Dream Finders Homes, Inc. (DFH) reported that it closed 2,536 homes in the fourth quarter of 2025, bringing its full‑year total to 8,608 homes—a record for the builder. The company’s fourth‑quarter revenue was approximately $1.2 billion, down from $1.5 billion in Q4 2024, while full‑year revenue was about $4.1 billion, a decline from $4.32 billion a year earlier. Basic earnings per share for the quarter were $0.60, missing the consensus estimate of $0.62 and falling from $1.35 in Q4 2024. Full‑year EPS was $2.19, down from $3.44 in 2024.
The decline in revenue was driven by a 20% drop in average selling price, largely due to aggressive sales incentives and mortgage buy‑down programs that lowered the net price paid by buyers. Gross margin contracted to 16.7% in Q4 from 17.7% a year earlier, reflecting higher land and financing costs and a shift toward lower‑margin product lines. The company’s financial‑services segment, bolstered by the Alliant National Title acquisition and Jet HomeLoans consolidation, generated pre‑tax income of $8 million in Q4, up from $11 million in Q4 2024, but still below the $35 million pre‑tax income reported for the full year.
DFH’s lot pipeline expanded to 63,121 controlled lots as of December 31 2025, up from 54,698 a year earlier, providing a strong foundation for future volume. The company also received the Builder Magazine National Builder of the Year award for 2025, underscoring its operational excellence. Despite margin compression, the builder’s integrated financing model and recent acquisitions have helped maintain profitability and support its growth strategy.
Management guidance for 2026 remains optimistic, with DFH projecting approximately 9,250 home closings—an increase of 342 units from the 8,608 closings in 2025. The guidance signals confidence in continued demand, even as the company navigates affordability challenges and rising input costs. The company’s focus on volume, coupled with its asset‑light model, is expected to sustain its competitive position in the market.
"We ended on a high note – our fourth quarter was by far the best quarter of the year, and, arguably, the best in Company history," said CEO Patrick Zalupski. He added that the company’s mortgage buy‑down programs and tailored sales incentives have been effective in driving volume, while the Alliant National Title acquisition continues to strengthen DFH’s vertical integration and service offering.
"This is a strategic acquisition for DFH and allows us to further vertically integrate alongside our existing title insurance agency business while facilitating growth in the title insurance marketplace," Zalupski said, highlighting the long‑term value of the Alliant National Title deal.
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