LGI Homes reported first-quarter 2026 home sales revenue of $319.7 million, up from the prior period’s comparable quarter as the company delivered 881 homes and recognized 35 currently or previously leased homes in other income, bringing total home closings to 916.
Average sales price per home closed rose nearly 3% to $362,924. Gross margin came in at 18.7% of home sales revenue, while gross margin excluding inventory impairment was 20.2% and adjusted gross margin was 23.4%.
Net income was $2.2 million, or $0.09 per basic and diluted share. Net income before taxes was $4.3 million. Adjusted net income was $5.6 million, or $0.24 per basic and diluted share.
Backlog ended the quarter at 1,699 homes, up 63.4% from a year earlier and 21.9% sequentially.
On the balance sheet, total liquidity was $355.0 million, including $60.9 million in cash and cash equivalents and $294.2 million available under its revolving credit facility. Net debt to capital was 44.0% at March 31, 2026.
The company raised its full-year 2026 gross margin outlook to 18.5% to 20.5% and its adjusted gross margin outlook to 22.0% to 24.0%. As a result of these announcements, the company's shares have moved 0.53% on the market, and are now trading at a price of $45.49. If you want to know more, read the company's complete 8-K report here.
