of acquisitions.

The company revised its full-year 2025 guidance to approximately 8,500 home closings, down from the previous outlook of approximately 9,250 homes.

Today the company's shares have moved -4.04% to a price of $21.61. Check out the company's full 8-K submission here.

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